LISTED ATN Holdings, Inc. on Wednesday said it will sell 3.5 million tons of rock resource assets to several companies involved in Manila Bay reclamation activities.
In a disclosure to the stock exchange on Wednesday, ATN said its board of directors gave the green light to dispose of 3.5 million tons of its existing rock assets valued at P4 billion “to support 2019 land reclamation in Manila Bay.”
The company said it had received requests from Chinese, European and Korean reclamation groups for the first two-year supply of 3.5 million tons of armor rock.
ATN said the armor rock is being sourced from its property in Rodriguez, Rizal. Armor rock is a semi-processed product which comes from blasting rock deposits, and is priced near rock aggregate prices.
“The corporation is hereby authorized to execute a multi-year supply agreement with reclamation developers and contractors, under terms and conditions favorable to the corporation,” the company said.
ATN said two reclamation projects in Manila Bay will require some 68 million tons of armor rock.
“Land reclamation projects in Manila Bay (42 kilometers from ATN project site) require very large volumes of armor rock. Big-ticket reclamation projects include the 600-hectare project of SM Investments, and 400-hectare project in Baseco area of Manila,” the company said. — Anna Gabriela A. Mogato
FEELING A little stressed out but unable to take the weekend off for a vacation? Pamper yourself at home with good bottle of wine, a couple of cans of tuna in the pantry, and a few odds and ends in your refrigerator.
A lively Beaujolais or mild Rioja Crianza go well with a can of Gold Seas Tuna Chunks in Spring Water, a dash of mustard in some Greek yogurt, and a spattering of capers spread the mix on whole wheat toast medallions, sprinkles with chives or parsley.
Pair a bolder red wine like burgundy or merlot with a casserole made with Gold Seas Tuna Chunks in Olive Oil. Looking for something with a little bite? Gold Seas Tuna Chunks in Olive Oil and Chili will bring a gentle heat in a spicy tuna roll by mixing in a little sriracha, Japanese mayo, scallions, and then laying the mix on a bed of sushi rice. Wash it down with a dry Riesling or a slightly acidic, light Zinfandel.
Sometimes cheese is all you need to make your week right again. Whip up mac and cheese but stir in a little Gold Seas Tuna Chunks with Herb and Garlic for a flavor twist. The tuna will cut through the heaviness of the cheese and noodles and make it a little lighter. Pair this comforting dish with either a dry Chardonnay or a Sauvignon Blanc.
If fresh, citrusy, and flavorful is what is needed to wash the doldrums away, whip up a tangy salad topped with Gold Seas Tuna Chunks in Lemon and Pepper. To round out the meal, pair the dish with something light and fruity, light on the palate. Choose a sweet, light, white wine, or pick out an inexpensive dry Italian white such as a Verdicchio dei Castelli di Jesi or a light rosé.
Tuna curry isn’t something you commonly come across, but Gold Seas Tuna Chunks in a Light Indian curry is light and spicy without the overpowering heat. Try it on a bed of roasted vegetables like eggplant, and pair it with something light and sweet like an Australian moscato or even a light red like shiraz.
Leave the dishes, and all your worries, for tomorrow.
GSIS is currently evaluating the applications of fund managers. — BW FILE PHOTO
By Karl Angelo N. Vidal, Reporter
THE GOVERNMENT Service Insurance System (GSIS) is evaluating the external asset managers that applied to manage $800 million worth of its investments — a move to diversify its funds.
“We’re looking at the resumes of the external fund managers. We want to make sure that they’re really qualified. We have to be able to trust them,” GSIS President and General Manager Jesus Clint O. Aranas said in a press conference on Wednesday. “We’re now in the evaluation stage. We’re evaluating which of the fund managers will qualify [based on] our scorecard.”
The state pension fund said more than 40 fund managers applied for the trust fund. It will hire two external firms to have an allocation of $400 million apiece.
“Napaka-stringent ng scorecard namin (Our scorecard is very stringent) in rating these managers. We have more than 40 applicants,” Mr. Aranas said.
Qualifications for the pension fund’s wealth managers include a proven track record, global presence and experience of at least 10 years in the financial markets, Mr. Aranas said.
He added that the GSIS wants to place $800 million in foreign-currency instruments to diversify its asset portfolio.
“We adapted the multi-asset strategy which is the global trend. We do not want to put our eggs in the local basket all the time so that if ever it corrects, our funds will not be that much affected,” Mr. Aranas said in a mix of Filipino and English.
GSIS earlier extended its search for external asset managers by a month until April 13 as it wanted to receive more applicants.
As of November 2017, 62% the pension fund’s assets were invested in financial assets, 24% in loans to its members, 6% in investment properties, 4% in cash and another 4% in property, equipment and other assets.
Aside from this, Mr. Aranas said the pension fund will commit at least $300 million in a fund vehicle to finance private infrastructure projects in Asia.
“The fund that we invested in is just a commitment at this point. Nag-umpisa pa lang. (It just started),” GSIS Senior Vice-President Gracita Gilda V. Bocanegra explained. “It’s called Macquarie Asia Infrastructure Fund and it is committed to invest in Asian infrastructure assets.”
She said GSIS committed along with other foreign investors, gathering a pool of funds amounting to more than $3 billion.
The investment vehicle stemmed from the state pension fund’s P16.8-billion commitment in the Philippine Investment Alliance for Infrastructure (PInAI) in 2012.
The alliance is managed by global asset manager Macquarie Infrastructure and Real Assets, while investors include the Asian Development Bank, Algemene Pensione Groep (APG) of the Netherlands and the Macquarie Group.
As of end-2017, Ms. Bocanegra said, the fund was almost fully deployed.
Like its $800-million multi-asset investment program, Ms. Bocanegra said the move seeks to diversify the portfolio of GSIS.
“The fund seeks to diversify. As the same principle, we don’t want them to all invest in the Philippines. We want them to invest also in other countries,” Ms. Bocanegra said, adding that some of the fund will flow back in the Philippines to finance infrastructure projects.
Currently, the pension fund’s actuarial life is at least 35 years, Mr. Aranas said.
China is working on a super-powerful rocket that would be capable of delivering heavier payloads into low orbit than NASA, a leading Chinese space expert was quoted as saying Monday. By 2030, the Long March-9 rocket under development will be able to carry 140 tons into low-Earth orbit — where TV and earth observation satellites currently fly — said Long Lehao, a senior official from the Chinese Academy of Engineering, according to the official Xinhua news agency. — AFP
ASIAN Terminals, Inc. (ATI) said Manila South Harbor, which it manages, recorded its highest midyear container volume during the first half of 2018.
In a statement on Wednesday, the listed port operator said Manila South Harbor was able to accommodate over 560,000 twenty-foot equivalent units (TEUs) of foreign shipments from January to June, almost 5% higher than the volume it posted during the same period last year.
“In May, ATI handled an all-time high single-month volume of nearly 105,000 TEUs, followed by over 103,000 TEUs in June,” the company said.
ATI noted that terminal efficiency and yard utilization at the South Harbor remained “optimum” despite the higher volume it handled.
“Through ATI’s and BOC’s (Bureau of Customs) collaboration, we are ensuring the seamless flow of goods through Manila’s main gateway port for a robust supply chain,” ATI Executive Vice-President William Wassaf Khoury Abreau was quoted as saying in the statement.
ATI said the online cargo delivery scheduling system, Terminal Appointment Booking System (TABS), helped keep an orderly flow of trucks and shipments at the port.
The port operator has set a capital expenditure of at least P8 billion for the year to fund its infrastructure projects at the Manila South Harbor and Batangas Port.
When its expansion projects are completed, ATI expects the annual capacity at the South Harbor increase to over 1.4 million TEUs by next year from the current level of 1.25 million TEUs.
During the first quarter, ATI recorded a net income of P581.9 million, up 18.6% from the same period last year. — Denise A. Valdez
SAMARA, RUSSIA — An octopus who successfully predicted all of Japan’s World Cup group stage matches has been killed and turned into sashimi, according to local media reports.
The mollusc, named Rabio, chose the winners of Japan’s matches during an experiment in a paddling pool.
Despite gaining national attention for its success, however, the fisherman who caught Rabio, Kimio Abe, sent him to market before Japan’s third match against Poland.
The giant Pacific octopus had successfully predicted Japan would lose that match but he was unfortunately not around to see his prophecy come true.
Abe added that another octopus will be used to predict future matches at Russia 2018.
“I’m glad all the forecasts turned out correct and Japan moved on to the knockout stage,” Abe told the Mainichi Shimbun newspaper before Japan’s loss to Belgium in the last 16.
“I hope Rabio’s successor will accurately tip the results of all games.”
Rabio is not the first oracle octopus to predict World Cup matches.
German invertebrate Paul the octopus correctly predicted six World Cup games in 2010. — Reuters
By Melissa Luz T. Lopez, Senior Reporter
DEMAND SOARED for term deposits offered by the central bank this week, accompanied by a surge in yields to hover close to four percent.
Banks wanted to park as much as P125.157 billion under the term deposit facility (TDF) yesterday, well above the P100 billion which the Bangko Sentral ng Pilipinas (BSP) put up for auction. The amount jumped from the P92.636-billion bids received a week ago.
Tenders increased across all tenors to recover from undersubscription seen the previous weeks, although appetite remained stronger for the week-long papers.
The seven-day deposits saw P58.556 billion tenders, besting the P45.831 billion received a week ago and surpassing the P40 billion offered by the central bank.
Rates sought by players stood at a narrow 3.7-3.8% range to average 3.7779%, a modest increase compared to the 3.7523% fetched during the June 27 exercise.
Bids for the 14-day tenor recovered on Wednesday to end three straight weeks of logging below offer. Banks came forward with tenders worth P44.335 billion, recovering from P31.99 billion the past week and settling higher than the P40 billion on the auction block.
However, the average yield climbed to 3.9309%, up 6.2 basis points (bp) from the 3.8689% logged a week ago to hover close to the 4% ceiling rate set by the central bank.
Demand also improved to reach P22.266 billion, improving from last week’s P14.815 billion to surpass the P20 billion which the BSP wanted to raise. Market players also asked for bigger returns to average 3.9442%, rising by 9.7 bp week-on-week as margins ranged from 3.8-4%.
The TDF is the central bank’s primary tool to capture excess money supply in the financial system.
The BSP actively adjusts auction amounts each week in order to bring market and interbank rates within its desired spread, which currently ranges from 3-4% following a 25bp rate hike in last month.
The Monetary Board introduced a back-to-back increase in benchmark rates during their May and June policy meetings in a bid to rein in future inflation, as price increases have been trending higher than their 2-4% target over the past few months.
Appetite for TDF placements have since recovered. Previously, central bank officials said banks were hesitant to keep their funds locked in for longer periods amid uncertainties in the domestic and global financial markets.
The central bank will offer P100 billion in term deposits again next week, with offer volumes per tenor steady from this week.
RIZAL Commercial Banking Corp. rolled out an online foreign exchange trading platform. — BW FILE PHOTO
RIZAL COMMERCIAL Banking Corp. (RCBC) has launched an online platform allowing its clients to buy and sell currencies.
In a statement Wednesday, RCBC said it has launched the Online FX Trading Platform, which it said is the first and only online foreign exchange execution platform in the country.
This platform eliminates the need for face-to-face or over-the-phone transactions when exchanging foreign currency.
“This new product, developed by RCBC, allows the bank clients to buy and sell their foreign currency at any given time from the safety of their own homes, or even from abroad,” the bank said.
For clients to use this platform, RCBC clients have to enrol at least two different currency accounts through RCBC’s online banking facility.
Once eligible, clients can buy and sell major currencies between their enrolled accounts such as US dollar, Euro, British pound, Japanese yen and Singaporean dollar, among others.
“The Online FX Trading Platform revolutionizes foreign exchange transactions for the country,” Gil A. Buenaventura, RCBC president and chief executive officer, was quoted as saying in the statement.
“Never before has a Philippine bank been able to provide their clients a platform that allows them to trade foreign currency at their own time and place.”
“In taking out the need for face-to-face transactions, our clients are ensured greater ease in that they can buy and sell their foreign currencies without being restricted by geography,” RCBC Senior Executive Vice-President Chester Y. Luy added.
Last month, RCBC launched its digital money e-Piso in partnership with eCurrency Mint Ltd., promising a more secure and efficient way of paying.
The lender is also set to offer a remittance service using blockchain technology in partnership with two Japanese banks for a cheaper and faster way of sending money.
RCBC, the tenth-biggest bank in asset terms as of end-March, booked a net income of P1.1 billion in the first quarter, 13.1% higher than the P1 billion logged in the same period last year, supported by robust loan growth and reduction in non-performing assets.
Shares in RCBC closed at P28.60 apiece on Wednesday, down 35 centavos or 1.21%. — Karl Angelo N. Vidal
Smartphone maker HTC plans to slash 1,500 jobs or around a quarter of its global work force at its manufacturing unit in Taiwan, in a bid to better manage resources as the company continues to battle dwindling sales. — AFP
OFFICIALS of Resorts World Manila (RWM) and InterContinental Hotels Group (IHG) unveiled the logo for Holiday Inn Express Manila Newport City (HIEx Manila), the global brand’s first Philippine location.
In photo (left to right): Martin Paz, chief integrated marketing officer for RWM; Kathy Mercado, senior director for international marketing and sales for RWM; Stephen Reilly, chief operating officer for RWM; HT Cheah, general manager for HIEx Manila; Christopher McGonnell, chief hotel operations officer for RWM; and Christian Pirodon, IHG regional general manager for the Philippines.
THE PANTRY at Dusit Thani is offering a Back To School Treat: students with up to a maximum of three companions get a 50% discount on the lunch or dinner buffet. To avail of the promotion, they have to present a school ID. The Dusit Thani is located at the Ayala Center in Makati. For details visit www.DUSIT.com.
Anya’s Best of Spain
RAMBLA’s squid ink paella is a highlight at Anya Resort Tagaytay’ “Hola!” dinner.
THERE’S NO need to fly to Spain to experience its food as Anya Resort Tagaytay celebrates its first anniversary on July 14 with a one-night only “Hola!” dinner prepared by chef Ruben Beltran, Executive Chef at Rambla. With over 20 years of experience, Mr. Beltran is known for the unique twists he puts on Spanish food. After working as a sous chef in Les Pres d’Eugenie Restaurant, a three-star Michelin star restaurant in France, then sous chef at Vincci Estrella del Mar Hotel in Malaga, Spain, earlier this year he made his way to Rambla Rockwell. The menu he prepared for this special celebration will feature his signature infusion style of cooking where he blends spices and flavors. From tasty tapas to seafood and traditional roasts, this Spanish feast is all about making the most of the best local produce found in Tagaytay. Guests will start with a buffet selection of tapas, from jamon iberico al corte, anchovy air-baguette with piparras cream and grilled vegetables, to parmesan croquetas in truffle sauce. Then comes the traditional taste of Spain with a juicy pork jowl and chipotley dressing, paired with the chef’s specialty, paella negra, made with fresh mussels and clams, and flavorful saffron aioli. For dessert, one can choose refreshing sangria-soaked watermelon cubes, or milk and ginger ice cream, or torta de santiago — a light cake made with almonds and lemon zest — with white chocolate matcha. A variety of fine Spanish wines and bottomless sangria will be available. Limited slots for the “Hola!” dinner at Anya Resort and Residences Tagaytay are available for P1,995 net per person on July 14. For details, visit Anya Resort Tagaytay’s Facebook page or the website at www.anyaresorts.com, or call 657-1640 or 0998-577-9999, or e-mail resv.tagaytay@anyaresorts.com.
Football Season Pass
WHAT BETTER way is there to watch the “beautiful game” of football than viewing it live with great company paired with premium drinks and savory bar chow at Marco Polo Ortigas’ Vu’s Sky Bar and Lounge? The Quarter Round begin on July 6, with the Final scheduled on July 15 (Philippine time). Guests enjoying the games at Vu’s Sky Bar and Lounge can enjoy two complimentary bottles of Heineken beer for a door charge of P499. The games air live until 1:30 a.m. Vu’s Sky Bar and Lounge offers a large selection of spirits to pair with a curated line-up of dishes from the Philippines and Spain, and other Mediterranean favorites. For details visit www.marcopolohotels.com.
Sizzle at Silogue
SILOGUE’s sizzling dishes
RESORTS WORLD MANILA warms taste buds this rainy season with a trio of sizzling dishes at its Pinoy comfort dining outlet, Silogue. The burger patties in the Salisbury Steak Sizzler are made from premium ground beef cuts and covered in savory gravy. Grilled to perfect doneness, the juicy beef patties are given a lightly crisp layer on a sizzling plate for an added dimension of texture. The Mixed Seafood Sizzler gives diners a solid beach vibe with a fresh assortment of squid, shellfish, and fish which are balanced by the earthy flavors of a rich peanut sauce. Summer barbecues are given an upgrade with the Crispy Ribs Sizzler. Generous servings of tender beef ribs are coated in a sweet barbecue sauce. All Silogue Sizzlers are served on a sizzling hot plate with a cup of yellow rice and a side of buttered vegetables. The three dishes are available until July 31. Silogue is located at the GF Gaming Area of RWM and is open to guests 21 years old and above only. For details visit www.rwmanila.com or call the Tourist/Visitor hot line at 908-8833 for inquiries and reservations.
