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Daneco management aims to settle debt to suppliers in 2 years

TAGUM CITY, Davao del Norte — The group formed by the National Electrification Administration (NEA) to manage the Davao del Norte Electric Cooperative, Inc. (Daneco) has promised to settle its P2.1 billion debts to suppliers within the next two years.
NEA project supervisor for Daneco Mario Angelo M. Sotto, in a press conference here Tuesday, said the Task Force Duterte-North Davao Power has been improving operations despite the still unsettled management dispute hounding the power cooperative.
“We will continue to improve the efficiency (of the cooperative),” said Mr. Sotto.
He said Daneco was able to increase its collection efficiency in May to 98% with an income of about P422 million.
The cooperative has 197,880 household connections covering most parts of Davao del Norte and the entire Compostela Valley.
Daneco was in the middle of an administrative controversy between a group of officers that sought accreditation with the Cooperative Development Authority (CDA) and another under NEA.
Both groups were asserting authority over operations, including the collection of monthly fees.
The issue was brought before the courts and in 2014, the Court of Appeals ruled in favor of the NEA group. The CA issued a final ruling last year, but the CDA-accredited group declined to honor it, bringing the matter to President Rodrigo R. Duterte.
NEA then created the task force.
NEA Administrator Edgardo B. Masongsong said the collection problem has nearly been resolved with “only about 5%” of its consumers still paying the CDA group.
Mr. Masongsong noted local government units, through the mayors and Governors Anthony G. del Rosario of Davao del Norte and Jayvee Tyron L. Uy of Compostela Valley, have been supporting the NEA group.
With the collection efficiency improved, Mr. Masongsong said Daneco is now working at reducing systems loss, which has gone down to 20% from 23% about two years ago.
“I believe the problem of systems loss will go down to the cap (of 13%),” said Mr. Masongsong.
Based on Daneco’s assessment, every 1% systems loss is equivalent to about P4 million in lost revenue.
“We…only want that the people are served. The only way to do it is to have just one entity,” said Energy Assistant Secretary Redentor E. Delola.
Mr. Delola added the Department of Energy is still finalizing its evaluation of the Daneco situation and is planning to talk with the CDA-accredited group. — Carmelito Q. Francisco

These red wines are perfect for chilling

By Elin McCoy, Bloomberg
LAST WEEKEND the temperature on my back deck was 95°F (35°C), steaks were on the grill, and I craved a thirst-quenching drink that wasn’t that summer cliché, rosé. With charred meat, beer is not the answer, nor is a frozen margarita or tart white. Sticky summer weather is what the world’s light reds, best served chilled (sometimes even ice cold), are made for.
The French call them vins de soif (wines for thirst) or glou-glou (glug-glug, in English). They’re wines so gulpable that one bottle will probably not be enough of their fresh, vivid fruit flavors. To judge by wine bar offerings and by-the-glass lists, these lively easy drinkers have soared in popularity.
Unpretentious and relatively inexpensive, they’ve become a summer essential, the wine version of designer flip-flops. They’re produced just about everywhere — even California, where big, sun-kissed, concentrated reds are the norm. Some winemakers are deliberately creating wines for chilling. New California superstar-to-be Laura Brennan Bissell, who makes wine under the Inconnu brand, for example, describes her Lalalu cabernet franc as a California vin de soif.
Increasingly these wines, like Santa Julia Malbec-Bonarda from Argentina, even include the directions “bebase frio” (drink chilled) on the label, so you know you won’t look like an ignorant klutz if you plop in an ice cube.
Not just any red qualifies for chilling. Let big-deal cabernets hibernate until fall. Low temperatures highlight their tannins and higher alcohol and make the wines taste metallic, while oaky ones seem dry and astringent. What you want are light, fruity examples with low alcohol, soft tannins, and high acidity. Time in the fridge dials up the acidity, so the wines taste juicier and even more refreshing.
What to look for? The gateway chillable reds are Beaujolais, made from the gamay grape, but there are plenty of other, less well-known varieties, such as frappato, grignolino, cinsault, schiava, trollinger, pelaverga, mencia, dolcetto, zweigelt, grenache, pineau d’aunis, bonarda, and lambrusco. Many of these are from cooler regions such as Northern Italy and the Loire Valley. And some of the wines made from them are produced by carbonic maceration, in which whole bunches of grapes are fermented in a sealed vat with carbon dioxide. That gives them a particularly lively character that chilling points up.
Don’t assume red wine over ice has to be served on its own in a glass. Recently, on a trip to California, I asked Massimo di Costanzo, who makes stunning, powerful cabernets, how he got into wine. He waxed poetic about peeling and slicing peaches to go in the pitchers of cold red wine his grandparents drank in Positano in summer. That’s a common hot-weather beverage in rural Italy.
In Spain, just about everyone has a personal recipe for sangria, the summer deck drink that first came to popularity in America with the 1964 World’s Fair. Sales of bottled red versions have been reviving over the past several years as premium versions have made their debuts. For example, Begonia Sangria Tinta (1 liter, $10), a 6% alcohol mix of monastrell and bobal grapes blended with sugar cane, spices, herbs, Azahar flowers, and the essence of Valencia oranges. It’s the only nonpasteurized sangria in the US, made completely with Spanish ingredients. Serve ice cold.
How to chill red wine? Put the bottle in the fridge for 45 minutes to an hour before serving, or plunge into an ice bucket filled with a mix of ice and water for 15 minutes. If desperate, just throw in a few ice cubes and swirl — but take them out before they start diluting the wine.
EIGHT REDS BUILT TO CHILL
2016 Santa Julia Tintillo Malbec-Bonarda Argentina ($13) This blend of equal parts bonarda and malbec from Argentina’s Uco Valley is made by carbonic maceration and loaded with juicy, spicy red fruit flavors and snappy acidity.
2016 Pierre-Marie Chermette Beaujolais ($14) Basic Beaujolais such as this one, from a superb producer, is the definition of thirst-quenching. Made partially with carbonic maceration, it’s lip-smacking and brims with lush, bright fruit.
Cleto Chiarli Vecchia Modena Premium Lambrusco di Sorbara ($16) Once thought of as sweet fizzy plonk, lambrusco, made from the grape of the same name, can also be dry and crisp — and delicious when ice cold. This one is lightly sparkling, with tastes of crushed strawberry and a hint of spice, and has only 11.5% alcohol.
2017 Marcel Lapierre Raisins Gaulois Vin de France ($16) This cheerful gamay is the entry-level bottling from one of Beaujolais’s most famous natural winemakers. Lively and spicy-fruity, it’s a toss-back wine with sophistication. In France it’s available as a bag-in-box wine.
2016 Tendu Red Wine ($20) Steve Matthiasson’s crowd-pleasing, wallet-friendly California blend of three Italian red varieties is sold in one-liter bottles with a crown cap, like beer. It’s tart and fresh, with cherryish flavors.
2016 Valle dell’ Acate Il Frappato Vittoria ($20) Frappato is a native Sicilian variety, and this tangy, vibrant example from a well-known producer is aged in stainless steel tanks to retain the grape’s savory juiciness and rose petal and berry aromas.
2015 Heitz Cellars Grignolino ($22) Known for long-lived cabernets, Napa’s historic Heitz Cellars has been making zippy, strawberry-scented pale reds from grignolino since the winery’s founding in 1961. The grape is native to Italy’s Piemonte. This vintage brims with bright cranberry-cherry-orange peel flavors.
2017 Broc Cellars Valdiguié ($26) The winery cellar of this new wave California producer, which buys grapes, is a warehouse in Berkeley. People used to refer to valdiguié as Napa gamay, but it’s really an obscure variety from southwest France. Its raspberry-strawberry flavors will remind you of Beaujolais.

Honor 10: Budget-friendly flagship

By Zsarlene B. Chua, Reporter
In recent years, the battleground in the fiercely competitive smartphone market has shifted from top-tier phones with top-tier pricing to mid-range pricing with top-tier specs and for the Chinese Honor brand (a sub-brand of Huawei) this is a battleground they want to dominate in, especially with the introduction of Honor 10.
There’s a lot to love about this phone, starting from its design which has the almost bezel-less display and iridescent color, the variant BusinessWorld was sent to review is called Phantom Blue and bears striking resemblance to Huawei’s Klein Blue, a Royal Blue with a “Twilight” effect for a bit more shine.
At first glance, the design for the Honor 10 is very similar to the mother brand’s P20 line. This writer has a P20 Lite and aside from the repositioning of things — the rear camera in Honor is horizontal while P20 Lite is vertical — and the position of the fingerprint scanner (Honor’s is in front while P20 Lite is at the back), it was entirely possible for the two to be mistaken for the other.
And that’s not necessarily a bad thing as the 128 GB/4 GB RAM variant of the Honor 10 is priced at P23,990 while the P20 with 128 GB/4 GB RAM is priced at P34,990. So if one wants to have the P20 but cannot afford the price, Honor 10 is more than just a good alternative as inside, the Honor 10 contains the same Kirin 970 chipset that powers the P20.
But how does it perform? Pretty admirably but it’s not without a few concerns. Focusing on all the good things it has to offer, the almost bezel-less screen display is crisp and with 5.84 inches the full HD display provides amazing visuals.
The device feels premium and while Honor went for a minimalist design — the volume rocker and power button is on the right while the SIM tray is on the left and the fingerprint scanner sitting unobtrusively at the bottom of the screen display with a hazy outline to show where it is — it didn’t skimp on the metal trim running on the side of the device or the aforementioned iridescent glass panel at the back.
It is a beautiful phone though the back does attract more than attract fingerprints so one has to repeatedly wipe it off. It feels good on the hand though this writer has found that it’s a bit slippery so one can benefit from using the jelly case provided in the box for better handling.
With 4 GB RAM and 128 GB ROM, there’s a lot of room to play with and multi-task. It runs Player Unknown’s Battlegrounds (PUBG) mobile on high without a hitch though playing Asphalt 8: Airborne tends to heat up the device a bit. The device doesn’t have a microSD slot, which is a bit disappointing but with 128 GB of storage, the sting hurts less.
The speakers are located at the bottom of the device where it accompanies the USB Type-C charging port and the 3.5-mm earphone jack. The speakers are nice and loud and clear, so that’s a definite plus for this writer.
Honor 10 has also incorporated a face recognition technology which was fairly reliable, though it does take a lot of getting used to the fact that one has to raise the phone to eye level to unlock the phone every time. Most of the time, recognition is snappy though there are times — when there’s low light — when it requires several tries. It also does not recognize one’s face if one is wearing a pair of sunglasses.

The author’s selfie using Honor 10 — Photo: Zsarlene B. Chua

The face recognition technology made the fingerprint scanner on the bottom of the display a bit unnecessary though it is more reliable than face recognition. Personal preference-wise, this writer likes having the fingerprint scanner at the back of the device like the P20 line instead of below the display.
The rear camera sports a dual 24 MP (f/1.8) monochrome camera and a 16 MP (f/1.8) full color camera while the front has a single 24 MP shooter. While the Honor 10, likely due to its lower price point, doesn’t carry the Leica-branded cameras, the shooters on this device are no slackers: it does perform admirably in low light situations though several brightly-lit areas can be overexposed and it shoots daytime scenes beautifully though it tends to be on the warmer side of the spectrum.
Low-light shot using Honor 10 — Photo: Zsarlene B. Chua

Low-light shot using Honor 10 — Photo: Zsarlene B. Chua

Honor 10 runs on EMUI 8.1 which is based on Android 8.1 Oreo. It doesn’t have an app drawer though there’s an option to put one in (and the notch can be hidden as well), so it’s a matter of preference. Out of the box, the device comes with a bit of bloatware including several games such as the aforementioned Asphalt and a few others. This writer found that it’s the same for the P20 Lite, several games are pre-installed. Is it a deal-breaker? No, but it can be a bit annoying.
That aside, the phone has a 3,400 mAH non-removable battery which affords a user a decent a day and a half of moderate usage though it does come with a supercharge technology that charge from 0% to 100% in a little over two hours.
In all, this is a pretty solid device — there’s a lot to love and a few quirks that usually is about personal preference. It’s a half-step down from the P20 but it certainly is no slouch in any department.
Huawei Honor 10 4GB/128 variant is available at Lazada for P23,990.
Here’s a glance at its specs sheet:
OS: Android 8.1 (Oreo)
CPU: Octa-core (4×2.4 GHz Cortex-A73 & 4×1.8 GHz Cortex-A53)
Internal Storage: 64/128 GB, 4/6 GB RAM
Primary Camera: Dual 16 MP (f/1.8) + 24 MP B/W (f/1.8), phase detection autofocus, LED flash,check quality
Secondary Camera: 24 MP, f/2.0, 1080p
Color: Phantom Blue, Phantom Green, Midnight Black, Glacier Grey

Tugade: No decision yet on Dalian trains for MRT

THE Department of Transportation (DoTr) on Wednesday said the independent audit of the Metro Rail Transit Line 3 (MRT-3) has been completed, but no decision has been made regarding the new train cars from China.
Transportation Secretary Arthur P. Tugade said he will discuss the results of the audit and assessment of the MRT-3 and the new train cars with supplier Dalian Locomotive and Rolling Stock Co.
Conducted by TUV Rheinland, the audit involved a review of the terms of reference (TOR) of the previous administration’s purchase of 48 train cars for the MRT-3 from Dalian.
“Is the evaluation showing that the submission is complete and in accordance to the TOR? Answer is no. Is the non-compliance substantive and prejudicial to safety and comfort of passengers? That we will find out during the discussion with Dalian,” Mr. Tugade was quoted as saying in a statement.
Mr. Tugade said he was scheduled to meet with Dalian officials on the same day to discuss the ways the government and the company may arrive at a “win-win situation.”
Transportation Undersecretary for Railways Timothy John R. Batan earlier told reporters the agency has received the report in late May.
“As you know, multi-faceted yung issue. Merong signaling, merong weight, merong depot equipment. So we just really want to understand it fully. And then we will explain it to the public,” he earlier said.
The Dalian trains procured during the previous administration were earlier found to be overweight, hence the need for a third-party auditor to assess if it may be used in the MRT-3. The audit began in January.
Mr. Tugade also said the DoTr is looking to seal the maintenance deal with Sumitomo Corp. and Mitsubishi Heavy Industries, Ltd. (Sumitomo-MHI) for MRT-3.
“My understanding is that the signing between government of the Philippines and Sumitomo will be sometime this month…. There might be some modification there,” he said. — Denise A. Valdez

French discover new pleasure… adult comics about wine

PARIS — It is no secret that the French love wine. But they are also the world’s second biggest consumers of graphic novels after the Japanese.
Now a new wave of literature is putting the two passions together — comics for adults about wine.
The genre that was completely unheard of little more than a decade ago has jostled itself on to the bookshelves, with a festival dedicated to it booming among the vineyards near Bordeaux.
BD & Vin — meaning graphic novels and wine — is the brainchild of winemaker Romain Sou, whose Chateau Lacouture domaine is just across the Gironde estuary from the fabled Chateau Margaux.
“I love graphic novels and I love wine and so do most of my friends.”
“But 10 years ago when we started, it wasn’t at all obvious that there would be a thirst for BDs (graphic novels) about wine,” he said.
Ironically, it was the phenomenal success of the Japanese manga series Drops of God which turned the French onto the potential of comics about wine.
The story of a Japanese beer company employee, who must correctly identify 13 wines from his father’s collection to inherit his wealth, made several obscure French winemakers stars overnight in Asia.
It also sparked runs on some wines featured in the series, including the Bordeaux Chateau Mont-Perat, with one Taiwanese importer selling 50 cases in two days.
Decanter magazine declared the manga “arguably the most influential wine publication for the past 20 years,” and its authors, sister and brother Yuko and Shin Kibayashi, taste setters.
RISE OF NATURAL WINE
Another dynastic soap opera, this time thick with sex and intrigue, has since made the French adult comic book series Chateaux Bordeaux a best seller.
But a line of more down-to-earth graphic novels has struck a still deeper chord in France.
Les Ignorants, A Great Forgotten Burgundy, and Mimi, Fifi & Glouglou — which has already been translated into English — have caught the mood of a country which is looking much harder at what it drinks.
All deal, in one way or another, with organic and natural wines, whose rapid rise in popularity in recent years often sparks heated debate around French dinner tables.
Etienne Davodeau’s account of his year with the natural winemaker Richard Leroy in his Loire Valley vineyard in Les Ignorants (The Ignoramuses) is already regarded as a classic.
Leroy is one of a growing band of organic winemakers who have turned their backs on a homogenized way of winemaking to follow biodynamic principles, using little or no sulphur.
Mimi, Fifi & Glouglou is a hilarious insider take on a wine-obsessed, mostly urban crowd.
The three trendy Parisian friends “drink wine, think wine, talk wine and dream wine,” said their creator Michel Tolmer, who gently sends up their nerdy rivalry and “wine-upmanship” as they blind taste.
Indeed, the flavor, character and aroma of natural wines can vary hugely between years as winemakers try to find the pure expression of the ground and climatic conditions in which the grapes were grown — what the French call “terroir.”
This almost mystical concept is of course sacred to Mimi, Fifi and Glouglou — French for “glug, glug” — who are ever ready to put the finer points of a wine’s minerality to the test, through several bottles if necessary.
‘YOU ARE DRINKING A STORY’
Organic winemaker Emmanuel Guillot also sets out in search of the ultimate oenological high in his warm-hearted hit series, A Great Forgotten Burgundy (Un Grand Bourgogne Oublie), which is as much about educating as entertaining its readers.
His Guillot-Broux family estate pioneered organic winemaking in Burgundy in the 1950s, growing almost all their grapes on soil that has never been touched by herbicides or pesticides.
For Guillot — whose characters are often modelled on his friends, family, and fellow winemakers — the success of the genre is all about wine-lovers’ thirst for a deeper relationship with what they are drinking.
“When you drink a bottle of wine you travel. It is not just alcohol, you are drinking the story,” he told AFP.
“There are the people and the culture and the struggles behind it — and most of all, how the earth it comes from has been looked after.”
Guillot’s latest story is partly inspired by his friend and namesake Emmanuel Giboulot, who was threatened with prison for refusing to spray his organic grapes with insecticide in a celebrated case in 2014 which helped change the way Burgundy winemakers now deal with disease outbreaks.
“With graphic novels you get right inside the lives of the characters and you see the joys and the crises that have gone into a bottle of wine. It’s all about emotion,” he said.
Good wine, Guillot argues “is a bit like theater. Why go to the theater when you have television? Because when it is good it is so much better, and when you have experienced that you will go back again and again…” — AFP

Facebook, Apple disagree on how to curb fake news for US midterms

APPLE and Facebook have figured out how to keep us glued to their devices and platforms. But they haven’t figured out how to curb the misinformation that plagued them during the 2016 election and have struggled to regain public trust. And now, in the run-up to the 2018 midterms, they certainly don’t agree on a solution.
Last week, Apple launched a human-curated political news section to help readers steer clear of falsehoods surrounding the midterms. The company’s announcement reignited a fiery debate with Facebook about whether tech giants should hire people to curate news or rely on algorithms instead.
Apple has used human editors to curate news content in “Top News” and other specialized sections since the application first launched in 2015, and said it will continue to do so for the midterm elections news section. The company uses a combination of human editors and machine learning to manage more tailored content in personalized feeds for users.
“News was kind of going a little crazy,” said Apple, Inc. Chief Executive Officer (CEO) Tim Cook at the recent Fortune CEO Initiative, subtly referring to Facebook’s struggle with the foreign actors such as Russia, profiteers and bots that took advantage of its News Feed algorithms for financial and political gain during the presidential election. “We felt the top stories should be selected by humans,” Cook said.
Apple’s midterm election section will feature material from the Washington Post, Politico, and Axios, in addition to coverage from other sources the company describes as “trustworthy.” But critics contend this coverage is limited, given that Apple’s curators will only promote articles from a few legacy outlets. The inclusion of the Trump administration-friendly Fox News also struck a chord. — Bloomberg

Hirna adds new features to app

HIRNA app has included new features such as fare estimate.

TAXI-HAILING firm Hirna Mobility Solutions, Inc. is adding new features to its mobile app, one of which would allow passengers to book bigger vehicles.
In a statement, Hirna said it has included Asian utility vehicles (AUV) in its taxi fleet for riders who would need a larger capacity, either for passengers or luggage.
“[E]ven if AUVs are larger that sedan taxis, Hirna will currently not charge any booking fee to encourage the passengers to use the app,” the company said in a statement, adding Hirna will keep its no booking fee offer for all taxi types.
Aside from the AUV taxi option, the company said it is also rolling out an in-app messaging and fare estimate feature.
Previously, Hirna users would need to use SMS messaging to communicate with the driver. The new feature would now incorporate a messaging tool in the app which would only require data connection.
The Hirna app would also start showing an estimate of the fare upon booking, a feature that is available in competitors’ apps.
“The estimate is based on LTFRB’s fare regulation (per kilometer and time) so it is very close to what the actual fare would be,” it said.
Hirna is a transport network company that started in Davao City and is expanding to Cagayan de Oro, Iligan, Bohol, Iloilo and Bacolod City.
The company’s chief executive officer, Francisco “Coco” Mauricio, told BusinessWorld earlier that Hirna may consider entering the Metro Manila market eventually, but its priority is to offer its services to the provinces. — Denise A. Valdez

Keeping things chill with coffee

WHILE Nespresso’s a wee bit late for the summer drinks game here in the Philippines (seeing as we’re already shielding ourselves from the rain), still the single-serve coffee machine company releases recipes every time the summer hits its Lausanne base.
“It’s a way for us to engage our customers and make them try new coffee blends, and try new recipes,” said Mia Silva, Marketing Manager for Novateur Coffee Concepts, the distributor of Nespresso machines and coffee capsules in the Philippines.
The launch of the new coffee recipes also served as a launch for the new Lattissima One, which comes with a new milk frother — Ms. Silva described it as “slimmer and nicer” — and to promote two new limited edition coffee flavors: Ispirazione Salentina, described in a press release as “a smooth and bold yet balanced brew”; and Ispirazione Shakerato, “a powerful brew that’s heightened by the dark and delicious aromas of cocoa, entice the taste buds and deliver an instant fix to your caffeine cravings.”
When asked about the pleasure of taking a blended drink at home instead of outside, Ms. Silva said, “At least now you don’t have to go out to take your own iced coffee.”
“It’s like you’re taking iced coffee straight out of an Italian restaurant.”
The new recipes (the Shakerato and the Salentina) were launched in BGC late last month.
The recipes are as follows:
NESPRESSO SHAKERATO
(from the website)
Needs one Nespresso capsule, three cubes of ice, 4 gms of white sugar
1.) Add the three ice cubes into the jug and add sugar.
2.) Brew espresso coffee with the coffee machine and pour it into the jug.
3.) Close the lid and press the start button on the device.
4.) Serve and shake the preparation in a lungo cup.
NESPRESSO SALENTINA
Needs one Nespresso capsule, 30 ml of almond milk, two ice cubes, and 4 gms of white sugar
1.) Add the two ice cubes (60g or 2.11 fl oz) into the jug and pour the almond milk on top
2.) Brew espresso coffee with the coffee machine and pour it into the jug with the sugar.
3.) Close the lid and press the start button on the device.
4.) Serve and stir the preparation in a lungo cup.
This is the first Nespresso Limited Edition launch in the Philippines. They are available at the Nespresso Boutique at R1, Power Plant Mall, Rockwell Center, Makati City, and at www.nespresso.ph for more recipes.

Baidu unveils AI chip

Baidu, Inc. has unveiled an artificial intelligence (AI) chip to run intensive computing in everything from data centers to autonomous driving, as the Chinese search giant prepares to launch its first self-driving vehicles in Japan. The AI chip — dubbed “Kunlun” — joins rival efforts from tech giants around the world, including local peers such as Huawei Technologies Co. The company said it can also be used in range of areas from natural language processing to search rankings. — Bloomberg

ATN to supply 3.5M tons of rocks for Manila Bay reclamation projects

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

Hidden luxury from pantry: wine and tuna pairings

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 evaluating managers for $800-M fund

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.