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Tanduay overtakes Bacardi as world’s best-selling rum brand

By Arra B. Francia, Reporter

TANDUAY Distillers, Inc. said it sold 19.5 million cases of rum in 2017. — FACEBOOK.COM/TANDUAYRHUMOFFICIAL

SALES of Tanduay rum in Visayas and Mindanao fueled Tanduay Distillers, Inc. (TDI)’s performance in 2017, allowing it to overtake international brand Bacardi in a world ranking of top-selling rum brands by think tank Drinks International.
The rum manufacturer led by tycoon Lucio C. Tan, Sr. reported on Wednesday that it has sold 19.5 million cases of rum in 2017, 17% higher year on year. In contrast, international brand Bacardi sold 16.8 million cases, declining by 3% from the year before.
This marks the first time that TDI outpaced Bacardi since the group took over Tanduay rum brand in 1988, according to TDI Chief Financial Officer Nestor C. Mendones.
“Aggressive marketing efforts in the Visayas and Mindanao drove sales,” Mr. Mendones told reporters on the sidelines of the company’s press conference in Manila on Wednesday.
The company said it has secured a 25.2% market share in the entire country in the distilled spirits category, which also includes gin and brandy. In Visayas and Mindanao alone, Tanduay has a market share of 64% in 2017, and 66.3% during the first quarter of 2018.
In terms of sales abroad, TDI said the export segment accounted for less than 1% of total sales. The company looks to grow the unit in the next three to four years, in order to further contribute to its top-line performance.
“If we could sell four to five million cases of Tanduay Asia abroad, we don’t have to sell locally anymore. Because that alone will match what we sell locally. That’s the opportunity we are seeing in the export business,” Mr. Mendones said.
The higher sales for 2017 translated to a 12% increase in revenues to P16.79 billion in 2017. During the first quarter, the company saw a slight dip at the top-line to P4.243 billion, versus P4.246 billion the year before.
Despite the increase in volumes, TDI’s bottom line took a hit due to higher input costs. Net income went down by a third to P633 million in 2017, and also by 35% to P135 million during the January to March period this year.
“Our products are for the masses, so we cannot just raise prices without affecting demand. So while we are happy with the volumes we are getting, especially with our progress in Mindanao where we are regaining a substantial market share. The pressure for the company is to keep the bottom line as healthy as the top-line revenue item,” Mr. Mendones said.
Asked whether the company will be putting up more facilities in the south to meet the demand for more rum in the region, the TDI executive said they have yet to make concrete plans.
“Capacity talaga namin ay nasa Luzon pa (Capacity is really in Luzon), so either we just shift some of our equipment rather than investing new ones, and entirely buy new ones na lang. Keep the one we have in Cabuyao, and new lines na lang ang ilagay (will be put in),” Mr. Mendones said.
The company said it currently has 120,000 barrels of aged rum containing almost 200 liters each, which will be able to meet the demand for rum in the coming years.
TDI is part of Mr. Tan’s conglomerate LT Group, Inc., which also has interests in banking, tobacco, and property development.
Shares in LTG dropped 4.06% or 85 centavos to close at P20.10 each at the Philippine Stock Exchange on Wednesday.

PLDT expects growth in 2018 revenues, profit

PLDT, Inc. Chairman, President and CEO Manuel V. Pangilinan on Wednesday expressed confidence the telecommunications giant will “return to growth” in both revenues and profit this year.
“We’ve made progress last year but our task is by no means, complete… To sum up, 2016 was an extremely tough year for PLDT. 2017 was a year to stabilize the business and 2018 is when we should see a return to growth in revenues and to profitability,” PLDT President, Chairman, and CEO Manuel V. Pangilinan said during the company’s annual stockholders meeting on June 13.
PLDT netted P6.97 billion in the first quarter, up 41% from the same period last year, while core income jumped 14% to P6.07 billion in the first three months of 2018. It has set a guidance of core recurring income of P24 billion for this year. Net income attributable to parent for 2017 was P13.37 billion, while 2016 had a reported income of P20 billion.
Mr. Pangilinan said the company will be focusing on sustaining the momentum of the wireless business, continuing the growth of its home and enterprise segment, and raising level of network services. PLDT will spend as much as about P58 billion this year for massive network infrastructure spending.
PLDT’s wireless business showed improvement in the first quarter, the first time in eight years. Smart Communications, Inc., TNT and Sun contributed P14.8 billion in service revenues in the first quarter, 2% higher than the same period a year ago, driven by higher data revenues.
Mr. Pangilinan said the company will continue to encourage subscribers to use data, particularly with its sports content offerings. PLDT offers the National Basketball Association league pass, and a free limited YouTube use. It is expanding its promos into e-sports content.
PLDT also expects bigger contribution of Home and Enterprise to overall growth. PLDT Enterprise revenues increased by 15% in the first quarter of 2018, boosted by cloud infrastructure and managed information technology (IT) services revenues.
The company is also continuing its fourth generation (4G) rollout and its doubling its fiber capacity.
“In fixed line, we will set the pace for our fiber to the home buildout, and convert our DSL subscribers to fiber-like broadband. We’ve completed our 3G rollout, and should substantially finish our 4G network, with competitive speed and coverage,” Mr. Pangilinan said in his remarks during the stockholders’ meeting.
PLDT is aiming to double its fiber and hybrid fiber broadband capacity to over 2.2 million ports, with about 650,000 of the additional ports for fiber and another 550,000 for hybrid fiber broadband.
Smart is also targeting to double the number of long-term evolution (LTE) base stations to about 17,700 and increase the number of LTE-equipped cell sites to over 6,800. The wireless subsidiary of PLDT also announced that it is preparing to have a fifth-generation (5G)-ready network by 2020.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Patrizia Paola C. Marcelo

Toyota to invest $1 billion in Grab

UBER exchanged its Southeast Asian operations for 27.5% of Singapore-headquartered Grab, ending a battle between the two for regional dominance. — REUTERS

SINGAPORE — Toyota Motor Corp. has agreed to invest $1 billion in Southeast Asian ride-hailing firm Grab as a lead investor in the company’s ongoing financing round, which was launched after it bought the regional business of Uber Technologies, Inc.
The investment by Toyota is the largest-ever by an automaker in the global ride-hailing sector, the six-year old start-up said in a statement on Wednesday.
It is also the latest collaboration between a global vehicle maker and a technology firm as ride-hailing companies dominate the fast-growing field of mobility services, raising the risk of a future where car ownership declines in favor of such services.
Japan’s SoftBank Group Corp. last month announced it would invest $2.25 billion in the Cruise autonomous vehicle unit of General Motors Co. while Fiat Chrysler Automobiles NV and Jaguar Land Rover Automotive PLC have agreed to supply vehicles for Alphabet, Inc.’s self-driving car subsidiary Waymo.
Toyota’s investment will allow Grab, which counts peer Didi and Japan’s SoftBank Group Corp. as investors, to further expand its range of online to offline services, such as food delivery and digital payments, deeper into the region.
Grab will be valued at just over $10 billion after Toyota’s investment, said a person familiar with the matter.
A Toyota executive will be appointed to Grab’s board of directors and a dedicated Toyota team member will be seconded to Grab as an executive officer, the ride-hailing firm said.
Wednesday’s announcement deepens Toyota’s partnership with Grab, following an earlier, undisclosed investment by the automaker’s trading arm last year.
Toyota has installed its driving recorder devices in some vehicles operated by Grab, using the collected data stored in its mobility services platform to analyze driving patterns and develop vehicle services.
The automaker said by deepening the partnership, it hoped to achieve connectivity for Grab’s rental car fleet across Southeast Asia and offer financing, insurance and maintenance services to drivers based on data collected on its platform.
“Going forward, together with Grab, we will develop services that are more attractive, safe and secure for our customers in Southeast Asia,” Toyota executive Shigeki Tomoyama said.
Data collected from the recorders could also help Toyota in its own development of next-generation mobility services, including a self-driving electric vehicle it plans to develop for companies to use for tasks such as ride hailing, package delivery and mobile shops.
South Korea’s Hyundai Motor Co. and Japan’s Honda Motor Co. Ltd. have also previously funded Grab, which said it has achieved run-rate revenue of over $1 billion. The company’s app has been downloaded onto over 100 million mobile devices and the firm logs over 6 million rides per day.
Earlier this year, Uber exchanged its Southeast Asian operations for 27.5% of Grab, ending a battle between the two for regional dominance.
Southeast Asia, home to about 640 million people, is a major arena for tech firms offering services from digital payments and ride-hailing to e-commerce.
Last month, Indonesian ride-hailing and online payment firm Go-Jek said it would enter Vietnam, Thailand, Singapore and the Philippines in the next few months, investing $500 million in its international push. — Reuters

Cloud looming on the horizon in changing video game world

LOS ANGELES — Console makers long at the center of the video game universe are adapting to an exploding constellation of ways to play, with the cloud looming on the horizon.
Microsoft, Nintendo, and Sony remained stars, with rival Xbox, PlayStation, and Switch gaming hardware respectively, at the Electronic Entertainment Expo (E3) show floor that opened in Los Angeles on Tuesday.
But the premier industry gathering was very much focused on games themselves, and the idea they can be played as a service hosted in the Internet cloud using an array of devices from smartphones to personal computers.
The annual E3 event “occurs against a backdrop of disruption in the console market,” according to IHS Markit games technology research director Piers Harding-Rolls.
“As the market becomes more digitally enabled and service based, console companies and publishers are starting to map out their longer-term strategies including the building out of subscription cloud gaming services,” Harding-Rolls told AFP.
Companies interested in cloud gaming see it as a way to reach broader audiences, adding to console businesses instead of taking away from them, according to the analyst.
“I see consoles being around or the foreseeable future,” Harding-Rolls said.
SHIFTING TERRAIN
But the competitive landscape will tilt away from console-market leading PlayStation to terrain more favorable to Xbox, he reasoned.
Microsoft has built a powerful platform for hosting computing in the Internet cloud, making such service a thriving part of its business.
“We commit and harness the full breadth of our resources at Microsoft to deliver on the future of play,” Xbox team leader Phil Spencer said at an E3 briefing.
The Redmond, Washington-based technology veteran has also invested heavily in machine learning, naming its Cortana digital assistant after an artificial intelligence character in blockbuster Xbox video game Halo.
Spencer also said that Microsoft is working on a cloud service for streaming console-quality games to Internet-linked devices.
“If you agree that the eventual future of games consumption is through cloud gaming services, then those companies with a strong position in cloud are likely to be best placed to benefit from the transition,” Harding-Rolls said.
“In this context, Microsoft’s cloud division gives the company a natural advantage when trying to build a profitable business.”
Sony and Microsoft have each put out word they are working on next-generation consoles, but planned capabilities have yet to be revealed.
PlayStation 4 has dominated the current console generation, briskly outselling Xbox One.
But if the video game world shifts to Microsoft’s strengths, its new competition in play could become cloud and AI titans such as Amazon, Google, Tencent, and Alibaba, according to Harding-Rolls.
LEARNING FROM MOBILE
The video game industry is seeing its biggest investment ever, with the three big consoles “very healthy,” according to Electronic Software Association chief executive Michael Gallagher.
The ESA trade group organizes E3, with 60,000 industry insiders and gamers from some 100 countries expected to attend the three-day gathering.
Video game industry revenue worldwide tallied about $116 billion last year, according to the ESA.
Console makers have been taking lessons from mobile games, building online communities of players who provide feedback; stream play; subscribe to services, and spend money on digital content such as dance moves or funky clothing for characters.
“Mobile has been a fantastic growth point for the industry,” Gallagher said.
Console video game titan Bethesda is unabashedly bridging the divide between console and mobile play with versions of blockbusters Fallout and Elder Scrolls for play on smartphones or tablets.
“I can’t wait to play it,” Gallagher said of Elder Scrolls: Blades that will be available free for iPhones or Android-powered mobile devices when it is released later this year.
Another sign of console-quality play making its way to mobile devices came in the form of telecom giant AT&T showing off ultra high-speed 5G wireless data capabilities on the E3 show floor.
Super-fast Internet service is seen as key to rich, seamless game play.
“Exponential increases in computing power, storage and speed will lead to the streaming of realistic, systemic, densely populated and persistent game worlds to any screen,” said Yves Guillemot, chief executive of French video game powerhouse Ubisoft. — AFP

SEC approves Now Corp.’s preferred shares offering

THE Securities and Exchange Commission (SEC) on Wednesday gave the go-signal for Now Corp.’s proposal to issue up to P1 billion worth of preferred shares.
In an e-mail to reporters, the commission said it has approved en banc Now Corp.’s registration statement where it will offer five million preferred A shares at P100 apiece, with an oversubscription option of up to five million preferred A shares at P100 each.
The primary offer consists of five million redeemable, convertible, cumulative, non-participating, non-voting peso-denominated preferred shares. These can be converted into 25 million common shares at P20 each, with one preferred A share equivalent to five common shares.
Each preferred share also includes two detachable subscription warrants to be issued free of charge, for a total of 10 million detachable subscription warrants.
The same terms apply to the oversubscription option of up to five million preferred A shares.
The issuance is set to be offered from June 28 to July 4, with listing at the stock exchange targeted on July 12. The company has engaged Unicapital, Inc. as the issues manager, bookrunner, and underwriter.
The company will still need clearance from the Philippine Stock Exchange to proceed with the offer.
Now Corp., which is widely expected to make a bid to become the third telecommunications player in the country, looks to net P471.05 million from the primary offer, and up to P955.46 million including the oversubscription option.
Proceeds of the offer will be used to partially finance the company’s expansion of Fiber-in-the-Air, its fiber optic network, and for general corporate purposes.
The offer will result to an additional paid-in capital of up to P495 million and P990 million considering the primary offer and over-allotment option, respectively, which the company intends to use to wipe out its capital deficit. It noted that this is why it has been unable to declare and pay dividends.
“Once the company obtains the necessary approvals and implements the equity restructuring plan, the company can resume paying dividends from future cash flows as they no longer have to use the same to eliminate retained earnings debit balances. This will also allow the management the flexibility to invest the surplus cash back to grow the business,” the company said.
Incorporated in 1996, Now Corp.’s core business is in providing telecommunications, media, and information technology products and services under three business segments. These are software licenses and services, IT manpower and resource augmentation, and broadband and wireless cable TV services.
Recently, Now Corp. has expressed its interest to become the third telco player in the country, following the government’s announcement to bid out a franchise for a third telco company that will break the duopoly of PLDT, Inc. and Globe Telecom, Inc.
The company realized a 248% jump in net income to P3.53 million during the first quarter of 2018, lifted by gross revenues that went up 3% to P33.85 million for the period.
Shares in Now Corp. surged 8.24% or 75 centavos to P9.85 apiece at the stock exchange on Wednesday. — Arra B. Francia

Deadly battles continue to power hit video games

LOS ANGELES — Bandits, soldiers, demons, zombies, aliens and other enemies will be shot, stabbed, bludgeoned, incinerated, or even blow up on the show floor of the Electronic Entertainment Expo (E3) opening here Tuesday.
Deadly conflicts played out with stunning arsenals in creative fictional settings remain at the heart of blockbuster action video games, with imagery getting richer and fight mechanics smoother due to improving technology.
There was no shortage of bloody battle in games spotlighted at media events hosted by video game industry titans in the days leading up to E3 showcase.
And a hot video game trend now is Battle Royale death-match games such as Fortnite and PlayerUnknown’s Battlegrounds in which players vie against one another to be the sole survivor.
Shooting and swordplay have long been staples in a global video game industry that the Entertainment Software Association said took in a total of $116 billion worldwide last year.
Violence in games has the trade group working to make sure politicians including US President Donald Trump understand that there is no link between that kind of play and what people do in the real world, ESA chief executive Michael Gallagher told AFP on Monday.
Trump and the ESA met earlier this year after a slaughter at a US high school.
Some blamed violence in media such as video games, not access to guns, for such shootings.
“One thing that has sunk in to a great degree is the truth that video game violence has nothing to do with real-world violence,” Gallagher said of meetings with politicians on federal and state levels.
“There are 2.6 billion gamers around the world, yet these outbreaks are uniquely American. It has got to be something else.”
A growing number of policy numbers are “rejecting the notion outright” that video games cause people to commit actual violence, according to Gallagher.
“The tide has turned significantly,” he added.
In the US, 22 states offer video game companies economic incentives to set up shops and create jobs, according to Gallagher.
Some 45,000 industry members are expected to attend E3, along with 15,000 gamers who bought tickets to get access to the show floor and its more than 200 exhibitors, the ESA said. — AFP

A towering symbol of love


By Michelle Anne P. Soliman, Reporter
A HAND-MADE wedding dress of intricate lace accented with tiny pearls and over a thousand flowers, and a plunging neckline, might just be the dress a bride could wish for for her big day. That wedding dress recently became a reality but no bride could wear it as it was actually a wedding cake.
The tradition of the wedding cake dates back to medieval Europe when couples were challenged to kiss atop cake stacks to signify their marriage’s prosperity. At today’s wedding receptions, the slicing of the cake is the first activity the couple performs together, symbolizing their union. It is also meant to signify good fortune.
The Peninsula Manila invited Bruneian cake designer Faridah Yussof to create a seven-foot wedding gown cake to serve as the centerpiece of the “Weddings at The Pen 2018” wedding fair which was held on June 9.
A day prior the wedding fair and 11 hours before the mounting of the exhibit, BusinessWorld met with Ms. Yussof to talk about the project as she calmly continued finishing the details, despite working a day behind schedule. Her secret ingredients? Passion and patience.
THE CAKE DESIGNER
Ms. Yussof recalled that her desire to bake cakes began in 1986 when she thought of making one for her twin daughters’ first birthday. “For my first cake I carved two ducks swimming in a pond and I realized I really loved doing cakes.”
She studied at the Wilton School of Cake Decorating in Illinois in 1999, followed by courses in the United Kingdom and Australia, but it was only in 2006 that she decided to sell her cakes.
Despite the growing trend of using artificial (inedible) cakes for special occasions, Ms. Yussof pushes for the use of baked cakes. “It’s your day. It’s your wedding. Why don’t you give it (the cake) to charity or enjoy [it] with guests. I have no idea why they (couples) think it’s a waste,” adding that she finds it difficult to work on artificial cakes since the styrofoam needed to create one in Brunei is sourced from outside the country. “When I mold (a real cake), it’s very easy to handle.”
Ms. Yussof was surprised when she was invited to design a seven-foot cake for The Pen’s wedding fair. Since she believes in investing in experiences, she took them up on the offer. “The challenges and the opportunity, you cannot repeat again — that’s why I agreed,” she said.
THE WEDDING GOWN CAKE
The seven-foot butter-and-chocolate-flavored wedding gown cake took 936 man hours to finish.
Ms. Yussof and her team sought the help of students from the Academy of Pastry and Bakery Arts Philippines in Makati City and ask them to bake the actual cake. Afterwards, Ms. Yussof’s team worked for 12 hours stacking and shaping the cake, as well as filling in the ganache. The following day entailed placing the fondant over the cake prior to working on the dress patterns.
The 1.5-foot torso (which can be mistaken for a dress mannequin at first glance) was baked on a molding tray and used one kilogram (kg) of chocolate ganache, three kilos of fondant, 2.5 kg of cocoa pops, and 2,000 sugar flowers. The 5.5-foot skirt has 252 layers of butter cake, 300 kg of chocolate ganache, 60 kg of fondant, and 19,500 inches of sugar lace.
The cake weighs 500 lbs.
The team members molded the sugar petals and fine lace, while Ms. Yussof put them in place on the cake’s tulle netting, deciding on the spot where to position the sugar crafts to accomplish her desired pattern.
“I don’t believe that [anything is] difficult,” Ms. Yussof said about challenges in baking. “I believe in troubleshooting and managing, if there is a problem in baking. I enjoy the challenges. It always makes me grow. Sometimes, I’m surprised with myself that I managed to solve the problem.”
For more information, visit www.cakesbyfaridah.com and @cakesbyfaridah on Instagram; or e-mail cakesbyfaridah@gmail.com or saffroncafe@gmail.com.

Boracay Water plugs illegally connected pipes

BORACAY Island Water Co., Inc. said it has plugged 36 more illegally connected pipes to the island’s drainage system.
“We need everyone to act responsibly and to properly connect to a reliable sewer system to permanently put a stop to the illegal connections of sewer lines to the drainage system which is intended solely for rain water and not wastewater,” said Joseph Michael A. Santos, Boracay Water general manager and chief operating officer, in a statement.
The plugging of the illegal pipe connections is part of the continuing efforts by the company to ensure proper wastewater management on the island in coordination with the Department of Environment and Natural Resources (DENR) and the Tourism Infrastructure and Enterprise Zone Authority (TIEZA).
“These illegal acts of violators have become the main cause of our system overflows polluting our waters,” Mr. Santos said.
Boracay Water said after plugging the pipes, it has been undertaking similar efforts along the beachfront to help trace and investigate pipelines illegally connected to the drainage system and releasing used water directly to the beach.
Boracay Water, a unit of Manila Water Co., Inc., has been providing assistance to DENR and TIEZA in identifying establishments that release untreated wastewater or used water into the government’s drainage system.
The untreated water has been blamed as the major source of the increased coliform levels at the Bolabog outfall. The island has been closed to non-residents since April 26.
Of the 36 plugged illegal lines, 25 are at the 200-meter stretch of Kanyugan Alley, while 11 illegal pipelines were found along the 200-meter stretch of Road 1A, Boracay Water said.
Mr. Santos said Boracay Water’s efforts to assist DENR and TIEZA are in line with its campaign to encourage households and establishments to connect to the existing sewer network. This is to ensure that their wastewater undergo proper treatment and fully comply with the strict discharge standards of DENR.
Boracay Water has recently built a temporary interceptor and diversion system that redirects drainage water to the company’s Balabag sewage treatment plant to ensure proper treatment.
“With its existing used water network, the company may readily connect more than 500 establishments and residents,” it said. — Victor V. Saulon

Gov’t partially awards seven-year bonds

By Karl Angelo N. Vidal, Reporter
THE GOVERNMENT made a partial award of reissued seven-year Treasury bonds (T-bonds) on Tuesday even as the rate inched higher as concerns on inflation lingered ahead of the policy meeting of the US central bank.
At yesterday’s auction, the Bureau of the Treasury raised P7.612 billion out of the P10-billion program for the reissued seven-year bonds, even as the offer was oversubscribed, with total tenders by banks and other financial firms reaching P14.382 billion.
The seven-year papers fetched an average rate of 5.976%, 11.1 basis points higher than the 5.865% average fetched when the papers were last sold in May.
Accepted bids were capped at 6%. Tuesday’s awarded rate also inched up from the 5.75% coupon.
Had the government proceeded with a full award, the debt papers could have fetched an average rate of 6.003%.
At the secondary market before the auction, the seven-year papers were quoted at 6.4393%.
The bonds rallied to fetch a lower yield of 5.98% as trading closed.
After the auction, Deputy Treasurer Erwin D. Sta. Ana said the demand for the seven-year bonds “remained unchanged” from the previous auction.
“If you analyze the bids coming from the [government securities eligible dealers], it’s at the level where it was [during the previous auction],” Mr. Sta. Ana told reporters.
The government borrowed P4.9 billion from the reissued seven-year bonds it placed on the auction block last May 16. Accepted bids were capped at 5.95%.
“We felt that it didn’t move much although there is a slight uptick in today’s rates compared to what was awarded before,” Mr. Sta. Ana said on Wednesday, adding “market [demand] was there” for the seven-year papers.
The official added that factors such as rising inflation as well as bets on a rate hike from the US Federal Reserve this week were considered by the investors.
“In our pre-auction surveys, [the investors were] saying that there [was] still concern in inflation, and of course, the Fed will meet this week,” he said.
Inflation accelerated to another five-year high of 4.6% last month from the 4.5% recorded in April, as well as the 4.3% logged in March. This is well beyond the government’s 2-4% target.
However, the May inflation print was slower than the 4.9% market consensus in a BusinessWorld poll.
Meanwhile, the Fed is expected to hike its benchmark rates during its policy meeting this week amid low unemployment and rising wages.
“It’s widely expected for [the Fed] to raise rates but I think that’s still an uncertainty that the market may have factored in,” Mr. Sta. Ana said.
Meanwhile, bond traders said on Wednesday that the auction received tepid demand as investors chose to stay on the sidelines ahead of the policy meeting of the Fed as well as the European Central Bank.
“As expected, the demand was on the weaker side given the economic data to be released this week so many investors opted to stay on the sidelines,” a bond trader said in a phone interview.
The Treasury is holding two auctions per week this quarter — one for Treasury bills and another for T-bonds — to reflect increased borrowing requirements.
The government plans to borrow a total of P888.23 billion this year to plug its budget deficit that is capped at 3% of the country’s gross domestic product.

Facebook’s new user review feature may lead to ban of ‘bad’ advertisers

FACEBOOK, Inc. said on Tuesday it would allow users to review businesses that advertise on the social network and possibly ban those that receive the most negative feedback.
The move is aimed at cracking down on businesses whose ads mislead users into buying low quality goods or services or firms that fail to deliver products in their stated shipping time.
Facebook users can leave feedback for their viewed ads under the “Ads Activity” tab, the company said in a blog post.
Advertisers will be given a chance to improve before further action is taken, which might include a reduction in the amount of ads that particular business can run.
This is one of the many changes by the world’s largest social media network to enhance user experience and engagement after it was embroiled in a huge scandal where millions of users’ data was improperly accessed by a political consultancy.
Facebook calls itself “an advertising-supported service” and requires people to accept targeted ads as a condition of using its platform. — Reuters

ANI infuses capital in banking unit

AGRINURTURE, Inc. (ANI) is infusing more capital in its banking affiliate Agricultural Bank of the Philippines, Inc. (ABP), as the latter expands its peer-to-peer platform and e-wallet business.
In a disclosure to the stock exchange on Wednesday, the listed firm said its board of directors has approved its plan to subscribe to up to P100 million worth of ABP’s preferred shares. This will increase ABP’s capital to P200 million, subject to the approval of the Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP).
The additional capital will be used to fund the expansion of ABP’s P2P platform and e-wallet business, it said in a statement.
“Through the capital infusion, ANI aims to enhance supply chain micro-finance access of Filipino farmers in remote areas using technology,” the company said. It added that the platform will allow farmers to borrow money directly using their mobile phones.
The loans obtained from ABP’s P2P platform can then be stored in the farmer’s e-wallet, to be used for purchase from ANI’s accredited merchants.
Also during its meeting, ANI’s board approved the creation of a new financial technology firm called Agri Technology Holdings, Inc. (ATHI), with an initial capital of P100 million. This is slated to complete the company’s farm-to-plate agri-eco system.
“The new subsidiary will serve as ANI’s post harvest and farm technology arm. It will also collaborate with hybrid seed producer BeiDaHuang and agri-biotech company Ocean Biotech, both ANI subsidiaries,” the company said.
ATHI’s incorporation is now pending approval with the SEC.
The company will also be taking in a new investor Takuhiro Kusumi. ANI’s board of directors has approved a P320-million subscription from Mr. Kusumi, consisting of 23.08 million shares priced at P13.86 each. The deal will be subjected to foreign ownership limits set by law.
ANI saw its earnings drop by 95% to P1.02 million during the first quarter of 2018, amid a 7.9% increase in gross revenues to P436.91 million.
Shares in ANI gained 3.7% or 52 centavos to close at P14.58 each at the Philippine Stock Exchange on Wednesday. — Arra B. Francia

The art of plating a dish and taking its picture


A CREATIVELY plated dish, like a live performance, may be considered a temporal art — it is gone upon consumption. Nowadays, as live performances are documented for posterity, a dish is made permanent through photography.
Sous chef Karlo Evaristo is always busy preparing dishes at Studio, a five-star fine dining restaurant in Long Beach, California. During breaks, he opts to not rest but instead spends time taking photos of his plated dishes with his Fujifilm camera before they go out of the kitchen to be served to diners.
Mr. Evaristo began to explore photography when he practiced preparing amuse-bouches and took photos of them for reference. It was only in 2015 that he began posting his food styling trials on his Instagram account (@karloevaristo) almost every day. At present, he has 44,300 followers.
“All the photos that I post are 99% the first try. Some of them I do plan out, but some are spontaneous creations. I think having to force yourself to think of something on a whim sometimes has a very surprisingly good outcome. Great ideas can sometimes come from fortunate accidents. I try to be as original as I can,” Mr. Evaristo told BusinessWorld in an e-mail.
“There is no particular cuisine that I lean toward but I enjoy creating tasting menus. I think consuming small portions of different dishes and flavors rather than a big portion of one dish is more appealing to me,” Mr. Evaristo said about his approach to cuisine and styling. “I think it’s very rewarding when you discover a combination that you just experimented on, versus having to use combinations that are already classics or are combinations that people already know work.”
The challenge of food photography is making a dish look as good as it tastes. “I think out of all our senses, our being able to see things for their beauty is the easiest thing that we are able to share. I think that in this day and age, people are very particular with how things are visually, because it’s something that is easily shared, uploaded, or posted,” Mr. Evaristo said, noting that the challenge is making visually appealing dishes “without looking too manipulated.”
“We eat with our eyes first. However, cooks should never forget that taste comes first, always,” he added.
For Mr. Evaristo social media as a platform for exposure is “definitely a plus,” but not a crucial element to success. “It will definitely help boost your chances of succeeding. I’m not saying that I’m there, it just happens that [a bunch of] people appreciate my passion for food.”
When asked about his culinary philosophy, Mr. Evaristo said: “I just want to make sure that the food will taste good first, then worry about how it looks after.”
A graduate from the School of Hotel, Restaurant and Institution Management (SHRIM) of De La Salle-College of Saint Benilde (CSB) in 2006, Mr. Evaristo’s food styling photographs were chosen as the first exhibit at the Angelo King International Center by the Center for Campus Art. Titled Passion on a Plate, the exhibit features 61 photos.
The Center for Campus Art, the department in charge of all exhibits in CSB, mounted the exhibit as a way for the students to identify with the art. “Our idea is to put art in the hotel,” architect Gerry Torres, Center for Campus Art director, told BusinessWorld at the exhibit launch, adding that Mr. Evaristo’s photos were chosen “because it is a good combination of food and art.”
Passion on a Plate is open to public and on view at the 10/F of the Angelo King International Center from 10 a.m. to 9 p.m. until July 6. — Michelle Anne P. Soliman

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