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Another policy rate hike ‘on the table’

By Melissa Luz T. Lopez
Senior Reporter
THE BANGKO SENTRAL ng Pilipinas (BSP) may still gun for another interest rate hike next month, a senior monetary official said even as he noted that inflation could clock in slower from here on.
Asked whether further policy tightening is being considered, BSP Deputy Governor Diwa C. Guinigundo replied: “Well, I think it is something on the table.”
“I don’t think at this point we are in the position to say we should pause or we should do another one, whether 25 or 50 basis points (bp). Although I’ve been saying that we need to maintain our vigilance with strong tightening bias,” Mr. Guinigundo said in an interview late Monday.
The Monetary Board has fired off a total of 150bp hikes since May, including a back-to-back 50bp increase in August and September to temper inflation expectations. Monetary authorities took these successive steps as inflation surging to consecutive nine-year highs, with the nine-month average now at five percent versus the central bank’s 2-4% target range for full-year 2018.
In deciding to raise interest rates in their Sept. 27 review, policy makers noted that inflation is likely to remain high for the rest of 2018 due to additional wage adjustments, transport fare hikes, higher electricity rates and a faster-than-expected rate hike in advanced economies.
The Monetary Board has held six policy reviews, so far, and will conduct the year’s remaining two meetings on Nov. 15 and Dec. 13.
“It all depends on the kind of data that we will be seeing between now and (November),” Mr. Guinigundo said.
Inflation surged to 6.7% in September, the fastest pace seen since February 2009. The BSP estimates 2018 inflation to settle at 5.2% before easing to 4.3% next year.
“Inflation expectations appear to be normalizing because the market appears to have appreciated the fact that inflation seems to have peaked, and that it’s coming down,” the BSP official added.
Earlier this month, Monetary Board (MB) Member Felipe M. Medalla said that the plan to remove rice import quotas and allow any private firm to source the crop abroad could shave 0.7 percentage points off headline inflation, adding that monetary authorities may “take a pause” should latest month-on-month inflation show signs of easing. MB Member V. Bruce J. Tolentino also took on a dovish tone in a recent Bloomberg interview.
Several bank economists are expecting a 25bp rate hike from the central bank during its next policy review, citing the need to keep real interest rates competitive.
Nicholas Antonio T. Mapa, senior economist at ING Bank N.V. Manila, said last week that non-monetary measures introduced by the national government have begun to “take root” and rein in food costs, which have led overall price increases in recent months.
“The fruits of such measures are now being reflected on the ground, validating our earlier expectation that inflation had peaked in September, affording BSP some leeway to pause at its November meeting,” Mr. Mapa has said.
The Philippine Statistics Authority will report five key macroeconomic data sets next week, including October inflation and third-quarter gross domestic product performance on Nov. 6 and 8.

Q3 GDP likely grew faster than 6% — report

ECONOMIC GROWTH likely picked up last quarter from the preceding three months’ disappointing six percent, analysts of First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said in their latest joint assessment, even as they still slashed their full-year 2018 projection.
The analysts now see full-year growth at 6.5-7%, down from their original forecast of 7-7.5%.
The updated forecast matches state economic managers’ tempered 6.5-6.9% full-year 2018 outlook that compares to an original 7-8% target. The Cabinet officials said they needed to be more realistic given tighter credit conditions, the impact of a trade war between the United States and China, as well as surging global oil prices.
The Philippines’ gross domestic product (GDP) expanded 6.3% last semester, compared to 6.6% a year ago.
It grew by 6.7% in 2017, with the third quarter alone posting 7.2% — the fastest clip that year.
The Philippine Statistics Authority is scheduled to report September factory output and October inflation data on Nov. 6, September merchandise trade and third-quarter farm output data on Nov. 7, and third-quarter GDP performance on Nov. 8.
The central bank’s Monetary Board then meets for its seventh and penultimate policy review for the year the succeeding week on Nov. 15.
“The outlooks from the demand side — investments and exports — still look positive while slowing manufacturing and commodity prices rising at a faster pace cloud this view,” the economists said in the October issue of The Market Call published on Tuesday.
“Nonetheless, GDP should still handily grow by more than six percent in Q3,” they added.
“Capital goods imports soared by 39% in July, while National Government spending added fuel to growth with a 29% uptick, likely driven by infrastructure and capital outlays. Exports had their third consecutive month of growth, albeit still at a mild pace,” the report read, noting that “red-hot investment spending” likely helped prod overall economic expansion.
This, in turn, should help make up for tepid factory output growth and tempered consumer spending at a time of elevated inflation.
Prices of widely used goods climbed by 6.2% in the third quarter. Other bank analysts have said that this likely curtailed household consumption as they reeled from rising prices of food and fuel.
At the same time, FMIC and UA&P economists said they expect inflation to be on a downtrend in 2018’s last three months, with October, November and December rates at 6.4%, 6.1% and 6.2%, respectively.
On the monetary policy front, economists are seeing another rate hike from the Bangko Sentral ng Pilipinas amounting to 25 basis points this quarter. This is to cover for higher bus and jeepney fares next month, even as the rise of prices of rice, food and oil is expected to ease. — Melissa Luz T. Lopez

Gov’t aims to complete Marawi rehabilitation in three years

THE GROUNDBREAKING ceremony for the rehabilitation of war-torn Marawi City finally pushed through on Oct. 30, with the Task Force Bangon Marawi (TFBM) head promising completion by 2021.
“We will do it in three years,” Eduardo D. Del Rosario, TFBM chair and secretary general of the Housing and Urban Development Coordinating Council, said in his speech at the live-streamed time capsule-laying ceremony, which was postponed several times in consideration of President Rodrigo R. Duterte’s schedule.
The President was not in attendance yesterday due to “changes in schedule,” according to Undersecretary Falconi V. Millar, TFBM Secretariat head, citing an advisory from the Presidential Management Staff.
Mr. Millar said TFBM made the decision to push through with the event.
Calling Mr. Duterte as the “ama (father) of 105 million Filipinos,” Mr. Del Rosario said: “Everyday there are ongoing concerns, very important activities, equally important activities…”
“It doesn’t mean to say that you are not important or the President is not giving priority to the Maranao people [if he is absent from a function]. In fact, I would like to quote this statement when he said, ‘Marawi will rise as a prosperous city again.’”
COST AT P80 BILLION
The entire rehabilitation program for Marawi, considered the main Islamic City of the country, is now estimated to cost P80 billion, according to Mr. Del Rosario.
This includes reconstruction of 24 villages in what has been labelled as the most affected area (MAA), or the ground zero of last year’s five-month battle between government forces and Islamic State-inspired local extremists, as well as the 72 other villages of the city.
Structures in the approximately 250-hectare MAA are 80-100% damaged, according to TFBM.
The Bangon Marawi Comprehensive Rehabilitation and Reconstruction Program involves debris clearing and widening of road networks in the MAA, which is expected to take up to one a half years; setting up underground utilities networks and a centralized sewage system; schools restoration; construction of barangay halls with health center and madrasa; a one-hectare central market; a convention center with capacity for up to 2,000 participants; and a promenade.
The reconstruction of about 25 damaged mosques will be funded through foreign assistance, Mr. Del Rosario said, as this could not be covered by public funds.
Local contractors will be allowed to participate in the rehabilitation process, with TFBM officials scheduled to meet with them in Cagayan de Oro City yesterday afternoon.
Multi-stakeholder groups, meanwhile, will be mobilized for monitoring the implementation of contracts.
“We will organize project monitoring offices (local and national levels) and, aside from that, we are tapping about 50 NGOs (nongovernment organizations) and CSOs (civil society organizations) who will help us in monitoring the implementation of all projects.”
Marawi Mayor Majul Usman Gandamra, in his welcome remarks, thanked displaced residents for their “patience.”
“We had to work through budgetary, time and other constraints… To my constituents, I know you have waited a long time for this and I thank you all for your patience,” he said.
“In a few years from now, we hope to see a beautifully and strongly rebuilt Marawi City, which shall be the pride of all Maranao people… We must now make a conscious effort to protect and take care of it by letting go of our previous destructive attitudes, by being good citizens, by being good Muslims.” — Marifi S. Jara with a report from Arjay L. Balinbin

SMFB allots up to P41B for expansion until 2020

By Arra B. Francia, Reporter
SAN MIGUEL Food and Beverage, Inc. (SMFB) is investing up to P41 billion until 2020 for the expansion of its food and brewery businesses, noting its existing factories are operating at almost full capacity.
SMFB Chief Operating Officer for Food Francisco S. Alejano III said the food unit is spending P30 billion in the next three years to construct five new feed mills, slaughterhouses for the hogs business, and a new facility for ready-to-eat products. It is also expanding its flour milling plant. “As far as food is concerned, one of our key strategies is expansion, and this is across the different product categories in the food division,” Mr. Alejano said during an investors’ briefing for the company’s P39-billion follow-on offering at the Makati Diamond Residences late Monday.
Two of the five feed mills are slated to be operational by the end of this year, while the remaining three will be completed in 2019. The company is embarking on the feed mill expansion since its existing plants are already at 95% of its capacity.
For the poultry business, Mr. Alejano said they will put up company-owned facilities in the next two years amid rising consumption of chicken in the country. The facilities will include slaughterhouses for hogs under the Monterey brand.
SMFB is also expanding the capacity of its flour milling plant by 72%, since its current facility is now operating at full capacity.
“We already reached 100% for flour, and we’re not even very strong in the Visayas and Mindanao region. So there’s lots of opportunity for growth in that part of the business,” Mr. Alejano said.
Meanwhile, the company has already expanded its processed meats facility’s capacity by 50%, and plans to further increase this by 50% next year. Hotdogs and canned food products are part of the processed meats category.
SMFB will also be offering ready-to-eat products soon, as it completes the facility in Sta. Rosa, Laguna next year. Mr. Alejano said the facility can produce meat products, viands, bread, and sauces, among others.
“We have a kitchen that can mix or put them together so that we can sell it from there…. The market trend is that customers want food that they can just heat. May ulam na, may rice na,” Mr. Alejano told reporters on the sidelines of the briefing.
On the other hand, the company announced that it will be spending up to P11 billion until 2019 to put up two breweries in Northern Mindanao and Sta. Rosa, Laguna with a capacity of two million hectoliters each. This will be added to its current capacity of 18.8 million hectoliters.
“We will be spending up to P11 billion up to next year, that will also include minor capex that will increase our effective capacity like building CCT (cylindrical conical tanks) to improve the cellar capacity of one of our breweries,” the company said.
SMFB said it has no plans to expand its spirits business for now as it still has sufficient capacity.
The food and beverage unit of listed conglomerate San Miguel Corp. is currently conducting a P39.19-billion follow-on offering, where it looks to sell up to 400.94 million common shares with an over-allotment option of up to 60.14 million shares at P85 apiece.
Shares in SMFB rose 1.18% or P1 to close at P85.50 each at the stock exchange on Tuesday.

Compromises and celebrations

A PORTRAIT of Abby Binay by Andres Barrioquinto.

HOW DOES an artist negotiate their aesthetics with their clients?
A man of few words, Filipino artist Andres Barrioquinto explained it simply as “It’s hard.”
A prolific artist with 17 years of experience in the art world, Mr. Barrioquinto is well-known for his surrealist works. Patrons, collectors, and media personalities soon started commissioning him to do their portraits. Lucy Torres, a TV host and politician, was among his first prominent clients. Soon the artist also did painted Torres’ husband, actor Richard Gomez, and their daughter Juliana.
“It is difficult. It is also flattering but it is difficult because it is a collaboration,” the artist said in the vernacular. “This is what they want but this is what I want to do. It could be that you don’t get to do everything you want because of what they want, like use a pink background, that sort of thing. Sometimes you would prefer they look one way, but of course they prefer that they look beautiful. So it is more difficult if the subject wants to look beautiful,” said Mr. Barrioquinto whose style includes the exaggeration and distortion of rather familiar objects.
BusinessWorld talked to the artist on Oct. 24, two weeks before his solo exhibition, Portraits by Andres Barrioquinto, was set to open at the National Museum on Nov. 8. The exhibit will run until the 15th.
The exhibit will feature 18 portraits of well-known personalities including politician Abigail Binay, clothing entrepreneur Ben Chan, designer Josie Cruz Natori, Audrey Tan-Zubiri, Bea Zobel, and Grace Barbers-Baja, among others.
The exhibit commemorates the 55th anniversary of the Asian Cultural Council (ACC), a non-government organization in the United States with branches in Manila, Tokyo, Hong Kong, and Taipei, which gives educational grants to Asian artists to go to the US.
This year, the ACC is giving grants to eight Filipinos.
Not an ACC scholar himself, Mr. Barrioquinto was chosen to headline the event because his manager, Derek Flores, knew the organization. ACC-Philippines chairman Ernest Escaler said “We don’t want to impose on our grantees. Since Derek was the one who thought the idea, he could demand from his artists.”
So, there, Mr. Barrioquinto will be having his solo show.
Back to the question of compromise and negotiation, he said he does studies and presents these to his clients. He went on to share that not all faces are ready for portraits. He said: “May mga mukhang hindi talaga kayang i-portrait eh. Yung wife ko pwede, ikaw yung mukha mo pwede (There are faces that really cannot be made into portraits. My wife is ok, your face is ok too),” he told this writer.
His wife, Iya Consorio-Barrioquinto, is also an artist.
Dapat ang mukha mo timeless. Malalaman ko eh, may something sa mata? Malalaman ko (Your face must be timeless. I will know, there is something in the eyes? I will know),” said the artist.
He likes to do portraits of people who have dramatic yet enigmatic expressions. “Pag nakatawa, ang baduy eh, parang magazine (If they laugh, it is corny, like something for a magazine),” he said.
While he said that most of his clients prefer that their portraits be beautiful, businessman Ben Chan was different.
Yung kay Ben Chan gusto ko kasi pinalabas ko yung details ng mukha niya (For the one of Ben Chan, I wanted to bring out the details of his face)… baka sabihin niyaOh gusto ko pogi ako dyanpero hindi (maybe he would say ‘Oh I want to look handsome, but no). Pinalabas ko yung veins niya, mga lines niya sa face, then simple lang ang composition (I brought out his veins, the lines of his face, then kept the composition simple).”
He includes butterflies and cats and peacocks in his portraits — animals that he has long used as part of his signature style — in the process transporting his subjects into a whimsical and magical world.
In Abby Binay’s portrait, for example, the politician was painted with a cat and some birds. “I did her composition and she said yes. Sabi niya bawas bawasan lang ng dito (She said tone down this)… parang Photoshop, pero I mean kinompose ko siyang ganyan (like Photoshop, but I mean I composed her like that). It’s like music.”
The artist uses pencil, then acrylic, then oil in his works.
After this exhibit, Mr. Barrioquinto will hold another one in New York. He said an artist should be a life-long learner.
“You’re as good as your last painting… So after this, what will you do next? As an artist, you must be consistently good, you can’t be a one-hit wonder. There are youngsters who are good — that is ok — but to maintain it, that is hard. You have to be good until you die. It is like going to the gym — it is easy to go to the gym for a month, but to sustain it is hard,” he said in a mix of English and Filipino.
ACC CELEBRATES ARTS
As mentioned, the exhibition is part of ACC’s anniversary celebration. Since 1963, over 400 Filipino scholars from different art disciplines have been sent to the United States of America to learn and re-learn art, which, in return, they must pay forward and share their acquired knowledge with the Philippine community.
For this year, the ACC gave grants to Grace Nono for music, Anna Margarita Reyes for dance/cinematography, Elena Comendador and Elizabeth Roxas for design and dance, Joseph Keith Anicoche for theater, Anna Marika Lissa Constantino for curation/visual arts, Maria Joselina Anna Gonzalez Cruz for curation, and Zeny May Recidoro for art criticism.
ACC-Philippines’ Mr. Escaler said scholars are required to return to the Philippines and apply here what they have learned abroad. “When we give grants there’s no strings attached but the only condition is for them to come back to the Philippines, and don’t make TNT [become an undocumented alien].”
He added: “By giving grants, from artists to art curation and arts management, it’s brought up the level of artistic community here. The grantees have trail-blazed their crafts, like for example the Ballet Philippines, the company is so high up there and I’d like to think that ACC has something to do with it because we’ve given them the opportunity that otherwise they wouldn’t have experienced.”
ACC alumni include National Artists Jose Joya, Alice Reyes, and Ramon Santos, artist Leeroy New, theater designer Gino Gonzales, and curator Dr. Patrick Flores. — Nickky Faustine P. de Guzman

Ayala-led IMI earnings jump 38% in 3rd quarter

AYALA-LED Integrated Micro-Electronics, Inc. (IMI) grew its attributable profit by 38% in the third quarter of 2018.
In a disclosure to the stock exchange on Tuesday, the listed firm said net income attributable to the parent went up to $9.78 million in the three months ending September, from the $7.06 million it recorded in the same period a year ago.
IMI’s nine-month attributable profit surged 72% to $41.35 million, which includes favorable one-off items such as the sale of its Shenzhen entity in China and the reversal of contingent liability for its acquisition of the United Kingdom’s STI Enterprises Limited. The company meanwhile recorded goodwill following the acquisition of its China facilities.
Without the one-off items, IMI’s net income would have stood at $28.9 million, 4.7% higher than its adjusted net income of $27.6 million in the same period a year ago. The company said it was affected by the weaker Chinese yuan and euro which led to foreign exchange losses.
Revenues for the third quarter meanwhile rose by 16% to $342.71 million, bringing the nine-month figure 27% higher to $1.01 billion.
The company noted that gross profit margin drop to 10.6% from 11% last year, weighed down by higher material, production, and logistics costs due to global component shortage.
“The fast-paced evolution of automotive and industrial segments resulting to unexpected demand for components is creating pressure in constrained markets. As we face the current challenges, IMI continues to strive in setting the bar to key technological advancements and remain ahead of the curve,” IMI Chief Executive Officer Arthur Tan said in a statement.
IMI said it recently inaugurated its facility in Serbia which will enhance its manufacture of electronic car components. The company is banking on the factory to improve its position in the automotive electronics manufacturing services (EMS) market.
Aside from its core business, the company is venturing into copper-based metal mesh touch sensors to boost its portfolio of differentiated and value-added sensor technology.
“While the EMS industry faces unpredictable market situations, IMI continues to boost production output and is in control of managing expectations from our valued customers. We continue to invest and take risks in venturing into new fields while keeping close track of our core businesses trajectory,” IMI President and Chief Operating Officer Gilles Bernard said.
Shares in IMI dropped 0.37% or four centavos to close at P10.74 each at the stock exchange on Tuesday. — Arra B. Francia

National Food Showdown: a showcase of the best

“LUZON, Visayas, and Mindanao! Are you ready!” esteemed chef Myrna Segismundo said above the buzz of culinary enthusiasts crowded into Elements at Centris on Oct. 27 for the second day of the National Food Showdown.
Ms. Segismundo — who presented at Madrid Fusion in Madrid; is a founding member of International Wine and Food Society — Manila Ladies Branch; was editor-in-chief of the culinary magazine Foodie (now sadly defunct); and author of various cookbooks and essays on the Filipino culinary spirit — was getting ready to raise the go signal on Chef Wars, the finale show of the National Food Showdown.
She bade the participants, two teams each (representing the student and professional divisions) from Luzon, the National Capital Region (NCR), the Visayas, and Mindanao to raise their hands and to wish each other good luck. Their brief was to create three dishes with a list of ingredients given just a few hours before the actual competition. The main ingredient for that day was a whole chicken, complete with liver and gizzards.
For Chef Wars, the participants from Mindanao were from Giuseppe Pizzeria and Sicilian Roast restaurant, and Saturnino Urios University. From the Visayas — the winners in the regional divisions, and thus speeding up to the finals — were the Movenpick Hotel in Cebu and the University of St. La Salle in Bacolod. Representing Luzon were participants based in Baguio — students from Benguet State University and Le Chef by Billy King. The NCR only had one team, Enderun in the student division, because, according to Ms. Segismundo, “I can’t get Manila to compete. They’re too proud to lose.”
After an hour of chopping and sauteing, and whatever else they did in there (the result was smoke and a lot of interesting smells, from the fragrant to the foul), two winners were chosen: the Movenpick Hotel swept through the finals with its Breaded Poultry Quenelles, Kare-Kare Sauce, Steamed Pumpkin Flower with Mashed Pumpkin and Alugbati Leaf, Turmeric-Enhanced Chicken Consomme, Smoked Eggplant Tortellini, Chicken Oyster, Poultry Glazed Sponge and Pipinito. Enderun, meanwhile, presented Rellenong Adobong Manok, a saute of gizzards and liver and pimiento on a bed of adlai risotto, Sinampalukang Manok, complete with gizzards and liver, a molo dumpling, and a chicken empanada.
After two days filled with competitions, many schools placed in various categories, but St. Anne College in Lucena, Quezon, won the overall Presidential Award for having the most students place in different categories ranging from food service to presentation: from soup to dessert, food styling and table setting.
“You get to see what the culinary scene is out there. It’s really heartwarming to see that they’re trying, and vying for higher standards, which are validated in the competitions here,” said Ms. Segismundo on the regional winners gaining top prizes.
“Enderun, obviously, is way up there,” she said, noting the distinction of the posh college complex up in BGC, Taguig. “I sometimes think about how fair is it for the others who don’t have the same opportunity and exposure. Then again, that’s the standard, and they’re showing it to you. You want to aim for that.” She’s quick to point out however,” Schools like St. Anne… are not Enderuns, and yet they do so well.”
The National Food Showdown, now on its 12th year, started out as Ms. Segismundo’s pet project from back when she was still affiliated with the aforementioned Foodie magazine. The competition has gained a life of its own in the years since. “It started out as a passion, it’s become an advocacy.” The goal at the end is to raise standards and develop Filipino talent. “Obviously, that the industry will be better for it. You have good workers, naturally, your operations will follow.”
While Manila is inundated constantly with a new this or that, the way to Ms. Segismundo and the other judges’ heart was a return to basics, which could be seen in this year’s theme, “Learning to Win.” “We’re looking for technique more than creativity. With technique will actually follow taste. Creativity is really all the trappings — the little trimmings — that go with an outfit, for example,” she said.
“The common mistake is the focus on creativity, more than technique. But they have to go together.” — Joseph L. Garcia

SM, BDO in Forbes list of ‘best regarded’ firms

TWO companies led by country’s richest man Henry Sy, Sr. were ranked as among the best regarded firms globally by Forbes magazine.
In a statement issued Tuesday, SM Investments Corp. (SMIC) said it was included in the Forbes 2018 Global 2000-Best Regarded Companies, alongside BDO Unibank, Inc. SMIC secured the 235th spot, while BDO landed at the 140th place.
Forbes partnered with market and consumer data provider Statista for the global poll, surveying 15,000 people from 60 countries to provide opinions about the Forbes 2018 Global 2000 companies.
Respondents were asked about their views on the companies’ reputation, including topics on trustworthiness or honesty, social conduct, performance of the company’s products, and the company as an employer. The group then identified the 250 firms with the highest scores, recognizing them as the Forbes 2018 Global 2000-Best Regarded Companies.
American multimedia giant The Walt Disney Company topped the list, followed by international hospitality group Hilton Worldwide Holdings, Inc., and Italian luxury sports car manufacturer Ferrari.
“We are honored to receive this recognition which reflects the values of our founder, Mr. Henry Sy, Sr. This validates our high regard for all our stakeholders and our commitment to good governance, excellence, transparency and stewardship,” SM President and Chief Executive Officer Frederic DyBuncio said in a statement.
SMIC operates under three business segments, namely property through SM Prime Holdings, Inc., banking through BDO, and retail. It was the first Philippine company to breach the P1-trillion mark in terms of market capitalization, hitting P1.08 trillion at the end of Tuesday’s trading. — Arra B. Francia

Essay on bagoong made of pork wins DGF Food Writing Award

FOR its 16th year, the Doreen Gamboa Fernandez (DGF) Food Writing Awards tackled bagoong, the smelly, salty, fermented fish paste that is a staple on Filipino tables, achieving such a status that Jose Rizal, the country’s national hero, defended it.
This year the awarding was held on Oct. 27, the second day of the National Food Showdown at Eton Centris in Quezon City.
The top prize for this year was given to Raymund Aquino Macapagal for his essay, “Is This The Bagoong of The Mountains.” Meanwhile, three writers were tied for second place in this year’s awards: Ginny Villar for her essay “The Taste of Resurrection: Pamawaran Bagoong,” Grace Celeste T. Subido for “Bagoong and Conscentious Consumption,” and Rebecca Torres for “Alaskan Salmon Bagoong, Unexpectedly.”
The Doreen Gamboa Fernandez awards were established to reward aspiring food writers, as per one of its founders, chef Myrna Segismundo, who was one of the famed food writer’s charges. Ms. Fernandez, who taught in the Ateneo de Manila University, passed away in 2002, leaving behind a legacy of food-related writing, with a focus on discipline and research which is still relevant today.
This year, the responsibility of choosing a winner fell on the lap of the Food Writers Association of the Philippines, of which food columnist and author Michaela “Micky” Fenix is President, while serving as Chair of the Doreen Gamboa Fernandez Food Writing Awards. “It’s not that difficult,” she said, on choosing a winner. “If you read it, and you like it because it appeals to you, and gives you so much information.” It’s also a plus to have some obscure knowledge up your sleeve: Mr. Macapagal, while being praised for his writing style by Ms. Fenix, says that it was an advantage for his essay to feature something quite unknown, even to her: a bagoong made of pork.
While writing and cooking are completely different disciplines, in these examples, the two complement each other. Speaking about how food writing is important for the discipline of cooking, Ms. Fenix said, “It’s a way to preserve your culture and traditions. It’s also a way to present the food to other people: your own people, and then internationally; to explain to them what that is. We spread our culture that way.” — J.L. Garcia

Singson-led group invests in broadband satellite operator

By Denise A. Valdez, Reporter
THE consortium led by former politician Luis “Chavit” C. Singson’s LCS Group of Companies and TierOne Communications International, Inc. has acquired a stake in a broadband satellite operator, saying this deal will allow it to provide broadband services in the Philippines at a lower cost.
While the consortium did not identify the broadband satellite operator in its statement, a member of the technical team identified it as Kacific Broadband Satellites.
“We initially paid half a million dollars for Kacific,” the source told BusinessWorld.
On its website, Kacific said its first satellite, Kacific-1 is being built at the Boeing Company’s factory in El Segundo, Los Angeles. The company has contracted SpaceX to launch Kacific-1 on a Falcon-9 rocket in 2019.
“Kacific offers right now long-term bandwidth lease agreements to local wholesale customers wanting to secure for its affordable satellite broadband for their home market,” its website read.
In a statement released on Monday, LCS-TierOne said the deal to acquire equity in the satellite operator was signed overseas by TierOne Consortium Chairperson Jonathon Bentley-Stevens and Mr. Singson.
“Our investment in the satellite operator with a footprint capable of delivering broadband across the archipelago, reflects our desire to offer the Highest Committed Level of Service, as mandated by Department of Information and Communications Technology (DICT) and the National Telecommunications Commission (NTC),” Mr. Bentley-Stevens was quoted as saying.
The LCS-TierOne consortium, which is participating in the on-going search for the third telecommunications player, said with the deal it will “be able to provide the entire Philippine archipelago access to satellite-based broadband — at much lower costs.”
Bandwidth from the broadband satellite will be accessed by LCS-TierOne’s portable cell sites called Telcos-In-A-Box that will be distributed to subscribers.
Mr. Bentley-Stevens said these portable cell sites will be offered as “franchises,” with the goal of “democratizing the ownership and delivery of telecommunications services across the country.”
“[W]e have to rely on new technology like broadband satellite for coverage and on our fellow Filipinos for distribution,” Mr. Singson said.
LCS-TierOne also noted it already has an earth station gateway to immediately use the broadband satellite services from the operator. An earth station gateway is a receiving station that helps in facilitating telecommunication through a satellite.
Millawave Systems LLC President Ed Millana, one of the members of the LCS-TierOne consortium, said the new deal with the broadband satellite operator will help the company deliver speeds of up to 100 megabits per second (Mbps) with its 1.3 gigabits per second (Gbps) of bandwidth per transponder.
“Once launched, our high throughput broadband satellite will offer instant coverage; think of it as a ready network while we rollout the domestic undersea cable backbone, which we will still be largely reliant on — satellite still cannot be compared to fiber in terms of capacity and latency, but it’s definitely the most expedient way to connect our entire archipelago” Mr. Millana said.
LCS-TierOne consortium said it would start rolling out the high-throughput broadband satellite by next year, which would cover the entire country as early as its first year of operations.
“We will provide connectivity and cover the whole Philippine archipelago within Year 1, even as we build the domestic submarine fiber optic network on which we will be reliant,” the consortium said.
The government plans to name the winning third telco player before Christmas, with the deadline for submission of bids set on Nov. 7.
Aside from the LCS-TierOne consortium, eight other local and foreign companies also bought selection documents and are expected to participate in the bidding.

Variety marks Repertory’s 82nd season


HISTORY, comedy, drama, and a classic epic fill up Repertory Philippines’ 82nd season, running from 2019 to 2020.
Opening the season is the restaging of Miong, a historical musical about Emilio Aguinaldo, which will run from Feb. 15 to March 10 next year. The production will be staged in time for the President’s 150th birth anniversary.
Miong, which was first staged in 1999, will be directed Joy Virata, who also wrote it. It will star actor-musician Tim Pavino in the lead role. Stage veterans Noel Rayos, Cara Barredo, Meynard Peñalosa, and Elver Esquivel are also part of the cast.
Miong is an original Repertory Philippines production, with music by Ian Monsod and additional lyrics by Freddie Santos. Ejay Yatco is the musical’s director.
“This season of REP is incredibly special for a number of reasons,” said Rep CEO and president Mindy Perez-Rubio in a statement. “We’ll be working extensively with some of the most iconic Rep talents, as well as several fresh new faces who each embody REP’s brand of world class quality…. We steadfastly commit ourselves to giving audiences a topnotch theater experience that celebrates all kinds of genres,”
Following the story of the country’s first president is Father’s Day, a comedy about the awkwardly funny reunion of a divorced man and his estranged family. Father’s Day, directed by Rep co-founder Baby Barredo, will run on March 22 to April 14.
Rep stalwart Miguel Faustmann will play the lead alongside Andres Borromeo, Leisl Batucan, Becca Coates, and Rachel Coates.
After the comedy comes a drama — the poignant story of an actor and his loyal assistant. The Dresser, a British drama, will run from May 3 to 26. It will be directed by Loy Arcenas (who also directed the movie version of the musical Ang Larawan, which won Best Picture at the 43rd Metro Manila Film Festival in 2017).
Teroy Guzman and Audie Gemora star as the actor and dresser, respectively. They will be joined onstage by Tami Monsod, Jeremy Domingo, Robbie Guevara, and Justine Narciso.
As is Repertory Philippines tradition, the year will end with a show meant for young audiences, this time The Quest for the Adarna.
Running from Sept. 14, 2019 to Jan. 12, 2020, the original Rep production is an English adaptation of the classic Filipino epic Ibong Adarna.
Ms. Virata will be directing The Quest for the Adarna.
For inquiries about the season’s shows, call Repertory Philippines at 451-1474. — Nickky Faustine P. de Guzman

Grab partners with Booking

GRAB HOLDINGS, Inc. said it is partnering with travel company Booking Holdings, Inc., which would allow Grab users to book travel-related services on the app and pay through GrabPay.
The on-demand transportation company said in a statement on Tuesday Booking Holdings, whose platforms include Booking.com and Agoda.com, is investing $200 million in Grab.
Grab is targeting to raise more than $3 billion in funding by year’s end.
“With the partnership, Booking Holdings’ brands will have the ability to offer on-demand transport services through their apps, powered by Grab, and Grab customers will be able to book accommodations across the globe powered by Booking.com and Agoda,” it said.
The strategic partnership is expected to help Grab achieve its goal of becoming an everyday app offering ride-hailing, food delivery, package delivery and digital payment.
“We are delighted to work with Booking Holdings to give our users even more everyday services to choose from when they open the Grab app,” Grab President Ming Maa said in the statement.
“The online travel market in Southeast Asia is set to nearly triple by 2025 and we see numerous synergies between travel and transportation that will allow us to capitalize on this huge opportunity,” he added. — Denise A. Valdez