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Pueblo de Oro among top developers in South Luzon

In photo are (from left) Pag-IBIG Fund SVP Atty. Joseph Quiboloy, Pag-IBIG Fund SVP Atty. Antoniette Diaz, PDO Sales Documentation Supervisor Ana Marie Hernandez, PDO Sales Documentation Manager Ligaya Besa, Pag-IBIG Fund CEO Marilene Acosta, PDO Senior Operations Manager Mario Mallari, Pag-IBIG Fund Deputy CEO Home Lending Operations Benjamin Felix, Jr., Pag-IBIG Fund SVP Fermin Sta. Teresa, Jr, and Pag-IBIG Fund Acting VP Home Lending Operations–Luzon Nanette Gerarda Abilay.

Pueblo de Oro Development Corporation (PDO), a property development company under the ICCP Group, was recognized as one of the top developers in South Luzon by the Home Development Mutual Fund (HDMF) during the Pag-IBIG Fund StAR Awards held at the Marquis Event Place in BGC.

The Pag-IBIG Fund StAR Awards, or “Stakeholders’ Accomplishment Report,” are presented by the HDMF to acknowledge the top-performing developers and employers who have significantly contributed to its programs.

Pueblo de Oro has a growing presence in the province of Batangas and has developed communities in the cities of Sto. Tomas and Lipa and the municipality of Malvar. These include the exclusive subdivisions Horizon Residences, Park Place, Courtyards Lipa, and the 42-hectare township Pueblo de Oro Townscapes Malvar. Future expansion includes Westwoods Heights, a premium development set to launch soon in Batangas City.

The developer is a consistent recipient of the Pag-IBIG Fund’s StAR Awards for Luzon, Visayas, and Mindanao. Its strong growth can be attributed to its innovative, high quality yet affordable offerings of residential communities and townships that are located in emerging localities such as Cagayan de Oro, Cebu, Pampanga, and Batangas.

 


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Veteran banker appointed to MB

By Luisa Maria Jacinta C. Jocson, Reporter

PRESIDENT Ferdinand R. Marcos, Jr. has appointed a veteran banker to the last seat of the Monetary Board (MB), completing the seven-member policy-making body of the Philippine central bank.

Jose L. Querubin will take his oath at the Bangko Sentral ng Pilipinas (BSP) complex on Sept. 5, central bank Governor Eli M. Remolona, Jr. said in a text message on Wednesday.

Before his appointment, the banker served as president and chief executive officer of state-owned United Coconut Planters’ Bank from 2003 to 2007. He also held positions at Solid Bank and Citibank.

Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines, Inc., said Mr. Querubin’s experience as a banker would benefit the Monetary Board.

“He’s a veteran of the banking industry and I am sure his vast experience will be a great addition to the MB,” he said in a Viber message.

Mr. Querubin’s appointment would “result in more diversified decision-making with more perspectives,” Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., told BusinessWorld in a Viber message.

Mr. Querubin took up BS Mathematics (cum laude) and Mechanical Engineering at De La Salle University in Manila and holds a Master of Business Administration from Wharton Business School at the University of Pennsylvania, according to the website of Gawad Kalinga Canada, where he was vice-chairman.

He was secretary of the Bankers Association of the Philippines and president and chairman of Megalink, Inc.

He was also active in civic organizations like the Philippine National Red Cross where he served as governor, Operation Smile Philippines where he served as chairman and the Rotary Club of Makati West where he was president, according to the website.

In July, veteran banker Walter C. Wassmer was also appointed to the Monetary Board after the resignation of two board members who got embroiled in a scandal involving “ghost employees” at the Philippine central bank.

Malacañang had accepted the resignation of MB members Anita Linda R. Aquino and V. Bruce J. Tolentino effective June 30, Bloomberg reported.

Mr. Querubin and Mr. Wassmer will complete the unexpired terms of Ms. Aquino and Mr. Tolentino until July 2026.

The Monetary Board exercises the powers and functions of the BSP including the conduct of monetary policy.

Mr. Querubin’s appointment completes the seven-member board, which is led by Mr. Remolona.

The other members are Finance Secretary Ralph G. Recto, former BSP Governor and Finance Secretary Benjamin E. Diokno, ex-Finance Undersecretary Romeo L. Bernardo and former National Treasurer Rosalia V. de Leon.

The Monetary Board’s remaining policy meetings this year are scheduled for Oct. 17 and Dec. 19.

At its Aug. 15 meeting, the Monetary Board cut the benchmark interest rate by 25 basis points (bps) to 6.25% from the over 17-year high of 6.5%.

This was the first time the central bank had cut rates since November 2020, when it last delivered a 25-bp cut amid a global coronavirus pandemic.

Mr. Remolona has signaled the possibility of another 25-bp cut in the fourth quarter.

BSP easing cycle to reverse slowing consumption growth — Metrobank

REUTERS

THE PHILIPPINE central bank’s expected easing cycle could reverse anemic household spending in a country where consumption accounts for more than two-thirds of the economy.

“As the BSP’s policy easing takes effect, Filipinos can look forward to a more favorable economic environment,” Marian Monette Q. Florendo, a research and business analytics officer at Metropolitan Bank & Trust Co. (Metrobank), said in a report.

“The combination of lower policy rates and easing inflation is anticipated to provide support for both private consumption and investments, potentially reversing the adverse effects of prolonged high interest rates,” she added.

The Bangko Sentral ng Pilipinas’ (BSP) Monetary Board cut borrowing costs by 25 basis points (bps) last month, bringing the key rate to 6.25% from the over 17-year high of 6.5%. This was the first time it cut rates in nearly four years.

“This policy shift is expected to have far-reaching effects on the Philippine economy, particularly in stimulating private consumption and investments.”

Metrobank said there had been a “significant slowdown” in household final consumption expenditure amid elevated interest rates.

Growth in household spending, which accounted for 67.8% of Philippine economic output in the second quarter, slowed to 4.6% from 5.5% a year ago, according to the local statistics agency.

It was also the slowest growth since the 4.8% decline in the first quarter of 2021.

Excluding the pandemic years, Metrobank said this was the slowest pace of spending since 2010. “This tepid growth falls below the 10-year pre-pandemic average, indicating a constrained consumer spending environment,” Ms. Florendo said.

Further policy rate reductions could serve as the “catalyst to reinvigorate the Philippine economy.”

Metrobank expects the benchmark rate to end the year at 5.75% and further down to 5% by next year.

“This aligns with expectations that the US Federal Reserve will also begin its easing cycle in September,” it added.

Investors are pricing in a 42% probability of a 50-basis-point rate cut at the Sept. 17-18 meeting of the Fed, up from 30%, Reuters reported, citing the CME FedWatch Tool.

Meanwhile, the BSP’s rate-cutting cycle could pave the way for lower credit card rates and affordable loan terms. This would “provide immediate relief to consumers burdened by high-interest credit card debt.”

“As policy rates decrease, overall loan rates are likely to follow suit,” Ms. Florendo said. “This opens up opportunities for Filipinos to avail [themselves] of new loans at more favorable rates or to negotiate better terms for existing loans.”

Lower loan rates could free up cash flow for households, allowing them to either pay down existing debt more quickly or rebuild their savings, she pointed out.

Metrobank expects inflation to settle at 3.3% this year and 3.1% in 2025, within the BSP’s 2-4% target.

The forecast is supported by expected easing rice prices, backed by government policies and a balanced assessment of other inflation risks, it added.

Inflation likely slowed to 3.7% in August, according to the median estimate of 15 analysts in a BusinessWorld poll. It hit a nine-month high of 4.4% in July. — Luisa Maria Jacinta C. Jocson

PSEi may stack up well amid easing prices and rate cuts

REUTERS

By Revin Mikhael D. Ochave, Reporter

THE PHILIPPINE Stock Exchange index (PSEi) is projected to close the year at as high as more than 7,600 points, spurred by easing inflation and expected interest rate cuts.

The benchmark index could end the year at 6,998.71 to 7,665.26 points, with a 5% to 15% earnings growth for PSEi companies, Philstocks Research said in a report.

“For now, we see the possibility of the downside risks occurring to be low,” it said. “Hence, the market is expected to rally further towards the year’s end.”

The stock brokerage noted that with a robust labor market and easing inflation, it expects strong demand within the economy, which would trickle down to corporate revenues. “With easing inflation, we also expect the increase in production costs to be tempered. All of these would benefit our companies’ bottom line,” it added.

The PSEi finished 2023 at 6,450.04 points, 1.8% or 116.35 points lower than the previous year’s close.

On Wednesday, the index shed 0.01% or 0.8 point to close at 6,882.12 points. The broader all-share index dropped by 0.03% or 1.26 points to 3,729.52.

Inflation likely slowed to 3.7% in August, according to the median estimate of 15 analysts in a BusinessWorld poll. It hit a nine-month high of 4.4% in July. The local statistics agency will release August inflation data on Sept. 5.

Index members posted modest combined financial results, with revenue up by 8.43% year on year and net income rising by 4.96% amid the challenging macroeconomic backdrop in the first half, Philstocks said.

Alfred Benjamin R. Garcia, research head at AP Securities, Inc. expects the PSEi to hit 7,355 points by yearend, as the Philippine central bank continues its rate cut cycle in the fourth quarter.

“Our base case scenario of 50-basis-point (bp) rate cut this year still holds, as we’re still expecting the next rate cut to come in December,” he told BusinessWorld in a Viber message. “Earnings were also mostly in line with our expectations.”

“At this point, there’s minimal risk of inflation reigniting. I guess the only major risk is that consumer spending might not pick up as quickly as we hope,” he added.

Last month, the Monetary Board cut the benchmark interest rate by 25 bps to 6.25% after keeping it at a more than 17-year high in almost four years.

Bangko Sentral ng Pilipinas Governor Eli M. Remolona, Jr. earlier said they could deliver another 25-bp cut next quarter. The central bank’s last two policy meetings of the year will be on Oct. 17 and Dec. 19.

April Lynn C. Lee-Tan, chief equity strategist at COL Financial Group, Inc., said the PSEi could hit 7,100 by yearend.

“Risks would be weak economic and corporate earnings numbers, a recession in the United States and a weak stock market there,” she said in a Viber message.

ECONOMIC GROWTH
Cristina S. Ulang, research head at First Metro Investment Corp., kept the brokerage’s initial estimate of 7,000 to 7,500 points for the PSEi by yearend.

“The risks are a US recession and resurgent local inflation, while the catalysts for PSEi include easing food inflation, especially rice, and foreign buying on a sustained basis,” she told BusinessWorld in a Viber message.

Rice inflation slowed for the fourth straight month to 20.9% in July. Rice typically accounts for almost half of overall inflation.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said the benchmark index could finish the year at 7,000 to 7,500, spurred by the country’s economic growth.

The Philippine economy expanded by 6.3% in the second quarter compared with the 5.8% growth a quarter earlier on higher state spending and investments.

“It is possible to sustain gross domestic product growth near or at 6% levels in the coming quarters due to favorable demographics and the continued recovery of some industries such as tourism and the possible increase in government spending to prepare for the May 2025 midterm elections,” he said in a Viber message.

Juan Paolo E. Colet, managing director at China Bank Capital Corp., sees a tamer increase for the index at 7,100 by the end of the year. “It could possibly be higher depending on incoming data,” he said in a Viber message.

At a news briefing last week, Unicapital Head of Research Wendy B. Estacio-Cruz lowered their estimate for the PSEi to 7,000 by end-2024 from 7,200.

“That’s a 9% gain from end-2023,” she said. “That’s based on our bottom-up analysis, which is based on an 11% earnings per share growth rate and at 12.5% target price-to-earnings,” she said.

‘Trump 2.0’ may hurt Philippine economy, according to Nomura

RAWPIXEL.COM

THE PROTECTIONIST POLICIES of a potential Donald J. Trump presidency could hurt the Philippine economy through lower dollar remittances and revenues in the service sector, according to Nomura Global Markets Research.

“We remain of the view that, similar to Trump’s first term, the Philippines will be among the most vulnerable through various channels,” it said in a report.

Nomura said a Mr. Trump victory could dampen Philippines economic growth. “Overall, we estimate through these channels GDP growth could be lower by 0.2 percentage point (ppt) than our baseline, though this is still manageable as we forecast GDP growth of 6.1% year on year for 2025,” it added.

The Philippine economy grew by 6.3% in the second quarter. The government is targeting 6-7% growth this year.

“The direct exposure comes from the country’s goods trade surplus with the US, which has risen in the last few years, and exports are likely to be hurt by the 10% tariffs proposed by Trump,” Nomura said.

Mr. Trump, the Republican nominee, has been loud about his intention to go big with trade restrictions, vowing to impose tariffs of 60% or higher on all Chinese goods. He has also floated the idea of a 10% universal tariff, according to Reuters.

The US remained the top destination for Philippine-made goods in June, with exports valued at $897.8 million or 16.1% of the country’s total, according to data from the local statistics agency.

The Philippines’ business process outsourcing (BPO) sector could also be hurt by Mr. Trump’s policies, Nomura said.

“In addition, the services surplus is now slightly larger than the goods surplus at 1% of GDP (gross domestic product), partly reflecting the fact that most of the country’s BPO sector caters to US companies,” it said.

“While Trump has not been explicit about ‘bringing back jobs to America,’ the risk is similar policies might affect BPO revenues, which was clearly the case in his first term — services exports growth to the US [was] halved to 5.1% year on year in 2017-2019 versus the prior years.”

The information technology and business process management industry booked a $35.5-billion revenue last year. This year, the sector’s revenue is projected to hit $40 billion.

Remittances, which are a key contributor to the Philippines’ foreign exchange coffers, could also be hit by a Trump win.

“By the same token, remittance growth also slowed during Trump 1.0, suggesting that a tightening in US immigration policy might affect workers’ remittances from the US which are even more sizeable (3.1% of GDP),” Nomura said. 

Cash remittances jumped by 2.9% year on year to $16.25 billion in the first half, data from the Bangko Sentral ng Pilipinas (BSP) showed. The US accounted for 40.9% of the total.

“Among the less export-oriented economies, the Philippines does not have a similar cushion and instead will be at risk from various channels, including the impact on workers’ remittances from a possible tightening of US immigration policy as well as the outsourcing sector,” Nomura said.

It also cited potential geopolitical tensions between China and the Philippines due to the “lack of security support from the US under Trump.”

“An indirect channel is the impact of a possible rise in geopolitical tensions in the South China Sea if the US, which is the country’s strongest ally, provides less regional security and reduces its military presence under Trump.”

On the other hand, Nomura said the Philippine central bank’s easing cycle is unlikely to be affected.

“Meanwhile, a pause in the Fed’s cutting cycle to assess the impact of Trump’s tariffs on US inflation is unlikely to derail BSP’s cutting cycle, which is already underway and should be completed by the first half of 2025 based on our forecasts, unless the tariffs are implemented much earlier,” it added. — Luisa Maria Jacinta C. Jocson

Meralco boosts stake in SPNEC to 50.5%

PHILIPPINE STAR/JESSE BUSTOS

PANGILINAN-LED Manila Electric Co. (Meralco) is increasing its stake in listed renewable energy company SP New Energy Corp. (SPNEC) to 50.5%.

Meralco PowerGen Corp. (MGen), a fully owned subsidiary of Meralco, is acquiring an additional 5.8 billion shares or 11.6% of SPNEC valued at P7.5 billion from Solar Philippines Power Project Holdings, Inc. led by businessman Leandro Antonio L. Leviste.

With this transaction, MGen and its affiliates have invested a total of P27.9 billion in SPNEC, representing 25.3 billion shares, according to a statement from Solar Philippines on its Facebook page on Wednesday.

On Sept. 3, MGen Renewable Energy, Inc., a wholly owned subsidiary of MGen, paid P6.7 billion to Solar Philippines. An additional P0.8 billion will be paid upon the completion of another investor’s planned entry into Terra Solar Philippines, Inc., Solar Philippines added.

Following the transaction, Solar Philippines will hold a 29.4% stake or 14.7 billion shares in SPNEC.

SPNEC, through its subsidiary Terra Solar Philippines, Inc., is developing a P200-billion solar power project, which is expected to be the largest solar farm in the world. The project, located in Nueva Ecija and Bulacan, includes a 3,500-megawatt solar power plant and a 4,000-megawatt-hour energy storage system. The first phase is set for completion by 2026, with the second phase expected by 2027.

On Wednesday, SPNEC shares rose by 1.57% or two centavos, closing at P1.29 per share, while Meralco shares fell by 1.32% or P5.40, ending at P402.80 each.

Meralco’s majority owner, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

Come for the (draft) beer, stay for the sisig

WITH A positive deluge of craft beer and all sorts of new spirits in the market, isn’t it nice to come back to a classic?

Chef Junjun de Ocampo, whose last posting was corporate chef for a restaurant group, opened Blackwood at McKinley Hill in 2010, but moved to Mandaluyong’s Greenfield a couple of years later due to changing market demand. In moving, he and his partners decided to shift their focus to draft beer (beer from a keg; out of a tap). One of his partners (who already worked for a beer company) tried to discourage him due to the short shelf life of draft beer (three days tops, according to Mr. De Ocampo), but, “If you can do it right, masarap ang draft beer (draft beer is delicious). It’s not stored in a bottle, in a warehouse, for months. This is fresh… as fresh as it can get,” he told BusinessWorld at a tasting on Aug. 28.

During the tasting, we were served San Miguel Pale Pilsen, San Mig Light, Cerveza Negra, and San Miguel Blanca (San Miguel’s latest release). The familiarity of the names belies the ambition behind serving them on tap, but Mr. De Ocampo finishes his stash well before the third day. Our expectations were lowered, again, by the familiarity of the names on tap, but dare we say the usually mealy (for us) San Mig Light gained some soft floral femininity, the Cerveza Negra’s chocolate notes were heightened, and personal favorite Pale Pilsen gained toasty, crisp gravitas? The San Miguel Blanca (a wheat beer), meanwhile, was served in a glass especially made for them by San Miguel, “Because of how much attention we give to their draft beer,” Mr. De Ocampo said.

It seemed almost as if he was an endorser for the food conglomerate, but they just really like the place. “If you saw this [place] last Friday,” he said, saying that the who’s who of San Miguel Corp. (SMC) packed the restaurant.

“I was convinced by the chairman (who was his former employer) that it’s time for (me) to venture on (my) own,” Mr. De Ocampo said about opening his restaurant.

“We love to eat; of course, we like to drink. Beer is our go-to beverage,” he said. “Why don’t we highlight what we love?”

DRINKING FOOD
The menu, he said, is composed of “what we like to eat when we’re drinking.” That includes the Streetcart Special, with all sorts of things on skewers.

Our boredom with what we thought was familiar made us, again, lower our expectations, but boy oh boy, you haven’t had nice homemade pork longanisa (local sausage) on a stick, and what we thought were pedestrian squid balls were chewy, very tasty cuttlefish balls. They offered us chicharon (pork crackling) too, but we didn’t think much of the offer until it came to the table, still crackling (pun intended) on the plate. The Freshly Popped Chicharon is made to order, and like their beer, is as fresh as it can get.

“It wasn’t very difficult to come up with the menu for Blackwood. Most of it I would actually credit to our guests,” said Mr. De Ocampo.

And then there was the Goat Sisig. We’ve never had goat like this before: the goat’s face is cooked until it’s tender, then chopped up and grilled just like pork sisig. It has the familiar sticky collagen-covered texture of sisig we all love, but it has a complexity from lean bits of gamey goat meat. If just for this dish, we’d vouch for this place, and tell everybody to come.

The dish (and all of their other goat entrees; refried adobo, caldereta, and the like) was inspired by a customer. “We had a guest here, who came from the province. He’s a farmer visiting a relative,” said Mr. De Ocampo. The country lad asked for some goat, but was told they didn’t serve it there.

Mr. De Ocampo learned his lesson. “Ang bar, dapat may kambing. Ang manginginom, hindi tatanggi sa kambing (a bar should always serve goat meat. A drinker will never refuse goat meat),” he said. The next day, he was at the market buying goat meat. “And guess what? Ang lakas ng kambing (the goat is selling very well).”

LESSONS
Blackwood has a sister restaurant, Vintage, right next door. Blackwood itself has lasted more than 10 years, in a tight, restaurant-packed city where they can close as quickly as six months. Not to mention the COVID-19 lockdowns of 2020, which culled many restaurants in the metro: “We were three seconds away from throwing in the towel,” he recalled. “The only thing that kept us going — I don’t want to sound melodramatic here — but it’s the people. They’ve been with us 10 years already. They’re family to us.”

For him, the solution for longevity in the restaurant business comes down to presence. “Being here. Being physically present, being in touch with the business. We’ve always been hands-on. If there are things we need to change, we change immediately.”

We haven’t talked about the name. The name “Blackwood” comes from the Australian Blackwood tree, a species of Acacia. The name sounded cool, but Mr. De Ocampo found out that the tree symbolizes hard work, perseverance, and new hope.

“It’s not just the life we choose, it’s the life we love,” he said, and as he said it, the opening strains of Madonna’s “Like a Prayer” rose from the speakers. “It’s not for everyone, really. But ang sarap eh.”

Blackwood Bar and Grill is located at The Portal, Greenfield District, Mayflower St., Mandaluyong. — Joseph L. Garcia

Power distributor sees lower generation costs for September 

POWER DISTRIBUTOR Manila Electric Co. (Meralco) expects a reduction in generation charges for September, attributed to the strengthening of the peso and a decrease in demand.

“While we have yet to receive all the final billings from our suppliers, we expect a possible decrease in the generation charge this month,” Meralco Vice-President and Head of Corporate Communications Joe R. Zaldarriaga said in a Viber message on Wednesday.

He said that the anticipated decline in generation charges is due to the appreciation of the peso, which has reduced costs for suppliers that primarily deal in US dollars. 

In August, the peso strengthened by P2.254, ending at P56.111 per dollar on Aug. 30, compared to P58.365 per dollar on July 31.

Additionally, Mr. Zaldarriaga noted a reduction in demand during the previous supply month.

“We hope that these factors would be enough to bring down the overall electricity rate for this month,” he said.

Generation charge, which usually makes up a bulk of an electricity bill, went down by P0.0503 per kilowatt-hour (kWh) in August.

Overall, Meralco announced a slight increase of P0.0327 per kWh, resulting in a new rate of P11.6339 per kWh for a typical household. This is an increase from the previous month’s rate of P11.6012 per kWh.

Wholesale Electricity Spot Market (WESM), independent power producers, and power supply agreements, accounted for 27%, 33%, and 40% of the company’s total energy requirement for the period.

For August, WESM prices at system-wide fell with supply ample in the face of strong demand, based on the preliminary data from the Independent Electricity Market Operator of the Philippines.

Meralco’s majority owner, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Tres Papas goes sweet for first of three engagements

COCKTAILS inspired by traditional Filipino desserts such as macapuno, halo-halo, mais con yelo, sago’t gulaman, ube, and leche flan.

Don Papa’s plans under new management

SINCE Don Papa Rum’s launch in 2012, they’ve always had Tres Papas, collaborations with different bartenders (three; it’s in the name) served at some of the city’s coolest bars. For the Tres Papas event on Aug. 22 at The Curator in Makati (No. 33 on the Asia’s 50 Best Bars list of 2024, and thus, the best bar in the Philippines this year), they concentrated on the theme “Panghimagas” (dessert).

Don Papa Rum’s Philippine brand ambassador Audrey Gustilo, The Curator’s senior bartender Dan Santos, and Night Hawk Singapore’s Trisha “Taco” Leong took over the bar for a one-night-only shift. Night Hawk is currently ranked #16 in Asia’s 50 Best Bars, and Ms. Leong is the bar’s Operations Manager.

The three bartenders crafted cocktails that reimagined classic Filipino desserts, each bringing their unique spin to the table. Ms. Gustilo drew inspiration from the comforting flavors of rum and her beloved halo-halo (an ice-based dessert) topping, macapuno (coconut sport), along with yema (sweet custard confectionary), a childhood favorite. Mr. Santos, on the other hand, focused on refreshing dessert coolers that evoke memories of summer in the Philippines, such as the iconic mais con yelo (sweet corn with ice) and sago’t gulaman (sago pearls and jelly in brown sugar syrup) Ms. Leong, hailing from Singapore, was eager to highlight Filipino desserts known for their simplicity yet rich flavors, like ube and leche flan.

“Our Tres Papas event is truly an exceptional vehicle to pay homage to the Filipino Culture. For this particular series, it’s all about food focused on dessert favorites. We grew up enjoying them and handing these delectable treats down to our younger generation. It is about time we get to share these to the world as well by working with these extraordinary bartenders from truly world class bars. Don Papa is extremely proud to hold Tres Papas here, our mother market and soon to other parts of Asia-Pacific. I am thrilled to see how Filipinos are very supportive of our brand and how we engage them. Expect to see more from Don Papa as we continue to expand our presence here and across the region,” said JoAnn Ramos, Don Papa Rum Philippines president and Asia-Pacific marketing and commercial head in a statement.

ONGOING CHANGES
In an interview with BusinessWorld at the Don Papa offices (conveniently located behind The Curator), Ms. Ramos discussed ongoing changes at Don Papa owing to their acquisition by global spirits conglomerate Diageo (story here: https://tinyurl.com/4batusn3). “We’re taking it to greater heights: we’re expanding. In the next two to three months, we’re launching in Singapore… and distribution’s going to be a lot more expansive,” she said. In six months, they have plans to formally launch in Thailand and Vietnam, then moving on to Malaysia, Japan, South Korea, and Taiwan.

“Of course, at the end of the day, we’ll make the Philippines a lot better in terms of stability and portfolio. We’re definitely going to launch a lot more new products,” she said. “Because we’ve been partnered now, obviously, with Diageo, there’s definitely a lot more stability in terms of product availability and volume.

“We actually have other facilities now, thanks to them,” she added. “There’s a lot more in the next six months that’s coming out. I just can’t share [information about] it right now.”

The second and third Tres Papas events will be on Sept. 11 at OTO, to be done in collaboration with 28 HongKong Street, one of the most awarded bars in Asia, and on Oct. 2 at the Grasshopper in Makati City, together with Singapore’s Elephant Room, which debuted at the Asia’s 50 Best Bar list in 2023. — Joseph L. Garcia

First Gen seeks bidders for October LNG cargo delivery

LOPEZ-LED First Gen Corp. is seeking bidders for a new liquefied natural gas (LNG) supply cargo to be used in its gas-fired power plants in Batangas.

The energy company, through its wholly owned subsidiary First Gen Singapore Pte. Ltd., intends to procure 154,500 cubic meters of LNG cargo, according to a bid notice.

The selected bidder is set to be awarded on Sept. 16 and the delivery will commence from Oct. 14 to Oct. 18.

The LNG cargo will be delivered to the Subic Bay Freeport in Zambales, where it will be loaded into the BW Batangas, a floating storage and regasification unit, and then used for the power plants.

First Gen has a portfolio of four existing gas-fired power plants with a combined capacity of 2,017 megawatts located in the First Gen Clean Energy Complex in Batangas. These plants have been supplied for many years with gas from the Malampaya gas field, the country’s sole natural gas provider.

“FGen reserves the right at its sole discretion to cancel the invitation to bid or to reject any or all bids prior to the acceptance of a bid or proposal,” First Gen said.

In June, First Gen announced that it has awarded the contract to Japanese company TG Global Trading Co. for the delivery of its fifth LNG cargo containing approximately 125,000 cubic meters.

The LNG cargo, which was supposed to be delivered in July, has been deferred as the company said it still has residual gas.

FGEN LNG Corp., a subsidiary of First Gen, constructed an interim offshore LNG terminal and executed a five-year time charter party for BW Batangas to provide LNG storage and regasification services.

At the local bourse on Wednesday, shares in the company rose by 0.48% to close at P16.90 each. — Sheldeen Joy Talavera

Dining In/Out (09/05/24)


Mid-autumn treats at Marco Polo Ortigas

MARCO POLO Ortigas Manila presents a Mid-Autumn Festival celebration at Lung Hin, the hotel’s Cantonese restaurant. From Sept. 1 to 17, Lung Hin offers a set menu for groups of five and 10 for the occasion. Guests can look forward to the Signature Peking Duck, and Chicken Consommé featuring Morel Mushrooms, Fish Maw, and Bamboo Pith. Other highlights of the set menu include the Baked Abalone Puff, and Roasted Goose with Mushrooms. The menu also features Wok-Fried Sea Conch with Shrimp and XO Sauce, and Sautéed US Beef Cubes with Foie Gras. Seafood lovers will like the Steamed Grouper Fillet with Parma Ham and Shiitake Mushrooms, and the Steamed Crab with Glutinous Rice, Pork, Dried Squid, and Shrimp. The meal can end with a seasonal fresh fruit platter. Lung Hin is also offering a collection of traditional mooncakes in gift boxes. There are boxes of one, four, and six mooncakes, with limited editions for the boxes of four and six. Flavors include classics such as White Lotus with Egg Yolk, Red Lotus with Egg Yolk, Red Bean with Egg Yolk, and Mixed Nuts. For inquiries, call 7720-7777.


New World Makati offers mooncakes

NEW WORLD Makati Hotel invites everyone to celebrate the Mid-Autumn Festival with their special mooncakes which are elegantly presented in boxes inspired by traditional Chinese wooden window grilles. The hotel’s handmade mooncake collection features six flavors that include three new variants. The new flavors are Dark Chocolate, Matcha, and Durian, while classic flavors are Red Bean, Red Lotus, White Lotus. Miniature versions are also available for guests to try. An individual box is P488, a box of four is P2,388, and a box of six is P3,888. Miniature mooncakes are P168 each, and a box of six is P988. A 20% discount is offered for purchases of 100 boxes or more, and a 10% discount is given to Club Epicure members and orders of 50 boxes. For inquiries, call 8811-6888 ext. 3679 or 0917-888-4194, or e-mail fbreservations.manila@newworldhotels.com.


Gordon Ramsay: now in the Philippines

GORDON RAMSAY Bar & Grill Philippines at Newport World Resorts is now open to the public following an exclusive ribbon cutting ceremony on Aug. 31. Theures British classics, perfectly grilled steaks, fresh market seafood, and an array of sides and desserts. These include Gordon Ramsay Fish & Chips (a battered Pacific grouper served with crispy fried potato fries), Gordon’s Signature Beef Wellington (a slice of beef tenderloin wrapped in a layer of mushroom and truffle duxelles, encased within a buttery pastry, served with creamed potato and drizzled with red wine jus). The Crispy Crab Cake & Sturia Oscietra Caviar is a balance of crisp and creamy crab cake topped with a poached egg and Hollandaise. Alongside the menu, the restaurant also hosts a bar offering high-end wines from around the world, sought-after spirits, and hand-crafted cocktails. The 400-square meter space features Spanish tiles, hand-laid wood panels and bricks, as well as bespoke Philippine-made furniture. Located on the 2nd floor of the Newport Grand Wing, the restaurant is open daily from noon to 3 p.m. for lunch and 6 to 10 p.m. for dinner; its dress code is smart casual. For more information and table reservations, visit www.newportworldresorts.com/grbg and follow @newportworldresorts and @gordonramsaybarandgrillph on Facebook and Instagram; and @newportworldresorts and @gordonramsayph on TikTok.


Celebrate Grandparents’ Day with Mang Inasal

MANG INASAL is honoring all lolos and lolas with Grandparents’ Day treats this September. From Sept. 1 to 15, visit any Mang Inasal store nationwide for combos featuring grandparents’ favorite dishes: two Palabok Solos for P129, two Extra Creamy Halo-Halos or Crèma de Leche Small for P119, and one Palabok Solo and one Extra Creamy Halo-Halo or Crèma de Leche Small for P129; with savings between P17 and P29. Mang Inasal Grandparents’ Day Treats are available for dine-in and takeout in all Mang Inasal stores nationwide. Visit  www.manginasal.ph for the latest news and https://manginasaldelivery.com.ph for delivery deals.

Cebu Pacific to open two domestic routes next month 

BW FILE PHOTO

BUDGET CARRIER Cebu Pacific, operated by Cebu Air, Inc., aims operate two new domestic routes next month to further boost its Iloilo hubs.

In a statement on Wednesday, Cebu Pacific said it will begin operating flights between Iloilo and Tacloban four times a week — on Tuesday, Thursday, Saturday, and Sunday — starting Oct. 27.

The airline will also launch flights between Iloilo and Zamboanga three times a week — on Mondays, Wednesdays, and Fridays — beginning Oct. 28.

“The addition of our new domestic routes from Iloilo aligns with our mission of making air travel accessible to a wider range of passengers,” said Cebu Pacific President and Chief Commercial Officer Alexander G. Lao.

To date, Cebu Pacific operates in 35 domestic and 26 international destinations across Asia, Australia, and the Middle East.

“We look forward to flying more Juans across our growing interisland network and better enabling them to discover the beautiful islands of the Philippines,” Mr. Lao said.

For the year, the company has initially set a target of 24 million passengers, significantly higher than its 2023 passenger volume.

In 2023, Cebu Pacific flew over 20 million passengers and operated more than 140,000 flights, representing increases of about 41% and 30%, respectively, from the previous year.

In the second quarter alone, Cebu Pacific carried a total of six million passengers, its highest quarterly passenger count in its history, the airline said.

The company also reported a significant increase in its cargo business, transporting nearly 36 million kilograms of cargo from April to June.

For 2024, Cebu Pacific expects to receive 17 aircraft, with 10 already having arrived at Ninoy Aquino International Airport.

The company has agreed to purchase up to 152 Airbus aircraft, with finalization expected by the third quarter. These aircraft are scheduled to be delivered starting in 2028. — Ashley Erika O. Jose