Farm to table dining at The Pen

May 10, 2018 | 12:05 am

By Joseph L. Garcia, Reporter
DON’T YOU just sometimes fantasize about throwing everything away and moving somewhere to start a farm? Well, if that fantasy is too much to actually do, from May 15 to June 2, at Peninsula Manila’s Old Manila, one can get a literal taste of it through a degustacion menu built on farm-fresh produce.
Chef Allan Briones, Old Manila’s Chef de Cuisine, outdid himself at a tasting earlier this week, using vegetables from Holy Carabao Farms. The promotion is part of a collaboration between the hotel and the farm founded by Hindy Weber Tantoco and Melanie Teng-Go who themselves went the “chuck everything, I’m moving to a farm route.” Actually, they were looking for good organic food for their children and decided to grown their own.
Holy Carabao — which is located in Laguna — declares that it uses no GMOs, synthetic pesticides, fungicides, or chemical fertilizers, and that its products are grown using biodynamic and permaculture principles. It also makes this promise on its website: “We harvest all our food — be it plant or animal — mindfully and humanely, in harmony with the natural cycles of our planet and the solar system.”
It grows everything from alugbati (vine spinach) to calamansi (a native lime), from edible flowers to Tuscan kale. Its animal products range from eggs and chicken to pork and beef, and its pantry products range from chicken stock and coco sugar, to dried danggit to wild forest honey. It also has carabao and goat milk and dairy products made from them.
Its products can be delivered direct from the farm to the customer’s home (it delivers from Cabuya to New Manila), and are also available at its Farmers Market in Poblacion, Makati City.
CLEAN
The first course that evening was a Poached Canadian lobster, served on a bed of banana heart, crab roe, cassava crisp, and powdered kaffir lime, drizzled with a foam made out of the same lobster. The taste of the sea was most evident in the lobster foam, while the whole composition was clean and fresh, with a nice bite from chilies and the cassava crisp.
The next course was a Roasted Root Vegetable Tartlet, made with layers of cassava, carrots, beetroot, and ube (purple yam). Underneath the creation was a gastrique of beetroot juice, with a confit of cherry tomatoes on the side. You’d think that the entire treat would be bland and heavy, but there’s a hint of wood and smoke in the vegetables giving an element of excitement, while the weight was comforting.
The meal started to become a bit serious with the third course, a Roasted Chicken Consomme with a flan of heritage corn, moringa blossoms, and chicken cracklings. We’ve used the word “clean” a lot in describing the dishes, but you can’t skip the adjective when a soup almost clear as glass is poured out in front of you. Layers of flavor are provided by the flan of heritage corn and the moringa blossoms — which, if you haven’t encountered them before, are white and delicate, looking a bit like jasmine, and have a bitter vegetal taste punctuated with a bit of sweetness at the end. As for the whole effect — well: if you could distill the loud, clear crow of a rooster on a farm, this is what it would probably taste like.
The riotous dinner conversations ended for at least 10 seconds when the next course came out, a Smoked Halibut Fillet with a spiced cashew sauce, a crisp adlai puff, and pickled oyster mushrooms. The silence was a bit like a deep breath one takes before embarking on an adventure, because the spiced cashew nut sauce, which had a whiff of curry, tasted like a promise to an exotic land.
Everyone at the tasting thought that a great moment had passed, and could not be repeated again, until Mr. Briones came out with a Grilled Berkshire Pork Tenderloin. It was prepared sous-vide in sage butter prior to a grilling that yielded a nice sear, and accompanied by sweet pickled jacon, roasted squash ravioli, then sprinkled with nasturtium flowers. The meat was tender as an embrace, and frankly, I fell a bit in love with every bite, and I urged a fellow diner who couldn’t finish the hefty serving to eat it all up, to make the pig’s sacrifice worth it.
What came last was dessert — a pineapple and coconut custard encased in a milk chocolate shell, scored and scratched to form the illusion of a coconut. It made a delightful tap when cracked, and for someone with a personal vendetta against coconuts, the custard was quite a treat.
ORGANIC FARMING
Organic farming came about as a protest against unhealthy and unsustainable farming practices that people believed brought illness to those who consumed fruits and vegetables positively dripping with chemicals and pesticides. However, one must remember that these farming techniques go beyond just spreading manure and are an advancement of technology, and have aided in providing more produce for more people, taking a small step to close the yawning gap of world hunger.
In any case, we asked Mr. Briones that healthy effects aside, can you really tell the difference if you’re biting into something organic? He noted that the cherry tomatoes he used that evening had an earthiness that he couldn’t spot in store-bought tomatoes, which he says were sweeter in comparison.
“I think this collaboration is more of a [call for] awareness [that] people should eat and start using organic produce,” he said, while saying that he wished he had a farm from where he could just pluck stuff off the stem.
“Yes, it does make a huge difference. It has an advantage, because you retain much of the freshness and quality of the produce.”
The degustacion menu for Farm to Table Holy Carabao Organic Eats in Old Manila costs P3,850++, and will be available from May 15 to June 2.
For more information on Holy Carabao, visit https://shop.holycarabao.com/.

First Gen targets nearly $200M in recurring profit this year

May 10, 2018 | 12:05 am

LOPEZ-LED First Gen Corp. expects its recurring net income in 2018 to reach nearly $200 million, an improvement over last year’s flat growth when two of its power plants were reporting losses.
“Hopefully, we’ll do a little below $200 [million] for this year if EDC [Energy Development Corp.] has a flat recurring net income,” Emmanuel P. Singson, First Gen senior vice-president and chief financial officer, told reporters after the company’s annual stockholders meeting on Wednesday.
Last year, First Gen recorded a recurring net income of $163 million, almost unchanged from the figure recorded in the earlier year, as the natural calamities that struck Leyte in 2017 hit the performance of its plants in the area.
For the first quarter of 2018, First Gen reported its recurring net income attributable to equity holders of the parent rose 34% to $60 million.
Francis Giles B. Puno, First Gen president and chief operating officer, said the company’s performance in the first quarter was a “big reversal” from the previous year.
“That’s driven primarily by a big reversal of San Gabriel and Avion,” he said, referring to the company’s two gas-fired power plants with a capacity of 420 megawatts (MW) and 97 MW, respectively.
He said the company had problems with the two plants in the first half of last year as they were recording losses and at the same time depreciating.
“From a loss, it’s now positive,” he said. “That’s why it looks like it’s a big jump.”
First Gen owns and operates 27 power plants in Luzon, Visayas and Mindanao, with 3,490 MW of installed capacity, enough to power 21.1% of the country’s gross power generation.
“We hope that momentum continues moving forward. And we hope also that with EDC now back at 512 MW, we can bring that up to an even higher output,” Mr. Puno said.
This year, First Gen has set a firm schedule for its plan to build a $1-billion liquefied natural gas (LNG) terminal and regasification facility, including the selection of a partner this year and the start of construction next year.
“Ideally, we bring in maybe at least one foreign partner and potentially local partners as well,” Mr. Puno said.
The company is in talks with “two highly experienced, world-class” engineering, procurement and construction contractors for the LNG facility, he said. Mr. Puno said First Gen would not mind having a “strong minority” stake in the project to give its partner “material ownership” in the assets.
Earlier this year, First Gen disclosed that its unit had entered into a power supply contract with distribution utility Manila Electric Co. (Meralco) for the sale and purchase of around 414 MW of baseload capacity.
“Our priority last year was really to normalize San Gabriel because that was a bigger investment. And with the contracting of San Gabriel we can now focus practically most of our effort in the development of the LNG [facility],” Mr. Puno said.
Mr. Singson said for 2018, the capital expenditure of First Gen, excluding that of EDC, would be around $35 million.
“That’s basically for the LNG [project], about $20 [million], $15 [million] for San Gabriel, some of the capex like the warehouse storage that we postponed, now we’re gonna do it,” he said.
Last year, Mr. Singson said First Gen’s budget was around $20 million.
Firt Gen expects capex to increase next year through 2022 when the full construction of the LNG facility progresses, although it does not see any need to borrow funds.
Mr. Puno also said that this year, First Gen would embark on a debt-reduction program where it plans to wipe out debts amounting to about $500 million. The company reports its figures in dollars, its functional currency. — Victor V. Saulon

Say ‘thanks Mom’ with a meal (or a spa date)

May 10, 2018 | 12:04 am

MOM’S COOKING is always best, but now its her turn. Here are a few treats from hotels to give your mother a day off from doing everything on Mother’s Day, May 13.
MARCO POLO ORTIGAS
Have a lunch or dinner buffet at Cucina and Mom dines on the hotel when accompanied by two full-paying adults. The restaurant features live action stations of different cuisines including Japanese, Asian, Indian, and Italian, plus there is a carving station and a dessert station. Enjoy Cantonese fare with a special set menu at the award-winning Lung Hin, available only for this day. Featured dishes are Steamed Live Garoupa with Supreme Soy Sauce, Braised Australian Abalone (six heads) with Dong Po Pork in Oyster Sauce, and Wok Fried Fresh Scallops with Squid and Broccoli. Special Longevity Peach Buns are included in the special set. Then there is the hotel’s limited edition dark chocolate raspberry moist cake with raspberry buttercream and chocolate ganache for Mother’s Day. To know more about Marco Polo Ortigas Manila’s Mother’s Day promotions, visit www.marcopolohotels.com.
AG NEW WORLD MANILA BAY HOTEL
Celebrate Mother’s Day at Li Li where the expert Chinese chefs will present a Yum Cha Lunch at P2,188 per person. For those with smaller appetites, choose from set menus starting at P2,688. At Market Café, a lunch and dinner buffet in honor of Mother’s Day will feature farm-to-table salads, fresh seafood on ice, sizzling Asian noodle dishes, European classics and desserts priced at P3,300 per person. Treat mom to an intimate family dinner with a four-course set menu at The Fireplace. The evening begins with candied walnut salad with mixed greens, goat cheese and raspberry vinaigrette, followed by cream of tomato soup with basil oil and gruyere croutons, and a sous vide tenderloin with chorizo potato mash and grilled asparagus with soy shallot reduction. End the night on a sweet note with Strawberry panna cotta for dessert and a glass of bubbly sorbet float at a price of P2,500 per person. Dining moms receive a limited-edition Marimekko for Clinique six-piece skincare and makeup gift set. This promotion exclusively available on May 13. For reservations, call 252-6888 or e-mail dining.manilabay@newworldhotels.com.
NEW WORLD MAKATI HOTEL
The hotel dedicates the whole month of May to the queen of the family. Dining choices are aplenty to celebrate Mother’s Day, with mothers receiving a special gift on that date. Visit Café 1228 as they roll out a special Sunday Brunch feast on May 13 for P2,650. Highlights include roasted marinated rib-eye, lechon, and decadent desserts, to name a few. Dim sum-loving moms are in for a treat with the Unlimited Dim Sum offer at Jasmine, starting at P1,388 per person, which includes a choice of main course, soup, and rice dish, complemented with a pot of jasmine tea. Set menus of favorites are available starting at P11,888. Call New World Makati Hotel at 811-6888 ext. 3700 for reservations.
DIAMOND HOTEL
Spoil Mom by taking her to dinner at the Corniche buffet restaurant for P3,180 nett per person. Entertainment will be provided by a trio on May 13. Meanwhile, over at Yurakuen, impress Mom with a Japanese set menu — a family set for four is P9,600 while a family set of six is P13,600. A harpist will provide entertainment that day. The Lobby Lounge will serve a Mother’s Day Set Menu for P1,980 net with a glass of wine or standard beverage. At Bar 27, avail of the Mom’s Treat Package for P3,580 net where a group of four can party with two hours’ worth of unlimited standard beverages served with a choice of nibbles as ’80s music plays. All dining moms will receive a special Mother’s Day token and a chance to pick-a-prize for every P5,000 spent at Corniche on May 13. For room or restaurant reservations call Diamond Hotel at 528-3000, or e-mail guestservices@diamondhotel.com. For details visit www.diamondhotel.com.
CITY OF DREAMS
City of Dreams Manila pays homage to moms on Mother’s Day with diverse choices, from dining specials at Crystal Dragon and Nobu Manila, to a special treat at DreamPlay, and pampering treatments at NÜWA Spa and Nobu Spa.
Crystal Dragon offers a Mother’s Day a la carte and special six- and nine-course set menus for lunch or dinner from May 2 to 14. The Mother’s Day Munificent and Virtuous set menus are at P2,380++ (minimum order for two to eight persons) and P4,380++ per person (minimum order for eight to 10 persons), respectively. Chinese tea is served with the set menus. Over at Nobu Manila, there will be a Mother’s Day Sunday brunch buffet on May 13 which will include a Mother’s Day themed dessert corner. As a special treat, all moms will be given a gift of Nobu chocolate petit fours. The Nobu Mother’s Day brunch is P3,880++ per person, with sodas, juices, mocktails, and iced tea; additional of P990++ per person to avail of the standard alcohol package and P1,990++ per person for the premium champagne drink package. Children ages six to 12 years old dine at half price while those five and below are free-of-charge.
Over at DreamPlay, each mom is treated on Mother’s Day to a complimentary DreamPlay ticket when accompanied by at least two DreamPlay ticketholders. DreamPlay tickets on Mother’s Day are P880 net per person. To honor moms and provide them a respite from their busy schedules, the NÜWA Spa and Nobu Spa offer curated Mother’s Day spa packages from May 1 to 31. While gift vouchers are available, bookings can be made directly at the two spas. In celebration of Mother’s Day, NÜWA Spa has hand-picked a few of the its holistic spa treatments for an indulgent experience for moms: The 2-hour One Mom-ent in Time package consists of a bespoke body polish, gold hydration intensive facial and head, neck and shoulder massage at P5,800; the hour-and 30 minute Mother’s Day Out comprises Heal-ot massage with Dagdagay foot massage and NÜWA Radiance facial at P6,800 net; the 2 hour-and-30 minute Mum Me-Time includes Shirodhara treatment, Abyanga massage and OM facial express at P7,800 net. All packages come with a long-stemmed American rose and a signature chocolate bar. The Nobu Spa at the Nobu Hotel Manila offers the 1 hour-and-30 minute Super Woman Retreat which consists of chocolate body glow treatment and Juan Hilot’s Pride massage at P3,800 net; the 2-hour Flawless Mom package which includes pink salt body polish and collagen skin booster facial at P4,200 net; the 2 hour-and-30 minute Ageless Beauty package which comes with a renewal massage, Dr. Babor BTX lifting facial and For Your Eyes Only treatment at P4,600 net. All packages come with a special Ikebana flower token and a signature chocolate bar. For inquiries and reservations, call 800-8080 or e-mail guestservices@cod-manila.com or visit www.cityofdreams.com.ph.
THE PENINSULA MANILA
Elevate your Mother’s Day celebrations with a unique shopping experience in partnership with Mara Pardo de Tavera and her MoM (Mara’s Original Market) at The Pen Market. Situated at the third floor Gallery, guests at The Peninsula during Mother’s Day Weekend can browse through the carefully curated traditional, organic, natural, and artisanal wares sourced from the Organic Producers Trade Association (OPTA) of the Philippines. Open from 10 a.m. to 5 p.m. on May 12 and 13. Admission is free. Meanwhile, there are many dining options at The Pen on Mother’s Day Weekend, with Afternoon Tea in The Lobby, a Champagne brunch buffet in Old Manila, a brunch buffet in Escolta with free-flowing bubbly, and an Asian-inflected à la carte lunch menu in Spices prepared by visiting Indian guest chef Radhey Shayan. The Lobby’s Mother’s Day Afternoon Tea is available from May 11 to 13, 2:30 p.m. to 5:30 p.m., with the option of adding a flute of champagne (Afternoon Tea Set, P1,250; Filipino Merienda Buffet, P2,050). Old Manila will have a Brunch Prix Fixe Menu on May 13, 11:30 a.m. to 2:30 p.m. The prix fixe menu comes with a buffet featuring carving stations, fine cheeses, and French pastries (prix fixe menu, P2,900; with free-flowing Champagne, P3,900). Escolta will have a Seafood Dinner Buffet from May 11 to 13, 6:30 p.m. to 10:00 p.m. (P2,800 for adults; P1,400 for children under 13), and will also have a Mother’s Day Brunch Buffet on May 13 from noon to 3 p.m. (P3,400 for adults; with free-flowing Champagne, P4,400; for children under 13, P1,700). The Peninsula Fitness Center & Spa has launched special spa packages for all moms on Mother’s Day Weekend, from experiencing a luxurious oil-based massage to a rejuvenating facial just for her, and other exciting mother-daughter packages as well. For inquiries or reservations, call 887-2888, locals 6691 or 6694 (Restaurant Reservations) or e-mail diningpmn@peninsula.com.
MARRIOTT HOTEL MANILA
Marriott stages a Mother’s Day celebration at the Marriott Café on May 13, with a special brunch at P2,900 and dinner at P2,700. Marriott is also staging a Price is Right-inspired game called “Mom is Right” — all dining moms will get a chance to make their best guess on the value of the items from Doña Elena olive oil, with its premium products up for grabs. For inquiries, call 988-9999 or visit manilamarriott.com.
CONRAD MANILA
Conrad Manila pays tribute to all mothers with well-curated gastronomic offerings and revitalizing spa treatments on May 12-13. At Brasserie on 3, there will be a lavish and rich lunch and dinner selection specially prepared by Executive Chef Daniel Patterson. All dining moms will receive exclusive treats and tokens. The Mother’s Day weekend buffet is priced at P2,800 net per person. China Blue by Jereme Leung curates palate-pleasing set menus for the occasion which start at P2,800 net per person for a minimum of 10 persons/ table. Mother’s Day themed cakes and confections add a touch of sweetness to the month of May at Bru Coffee Bar, including macarons, available for pre-order and pick-up. Gift mom with a Mother’s Day Bliss treat at Conrad Spa Manila which includes Hilot followed by a purifying facial and eye lift session, and a voucher from Brasserie on 3. Mother’s Day Bliss is priced at P4,400 net. Moms who dine at Brasserie on 3 and China Blue by Jereme Leung will get the chance to receive special tokens from Conrad Manila’s All For Mom’s sponsors: Shiseido, Elizabeth Arden, Denovo Diamonds, Guerlain and Peter Thomas Roth. For “All For Mom” reservations and inquiries, call 833-9999 or e-mail conradmanila@conradhotels.com

Google flexes AI muscle while chasing rivals at annual conference

May 10, 2018 | 12:04 am

GOOGLE introduced new products and technology upgrades at its annual developer conference on Tuesday that showed the internet giant lagging behind Apple, Inc. and Amazon.com, Inc. in some areas while driving home its superiority in artificial intelligence (AI).
ROBOT CALLING HUMAN
The feature that got the most attention on the first day of the I/O developer show was called Duplex. It’s part of the Google Assistant, a voice-controlled system that answers questions and performs an increasing array of tasks on command. It competes with Amazon’s Alexa and Apple’s Siri. A demonstration on stage showed Google’s Assistant calling small businesses to book appointments. A Google executive asked the system to make a restaurant reservation and when a human there picked up the phone, the software discussed different times, the number of seats and other details with the unsuspecting employee. Duplex is launching as an experiment soon, the company said. Google Assistant is also getting some new voices, including musician John Legend’s.
GMAIL WILL WRITE YOUR E-MAILS
Duplex relies on AI, a type of software that learns automatically from data, rather than having to be hand-coded. Google has been developing machine learning, computer vision, natural language understanding and other forms of AI for at least a decade and is considered a leader in the field. AI powers many of the other new products and features Google showed off on Tuesday, including Smart Compose for Gmail. This technology predicts the next words or phrases as people type an e-mail. It takes Gmail a step further beyond Smart Replies, a feature from a few years ago which suggests appropriate responses to e-mails.
A NEW AI CHIP
Google introduced version 3.0 of its Tensor Processor Unit, a chipset designed in-house for handling all these data-heavy AI tasks. The new version is eight times more powerful than last year’s and it is water-cooled rather than air-cooled. Older TPUs are available for outside companies to rent through Google’s cloud-computing business. But for now, only Google gets to use the latest version.
MAPS GETS AN AR UPGRADE
The company introduced a Visual Positioning System, a new way for people to find their way around with Maps using their phone cameras and Google’s augmented-reality (AR) and computer-vision technology. The feature tackles a common problem when using Google Maps for walking directions: It’s not always clear which way to walk initially. Now users will be able to raise their phones and see an image of the street with a large arrow pointing the correct way. The Maps application also got some functionality similar to Apple Maps and Yelp to point users toward suggested places.
AI-POWERED PIC SHARING
Google announced big upgrades to its Photos app, including the ability for AI algorithms to suggest who to share shots with based on who is in the picture. The system will also make editing suggestions and turn black and white photos to color.
A NEW NEWS APP
Google praised the importance of journalism and announced a new Google News app for Android devices, iPhones, and the web. It comes with a built-in subscriptions tool making it easier for readers to pay for digital magazines and newspapers. It also has a tab for suggested news and can play video. Sound familiar? It looks like the Google version of the Apple News service launched in 2015. Apple News is getting its own upgrade in the next year with a Netflix-style subscription service, Bloomberg News has reported.
ROBOT MANNERS
Google said it will begin encouraging children to say “please” to the Google Assistant, to encourage better manners. Amazon announced similar functionality for Alexa a few weeks ago.
TACKLING TECH ADDICTION
Google also wants you to use your phone less. Many tech companies are looking to free people from their devices, but Google is one of the first to show off tools. The company announced a new Dashboard tool for Android phones that lets users monitor how long they’re watching YouTube videos or using other apps. Apple plans to show off similar functions when it announces a new version of its iOS mobile operating system next month, Bloomberg News has reported.
X-LIKE GESTURES
The latest version of Google’s mobile software, called Android P, was announced a few months ago, but Google held back a big change for Tuesday: A revamped interface that looks like the iPhone X’s new gesture-based system. It eschews a software navigation bar at the bottom of the display for more fluid interactions that take users between apps and back to the home screen. — Bloomberg

Strong demand drives TDF yields down

May 10, 2018 | 12:04 am

BSP — BANKS flocked to the shorter-tenored term deposits on Wednesday.

By Melissa Luz T. Lopez, Senior Reporter
BANKS CROWDED shorter tenors during this week’s auction of term deposits, driving yields down ahead of an expected rate hike from the Bangko Sentral ng Pilipinas (BSP).
Demand for term deposits totalled P92.125 billion yesterday, well above the P60 billion the central bank placed on the auction block. The overwhelming demand came after the BSP trimmed the offering from P90 billion last week, which was met with tenders worth P97.548 billion.
More than half of the bids went to the week-long tenor as players positioned ahead of the BSP’s monetary policy review today.
Banks wanted to place as much as P53.025 billion under the seven-day term, almost double the P30 billion dangled by the BSP and the P50.121 billion tenders received a week ago. As a result, players asked for an average yield of 3.4273%, lower than the 3.4434% fetched during the May 2 auction.
The 14-day instruments also received P33.005 billion in total offers on Wednesday, higher than the P20 billion up for grabs and the P30.661 billion bids received the prior week. The stronger appetite drove the average yield to 3.4551%, down from 3.4704% fetched previously.
Meanwhile, the 28-day tenor was nearly drained as the volume was slashed to P10 billion from P20 billion previously. Banks only betted P6.095 billion for month-long placements, barely filling the BSP’s offering.
This pushed the average rate higher to 3.4732% from 3.465%, closer to the central bank’s 3.5% ceiling.
The term deposit facility (TDF) is currently the central bank’s main tool in capturing excess funds in the local financial system. The BSP expects to keep market rates closer to the 3% benchmark by paying returns to banks who park their excess funds under the facility.
BSP Deputy Governor Diwa C. Guinigundo explained that the reduced TDF volume takes into account the banks’ preference to hold more cash to service withdrawals in light of Monday’s holiday for the barangay and youth council elections.
The central bank official also noted that market expectations for a tightening move from the central bank is a huge factor.
“The market’s preference for shorter tenors remain driven by its expectation of a BSP rate hike and higher demand for funds for the May 14 barangay election. Thus, the oversubscriptions for the seven and 14-day tenors serve to temper TDF rates which remain higher than the BSP policy rate,” Mr. Guinigundo said in a text message to reporters, referring to the three percent benchmark.
Market players are now pricing in a rate hike from the BSP as inflation maintained its ascent for the fourth straight month. BSP Governor Nestor A. Espenilla, Jr. last week acknowledged that inflation may have “spread somewhat” to cover more goods.
The central bank has been offering as much as P110 billion in term deposits in March and April, although the volume was trimmed to P90 billion ahead of the May 1 holiday and to P60 billion ahead of Monday’s election holiday.
“These trends are bound to normalize after the holidays and the barangay election and in response, the BSP restores the normal volume in the auction,” Mr. Guinigundo added, noting that they will adjust the offerings “as conditions warrant.”
Next Wednesday, the BSP will offer P80 billion in term deposits — P40 billion in seven-day deposits P30 billion in the 14-day tenor and P10 billion for the 28-day papers.

Megaworld, Robinsons Land post double-digit Q1 growth

May 10, 2018 | 12:04 am

MEGAWORLD CORP. saw strong profit growth in the first quarter of 2018. — *MEGAWORLD CORP*.

PROPERTY firms in the country registered double-digit growth for the first quarter of 2018, buoyed by the generally positive prospects of the real estate industry.
Andrew L. Tan-led Megaworld Corp. posted an 11.3% increase in net income attributable to the parent to P3.2 billion during the first three months of the year, it said in a statement issued Wednesday.
Megaworld generated a 10% rise in revenues to P13.1 billion for the quarter, 70% of which or P8.8 billion came from the residential business.
Rental income was the company’s fastest growing segment, clocking in a 16.5% growth to P3.4 billion. Megaworld Senior Vice-President Kevin L. Tan said this places the company on track to achieving P20 billion in rental revenues by 2020.
“This year will be critical for us as we construct a record number of leasable office and mall spaces,” Mr. Tan said.
Megaworld will be completing five office towers covering 207,000 square meters (sq.m.) of leasable space this year, which will bring the company’s office stock to 1.2 million sq.m.
For the mall and commercial properties business, Megaworld will add about 176,000 sq.m. of gross floor area (GFA) through the development of seven malls and the expansion of existing ones. By the end of 2018, the company will have a GFA of 791,587 sq.m. from malls and commercial properties.
Hotel revenues went up 10% to P368 million driven by the expansion of its brands Savoy and Belmont.
On the other hand, the attributable profit of Gokongwei-led Robinsons Land Corp. (RLC) expanded by 12% to P1.54 billion during the quarter. Revenues likewise improved by 18% to P5.88 billion, after seeing growth across all its segments.
The commercial centers division was RLC’s largest contributor to revenues at 46%. The segment posted P2.88 billion for the period, up by 7% year on year. The company benefited from same-mall revenue growth and rental revenue contribution of its newly opened malls, including Robinsons Place Iligan, Robinsons Place Naga, and Robinsons North Tacloban.
The residential segment reported P2.11 billion in revenues for the period, accounting for 33% of RLC’s overall revenues.
The hotels division, meanwhile, provided P474.6 million for the period, a 4% year-on-year increase. Systemwide occupancy rate of RLC’s hotels, which include Go Hotels, Summit Hotels, Crown Plaza Manila Galleria, and Holiday Inn Manila Galleria, stood at 63% by the end of March 2018.
RLC’s infrastructure and integrated developments division unit, meanwhile, generated P27.8 million for the quarter.
Real estate companies have been reporting generally positive reports this quarter. Ayala Land, Inc. disclosed earlier this week that net income went up 17% to P6.52 billion for the quarter, given the 17% increase in revenues to P25.14 billion. SM Prime Holdings, Inc.’s provincial expansion allowed earnings to climb 15% to P7.6 billion, on the back of a 14% uptick in revenues to P23.4 billion. — Arra B. Francia

These bad new pink wines prove that Rosé has gone too far

May 10, 2018 | 12:03 am

By Elin McCoy, Bloomberg
NO MATTER what you do or where you go this summer, you won’t escape rosé. The pink boom just keeps expanding. One out of every 36 bottles of wine Americans drank in 2017 was a rosé (up from one in 510 in 2015), according to wine discovery platform WineAccess. We show no signs of giving it up. Naturally, winemakers from every corner of the globe want to cash in, so dozens of brand-new examples are creating a tsunami of the pink stuff. You probably don’t need me to tell you that a lot of these new wines aren’t worth drinking.
Like a power-hungry empire, this essential summer lifestyle symbol has even infiltrated other food and drink territories. We now have rosé-flavored vodka, tequila, gin, rum, and sake; gummy bears; ice cream; vinegar; and hard seltzer. I’ve even tasted a pretty awful rosé doughnut. The latest in actual rosé wine includes examples made from surprising varieties, such as pinotage, along with new, wild packaging and the kind of special experiences and parties you can post on Instagram. Does it feel as if we’re in the middle of a glut yet? My guess: We’re only just getting started.
Here are 10 new items on this summer’s rosé horizon, with my ratings on a scale of 1 to 10.
• The $5 rosé: California Roots Rosé ($5) — What can I say? Remember you get what you pay for, and repeat after me: $5. Don’t expect the taste of Provence from this pink wine just launched as a Target exclusive, but it is drinkable. Fill a wine glass with ice cubes, add wine, top with seltzer, and as you sip, think $5 (!!). 2/10
• The mini-bottle rosé: 2017 Winc Summer Water Droplet — Last year, big buzz surrounded the 40-ounce bottle of rosé. This summer, wine club Winc is launching the opposite, tiny “droplets” (its word for these 187-milliliter plastic bottles) of the club’s acceptable-but-nothing-special Summer Water Rosé. Joining the Summer Water Societé gets you three monthly shipments: limited-edition, screen-printed magnums in May and July, 24 mini-bottles in June. The $350 price tag seems inflated. 3/10
• The non-alcoholic rosé: Welch’s Sparkling Rosé (six-pack, $15) — This new offering from the brand famous for concord grape juice is a bright pink color and looks like wine with bubbles, though it actually tastes a lot like the brand’s regular, old white grape juice. Happily it’s not quite as sweet and has a pleasant, light tartness, but it can’t compete with real rosé. For teetotalers. 2/10
• The canette rosé: Mirabeau Pure Provence (four-pack, $19.99) — What’s a canette? A small bottle or can such as this slim, easily grasped (250 ml) can with pale pink Provence rosé inside. Made by Mirabeau in the Coteaux Varois region of Provence, the blend of grenache and cinsault is not as good as Una Lou (see below), but it’s easier to slip into a handbag or small tote bag. Serve ice-cold. Available at Whole Foods. 5/10
• The rosé vodka: Hangar 1 Rosé Vodka ($32) — Think rosé with a big kick. This California upscale vodka maker adds genuine rosé wine at a 5% proportion to give this newly launched vodka the pale pink color of a Provence example and similar bright floral aromas. With notes of strawberries, a fairly silky texture, and 10% less alcohol than regular vodka, it’s dangerously sip-able. For all-day drinking, mix with soda and lemon for a spritzer. 7/10
• The unusual grape rosé: 2016 Intercoastal Vineyards Rose of Pinotage ($25) —At a recent rosé tasting, it seemed that every possible grape variety was now being turned into a rosé. This one is highly original and interesting, earthy and bright. Though pinotage grapes are primarily found in South Africa, this pink wine comes from Lodi, Calif. 7/10
• Whispering Angel’s new, cheaper rosé: 2017 Chateau d’Esclans the Palm by Whispering Angel ($15) — Sacha Lichine launched the luxury Provence rosé category with his $100 Garrus rosé more than 10 years ago. Since not everyone has a super-yacht in Saint Tropez on which to drink it, he added now-ubiquitous Whispering Angel as the bargain-priced alternative. Now he’s going even more affordable with a darker pink, flavorful item called the Palm, which makes me think of easy listening rock music. 7/10
• The subscription rosé (in a can): 2017 Una Lou rosé (four-pack, $40) — If you’re worried that your wine shop will run out of rosé this summer, the new subscription service from Sonoma’s Scribe winery will save you. Last year, the winery debuted a rosé of pinot noir in a 375-ml can, labeling it Una Lou to celebrate the birth of co-owner Andrew Mariani’s daughter. By the time the buzz hit the East Coast, the wine had sold out.
This year, the winery produced more of it and inaugurated a guaranteed monthly delivery program, with free shipping from May to October. The wine is bright pink, juicy, satisfying, and totally worth it — ideal for grilled food when you’re camping in some remote wilderness. Check the website for planned rosé “experiences.” Order before the end of May. 8.5/10
• The art-bottle rosé: 2017 Chateau Minuty M de Minuty Limited Edition ($23) — At VinExpo last year, I detected a nascent trend in elaborate, colorful artist bottles for rosé when I saw the new Domaines Bunan Moulin des Costes rosé. The bottle was covered with a design by a tattoo artist. This year has brought new, curvy shapes banded with wide, white stripes and one of fancy ribbed glass that looks like an oversized perfume bottle.
The best new wine in artist-bottle packaging is this limited-edition, pale, elegant, minerally rosé launched last month by Provence winery Chateau Minuty, whose rosé sales rose 89% in 2017. An American illustrator created the jazzy design to reflect her travels in Saint-Tropez. 8.5/10
• Bon Jovi rosé: 2017 Diving Into Hampton Water Rosé ($25) — I was prepared not to like this just-launched celeb wine, a partnership among Jon Bon Jovi, his son, Jesse Bongiovi, and French winemaker Gerard Bertrand that plays the Hamptons card. Surprise! It’s light, elegant, savory, and delicious, with a very droll label. A must-try, even if you’re not in the Hamptons. 9/10

Online dating giant Match Group isn’t worried about new rival Facebook

May 10, 2018 | 12:03 am

MATCH GROUP, Inc. shrugged off the threat of competition in online dating from Facebook, Inc., raising its revenue and profit forecasts and saying it doubts the social media giant will have much of an impact on its business.
The Dallas-based company, which owns apps like Tinder and OkCupid, said revenue will be $1.6 billion to $1.7 billion in 2018, up from its previous projection of $1.5 billion to $1.6 billion. Profit will be higher too, mostly because more people are signing up for a new premium feature on its flagship Tinder app than the company expected. First-quarter revenue and profit beat analyst estimates as well, the company said in a statement Tuesday.
The positive forecast comes just a week after Facebook said it will jump into the dating market, a move that sent Match’s shares plunging the most in its history. Now, Chief Executive Officer Mandy Ginsberg is pushing back, saying the business is booming.
“We do not think that Facebook dating is going to have a negative impact on Tinder,” Ginsberg said in an interview. “We do have the advantage of being a single-focus business, unlike the new competition.”
Investors haven’t been so sure. Match’s share price hasn’t recovered since the 22% drop spurred by Facebook’s announcement. Beyond the fear of direct competition from a well-capitalized giant that already has more than 2 billion users worldwide, there’s also the possibility Facebook could cut off Match from using the social network to let users authenticate their identity.
That isn’t a concern for the company though, Ginsberg said. Last year, Tinder started letting users verify that they were real people by receiving a text message. That method quickly became much more popular than logging into Tinder through Facebook and now is used by about 75% of customers, she said. Tinder’s matching algorithms also don’t tap into Facebook or other third-party data providers, according to a company presentation.
“People don’t want to mix Facebook and their dating lives,” Ginsberg said.
The results also highlight how important Tinder is to Match, which owns several other dating apps targeted for different demographics and has sought to acquire more.
“They’re not going to always grow at the same time and the same rate,” Ginsberg said of the company’s different apps. There are “wins and headwinds” facing the non-Tinder apps, she said.
Match also settled a patent dispute with Chinese dating app TanTan, which Match claimed had copied its app design. TanTan will re-design its US app and pay Match annual royalty payments, the company said. — Bloomberg

LANDBANK income up 52%

May 10, 2018 | 12:03 am

Land Bank of the Philippines (LANDBANK) saw its net income surge in the first quarter, supported by strong growth in loans.
The state-run lender said it logged a P4.26-billion net profit in the January-March period, 52% higher than the P2.81 billion booked in the same period last year.
This was also 13% higher than the bank’s P3.78 billion profit guidance for the first quarter.
The strong first-quarter profit was attributed by LANDBANK to higher interest income from loans, which surged 25% year-on-year, the bank said in a statement sent to reporters Wednesday.
The lender saw a 31% growth in its loan portfolio to P694.71 billion last quarter from the year-ago level of P529.16 billion.
“The 31% growth in our loan portfolio is also a strong indicator of our fervent drive to reach more agribusiness borrowers, especially in the countryside,” LANDBANK President and Chief Executive Officer Alex V. Buenaventura was quoted as saying in a statement.
Likewise, total deposits also expanded by 19% to P1.44 trillion from the P1.22 trillion logged in a comparable year-ago period.
Overall, the bank’s assets grew 19% to P1.63 trillion as of end-March from P1.38 trillion in the same period last year.
Total capital also rose 22% to P108.37 billion from last year’s P88.63 billion.
“This quarter’s performance assures us that we are gaining the momentum to meet our targets this year,” Mr. Buenaventura added. “The bank’s solid financial performance is our source of financial muscle to attain our bigger mission of promoting inclusive growth.”
LANDBANK’s return on equity and net interest margin were at 15.74% and 3.3%, respectively, remaining above industry averages.
“The bank also remains aggressive in strengthening its lending programs and tailoring new programs to the needs of its clients, especially its priority sectors,” the bank said.
It added that it remained the biggest lender to the agricultural sector, catering mostly to small farmers and fishers as well as microenterprises and small to medium businesses.
Last month, LANDBANK said it may set up its own bond exchange if the stakeholders at the Philippine Dealing System Holdings Corp. (PDSHC) continue to snub purchase offers.
This comes after the bank sent out P360-per-share purchase offers to stakeholders of the fixed-income bourse for a month ending April 5 to get a majority share, with only one agreeing to the proposal.
LANDBANK launched another round of offers on April 20 valid for one month, still priced at P360 apiece.
Earlier this year, LANDBANK’s board of directors approved the acquisition of 66.67% stake of PDSHC.
Currently, the state-owned lender owns 1.56% of the bourse through the Bankers Association of the Philippines. — Karl Angelo N. Vidal

SMC eyes at least P10B from fixed-rate notes

May 10, 2018 | 12:03 am

SAN MIGUEL Corp. (SMC) looks to raise at least P10 billion from the issuance of fixed rate notes due 2020 to refinance existing debt and to manage dollar-denominated obligations.
In a preliminary prospectus posted on its website, the listed conglomerate said the issuance will consist of Series A fixed-rate notes due 2020 and Series B fixed-rate notes, with a noteholder put option, due 2020. SMC has placed an oversubscription option should there be higher demand for the notes.
Investors shall have the right to require SMC to redeem the Series B notes at face value after a year, as per its put option.
The Series A notes are slated to have a 5.25% per annum interest rate, while the Series B notes will have around 4.75% interest annually.
“The entire proceeds for this issue will be used either for: refinancing the existing loan obligations and/or re-denomination of US dollar denominated obligations of the company or investments in its subsidiaries in existing businesses of the company,” SMC said.
SMC has been refinancing its dollar-denominated debt to temper foreign exchange losses, given the weakening peso and rising interest rates.
The company tapped BDO Capital and Investment Corp. and BPI Capital Corp. as the offering’s joint lead underwriters and bookrunners.
SMC is offering the notes to qualified buyers who are judicial persons under Section 10.1 (1) of the Securities Regulation Code (SRC), which includes banks, registered investment houses, insurance companies, pension fund or retirement plan maintained by the Government of the Philippines, and investment companies.
Qualified buyers may also include “other persons as the commission may by rule determine as qualified buyers, on the basis of such factors as financial sophistication, net worth, knowledge, and experience in financial and business matters, or amount of assets under management.
The tentative date of the issue is on May 25, after which the notes will be listed at the Philippine Dealing and Exchange Corp.
The issuance will not require approval from the Securities and Exchange Commission as it does not meet the registration requirements outlined by the SRC.
SMC generated P54.7 billion in recurring profit last year, growing by 11% from the P49.4 billion delivered in the year before. Consolidated revenues increased by 21% to P826 billion fueled by improving sales across all liquor, food and beverage, fuel, and power businesses.
Shares in SMC closed flat at P136 each at the stock exchange on Wednesday. — Arra B. Francia

Manila Water earnings jump 17% in 1st quarter

May 10, 2018 | 12:02 am

AYALA-LED Manila Water Co., Inc. posted a 17% increase in first-quarter net income to P1.69 billion, with its Manila concession area mainly supporting the growth along with the expansion of its operating subsidiaries.
“We are pleased with the results of our efforts early this year, as it is the result of the groundwork we have laid for future growth. As we continue to build our business both domestically and in the region, we realize the importance of building a strong core, while remaining agile to adapt to various market conditions,” Ferdinand M. dela Cruz, Manila Water president and chief executive officer, was quoted as saying in a statement.
On a consolidated level, Manila Water revenues rose by 8% to P4.71 billion due to the higher water volume sold, or billed water, and higher supervision fees.
Other income grew by 69% to P153 million, largely driven by the higher equity stake in the net income of associates, the company said.
The income share of international subsidiaries increased by 26% from the previous year, with the new acquisitions in Thailand and Indonesia making their respective contributions.
Manila Water said continuing infrastructure build-up resulted in a 63% rise in consolidated capital expenditure.
Cost of services and operating expenses rose by 19% to P1.78 billion.
The company said the Manila concession’s billed volume improved by 4%, “driven by an increase in billed connections to total nearly 970,000, as well as a noted uptake in per capita consumption.”
The average tariff also increased to P30.30 per cubic meter after the implementation of the 2.8% adjustment in rates to factor in changes in the consumer price index in January this year.
Capital expenditure for the three-month period reached P2.9 billion, an increase of 81% from the same stretch last year.
The local subsidiaries under Manila Water Philippine Ventures, Inc. (MWPV) contributed to a 23% rise in revenues to P876 million, mainly backed by a 4% growth in consolidated billed volume and higher average tariff levels in subsidiaries Laguna AAA Water Corp. at 8% and Boracay Island Water Co. at 24%.
MWPV recorded a net income contribution increase to P167 million, 14% higher than the level a year ago. The unit recently received notices of award from two water districts in Bulacan province for 25-year concessions. The projects cover water and used water projects in the municipalities of Balagtas and Bulakan.
Manila Water said its international subsidiaries under Manila Water Asia Pacific Pte. Ltd. posted a 26% rise in equity share in net income of associates.
“All foreign subsidiaries posted higher revenues, coupled by additional contributions from new acquisitions East Water in Thailand, as well PT Sarana Tirta Ungaran in Indonesia,” the company said.
On Wednesday, shares in Manila Water declined by 1.89% to close at P26 each. — Victor V. Saulon

Beyond Bitcoin: Global companies showcase business potential of blockchain technology

May 10, 2018 | 12:02 am

By Santiago J. Arnaiz
Multimedia Producer
SINGAPORE — Of all the buzzwords saturating the tech industry today, perhaps no other budding system is as veiled as blockchain. Essentially a distributed digital ledger, blockchain has become synonymous with its most popular application, cryptocurrencies like Bitcoin, and so has taken on much of its notoriety.
At its core, a blockchain is a peer-evaluated record that uses both its structure and its network to make its data essentially impervious to change. While that reliability has found its most immediate application in cryptocurrencies, there is quite possibly no limit to the ways business models might utilize the technology.
“Organizations of all sizes are already applying blockchains in innovative ways,” said Patricia Yim, general manager of IBM ASEAN. “Blockchain has the potential to drive growth in new business models due to the fundamental change it can introduce in the way organizations collaborate.”
Ms. Yim cited IBM’s partnership with Walmart, where they implemented blockchain technology to develop a real-time traceability system to address food safety issues rampant among supermarkets worldwide.
Using this distributed ledger technology, Walmart was able to confidently validate where food was grown, handled, stored, and inspected, as well as track its journey from farm-to-fork, cutting the time it takes to trace this information, once across various fragmented data sets, from weeks down to mere seconds.
Leanne Kemp, founder and CEO of global start-up Everledger, uses a similar system to track diamonds and other high-value goods in the global market to ensure their authenticity for buyers and insurers.
Using blockchain’s immutable record-keeping capabilities, Ms. Kemp can make permanent records of a diamond’s defining characteristics, history, and ownership — creating a digital thumbprint that stakeholders can use to form provenance and verify the item’s authenticity.
“We take all that information and we write it into the blockchain,” Ms. Kemp said. “So we now know where diamonds are being sold and resold on marketplaces such as Amazon and eBay, and we work with insurance companies on fraudulent claims, and with Interpol and Europol where diamonds cross borders and enter into the black market.”
By consolidating data into one globalized, instantaneously accessible set, without the need for a third-party provider, Everledger claims this digital ledger drives both cost-efficiency and accountability along the supply chain.
Blockchain has even found its way into the Philippines through The Plastic Bank, a global organization that operates in the world’s most impoverished regions, exchanging plastic waste for digital currency.
Using blockchain, The Plastic Bank was able to build a reward system they call Social Plastic, that incentivizes communities to gather plastic waste by awarding credits that can be used to purchase things they need most.

The Plastic Bank currently works with 1,500 families in Manila’s Baseco compound, partnering with NGOs and firms like Procter and Gamble and Century Pacific Food to provide them with rewards for cleaning up their communities, with groups like Shell volunteering their gas stations as collection sites.
With so many stakeholders working with something as difficult to track as plastic, The Plastic Bank needed a reliable tracking system for the thousands of exchanges they make on a regular basis. Founder and CEO David Katz uses a binary system metaphor to describe why the immutability of blockchain is at the core of his business model.
“If we look at falsehoods, at lies, and data we can’t rely on, out of a value of zero and one, we would have to give that a zero,” Mr. Katz said. “When we look at facts on things we need to rely on, on the truth, we can give that a value of one.”
“So in business, if I apply a hundred units of energy or value to falsehood, or zero, I would still get zero,” he said. “If I apply a hundred units of value to one, I get a hundred. So, for us, we need to apply maximum value to fact.”

Despite the new capabilities that blockchain technology opens up for innovators, the technology is still in its infancy stage, and so has yet to enter into mainstream practice. Just as many firms unfamiliar with what exactly blockchain entails shy away from the technology, so do regulatory bodies that face the challenge of managing a field that even those innovating in it barely understand.
This is true not only for those dabbling in blockchain, but even for more mature technologies, like those implemented in ride-sharing platforms like Uber and Grab, who face massive scrutiny by regulatory boards slow to respond to innovation.
“I think it’s the whole crypto idea,” Mr. Katz said, attributing the skepticism over blockchain-enabled systems to the smokescreen of cryptocurrencies.
“It’s unfortunate that it arrived in the order that it arrived,” he said. “It should’ve been blockchain, blockchain, blockchain — oh, crypto, hold on a second. But it went the other way around, and that’s diminished it. It’s sad, but it’ll come around.”
RECOMMENDED: IBM Blockchain General Manager Marie Wieck on how businesses can use blockchain

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