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Consumer spending growth to slow but remain strong — ANZ

CONSUMER SPENDING could ease in response to rising commodity prices due to tax reform, an analyst at ANZ Research said, even as the Finance department maintains that the higher taxes should have a “minimal” impact on inflation.

“Domestic demand is strong and is likely to remain so. However, the risk of some moderation in consumption growth remains,” ANZ Research economist Eugenia Fabon Victorino said in a report published on Wednesday.

Republic Act No. 10963, or the Tax Reform for Acceleration and Inclusion Act (TRAIN) that took effect last month, introduced additional taxes on fuel, cars, coal, sugar-sweetened drinks and a host of other items.

Ms. Victorino said higher and new levies could dampen growth of domestic consumption, despite bigger disposable incomes from a parallel cut in personal income tax rates.

“While take-home pay is higher for taxpayers, non-tax payers are facing higher prices. In the past, for every one percent increase in headline prices there was a corresponding decrease in private consumption by 0.3%,” Ms. Victorino said.

Household consumption accounts for about 70% of national output. The government hopes to boost gross domestic product (GDP) growth to 7-8% this year from 6.7% last year, 2016’s 6.9% and a 6.2% average in 2010-2015, partly on the back of infrastructure spending that will rise to P1.84 trillion, equivalent to 7.3% of GDP, in 2022, when President Rodrigo R. Duterte ends his six-year term, from a planned P1.098 trillion this year or 6.3%.

TRAIN is widely believed to have been responsible for the auto sales growth slowdown to four percent last month from a 27% increase a year ago.

Government officials and economists have also pointed to TRAIN as a key driver of January’s price spikes that fueled annual inflation to a three-year-high of four percent that touched the ceiling of the central bank’s 2-4% target range for the entire 2018.

January’s faster-than-expected inflation, coupled with expectation of second-round effects like hikes in public transport fares and minimum wage, has prompted the Bangko Sentral ng Pilipinas to raise its 2018 inflation forecast to 4.3% from 3.4% previously.

ANZ Research expects inflation to average at 4.1% this year, before slowing to 3.4% in 2019.

‘MODERATE’
For its part, the Department of Finance (DoF) said tax reform is not expected to fuel inflation further.

In an analysis report sent to reporters, DoF Undersecretary Karl Kendrick T. Chua said TRAIN “can potentially increase inflation by up to 0.7 percentage points (ppt) in 2018,” with food prices to rise by as much as 0.3ppt and transport fares by 0.1ppt.

“This is very minimal and manageable, especially compared to the savings from lower income taxes,” Mr. Chua said.

Turning to last month’s inflation rate, the official said the higher reading was partly due to base effects as inflation clocked 2.7% in January 2017.

He added that retailers were likely still selling old stocks last month which were not covered by higher or additional taxes imposed on several products.

“Since the tax increase was not expected in the first half of the month due to sale of old stock, we can surmise that profiteering is a major reason for the higher-than-expected inflation. We expect this to ease in the coming months as the government intensifies monitoring of prices and as the markets adjust,” Mr. Chua said.

He noted that January’s faster inflation likely resulted from “better compliance” with tobacco tax rules, particularly citing higher cigarette prices charged by Mighty Corp. to reflect right taxes paid by its new owner, Japan Tobacco International (Philippines), Inc.

Tobacco inflation stood at 17.4% last month, against an eight percent increase prescribed by law.

On the whole, the DoF said these price upticks are likely to be temporary.

“At almost four percent, the January inflation rate is considered moderate,” Mr. Chua said.

“As the inflation target is set by the BSP for the whole year, one month of higher inflation is not a concern.” — Melissa Luz T. Lopez

Many Asian marts rise as focus shifts to Fed signals

HONG KONG — Hong Kong led a number of Asian markets higher on Wednesday as traders brushed off a retreat on Wall Street, with attention turning to the release later in the day of minutes from the Federal Reserve’s most recent policy meeting.

Trading floors have calmed down since volatility that greeted the start of February, which was caused by concerns about the impact of higher US interest rates and Treasury bond yields.

While New York’s three main indexes ended in negative territory on Tuesday, Asian dealers were in upbeat mood, helping the dollar recover from recent losses against the yen, euro and the pound.

Hong Kong surged 1.8%, boosted by energy firms after a recent run-up in oil prices, and further chipping away at the more than nine percent losses in a torrid week earlier in February.

Tokyo’s Nikkei ended 0.2% higher.

Sydney gained 0.1%, Singapore put on 1.1% and Seoul was up 0.6%.

Wellington climbed 1.3% and Taipei returned from a week-long Lunar New Year break to jump 2.8%.

The Fed minutes will be closely pored over for clues about the views of policy board members as US inflation edges up, wages improve and Donald Trump’s tax cuts come into play.

Stephen Innes, head of Asia-Pacific trading at OANDA, said: “US equity markets fell overnight on the back of higher US Treasury yields which are providing investors with more income than dividends on the S&P 500 Index.”

However, “while the prospect of higher interest rates will keep investors on edge, it’s not like we’re returning to double-digit levels.”

He added that even a rise in key US 10-year yields to 3.25% is “unlikely to kill the equity market rally as the benefits from fiscal stimulus should continue to feed through the markets. Investors are banking on much higher returns from equities than bonds again in 2018.”

On oil markets both main contracts edged down on Wednesday after a recent series of gains as the dollar edges higher, while analysts say the output cap led by the Organization of Petroleum Exporting Countries and Russia is helping to mop up the global glut that hammered prices in previous years.

Dealers are awaiting the release of stockpiles data from industry group American Petroleum Institute (API) later in the day.

“Should API release report on a fourth-week build-up in crude oil inventories, we can expect for a halt in the build-up of prices,” warned Avtar Sandhu of Phillip Futures.

In early European trade London dipped 0.1%, Paris shed 0.3% and Frankfurt gave up 0.2%. — AFP

Ayala Land plans to raise up to P25 billion

AYALA LAND, Inc. (ALI) plans to raise up to P25 billion from a combination of retail bonds, loans, and qualified buyer notes this year to partially finance its aggressive spending program and to refinance existing debt.

In a disclosure to the stock exchange on Wednesday, ALI said its board of directors approved the plan to raise as much as P20 billion through retail bonds and bilateral term loans, which will be used to fund the company’s P110.8-billion capital expenditure budget this year.

The retail bonds will be issued from the P50-billion shelf registration program the company has with the Securities and Exchange Commission since March 2016, which will then be listed in the Philippine Dealing and Exchange Corp. (PDEx). In an earlier interview, ALI Chief Finance Office Augusto Cesar D. Bengzon said the company has P18 billion left in this debt securities program.

Meanwhile, the listed property firm’s board has also approved the issuance of qualified buyer notes to raise up to P5 billion for the refinancing of its short-term loans.

The company previously raised P3.1 billion in short-dated notes, which were also listed at the PDEx, last November 2017 to finance its short-term debt.

ALI has committed to spend P110.8 billion in capital expenditures this year, 21% higher than its actual spending of P91.4 billion in 2017, to support the demand for more residential properties in the country. Around 43% of the capex or P47.4 billion will be allotted for residential projects, 17% or P18.7 billion for mall projects, 12% or P14 billion for land acquisitions.

The remaining portion allocated for the hospitality business and the development of existing estates.

The accelerated capex comes alongside the plan to launch P125 billion worth of projects this year, against the P88 billion worth of projects unveiled in 2017.

MALAYSIAN DEVELOPER
Meanwhile, ALI said it has also completed the unconditional mandatory take-over offer made by its wholly owned subsidiary, Regent Wide Investments Ltd. to minority shareholders of Malaysian developer MCT Bhd.

The company undertook the mandatory take-over offer after it increased its stake in MCT to 50.19% in January, adding 17.24% to its original share. With the transaction, ALI was able to further raise its stake in the company to 72.31%, after taking over some 295.28 million shares held by minority shareholders, or 22.12% of MCT’s total outstanding shares.

ALI initially purchased a 9.16% interest in MCT back in April 2015, which was the company’s first investment in Southeast Asia. The company has since been propping up its stake in MCT, which allows ALI to take advantage of the growing real estate sector in Malaysia.

MCT was founded in 1999 as a construction company, specializing in mixed-use projects that include retail, office, hotel, and mid-range to affordable to residential properties.

ALI’s attributable profit grew 21% to P25.3 billion in 2017, driven by the 14% increase in revenues to P122 billion amid strong demand for residential projects in the country.

Shares in ALI lost a peso or 2.17% to finish at P45 apiece at the stock exchange on Wednesday. — Arra B. Francia

Yields on term deposits inch up despite strong investor demand

By Melissa Luz T. Lopez,
Senior Reporter

YIELDS on term deposits offered by the Bangko Sentral ng Pilipinas (BSP) inched higher yesterday despite strong demand, which comes ahead of the release of additional money supply due to lower bank reserves.

Banks wanted to place as much as P130.488 billion under the term deposit facility (TDF) on Wednesday, higher than the central bank’s P110-billion offering although lower than the P150.757 billion tenders posted a week ago.

All three tenors offered by the central bank stood oversubscribed, with bids matching the amounts set by the monetary authority.

Players wanted to park P53.368 billion with the BSP under the seven-day term, slightly higher than the P50-billion volume. Despite the bigger amount, the average yield climbed to 2.8164% from 2.7232% during the previous auction.

The 14-day tenor likewise remained a viable option for market players, with the P40 billion volume met by P46.765 billion tenders. This is the second time when the BSP offered two-week term deposits.

Still, the average rate sought by banks climbed to 2.9798% from 2.8737% previously.

Demand for the 28-day term deposits also went beyond the P20-billion offer, with banks willing to park as much as P30.355 billion under the window. The amount, however, declined from the P39.935 billion bids a week ago.

The average yield for the month-long instrument also rose to 3.0258%, coming from the 2.965% fetched last week.

The TDF is the central bank’s main tool to shore up excess funds in the financial system. The window allows banks to park the idle cash they hold under the BSP in exchange for a small return, which in turn will prompt market rates to inch closer to the three percent benchmark set by the central bank.

Any excess cash which have not been deployed for loans, foreign exchange and debt payments can be parked under the central bank window in order to make small gains, rather than leave these idle inside bank vaults.

For next week, the BSP will offer another P110 billion to banks, with the volume for each tenor also retained.

Central bank officials said last week that they will now be focusing on “auction-based” monetary operations, as it introduced a one percentage point cut in the reserve requirement ratio (RRR) imposed on universal and commercial banks.

The BSP has dubbed the RRR cut as an operational move, which will take effect March 2.

“We now have the corridor system pretty much in place and we do have the available instruments to address any impact of that reserve requirement (cut),” BSP Managing Director Francisco G. Dakila, Jr. told reporters last week.

Mr. Dakila said the reserve cut will unleash some P90 billion into the financial system, which they expect to be mopped up through the TDF and other policy tools.

Domestic liquidity expanded by 11.9% in December to reach P10.6 trillion, according to latest available central bank data.

UnionBank of the Philippines raises P3 billion from LTNCD offering

By Karl Angelo N. Vidal

UNIONBANK of the Philippines raised P3 billion from its long-term negotiable certificates of deposit (LTNCD), which it wants to use to improve its maturity profile and help expand its business.

At the ceremonial listing of the investment instruments on Wednesday at the Philippine Dealing System (PDS) in Makati City, the Aboitiz-led UnionBank said it raised P3 billion from the peso-denominated issue.

The notes will mature in 5.5 years and carry an interest rate of 4.375% to be paid quarterly until August 21, 2023.

The issuance is the first tranche of UnionBank’s P20-billion LTNCD program approved by the central bank.

Like regular time deposits offered by banks, LTNCDs offer higher interest rates. However, LTNCDs cannot be pre-terminated but can be sold on the secondary market, making them “negotiable.”

In an interview, UnionBank President and Chief Executive Officer (CEO) Edwin R. Bautista said proceeds from the long-term note offering will be used for liability management and to support business expansion plans.

“Well, this signifies our continued expansion. We also need this to improve the tenor mix of our liabilities,” Mr. Bautista told BusinessWorld after the listing ceremony.

“The LTNCD is a long-term instrument [for us] to increase the maturity profile of our deposit liabilities… You have to develop sources of funding for the long-term,” UnionBank Chief Financial Officer Jose Emmanuel U. Hilado explained.

The LTNCD offer was only the second one for the lender after it raised P3 billion worth of long-term notes in 2013.

Standard Chartered Bank arranged the deal, and also served as a selling agent together with UnionBank and Multinational Investment Corp.

Asked when the lender will issue the next tranche of the approved P20-billion program, Mr. Bautista said: “Tama na muna (It’s enough) for now. We don’t know yet.”

PDS President and CEO Cesar B. Crisol said UnionBank is the third company of the Aboitiz group, the other two being Aboitiz Equity Ventures and AboitizPower Corp., to venture into the corporate bond market this year.

“With this listing, the Aboitiz group’s cumulative level of outstanding bonds listed will be at the level of P48 billion, representing 6% of the overall listed corporate bonds,” Mr. Crisol said.

UnionBank’s listing brings the total volume of outstanding listed securities to P759.528 billion, floated by 45 companies.

Other big banks have also raised finances via LTNCDs. In November, Bank of the Philippine Islands (BPI) listed P12.24 billion worth of long-term notes, the single largest LTNCTD offering to date.

Apart from BPI, Security Bank Corp., Philippine National Bank, East West Banking Corp. and BDO Unibank, Inc., among others have rolled out their own fund-raising plans through separate note offerings announced over the past few months.

Future of Facebook: artificial intelligence, VR

By Arra B. Francia, Reporter

FACEBOOK USERS will see more products being introduced to their feeds in the following years, as it plots the use of artificial intelligence (AI), virtual reality (VR) and augmented reality (AR) in the social network’s 10-year road map.

With a community of more than two billion people over the globe, Facebook is making sure it is at the forefront of technological developments that will connect more people in the future. Facebook Philippines Country Head John Rubio said the networking giant is currently studying how new technologies can be integrated with the social media platform.

“We’re really excited about continuing our connectivity push because we will not stop until every single person on the planet is connected and can connect to their friends and family, engage in businesses that are important to them,” Mr. Rubio said during a roundtable discussion in Taguig City on Wednesday.

For the first half of the 10-year road map, the emphasis will be on other products offered by Facebook. Mr. Rubio said while Facebook and photo-sharing app Instagram have been their main ecosystems in the past three years, the push is now towards Messenger.

One of the changes users can see in the Messenger app is the introduction of ads in between message threads. Users can also pay for their purchases online through the app, as it can be directly linked to online payment platforms such as Voyager Innovations’ PayMaya and Globe Telecom, Inc.’s G-Cash.

An added feature on the Facebook app is Marketplace, which gives small and medium enterprises (SMEs) the chance to directly connect with their buyers through posting the products they sell on the app.

“The focus is creating more meaningful interactions,” Mr. Rubio said.

He cited a Facebook study that revealed about 70% of SMEs that use the platform to advertise their business increased their customer base, while another 80% were able to sell their products better.

Facebook also looks to boost connectivity through Workplace, a platform where users communicate via groups, and allowing them to use Facebook in a more corporate and professional environment.

The company is further propping up search, groups, and video features within Facebook, while encouraging people to use them more.

Five years into the road map, Facebook will then focus on improving connectivity. The company targets to introduce AI, in a bid to be more inclusive towards people with disabilities.

“AI, very important for us from two perspectives, is another future push to enable, for example people with disabilities, sight or hearing impaired, we can help you. And also with AI, it will help facilitate things like ensuring accuracy on the network with more machine learning basis,” Mr. Rubio explained.

Next would be the introduction of VR/AR features, which the company believes to be instrumental in building more connections in the future.

“Because of how when we look at the current offline and online platform that we have, we want to make sure that when there is a virtual reality world that we have a platform to engage people and businesses in the future… It’s going to be part of the platforms for the future, and we want to make sure that we are well-placed there,” Mr. Rubio said.

Asked if the addition of these products and services would overwhelm Facebook, Mr. Rubio said the company will always focus on value so that the experience would be seamless for users.

“We really care about driving impact and customer value. So if we feel that it’s something that drives value to a customer, it’s something that a company or an SME feels that they can leverage, we feel that it becomes almost seamless in how people interact with our platform,” Mr. Rubio said.

PLDT to open data center in Cebu in April

PLDT, Inc. is scheduled to open its 10th Vitro data center the country in April.

In a statement, the telecommunications giant said ePLDT’s newest data center, located in Cebu,   will provide additional 800 racks capacity. This will add to the 8,300 racks it currently has in its first site in Cebu, along with data centers in Pasig, Parañaque, Taguig, Subic, Clark, Davao and Makati.

“Visayas and Mindanao are homes of the most vibrant industries and business communities who greatly contribute to the country’s economic growth. We’ve seen the traction of data center services being utilized in the operations and business continuity plans of the region’s local enterprises,” PLDT Group Chief Revenue Officer and ePLDT President and CEO Ernesto R. Alberto was quoted as saying in a statement.

Mr. Alberto said ePLDT’s expansion addresses the rising need for data center services in the region.

The new VITRO data center will have 11 layers of physical security and employ the use of biometric devices equipped with finger vein recognition technology. It will also have 200 Disaster Recovery Seats to address the business continuity requirements of Cebu-based enterprises.

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.

Lady Eagles survive ‘Battle of Birds’ thriller

By Michael Angelo S. Murillo
Senior Reporter

THE upswing of the Ateneo Lady Eagles in Season 80 of the University Athletic Association of the Philippines (UAAP) continued yesterday as the team booked its third straight victory with a five-set win over the Adamson Lady Falcons, 25-18, 14-25, 25-18, 15-25 and 15-10, at the FilOil Flying V Centre in San Juan City.

Had it seesaw throughout the match, the Lady Eagles (3-2) got their act just in time amid a spirited challenge from the Lady Falcons to claim the victory and extend their ascent in the tournament after losing their first two matches while dealing Adamson (2-3) its second consecutive loss.

The two teams went back and forth to open the match with the Lady Falcons establishing an early 8-5 lead.

But Ateneo would start to pick up the pace of its game as the frame advanced and clawed its way back.

It first tied the count at 11-all, boosted by service aces from skipper Maddie Madayag, before completing the turnaround by the second technical timeout, 16-14.

Adamson managed to come within a point, 17-16, but that was the closest it could get as the Lady Eagles flapped their wings and race to an 8-2 run to close out things and claim the set.

The second set took a similar route in the early goings with the Lady Falcons taking the count by the first technical break, 8-3.

Towed by veterans Mylene Paat, Eli Soyud and Joy Tacuron, Adamson continued to hold sway midway into the frame, 16-9, and never looked back after to level the match at one set apiece.

In the third set the teams went toe-to-toe, fighting to a 9-all count before Ateneo went on a 3-0 mini-run to give itself a 12-9 cushion.

Adamson continued to charge back, closing the gap at 15-14 only to lose grip the rest of the way and fell down by a set.

The Lady Falcons though would come back in the fourth period with more bounce and focus following their “meltdown” prior, claiming an 8-4 advantage and then 16-10.

Adamson’s lead grew to 12 points, 22-10, before Ateneo stopped the bleeding with two straight points after.

It proved to be short-lived as the Lady Falcons held on to force a deciding fifth set.

In the decider, the teams battled it tight, locking heads at 6-all to start off things.

The Lady Eagles were first to hit double digits, 10-8, as their attacker Jhoanna Maraguinot and Jules Samonte made their presence felt.

They extended their lead to 13-10, which proved to be difficult to overhaul for the Lady Falcons as Ateneo went on to park the win.

Maraguinot top-scored for the Lady Eagles with 15 points with Samonte adding 14.

Madayag also finished with 14 points, seven from attacks, four blocks and three service aces, to earn player of the game honors.

Soyud, meanwhile, led Adamson with 19 points.

“We struggled with our defense in stretches of the game but we just talked it over and adjusted accordingly especially in the fifth set,” said Madayag after their win

Ateneo next plays on Sunday against the struggling the University of the Philippines Lady Fighting Maroons while Adamson takes on defending champions De La Salle Lady Spikers on Saturday.

Hey! A new tapas place takes Filipino Spanish cuisine into the 21st century

IT’S EASY to call a tapas bar, a tapas bar. All you really need are a line of hams masquerading as vaguely Spanish, offer a few bottles of cheap wine and fruit juice masquerading as sangria, sit back, and wait for the drunks to come. But not this one.

For a restaurant named after the Spanish word for “Hey!,” ¡Oye! Tapas and Grill — the newest property of the Advent Manila Hospitality Group, Inc., the parent company for restaurants XO 46 Heritage Bistro, Arroz Ecija, Rajah Maynila, Isla Kusina, and Raku — goes beyond the basic and serves tidbits worthy of memory (provided you don’t black out from the cocktails). It’s something you should expect from a restaurant where a former employee of Ferran Adria (think elBulli, one of the best restaurants in the world, mourned in its closure) reigns in the kitchen.

“Delicious, progressive, avant-garde — still Spanish, but very today,” is how ¡Oye!’s owner Andrew Masigan describes his eatery’s taste. He thinks that the Spanish cuisine that has evolved on its own in the Philippines is still stuck in the 1970s, while over in Spain, gastronomy has made leaps and bounds. Through his Spanish-trained chefs as well as multiple trips to Spain, Mr. Masigan has tailored the menu over at ¡Oye! to go above and beyond.

I mean, look at its stuffed baby squid, sampled recently during a lunch visit by BusinessWorld. At first seemingly unremarkable, but then a stuffing of ground beef and truffle (real truffle, mind you, not oil) opens the mouth to a dream. More filling choices include tenderloin with foie gras (definitely luxurious, and it melts in the mouth), to grilled pork ribs and chicken (absolutely tender, but aggressive with an inimitable hint of fire and smoke). Definitely a standout was the beef fillet salpicao, with slices of solomillo (sirloin) swimming in ruby-red olive oil, garlic, and pimenton (a spice blend using smoked paprika as a backbone), proving to be more tender than most steaks you can find in the market, its texture acting as a sponge for all the flavors in its make.

Mr. Masigan has been in the food industry for over 25 years, building up on his own father’s experience in the industry in the 1970s. He started his empire with a chain of quick dimsum joints, and along the side managed a refined tea salon. He gave it all up to join government, only to be prodded by a government official to open XO46 Heritage Bistro. According to him, Filipino restaurants usually run the gamut from grills to buffets, with little room for Filipino fine dining. Mr. Masigan’s XO46 Bistro is now the favorite of officials to entertain guests with Filipino food in style — it boasts of crystal, silver, and fine porcelain.

In the future, Mr. Masigan plans to open a restaurant highlighting the cuisine of Mindanao. Bear in mind that at present, Mr. Masigan already has a restaurant highlighting Central Luzon favorites, Arroz Ecija. The emphasis on Filipino cuisine, served at what should be its best, might seem to some to be a crusade against foreign chains opening left and right, and then some. He’s quick to correct us, however: “I think there’s room for everyone. I’m not making a point [that] Filipino is better.”

“What I do want to emphasize is that Filipino is not pedestrian. Filipino food is not ugly.”

And his forays into Japanese (Raku) and Spanish (¡Oye!) are not aberrations in this focus on the Filipino — after all, we were under one colonizer for four years and the other for 400 and their cuisines have joined our culinary repertoire. — Joseph L. Garcia

Gilas resumes FIBA World Cup Qualifier campaign

By Michael Angelo S. Murillo
Senior Reporter

ON-COURT work resumes for Gilas Pilipinas today as it takes on Australia in the second window of group play in the FIBA Asian World Cup Qualifiers in Melbourne.

Currently sporting a 2-0 record in Group B, the Philippine national men’s basketball team looks to stretch its good start when it collides with fellow group leader Australia (2-0) in their scheduled 4:30 p.m. (Manila time) match at the Margaret Court Arena.

Bannering the cause of the Chot Reyes-coached team is a pool of 14 players culled mostly from the Philippine Basketball Association.

The players are Calvin Abueva, Japeth Aguilar, Kevin Alas, Andray Blatche, Jayson Castro, Carl Bryan Cruz, June Mar Fajardo, Jio Jalalon, Allein Maliksi, Gabe Norwood, RR Pogoy, Kiefer Ravena, Abu Tratter and Matthew Wright.

The team has yet to name the final 12 players for the Australia game as of this writing but it was said to have been angling for speed for the second window of the qualifiers which will also see the team play here at home on Sunday, Feb. 25, against Japan.

“Australia is a very tough team. They may not have their NBA (National Basketball Association) players but they have assembled a good team that plays well together,” said Mr. Reyes in the lead-up to the second window as he made his assessment of their opponent today.

“We have little advantage over them. If at all it’s our speed but apart from that not much,” he added.

In the first window of play in the qualifiers last November, Gilas struggled with its collective game but still managed to go unblemished, beating fellow group mates Japan and Chinese Taipei, both sporting 0-2 records right now. The Philippines defeated Japan, 77-71, on Nov. 24 in Tokyo before beating Chinese Taipei, 90-83, at the Smart Araneta Coliseum three days later.

Mr. Castro paced the team in its first two assignments with averages of 20 points, 5.5 rebounds and five assists.

Messrs. Fajardo and Wright averaged 11.5 points each while naturalized player and former NBA campaigner Blatche was good for 9.5 points, 13 rebounds and four assists.

The Philippines ranked joint sixth on offense in the 16-team field after the first window with an average of 83.5 points on an eighth-best 42% shooting clip.

THE BOOMERS
Australia, meanwhile, defeated Chinese Taipei, 104-66, and Japan, 82-58, in that order, to complete a sweep of its first window assignments.

Power forward Daniel Kickert is leading the team with numbers of 18.5 points, five rebounds and 3.5 assists.

Mitchell Creek has been good for 11 points and 7.5 rebounds while point guard Jason Cadee and center Angus Brandt have been chipping in 10.5 and 10 points, respectively.

The Boomers are currently ranked fifth on offense in the tournament with 93 points a game on a high 54.6% marksmanship rate, good for second.

In the Asian Qualifiers, 16 teams have been divided into four groups to determine the top seven teams joining World Cup host China as representatives of Asia/Oceania at the 32-field Basketball World Cup happening in August 2019.

The Philippines-Australia game today can be seen live over ESPN5 and livestream on www.espn5.com.

Philippines to play host to FIA Sport Conference in June

MOTOR sport and what lies ahead for it will take front and center later this year in the country with the Philippines hosting the Federation Internationale de l’Automobile (FIA) Sport Conference.

Set for June 4 to 6, the conference is to gather FIA National Sporting Authorities (NSAs) and mobility clubs around the world as well as key motor sport decision makers, event promoters and leading figures from racing and rallying, with the Automobile Association of the Philippines (AAP), with support from the Department of Tourism (DoT), taking the hosting lead.

In ceremonies held last week, officials of the FIA, AAP, DoT and their partners formally announced the staging of the FIA Sport Conference in the country, the first to be held in Southeast Asia in its six-year history.

Among those present during the presentation were FIA Sport Conference Project Director Frederique Trouve, AAP President Gus Lagman, FIA Events Manager Martin Lalande, Tourism Undersecretary Allan Canizal, FIA SC 2018 National Organizing Council Committee Government Sector Chair/DoT Assistant Secretary Frederick Alegre, National Organizing Council Committee Private Sector Chair/AAP Trustee and Tourism and Travel Committee Chair Mina T. Gabor and Co-Chair/AAP Trustee and Motor Sport Chair Mandy Eduque.

The FIA said it is very excited to bring the sport conference to the Philippines seeing how active it is, through the AAP, in previous stagings of the conference and how motor sport has steadily grown here in recent years.

“AAP has been very active in participating in FIA conferences and we have seen their loyalty and motivation in promoting motor sport among the youth through efforts such as the Motor Sport Development Program. They have also organized many activities in terms of training in road safety,” said Ms. Trouve during the launch.

Organizers said the conference will feature an industry-themed showcase and platform for the analysis of future trends and opportunities in motor sport.

Other possible offerings are an extrication demo and motor sport activities like drifting, auto cross, slalom, e-karting and the FIA-certified online Gran Turismo Asian Regional Finals Championship which are open to the public.

COMPLEMENTARY
For AAP officials, the FIA Sport Conference is good for motor sport in the country as it can complement and enhance the headways made by the local scene.

“Very few people know that the motor sport scene in the country is very active. And I’m speaking only for the four wheels, two wheels have a different organization. The conference will be a good venue to bring it to the fore,” said Mr. Lagman, whose group is the FIA’s NSA in the country.

“I have attended a couple of these sport conferences, and definitely there is a lot of exchange of information that happens in the three or four days of the conference. Specifically the Philippines can learn quite a lot from other representatives of other NSAs from different countries who may have different programs as far as developing the sport as much as we can share our programs as well,” Mr. Eduque, for his part, said.

Seeing the potential of the event to lure tourists, meanwhile, the DoT said it will work closely with the AAP and other government agencies to ensure the successful and safe hosting of the FIA Sport Conference, which is expected to attract at least 400 delegates from different countries. — Michael Angelo S. Murillo

Flossom Kitchen + Café: A modern twist to classic dishes

“WHEN I told my mother that I wanted to cook, she did not want me to,” said Flossom Kitchen + Café chef and owner Jessica Wong in the vernacular about her decision to pursue a career in culinary arts.

Ms. Wong began experimenting with food as a child, saying that she would sometimes assist her mother in the kitchen. Ms. Wong’s persistence and skill in cooking eventually convinced her mother to allow her to pursue her passion.

Opening a restaurant was a dream she shared with her childhood best friend, classmate, and now co-owner, Betrina Lee. They took up Hospitality and Restaurant Management programs at university, put up small food stalls in commercial areas, and worked in a café chain (for Ms. Wong) and a hotel restaurant (for Ms. Lee) before abandoning their regular jobs to establish Flossom Kitchen + Café which opened in November 2017.

THE FLOSSOM COMPOUND
The restaurant’s name was adapted from a flower shop called Flossom Place Philippines whose owner is also the proprietor of the Flossom compound in San Juan.

The compound’s owner, Mina Yao, found the space available and decided to develop the area for businesses that cater to events said Flossom Kitchen + Café marketing manager Janna Arceo. Aside from the flower shop and the café, the 600-square-meter compound also houses a salon, a co-working space, and an arts and craft store.

A pink neon light spelling “Flossom” mounted on a gray wall beside a display of flowers and indoor plants greets guests upon their entrance. The light airy space, highlighted by pastel gray, green, and pink chairs, has three dining areas — a main dining area, the glass house, and an al fresco area.

The glass house is available for rent at P20,000 (consumable) for four hours. The café may also be reserved for a minimum of 30 pax.

The menu does not focus on a specific cuisine, rather, it consists of the chefs’ personal favorite dishes with added tweaks. “Modern comfort food with a twist,” is how Ms. Arceo describes it.

“It’s different so that it’s something new for everyone but staying classic and true to what was known before,” Ms. Arceo said in a mixture of English and Filipino. “We make it to a point to present it in a different way that guests would not be afraid to try.”

Among their best-sellers, she said, are the Ube champorado (P280), Honey chorizo (P320), Crispy pork belly (P350), Baked meatloaf (P320), Molten Lava burger made with Angus beef patty and served with potato chips (P420), Grilled cheese sandwich served with either tomato soup or salad (P300), Norwegian salmon (P350), and Truffle and Egg sandwich (P300). Americano coffee is served free of charge from 8 to 10 a.m. It is recommended to finish the meal with the Molten Lava cake served with vanilla ice cream (P220) or the Tiramisu (P150).

In keeping with the name of the restaurant, all dishes are served with edible flowers which are grown in Pangasinan.

Food should always be “Instagram-able,” noted Ms. Wong: “The first sense that eats is your eyes. Before you taste or smell it, you see it first,” she said in Filipino, but Ms. Arceo stressed that the quality of the food should be sustainable. “Your Instagram-able food should have a concept behind it. You need to have good food, service, and atmosphere… If it’s Instagram-able but you don’t have those elements, the people will not go back to your restaurant.”

Flossom Kitchen + Café is located at 187 N. Averilla St., San Juan. It is open Monday to Friday (8 a.m. to 10 p.m.), and Saturday to Sunday (8 a.m. to 11 p.m.) For details, visit www.facebook.com/flossomkitchencafe/. — Michelle Anne P. Soliman

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