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NASA launches satellite on mission to detect water on the moon

STOCK PHOTO | Image by Lim Yaw Keong from Pixabay

A dishwasher-sized NASA satellite was launched into space from Florida on Wednesday to identify where water – a precious resource for lunar missions – resides on the moon’s surface in places such as the permanently shadowed craters at its poles.

A SpaceX Falcon 9 rocket lifted off from the Kennedy Space Center in Cape Canaveral carrying NASA’s Lunar Trailblazer orbiter. The Lunar Trailblazer spacecraft was built by Lockheed Martin’s space division. The satellite was a secondary payload onboard the rocket, with the primary payload being a lunar lander mission led by Intuitive Machines.

The lunar surface is often thought of as arid but previous measurements have found the presence of some water, even in warmer sun-lit locations. In cold and permanently shadowed places at the lunar poles, it has long been hypothesized that there could be significant amounts of water ice.

Lunar Trailblazer, which weighs about 440 pounds (200 kg) and measures about 11.5 feet (3.5 meters) wide when its solar panels are fully deployed, is being sent to find and map this water on the moon’s surface.

For future moon exploration, including potential long-term lunar bases staffed by astronauts, lunar water would be of vital importance because it could be processed not only as a drinking supply but also into breathable oxygen and hydrogen fuel for rockets.

The bottoms of hundreds of craters at the moon’s South Pole, for instance, are permanently shadowed and may hold ice patches. Some water also may be locked inside broken rock and dust on the lunar surface.

Lunar Trailblazer is scheduled to perform a series of moon flybys and looping orbits over a span of several months to position itself to map the surface in detail. It eventually will orbit at an altitude of roughly 60 miles (100 km) and collect high-resolution images of targeted areas to determine the form, distribution and abundance of water and to better understand the lunar water cycle.

“We see tiny amounts of water on sunlit portions of the moon, which is mysterious,” said planetary scientist Bethany Ehlmann, the mission’s principal investigator and director of Caltech’s Keck Institute for Space Studies.

But, Ms. Ehlmann added: “The most interesting (aspect) for many is the potentially large amounts of ice in the permanently shadowed regions of the lunar poles. Lunar Trailblazer will peer inside to see how much is at the surface.”

Such locations could serve as a resource for lunar explorers in the future.

“Understanding where a rover would drive or an astronaut would walk to examine deposits for science and future resource use will benefit all future landed missions,” Ms. Ehlmann said.

Two Lunar Trailblazer instruments will take measurements from orbit together. The Lunar Thermal Mapper, or LTM, will map and measure the lunar surface temperature. The High-resolution Volatiles and Minerals Moon Mapper, or HVM3, will look at the moon’s surface for a telltale pattern of light given off by water.

“We believe that the movement of water on the moon is likely driven by the surface temperature. So by measuring the presence and amount of water via the HVM3 instrument and the surface temperature via the LTM instrument we can better understand this relationship,” said University of Oxford planetary scientist Tristram Warren, who worked on developing the LTM instrument.

Lunar water is thought to come from several potential sources. One possibility is that solar wind – charged particles from the sun – could react with lunar minerals to create water. Another source might be comets or meteorites, which may have delivered water to the moon over billions of years. The exact amount of lunar water remains uncertain, but it is potentially hundreds of millions of tons.

“Other than for human exploration, lunar water is also scientifically very exciting. The moon has been orbiting near the Earth almost since the formation of Earth itself. So understanding the origin of the lunar water might help us to understand the origin of water on Earth,”Mr.  Warren said. – Reuters

Cryptocurrency firm founder extradited from Portugal to face US fraud charges

Source: https://www.facebook.com/officialGotbit/

 – The founder of a cryptocurrency financial services firm has been extradited from Portugal to face U.S. charges that he participated in a wide-ranging scheme to manipulate the market for digital tokens on behalf of client companies.

Aleksei Andriunin, the founder and CEO of cryptocurrency “market maker” Gotbit, was ordered detained following an appearance in Boston federal court on Wednesday, one day after his extradition, the U.S. Department of Justice said.

The 26-year-old Russian national during the court hearing pleaded not guilty to charges of wire fraud and conspiracy to commit market manipulation and wire fraud. His lawyer, Roger Burlingame at the law firm Dechert, declined to comment.

Mr. Andriunin and his company were among 15 individuals and three firms charged in October following a novel investigation into the crypto sector dubbed “Operation Token Mirrors,” in which the FBI for the first time directed the creation of its own digital token to help catch fraudsters in the market.

Prosecutors said that from 2018 to 2024, Gotbit engaged in “wash trading,” a form of sham trading, and market manipulation on behalf of several cryptocurrency clients to help artificially inflate trading volume for their tokens.

The indictment cited a 2019 interview published online in which Mr. Andriunin described developing a code to wash trade cryptocurrencies to artificially inflate trading volume so they could get listed and trade on larger cryptocurrency exchanges.

Prosecutors said Gotbit made wash trades worth millions of dollars and received tens of millions of dollars in proceeds for its services for cryptocurrencies including Saitama and Robo Inu. Individuals associated with those cryptocurrencies have also been charged.

Mr. Andriunin was arrested in Portugal where he was residing in October when the charges against him and the others were first announced.

Gotbit and two of its employees in Russia are also facing charges, though they have not appeared in court to face them. – Reuters

Trade war poses risk to PHL growth

A general view of the rush-hour traffic at a market in Manila, Philippines, Dec. 20, 2024. — REUTERS

By Luisa Maria Jacinta C. Jocson and Aaron Michael C. Sy, Reporters

THE PHILIPPINE ECONOMY’S biggest risk this year is the looming global trade war, Security Bank said, which could also cause the central bank to be more “external-dependent” to account for these uncertainties.

“We’re less affected compared to the likes of China and Japan if ever the automobile tariffs (push through). But we’re not purely unscathed from a trade war,” Security Bank Corp. Vice-President and Research Division Head Angelo B. Taningco told reporters on Wednesday.

“Being part of the global value chain, we will also get affected in terms of the growth of our exports, it will get weaker.”

Security Bank expects the country’s gross domestic product (GDP) to grow by 6.1% this year, at the low end of the government’s 6-8% target.

However, this base case does not take into account the impact of a possible trade war.

Mr. Taningco said it will be “difficult” for the Philippines to grow by 6.1% if the trade uncertainties materialize.

“It depends on the magnitude of the trade war. It depends also on how much the tariff will be hiked,” he added.

Markets are bracing for the potential impact of US President Donald J. Trump’s trade policies, such as reciprocal tariffs on all countries that tax US imports.

Since taking office in January, Mr. Trump has imposed a 10% duty on Chinese imports. A 25% tariff on Mexico and Canada, as well as a tariff on all steel and aluminum imports is set to take effect next month.

Mr. Taningco said that if the US pushes its plans for reciprocal tariffs, other countries are expected to retaliate.

He said the “tit-for-tat” retaliation will likely be more widespread than during Mr. Trump’s first term, as more countries are involved.

POLICY IMPACT
The slew of tariffs will have implications on US inflation and monetary easing, which could also impact the Philippines’ own rate-cutting cycle.

“It will be worse on inflation in the US if they do it alongside the tax cuts. Demand-side inflation, that’s scarier, because inflation will spike. So, no more rate cuts,” Mr. Taningco said.

“Growth will go down and that’s being felt by the consumers. Normally, when they are scared, consumers in the US, they pull back their spending plans.”

This could prompt the Bangko Sentral ng Pilipinas (BSP) to be “more external-dependent,” Mr. Taningco said, amid heightened global uncertainty.

“If tariffs are raised sharply, prospects for rate cuts in the US might diminish. But on second thought, your growth prospects will diminish. But the central bank has a dual mandate. It will be a delicate balancing act.”

Security Bank expects the BSP to cut rates by a total of 50 basis points (bps) this year through 25-bp cuts at each of its June and October meetings.

Mr. Taningco said the interest rate is not yet a concern for now. “It’s not yet that necessary to (move in) lockstep (with the Fed), because of the uncertainties,” he said.

“But if you ask me now, it’s safer to lockstep. If the Fed cuts now, then we can cut as well, hypothetically.”

The BSP unexpectedly left the benchmark rate unchanged at 5.75% at its Feb. 13 meeting. BSP Governor Eli M. Remolona, Jr. said the pause was due to “global trade uncertainties.” This after the central bank cut rates at three straight meetings since it began its easing cycle in August.

Meanwhile, Security Bank expects the peso to end at P58-per-dollar level this year. He also said the peso is unlikely to breach the record-low P59 mark this year.

“Across the board, the new risk of a trade war would be much higher, and the implication on the market is, the dollar will have to weaken, although it’s a risk-haven currency.”

The peso closed at P57.88 per dollar, strengthening by five centavos from its P57.93 finish on Tuesday.

On the other hand, Mr. Taningco said that growth will be supported by election-related spending ahead of the May polls.

“Historically, GDP is high during an election year compared to the prior election year. So, there’s an upside this year versus last year,” he said.

FASTER CONSUMPTION
Meanwhile, UBS Investment Bank Global Research expects Philippine GDP to expand by 5.9% this year, faster than 2024 amid a recovery in domestic consumption and investments.

“We see an improving growth outlook for the Philippines. We forecast GDP growth to accelerate from 5.6% in 2024 to 5.9% in 2025, which is close to trend,” UBS Investment Bank Global Research ASEAN and Asia Economist Grace Lim said in a webinar on Wednesday.

“The underlying positive growth is driven by domestic demand as both investment and consumption accelerate into 2025,” she added.

Ms. Lim said household consumption will be supported by labor market growth and easing food inflation.

“The labor market is still holding up and the unemployment rate has been low and stable at around 3%,” she said.

Private consumption, which accounts for about three-fourths of the economy, grew by 4.8% in 2024, slowing from 5.6% in 2023.

The unemployment rate fell to a record-low 3.8% in 2024, equivalent to 1.94 million jobless Filipinos.

“On the basis of gradually falling food prices as some of the supply constraints ease and resilient labor incomes, we still expect consumption to recover gradually from the second quarter of 2025 onwards, after a period of high inflation had weighed on consumer sentiment,” Ms. Lim said.

Headline inflation accelerated by 2.9% in January, steady from December.

However, food inflation alone accelerated to 4% from 3.5% in December and 3.3% in 2024.

Ms. Lim noted food inflation could see some volatility due to food supply shocks stemming from weather-related risks.

“In addition, we think that government spending can provide some support to growth, particularly in the first half of 2025… We also expect private investment to recover gradually as financial conditions become less restrictive and as consumer sentiment also gradually picks up,” Ms. Lim added.

Further monetary easing by the BSP, as well as the cut in banks’ reserve requirement ratio, is expected to boost private investments.

UBS said it expects the BSP to cut rates two times this year, once in April and then in September.

PHL stock market seen to bounce back this year

EXPERTS on Wednesday discussed the challenges and opportunities facing the local bourse at the BusinessWorld Insights: Stock Market Outlook 2025 at the Dusit Thani Manila, Makati City. In photo: PhilSTAR Media Group Executive Vice-President Lucien C. Dy Tioco; Unicapital Group Senior Vice-President for Investment Banking Pamela Victoriano; Department of Finance Assistant Secretary Neil Adrian S. Cabiles; Sunlife Investment Management and Trust Corp. President Michael Gerard D. Enriquez; COL Financial First Vice-President and Chief Investor Relations Officer April Lynn C. Lee-Tan; BusinessWorld Editor-in-Chief Cathy Rose A. Garcia; First Metro Securities Brokerage Corp. First Vice-President and Equity Research Division Head Reuben Mark Angeles; BDO Securities Corp. Head Trader Jasper M. Jimenez; and PhilSTAR Media Group Vice-President for Sales & Marketing Jay R. Sarmiento.

By Ashley Erika O. Jose, Reporter

THE PHILIPPINE stock market is likely to bounce back this year, amid easing inflation and further rate cuts by the central bank, analysts said.

“It is the first time in two years that we’re bullish on this market,” First Metro Securities Brokerage Corp. First Vice-President and Equity Research Division Head Reuben Mark Angeles said during the BusinessWorld Insights: Stock Market 2025 forum on Wednesday.

“For the last two years, we’ve been very bearish. And we see a lot of things that have turned around. And we see that at the end of the year, we will see stronger equity market performance.”

Mr. Angeles said PSEi is expected to hit the 7,600 level by yearend.

The PSE index (PSEi) closed 2024 at 6,528.79, up by 1.2% from its 6,450.04 finish in 2023. This marked the first time the bellwether index closed higher since 2019.

He noted the Philippine economy is on a “clear growth path,” with the midterm elections and favorable base effects to stimulate consumption this year.

April Lynn C. Lee-Tan, first vice-president and corporate strategy and chief investor relations officer of COL Financial Group, Inc., said there would be more opportunities for growth in the stock market, especially if foreign investments come in.

“We have a general positive outlook because of cheap valuation. The trends last year were high interest rates, high inflation, which are no longer the case now,” Ms. Lee-Tan told BusinessWorld on the sidelines of the forum.

Michael Gerard D. Enriquez, president of Sun Life Investment Management and Trust Corp., gave a moderate projection of 7,500 for the PSEi, which depends on further rate cuts, resilient corporate earnings growth and inflation is maintained at current levels.

He gave a conservative estimate of 6,608 for the PSEi if there are fewer-than-expected rate cuts, a weaker peso and heightened geopolitical tensions.

He said his “aggressive” outlook of 8,512 for the PSEi could materialize if the local currency starts to recover, the central bank implements more rate cuts and if there is renewed foreign interest in Philippine equities.

The Bangko Sentral ng Pilipinas (BSP) surprised markets after it left the benchmark rate unchanged at 5.75% at its Feb. 13 meeting. This after the central bank cut rates at three straight meetings since it began its easing cycle in August.

BSP Governor Eli M. Remolona Jr. has said the Monetary Board may slash benchmark interest rates by a total of 50 basis points (bps) this year as “policy insurance” against risks, with the cuts likely to be done in 25-bp increments each in the first and second half.

Ms. Lee-Tan said that the Philippines is less vulnerable to the US President Donald J. Trump’s tariff threats, as the country only accounts for 1% of US imports. She also noted the country is driven mainly by consumption, making it less affected by Mr. Trump’s protectionist policies.

Mr. Trump has announced this month its plans to impose tariffs on auto, chip, and pharmaceutical imports over the course of the year.

The US President has also tightened immigration policies, which may affect remittances of overseas Filipinos workers (OFW). Around 40% of remittances are from the OFWs in the US.

Mr. Angeles noted that investor confidence may be negatively impacted if remittances are significantly affected.

Unicapital Inc. Senior Vice-President for Investment Banking Pamela Louise Q. Victoriano said she sees the PSEi ending at the 7,800 level by yearend.

“Opportunities continue to persist. We are cautiously optimistic, we feel that the fundamentals for the Philippines are still there, and this represents good long-term growth prospects for the country,” Ms. Victoriano said.

BDO Securities Corp. Head Trader Jasper M. Jimenez said investors should diversify their portfolios but should favor stock market investments.

“Investors’ portfolios have to adapt to the changing market conditions. The stock market today is very different from before, we see a very fast appreciation due to market reasons. In terms of size, they can take advantage of this,” Mr. Jimenez said.

Analysts also noted that market reforms, such as the proposed reduction of sales transaction tax, are expected to boost stock market activity.

Mr. Angeles said European funds are likely to go back to the local stock market after the Philippines’ recent exit from the Financial Action Task Force’s “gray list.”

Digital banks likely to remain in the red

MACROVECTOR/FREEPIK

By Luisa Maria Jacinta C. Jocson, Reporter

DIGITAL BANKS in the Philippines remained in the red in 2024 and will likely continue to post losses in the near term as they struggle to expand the reach of their credit products, a central bank official said.

“Fintech startups, including digital banks (DBs), often face losses in their initial years due to significant pre-operating and establishment expenses,” Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier told BusinessWorld.

“As startups, it is expected that most of the DBs will not reach positive net results within the first five to seven years of operations,” she added.

Preliminary data from the BSP showed that the digital banking sector posted a P7.07-billion net loss as of end-December.

The digital bank industry has been in the red since the BSP began consolidating data from the sector starting March 2023.

Ms. Fonacier said the losses were mainly due to digital lenders putting in large investments for technology and personnel, as well as high customer acquisition costs.

Digital banks have also been unable to expand their lending products, she added.

“While DBs have been able to attract deposits at a fast rate, the rollout of credit products has not kept pace, as shown by the low industry loan-to-deposit ratio of 36%.”

“There are difficulties in securing high-quality loans due to the limited financial data or credit history of their target market,” she added.

Latest BSP data showed that deposits in digital banks stood at P87.39 billion as of September 2024, jumping by 34.1% from P65.18 billion a year prior. The number of deposit accounts stood at 16.25 million, while depositors stood at 10.55 million.

Meanwhile, the sector’s gross loans stood at P29.78 billion as of September 2024, up by 1.2% from P29.42 billion a year prior.

“In addition, retaining customers over a long term can also be a challenge given that the market still has low switching barriers,” Ms. Fonacier said.

“While this pattern aligns with the experiences of DBs in other regions, we have also observed that our DBs continue to face scaling challenges, particularly in expanding their credit market.”

She noted that digital lenders must be able to “enhance their credit scoring models, accelerate the deployment of credit products, and demonstrate their role in expanding financial access for underserved communities.”

In a recent report, Fitch Ratings said that most digital banks in the Asia-Pacific region are subject to higher credit risks as they target small businesses as their main borrowers.

There are currently six digital banks operating in the Philippines, namely, Overseas Filipino Bank, a subsidiary of Land Bank of the Philippines; Tonik Digital Bank, Inc.; GoTyme Bank of the Gokongwei group and Singapore-based Tyme; Maya Bank of Voyager Innovations, Inc.; UNObank of DigibankASIA Pte. Ltd.; and UnionDigital Bank of Union Bank of the Philippines, Inc.

Overseas Filipino Bank was the first to obtain a digital banking license, which launched in 2020. By 2022, all six digital banks were in operation.

Ms. Fonacier said the public is also still wary of using digital services, which is another barrier online banks must overcome.

“With concerns emanating from potential cybersecurity risks, lack of awareness regarding the benefits of digital banking may affect market growth, customer adoption and loyalty, and opportunities for financial inclusion.”

“To address this, DBs should continue their push for financial inclusion and invest in financial education initiatives, emphasizing the advantages, risks involved, and safe use of digital financial solutions,” she added.

One of the primary concerns of the digital banking sector has been its financial stability.

“Several rating agencies and multilateral organizations still view that DBs in the Philippines are unlikely to turn a profit soon, as they continue to face bad loans and high operating costs,” Ms. Fonacier said.

Data as of end-September showed that just two out of the six digital banks have posted net income as of the reporting period.

“For DBs to achieve profitability, they must exhibit their capacity to achieve business goals to realize overall positive margins and financial sustainability,” Ms. Fonacier said.

“DBs also need to strengthen governance, particularly oversight practices across business functions to properly direct the business operations towards achieving business goals and eventual profitability.”

Digital banks can also engage with partners that already have “established digital capabilities and broader customer base.”

“This collaborative approach has been successfully applied by DBs in other jurisdictions as it provided them the essential foundation for growth and innovation,” she added.

Digital banks are also seen to be catalysts in “deepening financial inclusion and driving digital transformation in the banking industry,” Ms. Fonacier said.

“While pain points were experienced in their first two years of commercial operations, DBs are expected to refine their business strategies and propositions to better serve the customers and the financial sector as a whole.”

The share of Filipinos with bank accounts reached 65% of the adult population in 2022, according to latest data from the BSP.

The central bank wants to onboard at least 70% of adult Filipinos into the formal financial system.

NEW DIGITAL BANKS
Meanwhile, profitability is just among several considerations the central bank will look into as it reviews new applicants.

“While profitability is a valid concern for DBs, the BSP takes a more holistic approach and does not focus solely on profitability when assessing new applicants,” Ms. Fonacier said.

“Rather, new DB applicants will undergo a more comprehensive review process that will primarily focus on value proposition, business models, and resource capabilities which should include a demonstration of their potential for sustained profitability.”

The Monetary Board in January lifted the three-year moratorium on new digital banking licenses.

The BSP is now set to allow four more digital banks to operate in the country, which would bring the total to 10.

These can either be new applicants or banks that will convert their existing license to a digital one.

“Applicants must also demonstrate sufficient capabilities and readiness to deploy their digital solutions and to sustainably grow their business given inherent challenges in the Philippine market,” Ms. Fonacier said.

While there has been no official filing yet, she earlier said there are two foreign digital banking players interested in entering the Philippine market.

“Relatedly, these new players will be assessed not only on their ability to help the digital banking industry recover from recorded losses but also on their contribution in achieving the policy objectives of the digital banking framework,” she said.

“This includes promoting wider adoption and use of digital financial services in the country and expanding their reach into underserved markets.”

DigiPlus setting up Singapore unit

DIGIPLUS.COM.PH

LISTED DIGITAL entertainment company DigiPlus Interactive Corp. said it will establish DigiPlus Global Pte. Ltd. (DigiPlus Global) in Singapore to expand its international footprint. 

“Singapore is a world-class hub for business, technology, and talent, making it an ideal base for our global initiatives,” said DigiPlus Interactive Chairman Eusebio Tanco in a statement on Wednesday.

“With the incorporation of DigiPlus Global, we are strengthening our ability to attract top-tier professionals, forge strategic alliances, and enhance our international presence, all while remaining deeply committed to our home market in the Philippines,” he added.

The company said its board of directors approved the plan during a meeting on Feb. 26.

DigiPlus Global will be wholly owned by Diginvest Holdings, Inc., a 100% subsidiary of DigiPlus Interactive. It will serve as a support function center and regional hub, focusing on strategic partnerships, talent acquisition, and international expansion — key pillars of DigiPlus’ long-term growth strategy.

DigiPlus Interactive operates digital entertainment platforms, including BingoPlus, the country’s first government-approved online bingo platform; ArenaPlus, a premier sportsbook; and Gamezone, a growing platform for casual and arcade gaming.

While DigiPlus Global will focus solely on corporate and operational support functions, it will not engage in any iGaming operations in Singapore, strictly adhering to the country’s regulatory framework, the company said. 

“This milestone marks a bold step in DigiPlus Interactive’s expansion, leveraging Singapore’s advanced business infrastructure and global connectivity to further position the company as a leader in digital entertainment,” the company said.

DigiPlus Interactive has earmarked up to P3 billion for capital expenditures in 2025 as it pursues further expansion.

In January, DigiPlus announced that its subsidiary, DigiPlus Brazil Interactive Ltda., secured a gaming license from the Brazilian Ministry of Finance’s Secretariat of Prizes and Bets.

The license allows DigiPlus to operate land-based and online sports betting, electronic games, live game studios, and other fixed-odds betting activities in Brazil. The company aims to tap into Brazil’s population of over 200 million and leverage the recent liberalization of its gaming market. 

At the local bourse on Wednesday, the company’s shares climbed 0.41% to close at P36.70 each. — Sheldeen Joy Talavera

ACEN kicks off large-scale battery storage project in Australia

ACEN

ACEN CORP., through its subsidiary, has started building a large-scale battery energy storage system (BESS) alongside its 720-megawatt (MW) solar project in New South Wales (NSW), Australia.

ACEN Australia has engaged international energy storage specialist Energy Vault to lead the construction of the facility, which will be capable of storing 200 megawatts of energy for two hours, the company said in a media release on Wednesday.

The facility is the first large-scale BESS in the region and is expected to provide on-demand energy to customers in both NSW and Queensland. Its construction is supported by the NSW Government’s Emerging Energy Program.

The 400-megawatt-hour project will involve “the integration of advanced grid-forming inverters to provide system strength, stability, and network security services.” 

“This is the first large-scale battery storage project to be built in New England, so this is a great milestone for the region and the National Electricity Market,” said Tim Greenaway, ACEN Australia’s head of construction and engineering.

Mr. Greenaway stated that geotechnical and design work is nearly complete, and installation of the electrical infrastructure to connect the battery is well underway.

“We expect the civil and base electrical work for the BESS to begin in the next month or two, in preparation for the delivery of the battery modules in the second half of the year,” he said.

Energy Vault Vice-President of Sales Asia Lucas Sadler said the New England Battery Project is the company’s first project to enter the construction phase in Australia.

“There’s a lot of global attention on Australia’s battery storage market, and we’re very happy to be making a positive contribution to such an important project,” Mr. Sadler said. 

The BESS will be co-located at the Stage 1 Solar Power Project site, which has 400 MW of capacity and was completed in 2023. Construction of the second 320-MW phase is scheduled to begin in 2026.

A BESS is a type of energy storage system that uses batteries to store electricity from the grid and release it when needed to augment supply or enhance power quality.

ACEN, the listed energy platform of the Ayala Group, holds approximately 6.8 gigawatts of attributable renewable energy capacity across operational, under-construction, and committed projects. It operates in the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the US. — Sheldeen Joy Talavera

Yabu flagship in Rockwell reopens, announces more concepts

YABU: HOUSE OF KATSU’S flagship store in Rockwell

YABU: HOUSE OF KATSU reopened its flagship store in Rockwell in a dinner on the last week of January. The store is now 50% larger, and a little bit brighter.

The dinner was also an opportunity to introduce the new Crispy Katsudon, featuring crispy katsu on tamagoyaki omelette, coated in rich donburi sauce, and served on premium Japanese rice. The menu also highlights the popular new Kurobuta pork options.

More than these new additions, John Concepcion, chief executive officer of Standard Hospitality Group which owns Yabu, unveiled plans to increase their collective store number from 45 to 100. Their brands include Yabu, Ippudo, Koyo, Hannosuke, Hachibei, and Hokkaido Soft Cream, and specialty café Elephant Grounds. Some of these brands have been united under one roof in the food hall concept Kiwami, which is also opening its third location in SM Mall of Asia this year (previous locations are in Bonifacio Global City and Alabang).

“Our goal is to set the standard in the restaurant scene, and this expanded flagship store represents our commitment to that vision,” Mr. Concepcion, said in a statement. “As we continue to grow, we’re focused on elevating the casual dining experience while maintaining the quality that has made Yabu the country’s leading katsu brand.”

In a speech, he said that they’re opening four more Yabus, and opening two new Japanese concepts, in the second half of this year — counting all their brands, they’re opening 12 new locations this year.

It is all about “The concept of going to Japan, going to a place just producing one dish — that whole concept of mastery,” he said.

In an interview with BusinessWorld, he talked about their expansion to 45 restaurants from their first Yabu location in 2011. “That’s not actually fast,” he noted considering the 14 years since opening the first restaurant. “Anybody can open and open, but if it’s now well-maintained, that’s a problem. It has to be the right speed — make sure that the people in the system are in place.

“When you hit 45 stores, it’s growing on its own. There’s a system working, there’s people working; the cash is coming in, and it’s on a sustainable basis right now. It takes a lot of effort to get to that level.” — Joseph L. Garcia

SM Prime lists P25-B fixed-rate retail bonds on PDEx

SM PRIME Holdings Corp. (SM Prime) has listed its P25-billion fixed-rate retail bonds on the Philippine Dealing & Exchange Corp. (PDEx).

This issuance is the second tranche of SM Prime’s P100-billion shelf registration of fixed-rate bonds, which was approved by the Securities and Exchange Commission (SEC), the company said in a regulatory filing on Wednesday.

The listed property developer said the issuance consists of Series Y, Z, and AA bonds, maturing in 2028, 2031, and 2035, respectively.

Under its application submitted to the SEC last year, SM Prime sought approval to raise up to P25 billion, with an oversubscription option of up to P5 billion.

The offering includes three-year Series Y bonds due in 2028, six-year Series Z bonds due in 2031, and 10-year Series AA bonds due in 2035. 

On Monday, the company announced plans to allocate P100 billion in capital expenditures (capex) this year, with the majority directed toward residential projects and integrated property developments.

Capex for 2024 will primarily be allocated to malls, residential properties, and integrated developments, SM Prime said.

For 2024, Sy-led SM Prime recorded a 14% increase in consolidated net income, reaching a record-high P45.6 billion, up from P40 billion in 2023. The growth was driven by strong holiday spending, the opening of two new malls, and higher real estate sales.

Consolidated revenue also rose by 10%, reaching an all-time high of P140.4 billion in 2024, compared to P128.1 billion in 2023, due to increased rental income, real estate sales, and revenues from services and experiential offerings. 

At the local bourse on Wednesday, shares in the company gained 90 centavos, or 3.83%, to close at P24.40 apiece. — Ashley Erika O. Jose

Now Now Canteen: A fermentation experiment that aims to start a culinary movement in the metro

NOW NOW CANTEEN’S FERMENTATION SHELF — ZSARLENE B. CHUA

By Zsarlene B. Chua

LOCATED in a nondescript part of Mandaluyong, at the corner of Calbayog and L. Esteban streets, a fermentation lab-cum-contemporary canteen is trying to “spearhead a fermentation movement in Metro Manila” by offering tried-and-true classics elevated through fermentation.

Now Now Canteen, founded by husband-and-wife team Bryan and Maxine Kong, started as an idea to develop a fermented ice cream.

“We ate at Noma for our honeymoon and were so blown away with how they prepared [their dishes] and that they’re heavily focused on fermentation,” Mr. Kong told BusinessWorld at the sidelines of a beauty event on Feb. 21. Once back in the Philippines, Mr. Kong was so inspired that he decided to grow his own koji (a fermentation starter that uses rice or soybean) and create a fermented sweet potato ice cream for Kurimu, his Japanese-style premium handcrafted ice cream venture.

This experiment didn’t exactly work out, so he decided to put koji in dishes like tinola (Filipino chicken soup with ginger) and sinigang (Filipino sour soup that uses a variety of possible souring agents like tamarind or guava) with better results.

Koji (Aspergillus oryzae) is a fungus used in East Asian fermentation, which is the key to making soy sauce, miso, and sake. Used in East Asia for thousands of years, it has been a cornerstone of traditional fermentation practices as it breaks down starches and proteins to enhance umami (savoriness) and deepen flavors.

Mr. Kong and his wife were so enamored by koji and the potential of fermentation in bringing out the umami of dishes that it grew into what is now Now Now Canteen.

Opened in September 2024, Now Now has gained a cult following for its unique menu, which incorporates fermented ingredients. The restaurant’s nondescript exterior matches its industrial, lab-like interior, complete with metal décor, a steel shelf displaying creations, and a temperature-controlled fermentation lab.

“You won’t find a restaurant like this in our area,” Mr. Kong said. But beyond their dishes, part of their ethos, he said, is to “democratize fine dining culinary techniques and make it accessible to the neighborhood.”

Now Now offers two service times: brunch and dinner and while reservations are encouraged, walk-ins are welcome. The entire menu is also a la carte and items are reasonably priced beginning at P350.

While this writer wasn’t able to experience too much of the menu during the event, a few of the standouts were the Tortang Talong Okonomiyaki, a spin on the popular eggplant omelet and includes bacon, crispy fried noodles, crispy nori sheets, all dressed in wild garlic mayo. We were also served a sort of fermented red sauce, reminiscent of ketchup which imparted a tang that cuts through the savoriness, so you don’t get tired of the flavors. It was an all-in-all full-on umami bomb, creating a perfectly balanced bite — rich, textured, and satisfying.

Then there’s the Shakshouka which uses fermented eggplants and onions, labneh (Middle Eastern cheese created from strained yogurt), poached eggs, chicken skin, and served with Polish flatbread. The dish was an instant hit at our table due to the rich fermented eggplant balancing the creamy labneh and runny eggs. It would benefit from more than a hint of spice to further wake up the flavors, but it was a very good dish.

The menu is developed by executive chef Mateusz Łuczaj and executive pastry chef Lisane Łuczaj who fly in from Poland to work with the Now Now team to develop new dishes. Mr. Kong said that the plan is to create a revolving menu with the target of three menu changes a year.

FERMENTATION, EXPERIMENTATION, AND SUSTAINABILITY
Beyond accessibility and spreading the gospel of fermentation in the metro, Now Now’s mission is also to champion sustainability and local produce. Mr. Kong said that currently, the restaurant is “97% waste-free” as almost all of the trimmings from the produce are fermented as the “kitchen is really intentional with our food waste.”

He added that they are currently in talks with local farmers about getting their trimmings and waste products so they can create something new out of it. “We’ll make a sauce out of [their] waste,” he said.

With fermentation being a hobby of his, Mr. Kong is also trying out different ferments using local produce like a batuan cheong. Batuan is a sour fruit, a relative to mangosteen, that is often used as a souring agent for the Visayan sour soup, kansi, and sinigang. Meanwhile, cheong is the Korean process of making fruit syrups by using a 1:1 ratio of fruit and sugar. Together, batuan cheong is a syrup whose aroma reminds us of a sweet-sour dessert wine. In a few more weeks (or even months), this batuan cheong will eventually end up in a ceviche, an application Mr. Kong endorses as the syrup imparts complex sweet-sour notes that go well with fish.

Now Now Canteen, with its bold approach to fermentation and sustainability, is a culinary experiment in progress. A testament to the ever-evolving food culture in the country. And with The Michelin Guide arriving in the Philippines, Mr. Kong said that this presents an opportunity for the country’s culinary industry to take the spotlight on the world stage.

“[Due to] the Filipino diaspora, Filipinos are everywhere. So we actually have the power to influence the world culinary scene,” he said.

Now Now Canteen is located at 497-C Rosa Bldg., Calbayog corner Esteban St., Mandaluyong City.

 

Zsarlene Chua is a former BusinessWorld reporter who is now a fledgling PR girl. She’s all about skincare, makeup, and video games — and occasionally food. None of the products she reviews are the writer’s clients. Contact the author at zsarlene.chua@gmail.com.

AboitizPower plans P30-B bond offer in Q2

ABOITIZPOWER.COM

ABOITIZ Power Corp. (AboitizPower) plans to issue up to P30 billion in fixed-rate retail bonds by the second quarter, as part of its P100-billion shelf registration program.

In a stock exchange disclosure on Wednesday, AboitizPower said its board of directors had approved the filing of a registration under the Securities and Exchange Commission’s shelf registration program for peso-denominated fixed-rate retail bonds.

The proposed issuance consists of up to P20 billion worth of retail bonds, with an oversubscription option of up to P10 billion. 

“Subject to market conditions, the company intends to offer the first tranche of the retail bonds to the general public during the second quarter of 2025 and to list the first tranche with the Philippine Dealing and Exchange Corporation (PDEx) by the third quarter of 2025,” the company said.

AboitizPower said the proceeds from the first tranche of the retail bonds will be used to refinance corporate debts and/or for other general corporate purposes.

The board delegated to the company’s management the authority to determine the final issue amount, interest rate, offer price, tenors, and other terms and conditions of the retail bonds, including the appointment of parties involved in the offering.

In 2022, the company raised P10 billion in fixed-rate retail bonds, including oversubscription, from the third tranche of its P30-billion debt securities program.

Proceeds from that bond offer were intended for debt refinancing and funding renewable energy projects.

At present, AboitizPower holds a portfolio of 4,482.12 megawatts across 48 power generation facilities nationwide.

At the local bourse on Wednesday, shares in the company declined by 0.12% to close at P40.85 each. — Sheldeen Joy Talavera

Coffee festival expands to include weavers and crafters

THE BIYAYA (Filipino for “blessing” or “gift”) Sustainable Living Festival is branching out from the Manila Coffee Festival to include more local products, especially woven textiles and other crafts. The festival will be held from March 14 to 16 at Parqal in Aseana City, Parañaque.

In a press conference at the Kapetolyo by SGD Coffee in Ermita, Manila, Richard Watanabe, founder of the Coffee Heritage Project and co-founder of the Biyaya Sustainable Living Festival, discussed some of the things people will experience at the festival. These will include craft beer made with products from the Cordilleras (including coffee and cacao), a chalk mural competition, agricultural workshops, free coffee from The Coffee Village, Baybayin workshops (an ancient writing system from pre-Hispanic Philippines), and woven crafts, but also weaving demonstrations.

“When we protect, nurture, and grow the heritage craft and practices of Filipino communities, we ensure their sustainable livelihood,” he said in a statement. “In the process, these communities can continue to live on the land of their ancestors, safeguarding not just their culture but also the environment. Thriving, sustainable communities are the foundation for environmental protection.

Biyaya 2025 Poster

“Biyaya isn’t just about coffee; it’s about uplifting the entire ecosystem of heritage industries that allow these communities to thrive,” he added.

His partner in this project, fashion designer and sustainability advocate Tati Fortuna, said in a speech: “We are bringing in — today, can be more — 75 farmers and weavers.” The festival will have more than 200 exhibitors including coffee, cacao, and coconut farmers, as well as craftsmen, weavers, and local fashion designers.

“We are not going to take any part in the sales that they make,” she pointed out. Last year’s Manila Coffee Festival brought in 12,000 visitors and P45 million in earnings for its exhibitors.

“Our objective for Biyaya, is to put the farmers, the weavers, and crafters, and communities front and center,” she said. “We want to honor them in any way that we can, and we are very thankful,” she said.

“Biyaya supports a long-term value chain that ensures Filipino farmers and artisans are empowered at every stage. With transparency checks in place, Biyaya guarantees that the processes behind the products are ethical, fair, and environmentally conscious,” said a statement from the festival. 

Ms. Fortuna said, “Biyaya is not just a once-a-year event. We want to have a deeper connection and a deeper relationship to the communities.” Long-term plans involve weaving and craft schools, and enhanced training for the same causes.

The Biyaya Festival will run from March 14 to 16 at Parqal in Aseana City, from 4 p.m. to 10 p.m. Check the Manila Coffee Festival Facebook page for ticket sales and inquiries. — Joseph L. Garcia