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Dining In/Out (08/08/24)

Seasonal specialties at City of Dreams

CITY of Dreams Manila’s signature restaurants highlight seasonal specialties this August, including selections from Japanese, Malaysian, and Cantonese cuisines. Nobu Manila’s Omakase tasting menu, which changes quarterly, has changed again. From now until September, a seven-course dinner menu begins with a chef’s choice of zensai (appetizer), followed by the first course of ika (squid) with capsicum jelly caviar and crispy onion. Salmon with calamansi salsa and crispy shitake mushrooms, and a seasonal selection of assorted sushi served together with Shrimp Ball Soup come after. A serving of White Fish Tataki Salad with shaved root vegetables and drizzled with garlic sesame vinegar comes before the fifth and sixth course of Pan-seared Sea Bass with charred pechay, gin-and-ginger sauce and shitake mushrooms, and Wagyu Striploin with aka (red) miso risotto, snap peas and soy-mirin reduction. The last course of Vanilla Cheesecake Mousse with mango gelee, almond dacquoise, kinako (roasted soybean) tuile, and mixed berry sorbet provides a sweet finish to the meal. From Aug. 12 to 31, A Feast of Canton reigns at Crystal Dragon at Nüwa Manila. This is a themed a la carte menu of select Cantonese specialties. The rich flavors of Malaysian cuisine take centerstage at Red Ginger, City of Dreams Manila’s Southeast Asian bistro and bar, with the Makan Makan promotion running until the end of August. Meanwhile, Jing Ting, the integrated resort’s restaurant specializing in Northern Chinese cuisine, highlights Old Peking Specials until Aug. 31. For inquiries and reservations, call 8800-8080 or e-mail CrystalDragon@cod-manila.com. For more information, visit www.cityofdreamsmanila.com.

Solaire goes K-Fried Chicken

WATCH out for the ChiMac Festival happening on Sept. 7 at the Grand Ballroom of Solaire, which starts at 5 p.m. The festival includes Korean dishes and performances by DJ Kara and The Itchyworms. Savor Korean comfort food with ChiMac, a combination of “chicken” (chi) and “mac” (beer) in Korean. Start the feast with a variety of Tteokbokki flavors, kimbap, and kimchi, then Korean-style sausage or skewered fish cake soup. Visit the Korean pancake station to enjoy buchimgae with choices like kimchi, potato, seafood, zucchini, or shiitake mushroom. Then try fried Korean snacks such as fried dumplings, sausage and rice cake skewers, and sweet and sour fried chicken balls. At the Korean noodles station, choose from three types of noodles with a choice of kimchi, sweet and sour, or deep soy sauce. The Korean hot station features chicken skewers, herb marinated fresh pork belly (samgyupsal) skewers, bulgogi, and braised spicy pork ribs. No ChiMac festival is complete without South Korean fried chicken. Pair it with Korean beer and join the festivities which include a chicken and beer drinking contest, and a beer pong tournament. There will be other activities like a traditional hanbok dress experience and photoshoot. The evening will be hosted by Miss Korea Philippines 2018 and Korean Philippine TV personality, Shine Kuk. Call 8888-8888 or e-mail chimacfestival@solaireresort.com to save a seat.

The Whisky Library has new cocktails

THE WHISKY LIBRARY is celebrating its first anniversary with the launch of a brand-new cocktail menu, with concoctions inspired by a famous work of art. “True to the spirit of The Whisky Library, pun intended, we want the new menu to read like an actual book. It is hefty, we really had fun coming up with the drinks we think everyone can enjoy,” said Newport World Resorts Chief Marketing Officer David Jorden in a statement. “The new menu effectively replaces the previous cocktail menu, Volume 1, that was inspired by famous movies and movie stars… For this edition, we separated the menu into different chapters, each representing a different flavor profile of cocktails.” The Cocktail Menu Volume 2 lists 25 signature cocktails and four mocktails across seven chapters: Tropical & Lively, Soft Sour & Spice, Bright & Refreshing, Decadent & Indulgent, Bold & Adventurous, Shared & Experienced Together, and Flavorful & Non-Alcoholic. Visit www.newportworldresorts.com and follow @newportworldresorts on Facebook, Instagram, and TikTok for more details.

Taco Bell is now cheesier

K announces the launch of the Triple Cheese collection. Each item in the Triple Cheese lineup is crafted with a mix of cream cheese, cheddar cheese, and mozzarella. These include the Triple Cheese Quesadilla (P159), the Triple Cheese Core Burrito (P199), and the Triple Cheese Crunchwrap (P199). The Triple Cheese collection is available until Sept. 30 at Taco Bell branches for dine-in and takeout, as well as apps Grabfood, Foodpanda, and Pickaroo. Check a list of operational branches at www.tacobell.com.ph/locations.

Maya Bank’s loan disbursements hit P47B at end-June

MAYA BANK, Inc. has disbursed P47 billion in loans to over a million borrowers as of June, it said on Wednesday.

“Every day, we’re driven to make banking simple, intuitive, and useful for everyone. In just over two years, we’ve shown that digital banking with Maya is the fastest and easiest way to boost the financial health of Filipinos. These new recognitions from our peers truly validate our efforts,” Maya Group President Maya Bank Co-Founder Shailesh Baidwan said in a statement.

“As of end-June 2024, Maya has provided loans to over a million borrowers, with total loan disbursements life-to-date reaching P47 billion,” the digital lender said.

The continued increase in loans was partly driven by its artificial intelligence (AI)-based credit scoring model, it said.

“Maya revolutionized unsecured lending by creating an AI-driven credit scoring model that uses payments and other alternative data, allowing it to lend profitably with speed and at scale,” the online lender said.

Of its total borrowers, 59% were first timers, it added.

Meanwhile, the digital bank’s deposit balance grew by 32% year on year to P32.8 billion as of end-June.

It said it has the biggest market share in terms of deposit balances among digital banks, with 38% as of March.

It also has the highest number of monthly active users and the highest user ratings on major app stores, Maya Bank said.

The digital lender previously said it expects to breakeven by this year and be profitable by 2025.

Maya Bank is owned by Voyager Innovations, Inc. PLDT Inc. is Voyager’s main shareholder. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — AMCS

Inside a social bubble

LOOKSTUDIO-FREEPIK

WHEN VIPs attend events like product launches or wedding anniversaries, they are seldom unaccompanied. They want to be inside their own social bubble. It’s not just their security team but a coterie of subordinates or friends that they bring along. Otherwise, who can they talk to? Seating assignments are ignored and it’s up to the event planner to adjust — this way please.

Like a dieter who feels he will not find the right food at a party and so carries his own tamarind bag, the VIP brings along his own seatmates. His greatest fear is being stuck in a table of uninteresting people who cannot discuss The Count of Monte Cristo and the theme of sudden wealth and cold-blooded revenge.

Worse, the likelihood of favor seekers asking him to pass the salt and in the same breath seeking employment “in one of your affiliates” is ever present. Can the request for a photo opportunity be far behind? A waiter is summoned, and the VIP must stand up and smile for the snapshot.

The VIP’s table should be filled with acquaintances, if not subordinates who know their place. Anyway, with his many commitments, the VIP can’t stay long enough for the closing speech. He may be coming from a previous event (maybe a planning session) and on his way to a fireworks display. His coterie may have come from either the previous or subsequent event and were not invited to the current one.

What are the requirements for playing the role of hanger-on in a tag team?

Attire is essential. It should conform to the required look, like “smart casual.” Good grooming is mandatory along with the appearance of someone who moves in the same circle, even in a slightly farther orbit. Certain conversation skills are necessary. One of them is listening, and the ability to lean towards the VIP as if trying to catch his witticisms, amidst the ambient noise.

Long verbal exchanges are unlikely. The soliciting of opinions in a give and take that normal conversation entails is remote. Seldom are interruptions and snoopy questions posed — Have you thought of a successor?

The size of the coterie is ideally at least three. Most tables at a big reception go from 10 to 12. Bringing too many for a table of 10 can be offensive as too many other guests are displaced, and maybe additional tables are required, especially if there are many VIPs with their own coteries.

But what if the VIP is assigned to the presidential table? What happens to his dangling earrings? The place of honor is elevated and laid out in a straight line which means that uncertain seat partners only number two, one on each side. Presumably seat mates are other VIPs too, possibly with even a higher status. There are also name cards attached with mechanical stays that are not capable of being removed by hand.

So, if the VIP is assigned a seat with a name card, what happens to his coterie? No problem — the group disperses, and everyone finds his way to free holes in different tables. Hangers-on are not picky about being thrown with strangers. Anyway, they cannot dispense favors even when asked to intercede by some importunate pest. (Do you think he may be interested in a beach property in Pundaquit?)

There is a way to eliminate uninvited guests attached to an invited VIP. Among the invitees are already peers and colleagues that the honored one may feel comfortable with. These may be former classmates who are past the favor-seeking stage, or distant relatives that are equally wealthy, even if not with the same number of zeros in their net worth. The event planner only needs to make sure they’re assigned to the right table.

But this pairing of guests needs to be abreast of the current situation. Bosom buddies of a month ago (like the unity ticket) and even couples together for a long time may have become estranged prior to the event.

In a culture that finds name-dropping socially acceptable, the hazard of table-crashing is ever present. A glowering look just bounces off the intruder posing for another photo op with the VIP. (And now, wacky please.)

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

How PSEi member stocks performed — August 7, 2024

Here’s a quick glance at how PSEi stocks fared on Wednesday, August 7, 2024.

Dumaguete airport loan deal signed with Korea Eximbank

DUMAGUETE SIBULA AIRPORT FACEBOOK

THE Department of Finance (DoF) said it signed a P13.15-billion loan agreement with the South Korean government to finance the new Dumaguete airport.

The loan was provided by the Export-Import Bank of Korea (Korea Eximbank), Finance Secretary Ralph G. Recto said at a forum on Wednesday.

In a separate statement, the DoF said the project is expected to boost tourism and trade, as well as enhance the standard of living in Negros Oriental and the surrounding area.

“With the new Dumaguete airport, we anticipate accommodating up to 2.5 million passengers per year, up from just 800,000. From serving limited domestic flights, we can now open the door to international routes,” Mr. Recto was quoted as saying during the loan agreement signing.

The project’s total cost is P17.06 billion, with P3.91 billion to be funded by the government.

It will be built on 197.55 hectares in Bacong, Negros Oriental, the DoF said.

The loan will charge interest of 0.05% for non-consulting services and 0.0% for consulting services, payable over 40 years with a grace period of 10 years.

The government is also looking to upgrade more regional airports to enhance connectivity, Mr. Recto added.

Meanwhile, the government and the Korean Eximbank also signed a $3-billion Economic Development Promotion Facility to support the Philippine infrastructure flagship program.

“This agreement serves as an additional financial bridge that will fill the gaps in realizing our ambitious Build Better More Program,” Mr. Recto said in his speech.

There are currently 185 infrastructure flagship projects in the pipeline valued at P9.14 trillion.

The $3-billion loan has an interest rate of 1.2%, payable over 25 years, with a 7-year grace period.

Projects to receive support from the new facility include the Panay-Guimaras-Negros Island bridges; the Consolacion-Liloan Bypass Road project; the Lapu-Lapu Coastal Road project; and the Pampanga Integrated Disaster Risk Reduction and Climate Change Adaptation Project Phase II.

The financing agreements were signed by Mr. Recto and Korean Eximbank Chairman and President Yoon Hee-sung on Wednesday. — Beatriz Marie D. Cruz

Initial study results of offshore wind ports due by September

UNSPLASH

THE Department of Energy (DoE) said the initial findings of the pre-feasibility study on ports that will be repurposed to service the offshore wind energy industry are expected by the end of next month.

Energy Undersecretary Giovanni Carlo J. Bacordo said recently that findings on five of the 10 ports being considered will be available by that time, while the rest of the findings will be out by November.

The pre-feasibility study is being carried out with technical assistance from the Asian Development Bank (ADB) to determine which ports can service the offshore wind industry’s needs.

The ports for which the early findings are expected are Bulalacao, Oriental Mindoro; Culasi, Capiz; Tabaco, Albay; and Pulupandan and San Carlos, both in Negros Occidental.

Mr. Bacordo said NIRAS, ADB’s consultant, has conducted site visits to these ports, collecting data from local government units and port authorities.

The other ports being studied are the Energy Supply Base port of the Philippine National Oil Co. in Batangas; Bauan International Port, Inc. Batangas; Subic; the Iloilo Commercial Port Complex; and Port Irene, Cagayan.

“These ports will cater to the offshore wind front-runners in the northwest Luzon, west of Manila, north and south Mindoro areas,” Mr. Bacordo said.

He said that “the road to first kilowatt-hour in 2028 is, without a doubt, very challenging” but he added that the DoE aims to support their development by ensuring that the ports are adequately prepared and equipped to handle the specific requirements of the industry.

Mr. Bacordo has said that the funding to make ports ready for the offshore wind industry needs to be budgeted for in the 2025 General Appropriations Act (GAA).

“While the GAA 2025 is being considered as a potential funding mechanism, further evaluation of financial requirements and budgetary allocations will be necessary to solidify project timelines and expenditures,” Mr. Bacordo said.

Offshore wind farms need to be serviced from specialized ports hosting maintenance facilities and equipment.

Mr. Bacordo has said that the DoE is hoping to conduct a Green Energy Auction specific to offshore wind in the first half of 2025.

To date, the DoE has awarded 92 offshore wind energy service contracts to 38 renewable energy developers with a total potential capacity of 66.101 gigawatts (GW).

According to the Philippine Offshore Wind Roadmap, the Philippines has a potential capacity of about 63 GW from tapping offshore wind resources. — Sheldeen Joy Talavera

PhilHealth ‘idle funds’ to support infra — DoF

THE Department of Finance (DoF) said P89.9 billion in “idle funds” returned to the Treasury by the Philippine Health Insurance Corp. (PhilHealth) will be used for infrastructure and other social programs.

“That is the farthest from the truth,” Finance Secretary Ralph G. Recto told a forum on Wednesday, referring to allegations that the PhilHealth funds are a form of “pork barrel.”

“Unprogrammed funds are not pork barrel, most of them will be used for foreign assisted projects, international commitments,” he said.

Pork barrel refers to the traditional Congressional practice, since declared illegal by the Supreme Court, of allocating government projects and funding in such a way as to win favor from voters.

The administration has instructed government-owned and -controlled corporations (GOCCs) to remit funds deemed idle to the Treasury, raising fears that the President will have his own war chest to distribute to supporters.

Mr. Recto noted that the unprogrammed funds will help support several foreign-assisted projects including the Bataan-Cavite Interlink Bridge, the Metro Manila Subway, the Panay-Guimaras-Negros Island bridges, the Davao City Bypass, and the Salary Standardization VI for government employees.

The funds will also support the North-South Commuter Railway System, the Philippine National Railways South Long Haul line, and other big-ticket infrastructure works.

It will also help fund the Support to Parcelization of Lands for Individual Titling program and the Philippine Fisheries and Coastal Resiliency project.

Other programs to be funded are the Philippine Multi-Sectoral Nutrition project, Supporting Innovation in the Philippine Technical and Vocational Education and Training System, the Mindanao Inclusive Agriculture Development project, the Philippine Rural Development project, and other development initiatives.

In Circular 003-2024, the DoF asked PhilHealth and the Philippine Deposit Insurance Corp. to remit unutilized funds worth P89.9 billion and P110 billion to the Treasury.

Mr. Recto has said that the fund transfers were legal and conducted after consulting the Governance Commission for GOCCs, Office of the Government Corporate Counsel, and the Commission on Audit.

He also noted that the remitted funds include a portion of the government subsidy to GOCCs and not from PhilHealth members’ contributions.

In a Senate hearing last week, Mr. Recto said projects funded by unprogrammed appropriations will increase gross domestic product growth by 0.7%, provide up to P24.4 billion in additional revenue, and create jobs.

Meanwhile, Mr. Recto said he would prefer better health benefit packages and to reduce PhilHealth members’ out-of-pocket expenses, but said he would leave it to its board to cut premium contributions if deemed necessary.

Republic Act No. 11223 or the Universal Health Care Act authorizes a yearly increase of PhilHealth members’ contributions until 2025. — Beatriz Marie D. Cruz

June manufacturing output growth slows to 2.5% from previous month

PHILIPPINE STAR/KRIZ JOHN ROSALES

FACTORY output growth slowed in June, with the 2.5% increase led by food and fabricated metal products, the Philippine Statistics Authority (PSA) said. 

Output growth weakened from 3.2% growth in May but accelerated from 2.1% a year earlier, according to preliminary results of the PSA’s Monthly Integrated Survey of Selected Industries.

Factory output is measured by the volume of production index (VoPI).

Month on month, the manufacturing sector’s VoPI contracted 3.9% in June after posting 0.8% growth in May. Stripping out seasonal factors, factory output that month declined 1.3%.

In the year to date, factory output growth averaged 1.3%, slowing from 5.61% a year earlier.

The S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) eased to 51.3 in June from 51.9 in May, pointing to further slowdowns going forward.

PMIs are a leading indicator for factory activity, reflecting the volume of materials purchased in advance of manufacturing operations weeks or months down the line. A reading above 50 marks increased purchasing activity for materials that will later be transformed into goods, while a reading below 50 means reduced purchasing.

Growth in the VoPI was led by food products (8.8% in June from -0.9% in May) and fabricated metal products, except machinery and equipment (19.6% from -8.8%).

However, slower growth in three categories impacted overall output: basic metals (-17.7% from -2.8% in May), transport equipment (-8.8% in June from -1.2% in May), and coke and refined petroleum products (46% in June from 52.7% in May).

Average capacity utilization stood at 75.3% in June, against the 73.3% posted a year earlier and 75.6% in May.

All industry categories reported average capacity utilization rates exceeding 60% for the month, with paper and paper products recording the weakest capacity utilization of 61.9%.

Leonardo A. Lanzona, who teaches economics at the Ateneo De Manila, said the lack of investment to support the manufacturing sector may have been behind the slowdown.

“During the time when the economy was still on an upward trajectory, there was no strategy to rescue the sector which had not received substantial investment. The government should have (undertaken) the necessary steps to lower cost of production, especially in energy. Instead, they had been pushing for more infrastructure that apparently had no effect on manufacturing,” he said via Messenger. — Beatriz Marie D. Cruz

Batangas municipalities to get ASF vaccine faster if emergency declared

REUTERS

THE Department of Agriculture (DA) said on Wednesday that Batangas municipalities may need to declare an emergency to facilitate the release of funds to obtain African Swine Fever (ASF) vaccines.

“Local government units may need to declare a state of emergency to enable the DA to respond swiftly to the situation and release funds for the urgent purchase of vaccines,” Agriculture Secretary Francisco P. Tiu Laurel, Jr. said in a statement.

The DA noted that active ASF cases have been recorded in Lobo, Lian, Rosario, Calatagan, and Lipa City, Batangas.

Constance J. Palabrica, assistant secretary for Poultry and Swine, said that the DA estimates the need for vaccines at about 10,000 doses.

The DA’s Bids and Awards Committee and Bureau of Animal Industry will draft the resolution which will set in motion the emergency procurement process, shortening the regular procurement period to around two weeks.

The DA is currently collaborating with local officials in enforcing movement restrictions to prevent the spread of infected animals.

The DA has said that it is planning a limited rollout of the AVAC ASF Live Vaccine from Vietnam by the third quarter.

It has allocated P350 million for the trial, funding about 600,000 vials. — Adrian H. Halili

Gen Z now seen as heavily favoring online shopping

PHILIPPINE STAR/ WALTER BOLLOZOS

ONLINE RETAILERS will need to rethink how they advertise to Gen Z consumers, who are emerging as their most enthusiastic users, according to the results of a study.

In a joint study, The Fourth Wall and Uniquecorn Strategies concluded that Gen Zs (born between 1997 and 2012) are now solidly in favor of online shopping.

“Almost all the respondents (92%) use their own mobile phones for purchases and prefer cashless methods (53%),” they said.

The study, which surveyed 400 people, found that three out of four Filipino Gen Z consumers in urban areas shop online because they believe they deserve it, which the study referred to as the “Deserve ko ’to” mentality.

“The young generation is rapidly becoming a significant portion of the consumer market and is already shaping market trends, especially in the e-commerce space,” according to John Brylle L. Bae, research director at The Fourth Wall.

“This self-rewarding behavior among Filipino Gen Zs stems from their growing self-awareness, driving them to seek rewards that affirm that sense of self-worth,” he added. 

The Philippine Statistics Authority (PSA) estimates that Gen Zs account for 38% of the population, or 41 million.

Uniquecorn Strategies founder and CEO Dean Bernales said that it is important for retailers to “pay close attention to the shopping desires and needs of Filipino Gen Zs.” 

“Brands need to reassess their supply chain strategies and enhance their social commerce platforms to build trust, create personal connections, and develop a relatable image to capture the young market,” he added.

According to the study, brands face challenges in establishing trust due to the prevalence of scams and paid endorsements, in establishing personal affinity, and in creating an immersive customer experience.

The study concluded that brands must develop tailor-fit marketing strategies.

The study said partnering with podcast creators may help boost brand awareness and conversion, describing podcasting as an emerging medium for sharing more “personal yet credible brand reviews.”

It added that brands could also encourage thorough and well-crafted reviews left by customers to build trust and drive conversion.

The study said that brands need to focus on the Gen Zs’ entrepreneurial mindset, “Deserve ko ’to” mentality, and emotions.

“Emphasize how your products can support Gen Zs in their side hustles or hobbies, which some also turn into their side businesses,” according to the study.

“For local brands, highlight the process or journey of how the products were sourced, crafted, and transported to reach consumers,” it added. — Justine Irish D. Tabile

House think tank says 2024 revenue target within reach

People line up to file their income tax returns at the Bureau of Internal Revenue office in Intramuros, Manila, April 18, 2022. — PHILIPPINE STAR/ RUSSELL A. PALMA

THE National Government is on track to achieve its revenue target of P4.27 trillion, judging from the pace set by first-half collections, a Congressional think tank said.

The Congressional Policy and Budget Research Department (CPBRD) noted, however, that first-half revenue was driven by non-tax collections, casting doubt on the sustainability of recurring tax collections.

“The revenue performance for January-June 2024 suggests that the government is on track to meet its full-year revenue target,” the CPBRD said in a report.

“The first half performance, however, shows a notable divergence between tax and non-tax collections when compared to programmed targets,” it added.

Total government revenue for the first half of 2024 amounted to P2.15 trillion, according to Finance Secretary Ralph G. Recto’s Monday presentation to the House of Representatives appropriations panel.

Of the first-half collections, P1.83 trillion came from tax revenue, up 10.8% from a year earlier. The total missed by 2.8% the first-half revenue target.

“Tax revenue underperformed, with the actual collection of P1.83 trillion falling short of the P1.86 trillion goal. This shortfall was primarily due to (the performance of) BIR collections (P1.36 trillion as against P1.40-trillion target),” the CPBRD said.

The Bureau of Customs, whose collections are also classified as tax revenue, exceeded its first-half target with P455.5 billion collected in the first half, beating its target by 3%.

Non-tax revenue generated P314.2 billion during the same period, 46% higher than target. The surge in non-tax collections is due to higher collections by the Bureau of the Treasury (BTr) and other revenue streams, the CPBRD said.

The BTr said income rose 76% to P163.9 billion in the first half of 2023.

“Bureau of the Treasury income…  is P71 billion higher compared to the same period in 2023; and other non-tax revenues… doubled from P62.1 billion to P121.1 billion in the same period,” the CPBRD said.

The CPBRD noted that the BTr took in more dividends from government-owned and -controlled corporations (GOCCs), after the Department of Finance ordered an increase in GOCC dividend payouts to the government to 75% from 50%.

The remittance of unutilized funds from GOCCs also boosted the BTr’s holdings, it added.

In May, the Philippine Health Insurance Corp. and Philippine Deposit Insurance Corp. remitted P20 billion and P30 billion respectively to the BTr.

“The government’s fiscal strategy to optimize existing financial resources through the mobilization of non-tax revenue represents a pragmatic approach to fiscal management and aligns with its commitment to increase funding for priority programs without enacting new taxes or resorting to additional borrowing,” it said.

While unutilized funds from GOCCs could be a potential source of funding for the government, it should address potential tax collection issues, the CPBRD said. “Sustained revenue growth is largely contingent on brisk growth in tax revenue.”

The CPBRD report was prepared by Novel V. Bangsal, David Joseph Emmanuel Barua Yap, Jr., Jhoanne E. Aquino, Rutcher M. Lacaza, Edrei Y. Udaundo, Pamela Diaz-Manalo, Julius I. Dumangas, Ricardo P. Mira, Arlene L. Tuazon, Lawrence B. Dacuycuy, Byron M. Bicenio, Christine Marie A. Mendoza-Walog, Noel Belarmino H. Sempio, Ray Leonard D. Denolo, Alexiz S. Taaca, and Romulo E.M. Miral, Jr. — Kenneth Christiane L. Basilio

Sugar industry wants other sweeteners to be regulated

REUTERS

SUGAR PRODUCERS said on Wednesday that the Department of Agriculture (DA) needs to regulate imports of other sweeteners that compete with cane sugar.

In a statement, the United Sugar Producers Federation of the Philippines (UNIFED) said the entry of glucose, sucrose, maltose, dextrose, maltodextrin and lactose is currently unregulated.

UNIFED added that the volume of other sweeteners being shipped amounts to 100,000 to 200,000 metric tons per year.

“This volume of sugar premixes (is equivalent to) about 4 million bags of sugar (valued at) roughly P10 billion, and the continued lack of regulation for these sugar-based products is highly detrimental to the sugar industry,” UNIFED President Manuel R. Lamata said.

Mr. Lamata added that the increased shipments of these products may have caused the stagnation in sugar prices.

“This is probably why demand for sugar has remained constant in the last 10 years or so despite the growth of the population,” he said.

Agriculture Secretary Francisco P. Tiu Laurel, Jr. has ordered an investigation after meeting with the sugar industry.

He ordered the Sugar Regulatory Administration to look into the actual volumes of other sweeteners and, if warranted, require them to acquire clearances as well.

“If this is not addressed, then the sugar industry will be paying a hefty price along with the five million Filipinos dependent on the industry,” Mr. Lamata said.

Code 17.02 of the Asean Harmonized Tariff Nomenclature sets tariffs only for high fructose corn syrup. — Adrian H. Halili

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