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Rene Redzepi reveals the future of the World’s Best Restaurant Noma

ITS BEEN six years since the food world’s most famous, brightest names assembled in Copenhagen to plot the future of their industry. But on May 25, 2025, chef Rene Redzepi and the nonprofit organization MAD will reconvene them for the return of its seminal symposium. What’s more, the chef says, the event’s theme also reveals the future he envisions for his famed restaurant, Noma, which he’s said would close for good in 2025.

“First COVID, then huge inflation which created huge problems and bankruptcies and division in the restaurant world, I wanted to see how can we come together,” Mr. Redzepi tells Bloomberg exclusively about why he’s resurrecting the MAD Symposium, which was started by the non-profit MAD organization in 2011 in a bright red circus tent on Copenhagen’s waterfront. The two-day event for 600 people features talks, demos and seminars, and not least, the opportunity to connect. Although chefs are the most notable attendees, there’s a wide range of participants from scientists to botanists and environmentalists.

The theme of next year’s MAD is Build to Last, says Mr. Redzepi, putting an emphasis on the present tense. “This year will be about how we plan with a long-term vision.”

The event is designed to address some of the restaurant community’s biggest issues, from financial pressures, to social reckoning movements like #MeToo and mental and physical health concerns; past themes have included Tomorrow’s Kitchen, which focused on the future of cooking, and Mind the Gap, which addressed gender issues.

“We’ll focus on how do we create resilient business, how do we stay healthy and creative over the course of our careers, how can we work with food to ensure a healthy planet,” says Melina Shannon DiPietro, executive director of MAD of the symposium. “There will be so many smart, incredibly driven people, we have real opportunity here.”

Attendees can include the general public though food and drink professionals get preference. Everyone has to fill out an application. “It’s brief. Not a college application,” laughs Shannon DiPietro.

She says they are finalizing the ticket price which includes (good) food and drinks. The price of the last MAD, in 2018, was 3,500 Danish kronner (about $507 today). Shannon DiPietro adds that some speakers are confirmed but the line-up won’t be announced until the event.

Past symposiums have had a pronounced influence on the mainstream dining world. After attending an early MAD which included food waste talks, Mark Rosati the former culinary director for Shake Shack, Inc., says that after attending 2014 MAD, he became attuned to food waste and started using burgers’ lettuce trimmings for the Chicken Shack sandwiches. Chef Daniel Patterson and Kogi BBQ’s Roy Choi, who met at a MAD conference, went on to present their revolutionary spot Locol, which offers both job training opportunities and good quality fast food in the low-income Watts neighborhood in Los Angeles.

Mr. Redzepi says there are two ground rules for the symposium: ask speakers to dare to say the things they don’t usually say; and for the focus to be on something he and the Noma crew want to learn, too. “The symposium has to be something that we want to learn. In the case of Noma, that is to create a lasting generational foundation and structure that ensures that we stay creative and impactful for a lifetime.”

And that leads to the highly anticipated question: What’s happening with his Noma flagship, a five-time winner on the World’s 50 Best list. “Noma will exist as a pop-up entity,” says Mr. Redzepi. “It will be open once a year, in Copenhagen or somewhere else in the world.” It’s already a model that has proven successful with pop-ups in locations like Tokyo and Tulum.

Noma Projects will carry on whether or not the restaurant is operational, rolling out products like Mushroom Garum and Corn Yuzu Hot Sauce. “It was designed to be the financial foundation, that in itself is not easy,” says Mr. Redzepi, given it makes only small batches of condiments from ingredients that they can source. It will never scale up to a Rao’s pasta sauce, part of a $2.7-billion acquisition by Campbell Soup Co.

Mr. Redzepi, speaking from Japan for his vaunted Noma Kyoto residency, where the tickets are going for €840 ($908) plus service, said that even before the pressures of the pandemic, when he opened a burger spot to cover costs, he was working on a big change for his restaurant. “I wanted to operate a restaurant with pop-up energy, where you spend a year in preparation, with field trips and collaborations with artists. You open for a moment and then it goes away, almost like performance art.”

“People think its pretentious,” he continues, but “you go there to feel something but then you can’t feel it again — it’s gone. I’m excited for the restaurant to operate like that.”

As for logistics, pop-ups could go for a couple weeks, or they could be for four months. “We’re working it out,” says Mr. Redzepi. One thing is confirmed: the restaurant will be open for MAD, May 25-26, although it’s not yet determined whether it will be open to the public.

In fact, Redzepi isn’t revealing a closing date for Noma; he’s keeping things fluid. Following Kyoto, the restaurant will reopen in Copenhagen for a new season starting Jan. 21. Reservations will open on Nov. 11, at 3 p.m. local time on the website; Noma newsletter subscribers will get a link at least 24 hours ahead.

“Our seasonal menu will evolve more fluidly and frequently, showcasing the latest innovations from our test kitchen and fermentation lab,” confirms Lena Hennessy, Noma’s chief operating officer. “As we embark on a new chapter and plan for the future of our organization, our goal remains the same: to make an even bigger and more positive impact on the world of food.” It’s a tall order given how much impact the small, Copenhagen restaurant has already had on the world.

Still, Mr. Redzepi is uncharacteristically optimistic. “I’m more excited about the future than I’ve been in a long time,” he says. “Genuinely, I am.” — Bloomberg

Creador to invest P20B in Philippines over next 5 years

CREADOR PHILIPPINES Country Head and Managing Director Omar Mahmoud

MALAYSIAN private equity firm Creador plans to invest up to P20 billion in the Philippines over the next five years as the company solidifies its presence in the region, its country head said.

In a statement on Wednesday, Creador Philippines Country Head and Managing Director Omar Mahmoud said the company is “actively seeking new investment opportunities” with a focus on ticket sizes worth P2-4 billion.

“We aim to identify promising companies that can benefit from our expertise in helping companies accelerate their growth; that wish to leverage our in-house value creation team to enhance their business operations; or wish to prepare for a pivotal event such as an initial public offering or strategic sale, all with the overriding objective of Creador establishing itself as one the leading players within the Philippine investment landscape,” Mr. Mahmoud said.

Creador said the Asian Development Bank has committed $75 million to the company’s Fund VI while the International Finance Corp. recently announced a possible commitment of up to $50 million.

Other limited partners include some of the world’s largest insurance companies, pension funds, university endowments, and sovereign wealth funds.

Creador’s Fund VI, launched in April, exceeded its $750-million hard cap and is in the process of raising the amount to satisfy demand.

Creador has investments in the Philippines, including a P4- billion investment in financial institution Asialink Finance Corp. in February.

It also invested in other companies such as hard discount retailer Dali Everyday Grocery, ride-hailing service Angkas, digital bank UNO, and credit bureau CIBI.

“These investments underscore Creador’s commitment to supporting the growth of dynamic businesses in the Philippine market and are in addition to the firm helping Malaysian companies like MR.DIY and Tealive to establish a physical presence in the country,” it said.

Founded in 2011, Creador is a private equity firm in South and Southeast Asia. The company has established a presence in the region by backing high-growth companies. It has a team of ten investment professionals based in the Philippines. — Revin Mikhael D. Ochave

Dining In/Out: Spooky Edition

WE’VE GOT some treats you can tuck into for Halloween parties, or just to watch your favorite scary movies this Halloween. Plus some places to visit — if you dare.


Treats, no tricks, from M&S

From spooky satchels to toxic toads – there’s something for everyone at Marks & Spencer (M&S). Back by popular demand, the Hallow-Scream Munch returns to the shelves. It’s a sweet, salty and jelly munch mix packed with chocolate covered malt balls, salty pretzels, chocolate-covered jellybeans, and brownie bits. Create the ultimate scary pick-and-mix for guests with spooky treats including cola-flavored Toxic Toads, Milk Chocolate Lollies, and other “gruesome” sweets. These are available at select M&S stores: Central Square, BGC, Mall of Asia, Glorietta 4, Greenbelt 5, Alabang Town Center, Shangri-la Plaza Mall, SM Aura, and Powerplant Mall in Rockwell. Check out selected food items at 20% or 50% off until Dec. 31. Follow Marks and Spencer at facebook.com/MarksandSpencerPH and Instagram @marksandspencerph to get the latest updates and promos.


Venom Pizza from Pizza Hut

With last week’s premiere of Venom: The Last Dance in Philippine theaters, it’s still a good time to celebrate the Marvel Comics anti-hero. Check out Pizza Hut’s newest limited-time offering in collaboration with Venom: The Last Dance: the Midnight Menace Double Box promo. Satisfy cravings with two large Pan Pizzas, and choose one from Pizza Hut’s Specialty, Supremes, or Lovers lines; and one from Pizza Hut’s Lovers line, for P999. There is the option to upgrade both Pan Pizzas to Stuffed Crust Pizzas (choose from either Original Stuffed Crust Pizza or Sausage Stuffed Crust Pizza) for an additional P300. Each Midnight Menace Double Box combo comes with a limited-edition Venom: The Last Dance pizza box sleeve. Available at Pizza Hut stores for dine-in and take-out orders, or order for delivery via the (02) 8911-1111 hotline, www.pizzahut.com, or the Pizza Hut mobile app for Android and iOS devices; and through Pizza Hut’s official delivery partners GrabFood and foodpanda (prices may vary).


ATC puts up Villain Ville

THE gates of Villain Ville: The Sorcerer’s Lair at Alabang Town Center’s (ATC) activity center are open from Oct. 31 to Nov. 2, welcoming both children and adults. There will be artists to give visitors a spooky makeover with their glowing face art. Kids can also join coloring book activities and strike poses at the mirror on the wall. To participate, children aged four to 13 can be registered with a minimum single receipt of P2,000 from all stores. Each pass grants entry to Villain Ville: The Sorcerer’s Lair for one child and one adult, including access to all activities and a loot bag. Activities will run in six time slots daily, starting at 12:30 p.m. and continuing until 8 p.m.


Discovery Boracay and Coron mark Halloween

Discovery Boracay celebrates the spooky long weekend starting on Oct. 31 from 4 to 7 p.m. at the Sandbar with a Sunset Session. On Nov. 1, guests of all ages can enjoy the Halloween Trick or Treat from 3 to 5 p.m. Walk-ins are welcome to join for P800 net. Continue the excitement with DJ Davide’s Sunset Session at Sandbar from 4 to 7 p.m., then end the evening with a Pinoy BBQ Buffet priced at P1,499 net per person at Sands. Keep the party going on Nov. 2 with DJ Justine V for a Sunset Session from 4 to 7 p.m., followed by an Italian BBQ at the Courtyard priced at P1,499 net per person at from 7 to 10 p.m. for P1,499 net. Meanwhile, Discovery Coron has a Halloween lineup with Trick or Treat activities, a Sunset DJ Party, and discounted spa treatments for some extra relaxation. On Nov. 1, guests can enjoy a Halloween-themed adventure at the Kids Treehouse, while others can relax at the Sunset DJ Party at Dugong Bar Deck with drinks and music. For a more tranquil experience, unwind with 20% off treatments at Glow Spa. On Nov. 2, guests can enjoy a Halloween Buffet at the poolside with a live band for P2,200 net, featuring an American-inspired spread to cap off their Halloween adventure. For reservations, visit https://www.discoveryboracay.com/special-offers/book-direct for Discovery Boracay and https://www.discoverycoron.com/special-offers/book-direct for Discovery Coron.


Robinsons Malls hosts Halloween celebrations

THIS October, Robinsons Malls’ “Halloween Chills & Thrills” will take place at several Robinsons Malls nationwide. The Children’s Costume Contest on Oct. 31 welcomes young barkadas (from three to eight kids each) in a “Squad Edition” theme. Horror movie fans can also catch spine-tingling films like Saw X and 13 Exorcisms at the HorrorKada Fest in participating Robinsons Movieworld cinemas which are screening until Nov. 5, with tickets priced at just P120. Pet owners can enter their fur babies in the “Horror Pets-tival,” featuring a pet costume contest and other activities.


Halloween treats at City of Dreams Manila

CITY OF DREAMS Manila’s Café Society offers Halloween appropriate pastries and confections until Nov. 1. The playful Halloween-themed offerings include a Witch Pot Cake (P2,200), Pumpkin Coffin Cake (P1,500), Witch’s Trio of Mini Cakes (P600), Haunted Bricks Chocolate Bar (P350), and Scary Halloween Cookies (P400 for five pieces), among other choices. Meanwhile, at the center of the gaming floor, CenterPlay will offer Halloween-inspired specialty beverages for the whole month of November from 6 p.m. to 2 a.m. For P500 net, guests can choose from five choices of tipples: Nightmare, Potion Ivy, Haunted Spirit Sour, Bloody Marga, and Amarantha.


Halloween at Newport World Resorts

IT IS HALLOWEEN at Newport World Resorts. Michelin Guide-listed Hotel Okura Manila beckons guests to tap into inner witchcraft with the Nightmare — a special Halloween cocktail that combines gin and sake with strawberry, exclusively available until Nov. 3 only. And at Yawaragi, the signature Kisetsu Buffet is reimagined with a Halloween twist from Nov. 1 to 3, complete with a dedicated kids’ section with themed pastries. At Sheraton Manila Hotel, Haunted Seas take over the S Kitchen on Oct. 31. Pirate-themed dishes and spooky fun take the spotlight at the restaurant. Oori Korean Restaurant will offer a Fairy Fantasy celebration. On Oct. 31, the Black Banquet Halloween Dinner Buffet will be served at the Marriott Cafe at Manila Marriott Hotel. These feasts come complete with trick or treat activities for kids. Visit the Marriott Cafe Bakery for ghoulish surprises. For more information on the Bewitching Halloween 2024 at Newport World Resorts visit www.newportworldresorts.com.

Yields on central bank’s term deposits go down

BW FILE PHOTO

TERM DEPOSIT yields inched down on Wednesday on strong demand following the cut in banks’ reserve requirement ratios (RRR) and as markets remain cautious ahead of the US presidential election next week.

The Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) fetched bids amounting to P250.427 billion on Wednesday, above the P210-billion offering but below the P286.874 billion in tenders for the P170 billion placed on the auction block last week.

Broken down, tenders for the seven-day papers reached P​​133.311 billion, higher than the P120 billion auctioned off by the central bank but below the P169.976 billion in bids for the P90-billion offer of five-day deposits the previous week.

Banks asked for yields ranging from 5.95% to 6.13%, slightly wider than the 5.99% to 6.14% band seen a week earlier. This caused the average rate of the one-week deposits to slip by 0.44 basis point (bp) to 6.0892% from 6.0936% previously.

Meanwhile, bids for the 14-day term deposits amounted to P117.116 billion, above the P90-billion offering and the P116.898 billion in tenders for the P80 billion in 12-day papers auctioned off a week earlier.

Accepted rates for the tenor were from 6% to 6.1685%, narrower than the 5.998% to 6.2% margin seen a week ago. With this, the average rate for the two-week deposits dropped by 0.93 bp to 6.1281% from 6.1374% logged in the prior auction.

The central bank has not auctioned 28-day term deposits for more than four years to give way to its weekly offerings of securities with the same tenor.

The term deposits and the BSP bills are used by the central bank to mop up excess liquidity in the financial system and to better guide market rates.

TDF yields ended lower after the latest cut in banks’ RRRs took effect last week, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The BSP has reduced the RRR for universal and commercial banks and nonbank financial institutions with quasi-banking functions by 250 bps to 7% from 9.5% effective on Oct. 25.

It also slashed the RRR for digital banks by 200 bps to 4%, while the ratio for thrift lenders was reduced by 100 bps to 1%. Rural and cooperative banks’ RRR was brought down by 100 bps to 0%.

“That effectively released about P400 billion in peso liquidity into the banking system that may be deployed for additional loans and credit, as well as additional investments in bonds, other fixed-income instruments, stocks, and other investments,” Mr. Ricafort said.

He added that term deposit rates moved sideways as markets price in the possibility of Republican candidate Donald J. Trump winning the US presidential race, leading to a stronger dollar and higher US yields.

“Any Trump victory could lead to higher US inflation amid possible trade war that could lead to higher tariff rates on imports from China and other countries, tighter immigration rules that could increase US labor costs, deficit spending on possible tax cuts, and economic stimulus, among others,” Mr. Ricafort said.

Asia’s financial markets stand on the front line of what could be a wild ride when votes are tallied and in the months ahead since the region is an export powerhouse and shares and currencies are sensitive to changes in US trade policies, Reuters reported.

That has money managers shying away from outright wagers on the outcome and looking instead to reduce exposure to vulnerabilities from Japanese manufacturers to Hong Kong stocks and make bets in India or China that stand to gain regardless of the US leader.

In the final stretch to the Nov. 5 election, betting odds have Republican Mr. Trump leading Democrat Kamala Harris and financial markets have moved to sell US bonds and buy dollars in anticipation a Trump administration would increase inflation.

Meanwhile, Ms. Harris’ lead over Mr. Trump dwindled in the final stretch of the US presidential contest, with the Democrat ahead by a single percentage point over the Republican, 44% to 43%, according to a Reuters/Ipsos poll published on Tuesday.

The three-day poll, completed on Sunday, showed the race effectively tied ahead of the Nov. 5 election. The poll had a margin of error of about three percentage points in either direction.

While Ms. Harris has led Mr. Trump in every Reuters/Ipsos poll of registered voters since she entered the race in July, her lead has steadily shrunk since late September. A prior Reuters/Ipsos poll conducted Oct. 16-21 showed Ms. Harris, the current US vice president, with a two-point lead over former President Trump. — Luisa Maria Jacinta C. Jocson with Reuters

Alternergy to increase Tanay wind farm’s capacity to 128 MW

MONICA DAHIYA-UNSPLASH

ALTERNERGY Tanay Wind Corp. (ATWC), a unit of Alternergy Holdings Corp., has received approval from the Energy department to increase the capacity of the Tanay Wind Power Project in Rizal.

ATWC will be able to increase the wind power project’s capacity to 128 megawatts (MW) from 112 MW previously, the company said in a statement on Wednesday.

With higher capacity, the project cost has also increased to P11.5 billion from P10.4 billion previously.

“We conducted a technical optimization study which showed that the potential net energy within the production area could generate as much as 128 MW of capacity,” said Knud Hedeager, president of Alternergy Wind Holdings Corp., the sub-holding company for wind assets.

With the approval from the Department of Energy, the Tanay Wind Power Project will be installed with a total of 16 wind turbine generators with a rated capacity of eight MW.

The construction of the project has secured financing of up to P8 billion from the Bank of Philippine Islands and the Security Bank.

It will be Alternergy’s second wind project in Rizal province, on top of the 54-MW Pililla Rizal Wind Project which has been operating since 2015.

Construction of the project started in June with target commercial operations by the end of 2025.

ATWC has sought the approval of the Energy Regulatory Commission to construct a transmission facility that will link the Tanay wind farm to the Luzon grid.

Alternergy aims to construct dedicated point-to-point limited transmission facilities at an estimated cost of P2.2 billion.

The company is targeting to develop up to 500 MW of additional wind, solar, and run-of-river hydro projects.

Shares in the company on Wednesday climbed by 2.71% to P0.94 apiece. — Sheldeen Joy Talavera

AI accent tech to improve BPO service delivery

WANGXINA-FREEPIK

By Aubrey Rose A. Inosante, Reporter

THE INFORMATION technology and business process management (IT-BPM) industry can provide improved customer service through the use of artificial intelligence (AI) technology that neutralizes accents, experts said.

“I think it’s going to be an advantage to all. I think it’s going to reduce handling times. I think it’s going to improve the quality of customer experience across the board,” Jack Madrid, president and chief executive officer of the IT & Business Process Association of the Philippines (IBPAP), said.

Mr. Madrid said he saw a demo of Silicon Valley company Sanas’ technology and was “very impressed” with how it transformed the accent of an agent from Samar into a North American accent.

“It was quite neutral without changing her voice. It was still the voice of the agent. It’s going to make the customer experience more productive, the length of the call shorter, and resolution faster,” he said.

“Relative to other countries, we have among the most neutral accents, especially for North America. But I would not limit the Philippines’ competitive advantage to a neutral accent,” Mr. Madrid added.

Familiarity with English and the American culture are part of Filipinos’ competitive advantage in the business process outsourcing (BPO) sector, as well as their ability to learn new skills, strong service orientation, and a “world-renowned” level of empathy, he said.

Anant Singh, head of go-to-market at Sanas, said that more than 30,000 agents in India and the Philippines currently use Sanas for accent translation.

“By becoming an official member of the IT & Business Process Association of the Philippines, Sanas is strengthening and expanding its footprint in the Philippines, positioning itself to empower local contact centers and drive economic growth,” Mr. Singh said in an e-mail.

Sanas also aims to deepen its understanding of the Philippines market and collaborate with business leaders to advance the country’s contact center industry, he said.

“Before Sanas, agents were often hired, fired, or promoted based solely on their accents,” Mr. Singh said.

With accent neutralization technology, BPO companies can now focus on hiring based on talent rather than “digestible” accents, he said, adding that firms that were reluctant to expand their operations into the Philippines due to cultural differences and accents are now more open to it due to Sanas.

“It is for this reason that Sanas is enabling companies to hire talent from a much larger pool than previously available. Companies can now expand out of hubs like Manila and go into areas in the Philippines like Cabanatuan and Davao.”

IT-BPM firms can now hire 36% more talent that they previously wouldn’t due to accent barriers, Mr. Singh said, which will continue to drive operational efficiencies and return on investment.

He added that Sanas’ customers are considering expanding beyond Tier 1 and 2 cities into more rural parts of the Philippines, creating more job opportunities.

“Sanas’ technology opens new opportunities in previously untapped markets, enabling businesses to expand their services globally. Our AI technology will expand jobs in the Philippines,” he said.

AI USE IN THE INDUSTRY
An IBPAP survey conducted this year showed that 67% of IT-BPM firms in the country are already using AI in their operations, with only 8% reporting a decline in their workforce due to the use of the new technology.

Meanwhile, 13% reported headcount gains.

AI has been deployed in customer service, data entry, and quality assurance, IBPAP said, adding that challenges in the use of these technologies include the cost of implementation, integration with legacy systems, data privacy, and lack of talent.

Mr. Madrid earlier said the impact of AI on firms’ operations has been “mostly positive, with companies reporting improvements in productivity, operational efficiency, service quality, and revenue generation.”

The IBPAP is targeting $38 billion in revenues and a 7% growth in headcount to 1.82 million employees by end-2024.

Benjamin B. Velasco, assistant professor at the School of Labor and Industrial Relations at the University of the Philippines Diliman, said accent neutralization technology is expected to have a “great impact” on the BPO industry as this will increase productivity, although he added that it “hopefully will not displace labor.”

“Others like chatbots will have a labor displacement effect. But like other tech, it will destroy but also create jobs. People are needed to train AI,” Mr. Velasco said.

There are already Filipinos working for AI technology companies and doing outsourced work for corporations using AI, he added.

Meanwhile, Leonardo A. Lanzona, an economics professor at the Ateneo de Manila University, said the effect of this AI accent neutralization technology on the BPO sector will largely depend on the response of the industry itself and the government.

“The idea is to make technology increase worker productivity and not to replace it. So, we need to be selective about the types of technology we will adapt, or we need to adapt it in such a way that it creates new jobs,” Mr. Lanzona said.

It is important for the government and private sector to work together to ensure that the development of these kinds of technologies would not lead to more unemployment, he added.

Can cash still make you king?

ANDRES PEREZ-UNSPLASH

I ARRIVED hungry but with some anxiety at The Yellow Bittern on Caledonian Road, not far from St. Pancras Station. The small restaurant — seating about 16 diners — had been open for less than a week. From the street it looked like a bookstore, befitting its name, which is taken from a three-century-old Irish poem. The place is run by Hugh Corcoran, the Belfast-born chef who’d made his reputation cooking in France and Spain. I wasn’t nervous about the food. I’d had his game stew and a sumptuous dish of tripe a year ago at a pop-up in Dalston. But there was a twist to this latest venture: The Yellow Bittern only takes cash.

As I looked at the chalkboard menu, I did arithmetic in my head to make sure the £100 I’d withdrawn from an ATM would cover me. While I’ve been to other cash-only restaurants, this was the first with expensive art on the wall (including what looked like a piece by the Scots painter Peter Doig, whose work has gone for millions at auction). What if I let my appetite get the better of me and ordered too much food and wine? I reluctantly averted my eyes from the sizable guinea fowl/wood pigeon pie and stuck to the Dublin coddle instead (sausage, bacon, potatoes, delicious).

There is one big advantage to doing business in cash: Restaurants don’t have to pay the fees imposed by credit-card companies for their services. You also have immediate access to funds if you keep the money close at hand. But there are disadvantages, too: The tax authorities are more likely to inflict audits on you; and word of cash on the premises may attract thieves. At The Yellow Bittern, you have to buzz to be let in. That’s a good precaution. But walking to banks to deposit envelopes of cash can also be hazardous. It all seems anachronistic in an age when finances can be zipped and zapped everywhere within seconds. I have my smartphone, so why should I even need cash in my wallet?

Over my solo lunch, though, it occurred to me that perhaps I’d taken to my cash-free habits too blithely. Why did cash feel archaic? In London, I use my phone to pay for almost everything, from rides on the bus and the tube to purchasing books and coffee and dinner. It’s been a rather recent and swift change in my behavior. Seven years ago, when I lived in New York, I made constant visits to ATMs to make sure I had enough cash to pay for the subway, taxis, snacks, and after-work drinks.

The rest of the world hasn’t yet caught up to the UK and countries like Denmark (even in London, the traditional black cabs prefer cash, though they will grumblingly take electronic payment if you insist). You may consider Japan to be the nation of the future, but most of its consumers and shops still prefer to use cash at point-of-purchase.

Many people retain a fetishistic attachment to paper money. That’s because it is trust made visible — a certificate of value that governments and institutions promise to back up with their prestige and power (though not gold, which hasn’t been a currency standard anywhere in the world for decades). It’s not a contemporary virtue.

Faith has been part of successful financial practice for centuries. The cross-border hawala system of middlemen in India and the Middle East — who parlay funds across hundreds, if not thousands, of miles — has been in place since at least the 14th century. As Time magazine’s news director, I used it to send money to reporters and staffers in post-Saddam Iraq because it was impossible to get a US or Western bank to do so. It never failed me.

But institutions and powerful governments can deteriorate. The Chinese invented paper money centuries ago, but they also were aware that the underlying principle was delicate. Archaeologists continue to find jars full of coins stashed underground, apparently in preparation for the inevitable moment of dynastic decline, when rebellion, inflation, corruption, and upheaval would shake the empire’s authority — and the efficacy of paper. At the very least, the metal would retain a tincture of melt-down value.

That’s a lot to chew over with lunch. But there was more: A recent personal crisis involving trust emerged like a bad Proustian flashback. Last year, I foolishly believed a caller purporting to be from my bank warning me of an attempt to hack into my account. Alarmed, I followed his instructions, not suspecting the caller was in fact the scammer. After friends — at a restaurant — chided me for being too trusting, I discovered that tens of thousands of pounds from my savings had gone several ways across the world. My genuine bankers were sympathetic and, in time, restored my losses. But it took just moments of misplaced trust to vaporize my money into electronic signals that sped out of my possession. In contrast, I’d been mugged only once in New York — at gunpoint, which was terrifying — but the robber asked for my wallet only to remove whatever cash was in it, handing it back to me with my cards. I was shaken but only out $40.

I’m not saying that makes cash king — maybe just that I’m a fool with money, in any shape. I’m now spooked by the phone thieves rampant in central London.

Money is a complicated thing — and lunchtime meditations don’t come close to covering the way it permeates our lives. Its value depends on the willingness of you and me, as well as governments everywhere, to recognize it indeed has value. That is a scary circular argument — but we’re living it. Don’t let convenience lull you into complacency.

Oh, lunch came to £55. I left a £15 tip. I was so relieved to have enough cash.

BLOOMBERG OPINION

Teri Garr, Oscar-nominated star of Tootsie and Young Frankenstein, 79

Teri Garr alongside Dustin Hoffman and Sydney Pollack in a scene from the 1982 film Tootsie. — IMDB

LOS ANGELES — Academy Award-nominated comedy actress Teri Garr, whose sunny personality lit up the screen in films such as Young Frankenstein and Tootsie, died on Tuesday at age 79.

Ms. Garr, who earned an Oscar nomination for her role opposite Dustin Hoffman in the 1982 gender-swap comedy Tootsie, died in Los Angeles from complications of multiple sclerosis (MS), publicist Heidi Schaeffer said.

The actor disclosed in 2002 that she had been diagnosed with MS after experiencing symptoms for some two decades. She became an advocate for MS research and treatment. In 2007, MS. Garr underwent surgery for a brain aneurysm and was confined to a wheelchair for a time.

“I had to learn to walk again, to talk again and to think again, which I’m not even sure is necessary in Hollywood,” she joked in an interview with Reuters in 2008.

Teri Ann Garr was born on Dec. 11, 1944 in the Cleveland suburb of Lakewood, Ohio, to show-business parents: Her father, Eddie, was a vaudeville performer and actor who appeared on Broadway and her mother, Phyllis, danced at New York’s Radio City Music Hall as one of the Rockettes.

After attending college in Los Angeles, Ms. Garr moved to New York City to pursue a career in ballet and then in acting, studying at the famed Actors Studio in Manhattan.

Some of her earliest credits included work as a background dancer in Elvis Presley’s Viva Las Vegas.

After roles on TV shows such as Star Trek and Batman, Ms. Garr was cast by Mel Brooks as a German lab assistant in the 1974 film Young Frankenstein.

“Her humor and lively spirit made the Young Frankenstein set a pleasure to work on,” Mr. Brooks wrote on X on Tuesday. “Her ‘German’ accent had us all in stitches! She will be greatly missed.”

Michael Keaton, who starred with Ms. Garr in Mr. Mom, also paid tribute.

“Forget about how great she was as an actress and comedienne. She was a wonderful woman,” Mr. Keaton said on Instagram, adding “go back and watch her comedic work — man, was she great!!”

“Loved her so much,” comedian Steve Martin wrote above a photo of Ms. Garr.

Outside of comedy, Ms. Garr also had memorable drama roles. For Close Encounters of the Third Kind, she played the wife of a man obsessed with UFOs (Richard Dreyfuss) in the Steven Spielberg science-fiction classic.

Ms. Garr said her sense of humor had helped her persevere through health challenges.

“It’s absolutely critical,” she told Reuters. “A sense of humor and attitude is the most important thing in everything.” — Reuters

Metrobank’s FMIC to sell shares in asset management arm to ATRAM

FIRST METRO Investment Corp. (FMIC), the investment banking arm of Metropolitan Bank & Trust Co. (Metrobank), will sell its shares in First Metro Asset Management, Inc. (FAMI) to the ATR Asset Management Group (ATRAM Group).

FMIC’s board of directors on Oct. 30 approved the sale of its FAMI shares to the ATRAM Group “as part of its strategy to focus on the investment banking business,” the Ty-led bank said in a disclosure to the stock exchange on Wednesday.

FMIC will sell 1,050,000 common shares representing 70% of the issued and outstanding capital stock of FAMI to a consortium made up of the ATRAM Group — led by its parent firm ATRAM Investment Management Partners Corp. — and investment holding company MET Holdings, Inc., First Metro Philippine Equity Exchange Traded Fund, Inc. (First Metro ETF) said in a separate disclosure.

“The entry of the ATRAM Group will not affect the company’s current leadership team to ensure continuity and stability of the company’s operations. Meanwhile, FAMI’s quality of service will remain unchanged and most importantly, clients can rely on the same dedication and expertise that it has always provided,” it said in a statement.

A share purchase agreement will be executed between FMIC and MET, with the completion of the transaction subject to the fulfillment of the deal’s conditions, it added.

“The ATRAM Group is a reputable and respected player in the industry for its expertise in fund management. We are confident that it can carry out what we have started in FAMI and even bring the company to greater heights,” FMIC President Antonio R. Ocampo, Jr. was quoted as saying in the firms’ joint statement.

“FAMI is a valuable acquisition for us as we aim to expand our fund management operations in the country. It is a strategic business move given its mix of funds,” said Manuel N. Tordesillas, ATR Holdings president and ATRAM Trust Corp. chairman.

Mr. Tordesillas assured FAMI’s clients that there would be a “smooth transition and uninterrupted continuation of business” following the transaction.

“Part of FAMI’s mission is to be a trusted steward who promotes investment literacy, creates innovative investment solutions, and provides exceptional customer experience, thereby transforming Filipinos from savers to investors. ATR Holdings and ATRAM are enthusiastic to be given the opportunity to carry out FAMI’s mission further,” he added.

FAMI is the principal distributor, administrator and fund manager of First Metro ETF and FMIC’s mutual funds.

It was founded in 2005 by FMIC as part of a joint venture with the Catholic Educational Association of the Philippines and Marist Brothers Congregation Philippines, Inc.

Meanwhile, the ATRAM Group operates through ATRAM Trust and ATR Asset Management, Inc.,  managing portfolios made up of mutual funds, trust assets, insurance portfolios, and real estate for its clients. It had assets under management of over P385 billion at end-September.

On the other hand, Union Bank of the Philippines, Inc. (UnionBank) confirmed in a separate disclosure there are ongoing discussions to merge its trust business with the ATRAM Group with the latter as the surviving entity, but added that nothing has been finalized.

Metrobank’s net income rose by 11.35% to P12.124 billion in the third quarter, bringing its nine-month profit to P35.729 billion, up by 12.4% year on year.

Meanwhile, UnionBank saw its net income climb by 20.12% year on year to P3.02 billion in the second quarter. This brought its net profit for the first semester to P5 billion, down by 17.18% year on year.

Shares in Metrobank went up by P3.95 or 5.23% to end at P79.45 each on Wednesday, while UnionBank closed at P37.75 apiece, climbing by P1.20 or 3.28% from the previous day. — AMCS

Higher enrollment lifts STI Education net income by 84%

STI.EDU

STI EDUCATION Systems Holdings, Inc. saw an 84% increase in its full-year net income for the fiscal year 2024 ended June, rising to P1.61 billion from P873.83 million the previous year.

Gross revenue went up by 38% to P4.7 billion from P3.4 billion last year, STI Education said in a statement to the stock exchange on Wednesday.

Revenue from tuition and other school fees rose by 40% to P4.3 billion from P3.07 billion the year before.

Total costs and expenses also climbed by 18.6% to P2.92 billion from P2.46 billion a year ago.

For the school year 2023-2024, enrollment increased by 27% to 119,543 from 94,312 the previous year.

New enrollees reached 55,982, up by 35% from 41,565 a year ago.

Broken down, STI Education Services Group (STI ESG), which operates 63 campuses nationwide, recorded a 27% jump in enrollment, with 103,982 students across its owned and franchised schools.

STI West Negros University (WNU) in Bacolod City also saw a 30% jump in enrollment to 13,328, while iAcademy had 2,233 enrollees.

STI recently finished various construction projects such as a new building for the school of basic education at STI WNU, as well as new buildings in STI Ortigas-Cainta and STI Lipa.

The company also completed classroom expansion and renovation projects to improve the learning environment for students and faculty.

STI ESG also installed solar panels on several campuses as part of its sustainability initiatives.

On Wednesday, STI shares fell by 0.81% or one centavo to PHP 1.22 per share. — Revin Mikhael D. Ochave

A commitment to a safer future for the Philippines

IN November 2023, we introduced the Secure Future Initiative (SFI) to advance cybersecurity protection for Microsoft, our customers, and the industry. By May 2024, we expanded the initiative to focus on six key security pillars, incorporating industry feedback and our own insights. Since the initiative began, we’ve dedicated the equivalent of 34,000 full-time engineers to SFI — making it the largest cybersecurity engineering effort in history. Today, we’re sharing key updates and milestones from the first SFI Progress Report.

A FOCUS ON SECURITY ABOVE ALL ELSE
At Microsoft, we recognize our unique responsibility in safeguarding the future for our customers and community. Every individual at Microsoft plays a pivotal role in prioritizing security above all else. We’ve made significant progress in fostering a security-first culture. To improve governance, we announced the creation of a new Cybersecurity Governance Council and the appointment of deputy chief information security officers (CISO) for key security functions and all engineering divisions. Led by our CISO Igor Tsyganskiy, the deputy CISOs form the Cybersecurity Governance Council and are responsible for the company’s overall cyber risk, defense, and compliance.

Security is now a core priority for all employees at Microsoft and will be included in their performance reviews. This empowers every employee and manager to commit to — and be accountable for — prioritizing security. We also launched the Security Skilling Academy, a personalized learning experience of security-specific, curated trainings for all employees worldwide. The academy ensures that no matter the role, employees are equipped to prioritize security in their daily work and identify the direct part they have in securing Microsoft. To ensure accountability and transparency at the highest levels, Microsoft’s senior leadership team reviews SFI progress weekly and updates are provided to Microsoft’s board of directors quarterly. Additionally, Microsoft’s senior leadership team now has security performance directly linked to compensation.

A COMPREHENSIVE APPROACH TO CYBERSECURITY
We’ve also made progress across our six key pillars, each representing a critical area of cybersecurity focus. These pillars guide our ongoing work to raise the bar for security across Microsoft and help us meet the evolving demands of the security landscape.

In protecting identities and secrets, we completed updates to Microsoft Entra ID and Microsoft Account for our public and US government clouds to generate, store, and automatically rotate access token signing keys using the Azure Managed Hardware Security Module service. We have continued to drive broad adoption of our standard identity software development kits (SDKs), which provide consistent validation of security tokens. This standardized validation now covers more than 73% of tokens issued by Microsoft Entra ID for Microsoft-owned applications. We have extended standardized security token logging in our standard identity SDKs to support threat hunting and detections and enabled those in several critical services ahead of broad adoption. We completed enforcement of the use of phishing-resistant credentials in our production environments and implemented video-based user verification for 95% of Microsoft internal users in our productivity environments to eliminate password sharing during setup/recovery.

In protecting tenants and isolating production systems, we completed a full iteration of app lifecycle management for all our production and productivity tenants, eliminating 730,000 unused apps. We eliminated 5.75 million inactive tenants, drastically reducing the potential attack surface. We implemented a new system to streamline the creation of testing and experimentation tenants with secure defaults and strict lifetime management enforced. We have deployed over 15,000 new production-ready locked-down devices in the last three months.

In protecting networks, over 99% of physical assets on the production network are recorded in a central inventory system, which enriches asset inventory with ownership and firmware compliance tracking. Virtual networks with backend connectivity are isolated from the Microsoft corporate network and subject to complete security reviews to reduce lateral movement. To help customers secure their own deployments, we have expanded platform capabilities such as Admin Rules to ease the network isolation of platform as a service (PaaS) resources such as Storage, SQL, Cosmos DB, and Key Vault.

In protecting engineering systems, 85% of our production build pipelines for the commercial cloud are now using centrally governed pipeline templates, making deployments more consistent, efficient, and trustworthy. We have slimmed down the lifespan of Personal Access Tokens to seven days, disabled Secure Shell access for all Microsoft internal engineering repos, and significantly reduced the number for elevated roles with access to engineering systems. We also implemented proof of presence checks for critical chokepoints in our software development code flow.

In monitoring and detecting threats, we have made significant progress enforcing that all Microsoft production infrastructure and services adopt standard libraries for security audit logs, to ensure relevant telemetry is emitted, and retain logs for a minimum of two years. For instance, we have established central management and a two-year retention period for identity infrastructure security audit logs, encompassing all security audit events throughout the lifecycle of current signing keys. Similarly, over 99% of network devices are now enabled with centralized security log collection and retention.

In accelerating response and remediation, we updated processes across Microsoft to improve Time to Mitigate for critical cloud vulnerabilities. We began publishing critical cloud vulnerabilities as common vulnerability and exposures, even if no customer action is required, to improve transparency. We established the Customer Security Management Office to improve public messaging and customer engagement for security incidents.

THE PHILIPPINES AND MICROSOFT’S SFI
The Philippines, with its rapidly growing digital economy, has seen a significant rise in cybersecurity threats. As businesses and consumers increasingly rely on digital platforms, the need for robust cybersecurity measures has never been more critical. The Philippine government has been proactive in addressing these challenges, with initiatives such as the National Cybersecurity Plan 2022, which aims to protect the country’s critical information infrastructure, government networks, and individuals from cyber threats.

Microsoft’s SFI aligns well with these local efforts, providing advanced security solutions that can help Filipino businesses and government agencies safeguard their digital assets. The Security Skilling Academy, for instance, can play a crucial role in upskilling the local workforce, ensuring that employees are well-equipped to handle cybersecurity challenges. Additionally, the focus on protecting identities and secrets is particularly relevant in the Philippines, where digital financial services are rapidly expanding.

REAFFIRMING OUR SECURITY COMMITMENT
At Microsoft, we prioritize consistent progress in security over perfection. This is evident in the extensive resources dedicated to our Secure Future Initiative, which ensures product security from inception through deployment and ongoing use.

SFI is built on three core principles: Secure by Design, Secure by Default, and Secure Operations. Secure by Design emphasizes that security is prioritized from the very beginning of the design process for any product or service. Secure by Default ensures that security protections are enabled and enforced by default, requiring no extra effort from users and making them non-optional. Lastly, Secure Operations focuses on the continuous improvement of security controls and monitoring to address current and future threats. These principles guide our product teams, who adopt the Microsoft Security Development Lifecycle to reduce vulnerabilities and enhance security.

Our efforts focus on increasing protection, eliminating noncompliant assets, and improving monitoring. We are committed to continuous improvement, transparency, and industry collaboration. This year, we supported the US Cybersecurity and Infrastructure Security Agency’s Secure by Design pledge and integrated recommendations from the Cyber Safety Review Board.

The work we’ve done so far is only the beginning. We know that cyberthreats will continue to evolve, and we must evolve with them. By fostering this culture of continuous learning and improvement, we are building a future where security is not just a feature, but a foundation.

 

Peter Maquera is the chief executive officer of Microsoft Philippines.

New LTO rules need reconsideration

PHILIPPINE STAR/RUSSELL PALMA

For as long as I’ve been buying and selling cars, I’ve followed what a number of secondhand car owners know as the “30-day rule”: complete all the necessary paperwork, notarize the deed of sale, and submit the documents to the Land Transportation Office (LTO) within 30 days of purchase. It’s a process I first encountered almost 30 years ago when buying my first car, and it’s one I’ve continued to observe out of habit and practicality.

Over the years, I’ve seen the challenges of this bureaucratic maze firsthand. A single transfer of ownership involves multiple steps: securing a police clearance, undergoing stenciling for verification, and lining up at the Highway Patrol Group clearance center and the LTO district office. These steps alone require considerable time and patience.

Yet, the importance of ownership transfer hit me even harder when some years back I received in the mail a traffic ticket for a car I had already sold. The new owner hadn’t yet registered the vehicle in his name, leaving me in a tangled web of responsibilities for a car I no longer owned. It was not a major violation — driving on coding day — but I had to pay a hefty fine just the same.

To avoid future issues, I included a clause in every deed of sale I signed, requiring the buyer to complete the ownership transfer within what I felt was a “reasonable” timeframe, typically that familiar 30-day period. However, with the issuance of a new LTO Administrative Order, these expectations may soon shift for everyone in the pre-owned car market.

Under Administrative Order No. VDM-2024-046, the LTO has adjusted its expectations, now requiring that all ownership transfers be reported within a tighter 20-day period. This move is part of LTO’s mandate to enforce two significant laws: the Motorcycle Crime Prevention Act (Republic Act No. 11235) and the new anti-carnapping law (Republic Act No. 10883).

The Motorcycle Crime Prevention Act sets an even shorter timeframe, demanding that ownership of motorcycles be registered within five days of sale. The Anti-Carnapping Law, meanwhile, mandates that all vehicle sales, including those involving engine or chassis replacements, be registered within 20 days.

The penalties for failing to comply are steep. Buyers and sellers alike face fines ranging from P20,000 to P40,000, and both the vehicle and relevant driver’s licenses can be flagged. However, while the spirit behind the Administrative Order (AO) is understandable, certain aspects of its implementation deserve scrutiny. The LTO should recognize the barriers to swift compliance, and as it stands, this AO could place undue burdens on law-abiding vehicle owners navigating a system already rife with challenges.

Around the world, regulations on pre-owned vehicle ownership transfers are designed with both security and practicality in mind. In Singapore, for instance, ownership transfers are handled through an efficient online system managed by the Land Transport Authority, requiring only a few days for complete processing. Transfers must be completed in seven days.

The United Kingdom’s Driver and Vehicle Licensing Agency (DVLA) allows 30 days to register ownership changes, giving buyers and sellers ample time for due diligence while avoiding penalty traps.

An extended timeframe, paired with accessible online options, will be the best approach, I believe. Such not only streamlines ownership transitions but also helps create a fair system for all parties. Without overly rigid requirements, these frameworks acknowledge the logistical demands on individuals, recognizing that compliance cannot rely on speed alone.

While I support the LTO’s intention behind this order — encouraging timely ownership transfers and upholding accountability — I also see the need for a more practical approach. The requirement to report a sale online within five days raises significant barriers, especially given the gaps in access to the Land Transportation Management System (LTMS).

Not all Filipinos, especially those in remote areas, have easy access to online platforms. The hurdles extend to the paperwork as well; under the AO, sellers must upload notarized deeds, original registration documents, and identification within the five-day period — a time crunch that may prove unmanageable for many.

Compounding the problem is the AO’s treatment of liability. Under the new regulations, if the buyer fails to initiate the transfer process after the seller reports the sale, the seller could be flagged and potentially penalized. This asymmetry unfairly burdens sellers, who lose control over a vehicle yet remain liable for its infractions until the ownership is fully transferred.

Moreover, the requirement that liability remains with the seller until the registration is completed poses a serious problem. The UK and Singapore, for instance, treat a notarized bill of sale or official notification of transfer as sufficient to release a seller from further responsibility. This is a sensible approach, as it recognizes the reality that, once the keys change hands, the vehicle is out of the seller’s control.

While RA No. 11235 and RA No. 10883 clearly underscore the need for accurate and timely transfer reporting, the LTO can exercise more flexibility in implementing these laws. Extending the timeframe to 30 days, as practiced in other countries, would not dilute the law’s intentions but would instead provide a more realistic window for compliance.

In fact, considering bureaucratic issues here, this can perhaps be extended to a couple of months. Equally important is the matter of retroactivity; applying these new requirements to all past transactions could create unnecessary confusion and penalize those with limited access to previous buyers or sellers. The AO should be prospective, in my opinion, and should not cover past transactions.

Another consideration involves the inspection requirements. The AO demands that buyers submit a Private Motor Vehicle Inspection Center (PMVIC) Report before the transfer is complete. Although safety checks are essential, the limited availability and sometimes lengthy waiting periods at PMVICs may stretch beyond the AO’s current 20-day limit. An adjustment here could prevent bottlenecks while ensuring compliance.

I cannot help but recall the Non-Contact Apprehension Program (NCAP), which used camera-based surveillance to detect traffic violations, when it faced its own set of challenges in execution. The program saw widespread opposition due to concerns over privacy, transparency, and implementation.

It was ultimately suspended pending Supreme Court deliberation, with a crucial lesson: hasty policies without sufficient stakeholder engagement can lead to widespread pushback and policy reversals. As it stands, the LTO’s AO may encounter similar resistance if it fails to account for the concerns of the public, including both buyers and sellers.

The LTO’s intentions are commendable, but a practical framework that aligns with global best practices would make this AO a valuable step forward. Online reporting systems, liability guidelines, and transfer timeframes need to be realistic for both buyers and sellers. A 20-day period may work well on paper, but in practice, 30 days, as seen in the UK, or an extended transition period of maybe three months, might be more suitable given the current infrastructure. Stakeholder engagement, transparency, and fairness should guide this AO’s future.

I believe it’s essential for the LTO to actively involve the car-buying public and heed their suggestions. Otherwise, the AO risks ending up in the same legal limbo as the NCAP, leaving us with unclear regulations that ultimately create more challenges than solutions. Until this order is reviewed, those in the pre-owned car market will need to navigate these new waters with caution — because, as it stands, the AO’s demands are as rigorous as they are unforgiving.

A fine of P20,000 to P40,000 is a lot of money for most people. Almost the cost of an old car. And an alarm tag — akin to what is slapped on a stolen vehicle — on the vehicle subject of sale, as well as the license of both seller and buyer, for failure to follow an administrative requirement smacks of unconstitutionally treating ordinary citizens as criminals, guilty until proven innocent.

 

Marvin Tort is a former managing editor of BusinessWorld, and a former chairman of the Philippine Press Council

matort@yahoo.com