Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 11949

Expectations mount for above-4% inflation rate

THE DEPARTMENT of Finance (DoF) expects headline inflation to have breached the central bank’s full-year target last month, saying it likely picked up at its fastest pace in over three years due to upticks in prices of tobacco and non-alcoholic drinks.
The DoF said in its latest economic bulletin published yesterday that headline inflation likely clocked 4.1% in March from 3.9% in February and 3.1% a year prior, breaching the Bangko Sentral ng Pilipinas’ 2-4% target band for the entire 2018 but near the midpoint of the 3.8-4.6% estimate for the month which the central bank gave late last week.
If realized, this would be the fastest rate since August 2014’s 4.2%.
The DoF’s forecast is a tad lower than the 4.2% median estimate in BusinessWorld’s poll of nine economists.
Using the old 2006 base prices, the DoF said that inflation for March likely stood at five percent, which would be the fastest since October 2011’s 5.2% using the same base.
The Philippine Statistics Authority is scheduled to report official inflation data today.
“The month-on-month price change which slowed to 0.24% on average from 0.79% last month and 0.88% in January comes largely from tobacco which rose 8.27%, non-alcoholic beverages which rose 2.51% and electricity, gas and fuels which rose 1.66% over the previous month,” the DoF said.
“‘Sin’ products are significantly driving the inflationary pressure. Of the 4.1% forecast inflation rate for March, ‘sin’ products account for as much as 0.5 percentage point, much higher than their contribution of only 0.16 percentage point in the same month last year,” the Finance department added, referring to tobacco and alcoholic beverages whose excise tax rates increased under the first of up to five planned tax reform packages that took effect on Jan. 1.
DoF also said food and non-alcoholic beverages contributed 2.08 points to inflation.
“‘Sin’ products and non-alcoholic beverages were affected by temporary tax issues while fish appears to be still affected by rough seas, and vegetables by unfavorable weather.” — EJCT

Toyota Philippines poised to hike prices

By Krista A. M. Montealegre,
National Correspondent
TOYOTA MOTOR Philippines Corp. (TMPC) is ready to raise prices to preserve margins, as the automaker may see flat to lower sales this year following the impact of higher excises taxes.
TMPC Vice-President Michael G. Masamayor told reporters on Tuesday that vehicle sales may hover around 170,000 this year, almost 8% lower than the 183,908 units sold for the entire 2017.
“We still haven’t realized the full impact of this excise tax, exchange rate, Comprehensive Automotive Resurgence Strategy program, new model. Lahat ’yan maghahalo. Let the dust settle first,” GT Capital Maria Carmelo Luza Bautista said, noting that the target is conservative and may be adjusted.
Vehicle sales contracted by 3% in February as the excise taxes began to bite, according to the joint report from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA).
Signed into law by President Rodrigo R. Duterte in December, the Tax Reform for Acceleration and Inclusion — that increased taxes on automobiles, fuel, minerals, various investment products, and a host of other items, besides imposing new levies on sugar-sweetened drinks and others — took effect at the start of the year.
After implementing two price hikes totaling 4% last year because of the weak peso, TMPC is on a wait-and-see stance if there will be further price increases.
“Moving forward, the idea is protect the margins. If we feel a price increase is warranted and we feel relative to demand it will still be within the capacity of absorption, there will be no hesitation to make an adjustment,” Mr. Bautista said.
Even before the higher taxes kicked in, sales of the Vios have been taking a hit after the Land Transportation Franchising and Regulatory Board reduced the cap on the number of Uber and Grab vehicles allowed on the streets. Monthly sales have dropped below 3,000 units from 3,500 units before the limit was put in place, Mr. Masamayor said.
By July, TMPC will introduce the full-model-change Vios, its entry to the government’s CARS Program. Officials declined to comment on the retail price of the locally manufactured Vios, saying it depends on a lot of other factors.
Toyota is also bringing to the Philippines, its ninth biggest market globally, next month the Rush, a subcompact multi-purpose vehicle which competes with the Mitsubishi Xpander in Indonesia.
Riding on the growth in the countryside, TMPC aims to end the year with 70 dealerships, with upcoming sites in Tuguegarao, Isabela; San Jose del Monte, Bulacan; and Subic Bay. Two new dealerships were opened in Silang, Cavite and Calapan, Oriental Mindoro in the first quarter of 2018.
TMPC is part of GT Capital Holdings, Inc., the holding firm for tycoon George S.K. Ty’s business empire which also has interests in banking, property, infrastructure and insurance.

MPIC aims to seal Air21 deal within Q2

By Arra B. Francia, Reporter
METRO PACIFIC Investments Corp. (MPIC) aims to seal its acquisition of logistics firm Air21 within the second quarter.
“I think it will close this second quarter,” MPIC Chairman Manuel V. Pangilinan told reporters in the sidelines of a Philippine Disaster Resilience Foundation event in Clark, Pampanga on Wednesday.
Air21’s services include door-to-door deliveries, land transfer services, ship transfer, and warehouse management for inventories. The company was founded by former Customs Commissioner and Lina Group of Companies Chairman Alberto D. Lina in 1979.
Mr. Pangilinan said the listed infrastructure conglomerate may have to start with a minority share in Air21, noting that the option to increase its stake in the future is still up for discussion.
While the MPIC executive declined to give the purchase cost for Air21, he said this would be the company’s largest acquisition so far should they get a majority share.
MPIC has been ramping up its purchase of logistics firms in the previous years, snapping up Ace Logistics, Inc. for P280 million in 2017. It has also acquired Basic Logistics Corp.’s assets for P2 billion in 2016.
Other logistics firms MPIC has acquired include A1 Move Logistics, Inc., Philflash Logistics, Inc., and BasicLog Trading and Marketing Enterprises.
Mr. Pangilinan said they will probably have “just one or two more” acquisitions after the Air21 deal is completed.
“Then pahinga na muna siguro. Wala nang malalaki ngayon na available. There are very few logistics companies in the Philippines that are full-service logistics operators,” he said.
The company had earlier disclosed its plan to spend P6 billion for the acquisition of logistics-related businesses this year. This forms part of MPIC’s P100-billion capital spending plan in 2018, targeted to boost its toll roads, water, power, rail, hospital, and logistics segments.
MPIC booked a core net income of P14.1 billion in 2017, higher by 17% year on year on the back of its increased presence in the power industry.
MPIC shares shed two centavos or 0.37% to close at P5.33 each.
MPIC is one of three Philippine subsidiaries of Hong Kong-based First Pacific Co. Ltd., the others being PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc. — a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc. — maintains interest in BusinessWorld through the Philippine Star Group, which it controls.

GT Capital looking for strategic global partner as it considers expanding into new sectors

GT CAPITAL Holdings, Inc. is on the prowl for acquisitions that will create synergies with its existing businesses and a strategic global partner that will set the stage for its entry into a new sector.
In an investors’ briefing on Tuesday, GT Capital President Maria Carmelo Luza Bautista said the holding firm of tycoon George S.K. Ty is in the “early stages” of looking at opportunities in other sectors.
“If we do make a major investment in a new sector, part of the business model requires a strategic global partner,” Mr. Bautista said.
GT Capital has tapped the expertise of dominant global players to support its foray into new businesses such as French insurer AXA and Japanese firms Toyota and Isetan Mitsukoshi.
“That’s the greatest risk for most conglomerates. The danger is they expand beyond their core competencies and for us there is no risk of growing out of our core competence because we normally go out of the new sector if and only if we have a strategic global partner who is dominant in that space and is really is a major player,” Mr. Bautista said.
Any acquisition will be “opportunistic” and should extend the value chain of its existing businesses to fit the investment criteria.
“Right now, the value chain for example is for every vehicle sold, if it is a Toyota, we have a wholesale margin, we have a retail margin on dealership, we have financing and insurance for every car,” Mr. Bautista said.
“The idea is to extend that value chain so if ever there will be strategic acquisition it is to further expand that value chain perhaps how those cars are brought in, how they are serviced,” he said.
GT Capital reported a 29% rise in core net income to P15 billion last year from P11.7 billion in 2016 on the back of a 19% increase in revenues to P239.8 billion from P202.1 billion.
Including extraordinary items, consolidated net income slipped 3% to P14.2 billion from P14.6 billion.
Shares in GT Capital closed flat at P1,150 apiece on Wednesday. — Krista Angela M. Montealegre

Strong Q4 sales boost Philippine Seven profit

THE Philippine licensee of the 7-Eleven chain of convenience stores relied on the strength of a strong fourth-quarter performance to turn in a double-digit growth in earnings last year.
Philippine Seven Corp. (PSC) reported a 12.1% jump in net income to P1.32 billion last year from P1.18 billion in 2016, according to a disclosure to the stock exchange on Wednesday.
In the fourth quarter, earnings climbed nearly 26% to P669.6 million from P532.1 million, allowing PSC to improve on a flat performance in the first nine months of the year.
“2017 was far from our best year in terms of both same store-sales growth and new store openings,” PSC President and Chief Executive Officer Jose Victor P. Paterno was quoted in a statement as saying.
“The latter was a deliberate profit-taking move in response to reduced competitive activity, resulting in higher average new store sales, and the former due to high base effects in 2016. We had initially relied on an increase in (stock keeping units) count to increase sales, but it failed to deliver as much as hoped.”
Same-store sales, which excludes the impact of newly opened stores, continued their positive momentum in the final quarter, growing by 3.7% on the back of new product launches and improved assortment.
The first quarter saw a 4.4% decline in same-store sales brought about by high base year effect, before recovering in the second and third quarter by expanding 1.2% and 4.1%, respectively.
7-Eleven ended the year with a network of 2,285 stores, up 14.5% from 1,995 branches in 2016, after adding 317 new outlets and shutting down 27 stores.
Retail sales of all stores went up by 18.2% to P37.5 billion from P31.8 billion a year ago, driven by the increase in the number of operating stores.
PSC is hiking its capital expenditure budget to P3.5 billion this year, higher than the P2.5 billion spent last year, to support the opening of at least 300 stores, Head of Finance Lawrence M. de Leon said in a mobile phone message.
A hundred stores will be opened each in Metro Manila and Luzon and the remainder will be in Visayas and Mindanao, Mr. De Leon said.
7-Eleven is training its sights this year on increasing sales per store through various programs covering expanding merchandise assortment and launching of new food and beverage items to serve as differentiation compared with other channels.
The convenience store also rolled out an e-commerce business to capitalize on the growing customer preference towards innovation and convenience.
Shares in PSC shed P1 or 0.8% to end at P124 each on Wednesday. — Krista Angela M. Montealegre

Emperador earnings hit P6.3 billion

EMPERADOR, Inc., owned by tycoon Andrew L. Tan, reported earnings of P6.3 billion last year, as higher cost of goods sold, brand investments, and unrealized foreign exchange loss dampened its performance.
The liquor maker did not provide a comparative data, but it was 18% lower than the reported net income of P7.69 billion in 2016 based on its annual report.
Revenues rose 4% to P42.6 billion last year, rebounding from the 6% decline to P41.01 billion in 2016.
While the domestic business continues to be weighed by the challenging business landscape, Emperador said the international business led by the Scotch whisky business is growing, especially in Asia, the Middle East and North America.
“We have invested considerable amount of resources to bring new exciting products to the Philippines and the rest of the world,” Emperador President Winston S. Co was quoted in the statement as saying.
“Our premiumization efforts and our strategy to grow our business worldwide are underway. We are excited about the prospect of these initiatives.”
Some of the key highlights of the year was the launch the Shackleton Blended Malt Scotch Whisky and the opening of the Fundador Cafe at the Venice Grand Canal Mall in McKinley Hill.
“In the Philippines, despite the perennially intense competition and challenging environment in the liquor industry, we expect an evolution brought about by improving Philippine economy and growing income of the middle class,” Mr. Co said.
Shares in Emperador added a centavo or 0.13% to close at P7.48 apiece. — Krista Angela M. Montealegre

Villar’s Vista Land earns P9.1B in 2017

VISTA LAND & Lifescapes, Inc. booked a double-digit growth in 2017, boosted by the expansion of its commercial leasing business alongside strong sales from its residential housing brands.
The Villar-led firm reported its net income last year stood at P9.1 billion, 12% higher year on year, supported by a 13.1% increase in revenues to P36.04 billion.
“We are taking advantage of the synergies that we have unlocked between our residential and leasing businesses… We remain optimistic for the industry, given the robust demand for our housing products as well as our success in our leasing business,” VLL Chairman Manuel B. Villar, Jr. was quoted as saying in a statement.
The real estate business accounted for bulk of the group revenues at P27.6 billion, or an 83% share. The affordable Camella housing brand remained to be the top driver for sales at 30%, followed by high rise condominium arm Vista Residences, CrownAsia, and Britanny.
VLL launched 55 residential projects worth P60.2 billion in 2017, mostly in the low and affordable market.
“We continued with our strategy of opening in new areas aggressively. We are now present in 133 cities and municipalities and we move closer to our target of having a presence in 200 cities and municipalities in the near future,” VLL President and Chief Executive Officer Manuel Paolo A. Villar said.
In a media briefing late Tuesday, the younger Villar said estimated project launches would reach around P50 billion this year. He also said that the company will be raising prices this year at a pace “a little more than inflation.”
“Land prices are increasing, that’s gonna be faster than inflation, as well as construction materials… so there will be pressures,” Mr. Villar said.
Meanwhile, the leasing business revenues accelerated by 28.5% to P6 billion last year.
VLL is currently ramping up its commercial leasing business with plans to have a gross floor area of 1.4 million square meters (sq.m.) by this year. This is in line with its target to expand the mall business so that it would account for 83% of the leasing segment. The remaining 17% will be filled up by office spaces dedicated to business process outsourcing (BPO) firms.
By the end of 2017, VLL had a total of 22 malls covering 834,268 sq.m., while its seven offices spanned 226,227 sq.m.
While Mr. Villar did not disclose how many malls they will be putting up this year, the company has earlier said it targets to have 60 malls by 2020.
The average occupancy rate in VLL’s malls — excluding recently opened ones — is now at 94%, with a tenant mix of food and beverage locators and retailers.
Mr. Villar noted its P50-billion capital spending for the year is intended to support its mall expansion. The 2018 capex is a significant increase from the company’s actual spending of P37 billion last year.
The VLL executive also said the actual spending for 2017 was higher than its initial budget of P35.3 billion, due to higher costs for land acquisition, construction, and land development.
Shares in VLL gained seven centavos or 1.08% to close at P6.55 each at the stock exchange on Wednesday. — Arra B. Francia

PDRF unveils emergency operations center in Clark

CLARK, PAMPANGA — Some of the country’s largest companies have teamed up to establish the country’s first private sector-run national emergency operations center (EOC), which is set to complement the efforts of the National Disaster Risk Reduction and Management Council.
The Philippine Disaster Resilience Foundation (PDRF) on Wednesday opened the first EOC, a self-sufficient operations hub that will oversee the disaster preparedness, and relief and response efforts during major disasters.
“When it comes to the vital lifeline services like water, power, telecommunications, roads, these are all privatized. And that’s really the strength of the companies that are here today. That’s why we work with the government…they lead the way, but we provide support,” PDRF President Rene S. Meily said in a press briefing here on Wednesday.
The EOC features a command center which obtains data from both local and international sources that enables it to monitor earthquakes, tropical cyclones, volcanic eruptions, and pandemics. The facility can also obtain data on how to protect infrastructure from hazards.
“PDRF’s formation is premised on the conviction that disaster management is not solely up to the government,” PDRF Co-Chairman and Metro Pacific Investments Corp. Chairman Manuel V. Pangilinan said.
Ayala Corp. Chairman and Chief Executive Officer Jaime Augusto Zobel de Ayala meanwhile noted the PDRF will serve as a one-stop shop for the government to coordinate with the private sector in case disaster hits.
“The focal start in moments of disaster of course is to help, but it’s always as if we’re starting all over again in these initiatives. I think at the very least by having ourselves organized a first step to prevent unnecessary duplications and efforts from taking place,” said Mr. Zobel de Ayala, who also sits as the co-chairman of the PDRF.
Other PDRF members include SM Investments Corp., San Miguel Corp., DMCI Holdings, Inc., Jollibee Foods Corp., and Nestlé Philippines, among others.
PDRF Chief Resilience Officer Guillermo M. Luz explained the EOC will be manned by 12 people at all times, which is the minimum requirement for a resilience command system. In the case of a storm, the facility will rely on PAGASA and international weather bureaus for reports.
“Once something enters the Philippine Area of Responsibility, an internal alert will go out to the staff so we know that something is coming. And we are able to issue advisories by text or by e-mail, and what is the possible track… so companies know well in advance what can hit them,” Mr. Luz said.
PDRF cited Clark’s proximity to the Clark International Airport and Subic Bay port — designated as among the recovery sites in the government’s national contingency plan — as the reason for building the operations hub there.
Prior to Clark, PDRF has already been operating a smaller operations center at Shell House in Makati City. The group said it is also eyeing the establishment of another EOC in the Visayas region to increase its scale and capabilities. — Arra B. Francia

Sky-high dinner


TAKING GASTRONOMY to new heights — 50 meters high actually — is the Belgium-based company Dinner in the Sky (DITS), which has come to Manila for a two-month stint starting April 3. The dining experience will feature dishes from some of Solaire Resort and Casino’s restaurants as well as others prepared by Kenneth Cacho, formerly of the Mandarin Oriental Hotel’s Tivoli restaurant, and Belgian celebrity chef Yves Mattagne.
With prices starting at P9,990 per person, Dinner in the Sky is an hour-long experience where a table seating 22 people is hoisted via crane up to 50 meters above the ground (though the height may vary due to weather conditions). Once up in the air, the chef and two assistants will commence serving a multi-course dinner while diners are treated to a beautiful view of Manila Bay and its sunset or the lights of the cityscape.
Because of the unique proposition, the experience was named as one of the world’s 10 “Unusual Restaurants” by Forbes in 2006 alongside English chef Heston Blumenthal’s Fat Duck (Heston is known for pioneering the use of liquid nitrogen in cuisine and his penchant for experimental cookery).
A Stefan Kerkhofs, who conceptualized Dinner in the Sky, explained to the media shortly after the grand Philippine launch on April 3, “I have an attraction company and we had a big platform and we would lift people 50 meters in the sky. Once, we were on this platform at a concert, and one of my friends said: ‘Hey Stefan, wouldn’t it be great if we can eat and drink here?’”
So, with his partner David Ghysels, Mr. Kerkhofs started Dinner in the Sky, a restaurant service which has been around for a dozen of years and which has toured over 60 countries.
Now it has come to Manila so Filipinos and tourists alike can get in on the excitement.
“Filipinos are some of the most fun people in Asia… this is the right target market for something like this,” said Arvin Randahwa, CEO of DITS Asia, during a press conference on March 21.
“It’s about time that Filipinos experience the best in the world in our own shores, for the Philippines to become a destination for culinary adventures and one-of-a-kind experiences. We deserve it,” said Rhiza Pascua, CEO of MMI Live (DITS Philippines’ organizer), in a company release.
DITS Philippines will have two services a day, a 5:30 p.m. service so one can see the famed Manila Bay sunset, and a 7 p.m. service perfect for viewing the metropolis’ multi-colored skyline. Menus will differ with each service and will be prepared by Waterside’s chef Hylton Le Roux (the restaurant specializes in South American cuisine), Finestra’s chef Alan Marchetti (Italian), Yakumi’s chef Norimasa Kosaka (Japanese), Mr. Cacho, and Mr. Mattagne.
UP, UP, AND AWAY
During the launch on April 3, select members of the media were able to take part in the experience and while there were quite a few who were apprehensive, most were excited to be eating while up in the air.
Mr. Kerkhofs assured the diners that one would not feel that the table is rising and we didn’t, but it was clear we were getting farther and farther from the ground. It was exhilarating, eating on a table hoisted by a crane but it was also nerve-wracking because there’s nothing to step on other than a footstool.
And the chair swivels and reclines, which added another layer of anxiety. Still, many of us were so taken with the experience and seeing the Manila Bay sunset that we initially forgot that we were there to actually have dinner.
We quickly realized that we could distract ourselves from our fears by digging into the food prepared — this time — by Mr. Le Roux and his team.
The four-course dinner started with Tuna Tiradito with aji Amarillo paste, lime-pickled red radish and cassava crunch before going on to the beautiful Anticuchos de pollo with tamarind habanero glaze, mojo verde, baby beetroot and crispy cancha corn. The chicken dish with the hint of spice cut by the sourness of the mojo verde (which uses sour cream) was delicious, while the baby beetroot added a hint of earthiness.
Two options were offered for the main course: Mexican Adobo-spiced Atlantic salmon, red quinoa, edamame, Huancaina cream, and chili corn salsa (Mr. Le Roux said the “adobo” spice used in this dish is different from the Filipino “adobo” as the former is a spice mixture with paprika, oregano, cumin alongside salt and pepper) and Cuban-style slow-cooked pork belly with Mojo sauce, agave roast baby carrots, and spicy refried beans.
This writer was served the pork dish and it was a considerable serving too. I enjoyed the pork belly which its chicharones crust and the agave roast baby carrots provided a sweetness that complemented the saltiness of the pork. But being Filipino, I was yearning for a cup of white rice and Mang Tomas sauce to complete the experience.
Dessert was a deconstructed Dulche de leche cheesecake dome with pralines. Mr. Le Roux said that they decided to have the diners plate their own desserts and served the components in shot glasses. “To get the creative juices flowing, and because we’re a bit lazy,” he laughingly said.
The dessert turned out to be the perfect ending to the hour-long dinner as people busied themselves either eating the entire thing without decorating it (as this writer most certainly did) or putting their backs into it and plating their desserts beautifully.
All in all, Dinner in the Sky is an experience that one should take if they are into extreme activities or are just looking for a different kind of dining experience, or, as Mr. Kerkhofs said: “this is perfect for those with a fear of heights.”
This writer definitely enjoyed it though there were nervous moments when the wind picked up and the entire table moved along with it.
Tickets to Dinner in the Sky are available at www.dinnerinthesky.ph. Diners are advised to be at the VIP lounge of the Solaire Resort and Casino an hour before the scheduled service. The experience is located at the Esplanade, Solaire Resort and Casino, Parañaque City. For people who want to customize or organize their own experience, contact info@dinnerinthesky.ph. — Zsarlene B. Chua

Higher prices of raw materials weigh on CNPF income

EARNINGS of Century Pacific Foods, Inc. (CNPF) slipped in 2017, weighed down by higher prices of raw materials despite a 22% increase in revenues for the period.
In a statement issued Wednesday, CNPF said it generated a profit of P2.55 billion last year, 4% lower than what it delivered in 2016. Earnings before interest, taxation, depreciation, and amortization were also flat at P3.95 billion.
The listed food manufacturer attributed the decline to cost pressures, which it said could likely continue in the early part of this year.
“Though headwinds coming from cost pressures are likely to remain into the early part of 2018, we have already seen softening in the prices of raw materials and look forward to an improvement in margins beginning middle of this year. Meanwhile, we are focused on keeping expenses low and ensuring that our buoyant top-line growth continues,” CNPF Executive Chairman Christopher Po said in a statement.
Mr. Po also said the company is now adopting a more conservative approach toward price increases amid inflationary pressures.
The company’s top-line, meanwhile, accelerated to P34.50 billion for the period, boosted by the growth across its branded business and original equipment manufacturer (OEM) segment, which include tuna and coconut.
Shares in CNPF were unchanged at P17 each at the Philippine Stock Exchange on Wednesday. — Arra B. Francia

More than just drinks at the Fundador Café


NOTHING beats catching up with good friends after a long day at work or on a weekend, having long conversations about anything under sun, and devouring almost all the dishes on the table over a bottle (or more) of good liquor. And there is a new place to do all that.
Fundador, Spain’s largest and oldest brandy company which has been operating in the Philippines for about 120 years, opened its first concept store at the Venice Grand Canal Mall in McKinley Hills, Taguig City. The café offers an innovative selection of hot, cold, and ice blended beverages, cupcakes, and gelato flavors — all infused with liquor.
“We’re focusing on new ways to enjoy the products,” Emperador, Inc. Executive Director Kendrick Tan told members of the media at the launch of the café. “The days of just buying a bottle, sitting down at a table and drinking it with friends is the old-fashioned way. Now you [want to] figure out how to do it [on your own],” he said, pointing out that Fundador has been previously used for cooking sauces and as an ingredients in savory dishes and pastries.
THE SPANISH ATMOSPHERE
The 50-square-meter café’s interior is reminiscent of the traditional bodegas in Spain where wine barrels are stored. The café is surrounded by a selection of sherry, brandy, and whisky displayed on its walls. The guests are also welcome to sign their names on an original Fundador barrel — a tradition in Spain when guests visit a liquor store for the first time we were told.
The café exclusively offers Harveys Bristol Cream sherry, the most popular brand from the largest winery in Jerez, Spain. It is crafted from a blend of Jerez’s fine wines — delicate finos, aged amontillados, fragrant olorosos, and a special Pedro Ximenez grape.
“Our Fundador café has the largest selection of sherry wines in the Philippines. Sherry is [practically] non-existent in this country. It’s a traditional fortified wine from Spain… It’s not really a known commodity in Asia so we’d like to be the ones responsible to introduce this type of wine,” Mr. Tan said.
Other sherries at the café include: Harveys Fino that is easily recognized thanks to its pale yellow appearance and is blended with a herb-like flavor; Harveys Signature, which is a complex blend of special wines aged for an average of 12 years; Harveys Rich Old Olorosso V.O.R.S (very old rare sherries), a blend of ancient soleras; and Harveys Pedro Ximenez V.O.R.S made of 100% Pedro Ximenez grape.
LIQUOR INFUSION
The café offers inspirations on how people may enjoy drinks thanks to its liquor-infused hot, cold, and ice blended beverages, cupcakes, and gelatos.
The café serves three hot drinks, three ice-blended drinks, and two cold beverages that are infused with a variety of Fundador brandies.
There are five Harveys Bristol Cream-infused cupcakes, served with a plastic tube containing a teaspoon of alcohol stabbed into the cupcake next to its icing. The liquor may be added to the cupcake or consumed separately. The two gelatos — Amara dark chocolate and dulce de leche — are also infused with sherry.
Mr. Tan said that there are plans to open other branches of the café, as well as introducing it to other countries.
Fundador was acquired by listed Filipino liquor company, Emperador, Inc. in November 2015. — Michelle Anne P. Soliman

Megaworld to raise $200M from offshore bond offer

MEGAWORLD Corp. will be raising $200 million through the issuance of perpetual senior notes in the offshore bond market to refinance existing debt.
In a disclosure to the stock exchange on Wednesday, the listed property developer said the issuance will have a fixed coupon rate for life of 6%. The perpetual notes will have a call option on April 2023, and any coupon payment date thereafter.
The Andrew L. Tan-led firm tapped American financial services firm JP Morgan to act as sole bookrunner for the issuance. The notes will then be listed at the Singapore Exchange Securities Trading Ltd.
Proceeds from the offer will be used to refinance the company’s existing indebtedness and general corporate purposes.
The issuance will mark Megaworld’s return to the offshore bond market since 2013, when it raised $250 million through 10-year bonds with a coupon rate of 4.25% per annum. The bonds were also listed at the Singapore Exchange Securities Trading Ltd.
Shares in Megaworld gained five centavos or 1.09% to close at P4.65 each at the stock exchange on Wednesday. — Arra B. Francia

1...11,94811,94911,950...13,387Page 11,949 of 13,387
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube