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Aboitiz group to take over Laguindingan airport in 2025

PHILSTAR FILE PHOTO

THE INFRASTRUCTURE arm of the Aboitiz group is set to take over the operations and maintenance of the Laguindingan International Airport in Misamis Oriental next year, the Transportation department said.

“We are planning to sign the concession agreement for the Laguindingan airport within the month. The takeover will happen within four to six months,” Transportation Secretary Jaime J. Bautista told reporters on the sidelines of an aviation forum on Wednesday.

In September, the Department of Transportation (DoTr) said the contract to operate and maintain the Laguindingan International Airport would be awarded to Aboitiz InfraCapital, Inc., the original proponent.

This came after the DoTr received no counter proposal to challenge the unsolicited proposal of Aboitiz InfraCapital, Mr. Bautista said previously.

“Aboitiz InfraCapital is eager and ready to take on the operations, management, and expansion of the Laguindingan airport… We’re waiting on the direction from the government on this for the notice of award. From there, signing should follow, then after will be a transition period to takeover,” Aboitiz InfraCapital said in a statement to BusinessWorld.

Based on the Instructions to Challengers published by the DoTr and Civil Aviation Authority of the Philippines (CAAP), the notice of award and other post-award requirements would immediately be issued upon the approval of the award by the Transportation Secretary and the governing board of CAAP.

It added that the original proponent or the winning challenger would execute the concession agreement within five days from its receipt of notification of compliance with the post-award requirements.

IMMEDIATE PLANS
The company said its immediate plans for the airport include expanding its operating capacity.

“What we can share at this time is we plan on expanding the operating capacity of the airport given the growth potential we see in Northern Mindanao,” Aboitiz InfraCapital said.

The Transportation department aims to implement the first phase of the Laguindingan International Airport PPP project from 2024 to 2026.

The airport will have a capacity of 1.6 million passengers a year, which will increase to 3.9 million by the end of the first phase and to 6.1 million by the end of the second phase.

According to the Public-Private Partnership Center, the contract for the Laguindingan airport will run for a period of 35 years.

The company has also submitted unsolicited proposals for the operations, maintenance, and development of the New Bohol-Panglao International Airport, Bicol International Airport, and Iloilo International Airport.

The group secured original proponent status for the New Bohol-Panglao International Airport, which will undergo the Swiss challenge by November, according to Mr. Bautista.

In 2022, Aboitiz InfraCapital finalized a deal with Megawide Construction Corp. and GMR Airports International B.V., allowing it to acquire shares in GMR-Megawide Cebu Airport Corp., the company behind the Mactan-Cebu International Airport. — Ashley Erika O. Jose

EDC to explore geothermal fields in Indonesia

ENERGY DEVELOPMENT Corp. (EDC), the renewable energy arm of Lopez-led First Gen Corp., has obtained rights to explore and drill for two greenfield geothermal projects in Indonesia, the company said on Wednesday.

Indonesia’s Ministry of Energy and Mineral Resources awarded to EDC the preliminary survey assignments plus exploration for the Koto Sani Tanjung Bingkung and Bora Pulu geothermal projects, the company said in a statement.

Each of the Koto Sani Tanjung Bingkung and Bora Pulu geothermal areas has an estimated potential capacity of 40 megawatts (MW) and both would require a total investment of $456 million.

“This achievement marks a significant milestone in realizing EDC’s mission to forge collaborative pathways to a decarbonized and regenerative future, not only in the Philippines but in the region as well and beyond,” said Jeff Aban Caranto, EDC’s head of business development-international.

EDC said that the development aligns with its growth strategy as part of the 13,000-MW low-carbon energy portfolio of First Gen targeted by 2030. Of the total, 9,000 MW will be from renewable energy.

Indonesia is the world’s second-largest geothermal producer with a capacity of more than two gigawatts (GW), according to the Asian Development Bank.

The Philippines, which places third, produced an installed geothermal energy capacity of nearly two GW last year, with an estimated potential geothermal capacity of 4.2 GW.

In July, EDC officially introduced its 28.9-MW Palayan Binary Geothermal Power Plant (PBGPP) in the province of Albay, as part of the expansion of its existing 140-MW Bacon-Manito (Bac-Man) facility.

PBGPP is one of the four geothermal projects in the company’s pipeline. Others are the 28-MW Mahanagdong Binary in Leyte, 20-MW Tanawon Binary in Bacman, and the 5.6-MW Bago Binary in Negros Occidental.

EDC has allocated an investment of about $400 million for these projects with a total capacity of 83 MW that are expected to come online this year.

At present, it has an installed capacity of 1,480.19 MW, accounting for about 20% of the country’s total installed renewable energy capacity. — Sheldeen Joy Talavera

A taste of Japan

SPICE & SOY’S Pork Belly Muy Chai

A food crawl through Mitsukoshi Mall

By Joseph L. Garcia, Senior Reporter

THE PROMISE for future residents of The Seasons Residences is “own a piece of Japan with The Seasons Residences in BGC” (from the Federal Land website). One of those pieces happens to be access to the Mitsukoshi BGC mall.

On Sept. 30, guests were taken around the mall’s many food spots (with access granted from the complex’s first tower, Haru — “Spring” — completed earlier this year). “What I wanted in this initiative is to reflect that when we promised that they can own a piece of Japan before, it’s not just the theme of the project that’s in just the architecture, but you can live it every day,” said Federal Land Marketing Head Jorell Bringas.

Our first stop was the Itadaki food court at the mall’s basement. That could have been the last stop by itself, for the vendors in the food court brought out their very best. Saboten Express’ offers alone could have tided us over for the rest of the day: there was lightly cooked Agedashi Tofu, and Chicken Karaage (Japanese-style fried chicken), but we were bowled over by the Tuna Katsu, still pink inside, and the perfect crispness contrasted with the fresh tenderness of the fish. An honorable mention was Lam Mein, which brought out a roast duck, perfect for dunking into their Beef Wonton Noodle Soup.

Close by was Ajisho Kaisendon, offering fresh sushi, sashimi, and the same delights presented in bowls. With most of their offerings flown in from Japan, the result was exquisite: the sea urchin was sweet and still bore a briny, oceanic flavor, and a surprise contender was the salmon roe, which popped repeatedly inside our mouth, bringing burst after burst of flavor.

In the same basement is the Iwada Ichigo Cafe, the first strawberry cafe in the country — Beni Hoppe strawberries are frozen and flown in from Japan, then crushed to be served in a variety of ways. Mixed with milk (no water in the equation, to further emphasize the strawberry flavor) and blended, they’re served as a smoothie. Crushed and served in a bowl, they make for a nice dessert. That day, we were served their seasonal frozen white strawberries in a bowl, resulting in a very creamy taste with little acidity.

Upstairs at Prologue D’Fined, a more upscale version of the Prologue chain, they served us their pasta lunch set, which included a Salsiccia (sausage) Arrabiata and a mild Black Truffle Carbonara served with buckwheat pasta. The taste was mild and the truffles were a mere hint, but what a great texture.

THE HIGHLIGHT
Those were only openers for what we thought was the food crawl’s highlight: Bijin Nabe by Tsukada Nojo. Jidori chickens from the Miyazaki prefecture (so perfectly bred they’re sometimes served raw) are cooked down for several hours into a white semi-solid teeming with collagen. That’s Bijin Nabe’s promise: the collagen in their Japanese Collagen Beauty Hotpot is supposed to help you become beautiful.

Never mind that: the broth itself is beautiful. In a pot, the pudding is melted until it becomes a rich soup. The trip could have ended here: the rich broth was revitalizing, and felt like it erased all my sins. As a plus, my companions during the trip noted that my cheeks regained a glow (so much so that we asked for a second bowl). No promises, but with a baseline price of P700 a pot for two people (the rest of the hotpot ingredients like vegetables and meat come with separate prices), one should give it a shot.

After the joys of Bijin Nabe, we thought we’d be let down by Spice and Soy’s Pork Belly Muy Chai (a braised pork dish), and El Born’s roast chicken. Not at all. In fact, El Born’s Burnt Basque Cheesecake gave us another reason to visit the Mitsukoshi Mall. The cheesecake has been making the rounds of social media, and for good reason: pushing down a fork on the cake brings out creamy and delicious feeling.

After a stop for coffee at Key Coffee Kissaten, we were taken down to the basement again, this time for the mall’s home court offering at Mitsukoshi Fresh, their supermarket brand.

There’s a Filipino contender there: Tayabas Bay Oysters, grown there for that specific area’s lack of history of red tide. Founded earlier this year, it’s the country’s first commercial hatchery-grown oysters. Still live, they were shucked in front of us and served fresh, and had a clear, clean taste.

Meanwhile, Mitsukoshi Fresh served up its Japanese-flown offerings, and we got to taste wagyu sushi for the first time (rich and refined; the beefy flavor was merely a hint).

THE JAPANESE TOUCH
Mr. Bringas explained that the tripartite collaboration between Federal Land, Inc., Japan’s Nomura Real Estate Development Co., Ltd., and Isetan Mitsukoshi Holdings Ltd. is what makes the complex (the mall and the residences) unique. “Everyone… has brought something important here,” he said.

According to him, while other mall developments may have Japanese branding and occasional themes, not many have a renowned Japanese retail group having a hand in how things are run daily. “Here, the Japanese, as you’ve seen it, are very much included in the day-to-day operations, the envisioning, the planning of things.”

The rest of the Seasons Residences towers are set to be completed by 2027. Prices for the units start at about P23 million for a 51.5-sq.m. one-bedroom unit.

Franchise for Elon Musk’s Starlink PHL pushed

BRISA PALOMAR/PACIFIC PRESS/SIPA USA VIA REUTERS CONNECT

A PHILIPPINE senator has filed a bill seeking to grant a franchise to Elon Musk’s Starlink Internet Services Philippines, Inc., which is seen as an option to expand internet connectivity to far-flung areas.

“Starlink is seen to bridge the digital gap by providing satellite-based internet connectivity in areas not covered by traditional terrestrial networks and in remote areas where it is difficult to build telecommunications infrastructure,” Senator Mary Grace Natividad S. Poe-Llamanzares said in Senate Bill No. 2844, which she filed on Oct. 1.

Citing the 1931 Radio Control Act, she said Starlink wants to build gateway earth stations, which are “radio stations” that need a legislative franchise.

Gateway earth stations are large dish space stations that are used to send and receive TV and internet signals.

The bill seeks to extend the company’s services to unserved or underserved areas, specifically those at risk of typhoons and other natural disasters as determined by the National Disaster Risk Reduction Management Council.

The Department of Information and Communications Technology has accredited Starlink as a satellite systems provider, allowing it to provide internet services in the country.

Ms. Poe said gateway earth stations would extend the reach of Starlink’s services.

The franchise would be revoked if Starlink fails to operate continuously for two years, based on a copy of the bill.

The satellite internet provider would also be subject to a fine of P1 million if it fails to submit an annual report to Congress about its operations.

Last year, Henry T. Sy, Jr. — owned Data Lake, Inc., inked a deal with Starlink to distribute its satellite kits and to carry out data services and solutions nationwide.

Under the deal, Starlink satellite kits are priced at P29,000, inclusive of a dish, modem, power supply, and mounting tripod at SM Malls.

Starlink is a satellite internet service of Space Exploration Technologies Corp. (SpaceX). According to its website, SpaceX continues to launch satellites into orbit to bring high-speed broadband to rural and remote areas. Earlier this year, SpaceX’s Starlink deployed about 200 units across the country.

“Poor internet access limits the opportunities available to Filipinos, particularly for low-income households,” Ms. Poe said.

“The entry of a new player brings bright prospects in our telecommunications industry.” — John Victor D. Ordoñez

Mott 32 deserves all its accolades

By Joseph L. Garcia, Senior Reporter

DURING a recent media NUSTAR on Sept. 25*, its famed restaurant, Mott 32, brought out a special menu for the occasion of The Mall | NUSTAR’s completion. It also happened to be the restaurant’s second anniversary.

Founded by Xuan Mu, Malcolm Wood and Group Executive Chef Lee Man Sing, the restaurant has several locations around the world: Hong Kong, Vancouver, Singapore, Dubai, Toronto, Bangkok, Seoul, and Cebu. In all its locations, they’ve garnered several awards: badges we recognized on their website included accolades from Wine Spectator, The Forbes Travel Guide, The Michelin Guide, Tatler, and Traveler’s Choice (the complete number of award badges numbers over 50).

Lunch on Sept. 25 opened with a Fujian Negroni (Amaro, Aperol, ginseng, Lapsang Souchong tea, Sichuan pepper). This tasted quite complex, but softer than a usual Negroni, with no sharp edges. The Hanami (rye whisky, gin, umeshu, yuzu, shiso, ginger beer, and chrysanthemum), meanwhile, was such an easy drink, we could have had four (we didn’t).

A Traditional Iberico Pork Shanghainese Soup Dumpling had an expectedly delicate texture, and a nuanced, very rich broth inside that surprisingly had little weight. It had a clean and clear taste; almost pure, like just water and flavor. It came with a Salty Egg Pumpkin: it had a light, crispy batter, contrasting in texture to the creamy pumpkin, its mildness given excitement with the spicy salted egg seasoning. Our notes simply read “yum yum.”

The Cold Free-Range Chicken, with Szechuan Peppercorns and Chili Sauce had an excellent gelatinous texture paired with a delicately smoky flavor — combined with the cold, it tasted what something wet and smoky smells like: think the taste of embers extinguished in water, if there was such a thing. Given vivacity by the Szechuan peppercorns, it cleared the nostrils and left a last lingering note of earthiness.

A Hot and Sour Soup was very heavy with flavor, dripping with importance and the taste of expensive seafood. It displayed a perfectly balanced heat that coated and tickled the lips.

There were other dishes on the menu: a Yeung Chow-style Fried Rice, with Diced Sea Cucumber, a Whole Leopard Coral Garoupa (delicate and fresh), Wok-Fried Romaine Lettuce (surprisingly substantial), and Stir-fried Australian M9 Wagyu (spicy and aggressive). However, the star of the show was Mott 32’s signature Applewood Roasted 42 Days Peking Duck.

The menu says it’s “smoked with sweet aromas of dried applewood, served with freshly steamed pancakes, thinly sliced cucumber and scallions, raw cane sugar, and house-made special hoisin sauce.” They carve it using a “unique technique that locks in all the juices” that was developed by their founders “making it a true feast fit for royalty as it was intended.” The duck is available in limited quantities, and is available by pre-order only.

Well: the duck’s skin was first served to us, with a strange, puffed-up texture, and tasted very crispy, like a glossy, red chicharon (pork crackling). The puffed-up texture gave it a multi-dimensional bite: it was almost like the air within the duck was flavored. The duck was served anew in pancakes, but we had to do without them: the pancake’s taste was concealing the flavors of the duck’s dense, tender flesh.

The dessert was a light coconut ice cream with pomelo, grapefruit, and honeycomb.

Fili Hotel General Manager Roel Constantino said, “Even in just two years, we are known in Cebu already. I believe that even in just two years, we’ve already imprinted the brand in the culinary map of the Philippines.”

Mott 32 is located in NUSTAR in Cebu.

*https://tinyurl.com/bdfrtfbe

IMI expects $5-M boost from global restructuring

INTEGRATED Micro-Electronics, Inc. (IMI) expects a $5-million boost to its net income as a result of its global restructuring, the company said on Wednesday.

“The office restructuring efforts in the four locations (United States, Japan, Singapore, and Malaysia) are part of the company’s initiatives to align the cost structure with the current business needs and are not expected to disrupt the company’s operations. These activities will yield annual cost savings of approximately $5 million, improving net income,” IMI said in a regulatory filing.

On Tuesday, IMI said it would close its Japan sales office. It is also currently downsizing its Singapore and Malaysia offices to improve margins.

The company also said that IMI USA would stop prototyping and manufacturing activities by yearend. The production functions of IMI USA will be transitioned to IMI facilities across North America, Europe, and Asia.

“The cessation of prototyping and manufacturing activities in IMI USA will have a minimal effect on IMI group’s revenue since it is only approximately 0.30% of the total IMI group revenues,” IMI said.

IMI USA will also channel prototyping needs of selected customers to California-based XLR8 Corp. as part of a new agreement. In turn, XLR8 will transition mass production projects to IMI as its preferred manufacturing partner.

For the first half, IMI trimmed its attributable net loss by 89.5% to $8.77 million from $83.66 million last year on “cost rationalization activities.”

January-to-June revenue dropped by 18% to $565.8 million from $691.89 million last year, partly attributed to the divestment of British subsidiary STI Enterprises Ltd., which was still part of the group in early 2023.

“Market softness in the industrial sector has affected IMI’s Philippine operations, with reduced demand from end markets delaying launches of new models as customers continue to trim down existing inventory levels,” IMI said.

“In response, IMI continues to optimize its customer portfolio by reducing involvement in lower-margin projects, aiming to enhance profitability and focus on higher-value opportunities within its pipeline,” it added.

IMI is a global electronics manufacturing solutions expert specializing in highly reliable and quality electronics for long product life-cycle segments in the automotive, industrial, power electronics, communications, and medical industries.

On Wednesday, IMI shares fell 4.92% or nine centavos to P1.74 per share. — Revin Mikhael D. Ochave

Tasty tater recipes

FILIPINOS often think of potatoes in the context of snacks, like fries or chips. After all, the US potato industry supplies their products mainly to various snack food manufacturers in the Philippines.

Potatoes USA, the marketing arm of the US potato industry, introduced members of the media to different recipes that Filipino consumers can try. These all have potatoes as the main ingredient, using their fresh, frozen, or instant (dehydrated) potatoes, all found in Philippine supermarkets.

Mapo Tofu Potato Cheese Fries

Chef Kalel Chan of The Raintree Restaurant Group told BusinessWorld that a fun way to jazz up a serving of fries is to incorporate a spicy dish like mapo tofu to the mix. “I make this a lot at home and it really hits the spot,” he said.

INGREDIENTS
Cooking oil, 20 gm
Garlic, 20 gm
Ginger, 20 gm
Onions, 20 gm
Ground pork, 200 gm
Shoyu, 40 gm
Sake, 60 gm
Mirin, 20 gm
Sugar, 20 gm
Water, 200 gm
Sichuan ground pepper, 2 gm
Tobanjan bean paste, 60 gm
Sesame oil, 30 gm
Soft tofu, 200 gm
Grated cheddar cheese, 50 gm
Grated pepper jack cheese, 50 gm
Chopped spring onions, 20 gm
US seasoned crisp fries, 400 gm
Slurry, 10 ml

PROCEDURE
1. Heat oil and sauté garlic, ginger, onions, and ground pork.
2. Brown the ground pork and add sake, mirin, shoyu, sugar, Sichuan pepper, tobanjan paste, sesame oil, and water.
3. Simmer for 2 minutes and thicken with slurry.
4. When the sauce becomes thick add in the soft tofu.
5. Pour the mapo tofu on the side of the fried seasoned crisp fries and top it off with grated cheese.
6. Garnish with chopped spring onions.

Cheesy Potato Kaldereta Bake

This is a layer of potatoes with spicy tomato-based beef stew, topped with grated cheese then baked until melted. It is a dish for those seeking a twist on a classic Filipino dish.

INGREDIENTS
US fresh potatoes, sliced thinly and pre-boiled, 200 gm
Beef sirloin, pre-boiled and shredded, 500 gm
Garlic, minced, 4 cloves
Beef broth, 1 cup
Tomato paste, 2 tbsp
Tomato sauce, 1 cup
Liver spread, 1/2 cup
Siling labuyo (bird’s eye chili), chopped, 1 piece
Bay leaf, 1 piece
Carrot, small cubes, 1 piece
Pepper
Fish sauce
Cooking oil, 2 tbsp
Cheddar cheese, 1/2 cup
Mozzarella cheese, 1/2 cup
Basil for garnish

PROCEDURE
1. Cook the kaldereta: Saute onions and garlic. Add beef. Add carrots and cook until soft.
2. Add the tomato paste and cook.
3. Add the tomato sauce. Pour in the beef broth.
4. Add the liver spread. Let simmer and season with pepper and fish sauce, then add the bay leaf.
5. Place the thinly sliced potatoes at the bottom of an oven proof dish.
6. Top with the kaldereta mixture.
7. Combine the cheeses and place on top of the kaldereta mixture.
8. Broil in the oven for at least 10 minutes at 150C or until the cheese melts and has browned.
9. Serve hot.

US Potato Ramen

Mr. Chan recommended this next dish for those curious about the taste and texture of noodles made of potato. “It’s a very filling and satisfying dish consisting of handmade potato noodles with Sichuan dandan sauce,” he said.

INGREDIENTS
Standard potato granules, 200 gm
All-purpose flour, 250 gm
Salt, 3 gm
Egg, 4 pieces
Water, 200 ml
All-purpose flour (for dusting), 50 gm
Dandan sauce
Sichuan ground pepper, 3 gm
Sugar, 10 gm
Prepared chili oil (ryu oil), 20 gm
Grated garlic, 5 gm
Tahini, 100 gm
Soy sauce, 15 gm
Five spice, 1 gm
Hot chicken stock, 1 cup

PROCEDURE
1. Mix the dry ingredients together in a big stainless bowl, with a wire whisk, except the 50 gm of flour for dusting.
2. Make a well in the middle of the dry ingredients and mix the wet and dry ingredients together.
3. When it gets stiff, knead the dough by hand.
4. When a ball of dough is formed, rest the dough in the chiller for one hour.
5. After one hour, cut the ball into four and form each part like a ball.
6. Dust the table with flour and dust the four balls.
7. Flatten the balls one by one with a rolling pin.
8. When flattened to the desired thickness, fold and cut out the noodles by hand.
9. Dust with flour so it won’t stick together.
10. Boil water with salt and cook the noodles for two min.
11. Strain and pour the dandan sauce on top.
12. Add chicken stock if you want to make the dandan sauce thinner.
13. In a bowl, mix tahini, soy sauce, prepared chili oil, sugar, Sichuan pepper, grated garlic, and five spice.
14. Add hot chicken stock till the sauce is of the desired thickness.

Shrimp Skewer and US Tater

Finally, the shrimp and US tater drum cocktail is for those who want the taste of seafood with potatoes.

INGREDIENTS
US Tater Drums, 500 gm
Seasoning, 1 tsp
Lemon rind and juice, 1 tbsp
Garlic, minced, 1 tbsp
Salt, 1 tsp
Shrimp, 200 gm
Tomato, crushed, 1/2 cup
Chili ketchup, 1 tbsp
Horseradish, 1 tbsp
Sugar, 1 tsp
Salt, 1/2 tsp
Olive Oil, 1 tbsp
Lemon juice, 1 tbsp
Cilantro, 5 gm
Garlic, fried

PROCEDURE
1. Skewer the shrimps and season with seasoning, lemon, garlic, and salt.
2. Grill or bake at 350°F until the color turns pink. Set aside.
3. Spray US tater drums with olive oil and bake/air fry at 232°C (450°F) for 17 minutes.
4. Mix all the ingredients of the cocktail sauce and refrigerate.
5. Garnish the shrimp and US tater drums with garlic and cilantro.
6. Serve with cocktail sauce.

B.H. Lacsamana

Oil prices may climb with tensions, but bearish factors persist — DoE official

PHILSTAR FILE PHOTO

By Sheldeen Joy Talavera, Reporter

THE TENSION between Israel and Iran could cause upward adjustments in the prices of petroleum products if it continues to escalate, but other factors such as oil production still weigh down possibilities, an official from the Department of Energy (DoE) said on Wednesday.

“If the tensions continue to escalate, expect increases in the prices of petroleum products but there are lingering bearish factors that pull the prices down such as increased oil production, economic indicators and supply and demand outlook,” DoE Oil Industry Management Bureau (OIMB) Assistant Director Rodela I. Romero said in a Viber message.

Oil prices rose by more than 2% on Wednesday as the tensions in the Middle East raised concerns that it could escalate and disrupt crude oil output from the region, following Iran’s missile attack on Israel, Reuters reported.

In separate advisories on Monday, oil companies said pump prices would climb by P0.45 per liter of gasoline, P0.90 per liter of diesel, and P0.30 per liter of kerosene.

This marks the second straight week that prices of gasoline and diesel have increased.

The latest adjustments bring the year-to-date net increases of gasoline and diesel prices to P6.40 per liter and P2.85 per liter, respectively. Kerosene has a net decrease of P6.05 per liter.

Ms. Rodela said that the oil price hike has already factored in the geopolitical conflict in the Middle East, along with the US Federal Reserve rate cut, the withdrawal in the US inventories, and production cut of the Organization of the Petroleum Exporting Countries and its allies, also known as OPEC+.

“On the increase yesterday (Oct. 1), part of the reasons is the fear over escalated tension due to the Israel and Iran conflict because of additional premium on the cost of the petroleum products plus the potential supply disruption,” she said.

OIMB Director Rino E. Abad said that the agency bases its reference on Mean of Platts Singapore price benchmarks, hence the actual movement of the daily price will dictate the adjustment next week.

“The daily price movement for the past two days indicated a decreasing trend, hence the estimate of possible decrease of price adjustment next week, but still subject to the price movements in the next three days of the week,” Mr. Abad said.

The Philippines is a net importer of petroleum products. In the first half of 2023, the country imported 3.476 billion liters of crude oil, up 23.7% from 2022, data from the DoE showed.

Gerry C. Arances, executive director of the Center for Energy, Ecology, and Development, said that the possible rise in oil and diesel rates due to the Middle East conflict puts off-grid areas in a dire situation as they rely on diesel-powered plants for electricity.

“The Philippine government must immediately implement measures to relieve consumers from fuel price hikes, especially in transport, and in electricity in off-grid areas. If circumstances take the turn for the worse, price caps should also be put in place,” he said in a Viber message.

Dining In/Out (10/03/24)


Hope & Sesame’s Bastien Ciocca takes over The Pen’s Bar

ON FRIDAY, Oct. 4, starting at 8 p.m., The Bar at The Peninsula Manila welcomes cocktail aficionados for an evening with Bastien Ciocca, co-founder of Guangzhou’s speakeasy, Hope & Sesame. Hope & Sesame has been a consistent standout in Asia’s 50 Best Bars list for the past six years, and ranked No. 14 in the 2024 list. Mr. Ciocca is the final guest mixologist in The Peninsula Manila 2024 Bar Takeover Series. This year, Masahiko Endo of The Library in Hong Kong, Toru Ariyoshi and Keisuke Yamamoto of Kyoto’s Bee’s Knees, Fauzan Ramon and Fabri Duemillio of Jakarta’s top-rated Pantja, and Ryota Tokomitsu of Tokyo’s legendary The SG Club have collaborated with The Bar in a bid to introduce to the city the cocktail cultures of Japan, Indonesia, and Hong Kong. During his one-night takeover, Mr. Ciocca will take Manila on a sensory cocktail journey. For inquiries, call 8887-2888, extension 6694 (Restaurant Reservations) or e-mail diningpmn@peninsula.com.


Nobu Manila celebrates brand’s 30th anniversary

THE MANILA outpost of Nobu Restaurant is among the 57 Nobu locations in the world celebrating the 30th anniversary of the brand. The milestone celebrates chef Nobu Matsuhisa’s innovative take on Japanese cuisine with Peruvian ingredients. For the occasion, Nobu presents a special five-course dinner omakase menu that is offered worldwide from Oct. 7 to 13, celebrating the rich three-decade history of Nobu. Each featured dish is imbued with Chef Nobu’s personal story. The limited-time special tasting menu is priced at P8,871.43 net per person, which commences with a four-way starter of Toro Tartar, Salmon Tataki in Karashi Su Miso, White Fish Tiradito, and Yellowtail Jalapeño. A selection of sushi will then be served, followed by Black Cod Butter Lettuce and Crab Amazu Ponzu, Japanese Beef Anticucho with hijiki seaweed, grilled tomato, and oshinko. The meal concludes with a selection of mini desserts. The experience offers diners a full taste of Nobu’s signature dressings and sauces. For pre-dinner cocktails or simply to hang out, Nobu Manila also offers during the same period Nobu’s Anniversary Bar Bites. Guests can opt to lounge at the Nobu bar, cabanas, or main dining area and pair their choice of bar bites with the featured anniversary cocktail Matsuhisa Martini (P560) or their favorite beverage. Nobu Hotel’s in-room dining menu also offers the anniversary special Four-Way Starter selection. Nobu Manila is open from 5 to 10 p.m., Sunday to Thursday, and until 11 p.m. on Fridays and Saturdays. For inquiries, call 8800-8080 or e-mail noburestaurant@cod-manila.com.


Newport World Resorts does Jura

THE Whisky Library opens its doors to Jura Single Malt Scotch Whisky. Brand spokesperson George Schulze will oversee the single-malt whisky flight showcasing the Jura 12, Jura 12 Sherry Cask, and newly launched Jura 15 Sherry Cask. The session will also feature a bespoke menu that pairs with the whisky flight. The exclusive masterclass is on Oct. 16, 6:30 to 8:30 p.m. Tickets are P4,000 net per person via https://tickets.newportworldresorts.com/products/jura-masterclass?group=experiences.


Jollibee has a new dessert

JOLLIBEE now offers its new Cookies & Cream Sundae: creamy vanilla soft serve topped with crushed Oreo cookies and a chocolate shell coating. The Jolly Sweet Treats lineup also includes Iced Mocha and Peach Mango Pie. They are available at Jollibee branches via dine-in, take-out, or drive-through, with prices starting at P40. Delivery is available via the Jollibee App, JollibeeDelivery.com, #87000, GrabFood, and Foodpanda.

Financial sector cloud adoption slowed down by privacy issues

PHILIPPINE financial institutions’ adoption of cloud technology has been slower than other industries amid privacy and security concerns, according to Rocket Software, Inc.

“I think the adoption that we have noticed while we engage with the other sectors has been equally high. The financials have been a little more constrained because of the privacy as well as the security rules that have been set up by the central bank,” Praveen Kumar, vice-president for Asia-Pacific at Rocket Software, said in an interview.

Financial firms without local data centers face challenges when transitioning to the cloud, he said.

Rocket Software has been operating in the Philippines since 2008 and mostly deals with banks and other financial institutions. The Philippines is a big market for the company as many businesses in the country are still using mainframes or legacy systems such as banks, insurance, healthcare, and more, Mr. Kumar said.

“The financial sector’s adoption has been a little slower compared to the other industries because for the other industries, operational expenses are a huge chunk of their cost and that is not something that they can recover easily,” he said.

Still, increased demand for electronic banking among younger individuals has led to hybrid cloud adoption among Philippine banks, he added, especially for those banks with legacy infrastructure that mainly cater to branches and clients who do in-person transactions.

“The Gen Z is all about mobile — it’s less about branches. It’s more about self-service, whereas the elderly population is all about ‘I need someone to assist me to do anything, whether it be deposit money, withdraw money, update my statement, look at my passport,’ ” Mr. Kumar said.

“Legacy infrastructure need not always to run on-premises but can be on the cloud as well. While Rocket is all about protecting legacy, most of the cloud service providers can provide security as well,” he added.

One of the benefits of moving to the cloud is the digitalization and safe storage of old documents such as invoices and receipts, Mr. Kumar noted.

“If you keep all of that stored in a production storage environment, your costs may go up, even if you don’t need them. So, you can move them to a virtual storage environment in the cloud itself and make it cheaper in terms of how you store them and retrieve them in real time, whenever you want to,” he said.

Rocket Software provides solutions for unstructured and structured documents so that invoices and receipts that are 10 years old that were scanned and stored can be moved to the cloud, leading to cheaper storage costs, he added. — Aubrey Rose A. Inosante

Yields on central bank’s term deposits go down

BW FILE PHOTO

TERM DEPOSIT yields went down on Wednesday ahead of the upcoming cut in banks’ reserve requirement ratios (RRR) and expectations of further policy easing by the Bangko Sentral ng Pilipinas (BSP).

The BSP’s term deposit facility (TDF) attracted bids amounting to P239.098 billion on Wednesday, above the P190 billion on the auction block as well as the P175.473 billion in bids seen a week ago for the same offer volume.

Broken down, tenders for the seven-day papers reached P120.556 billion, higher than the P100 billion auctioned off by the central bank. This was also well above the P93.206 billion in bids seen for the same volume of seven-day deposits offered the previous week.

Banks asked for yields ranging from 6.2575% to 6.3%, a narrower band compared with the 6.25% to 6.31% seen a week ago. This caused the average rate of the one-week deposits to drop by 0.82 basis point (bp) to 6.279% from 6.2872% previously.

Meanwhile, bids for the 14-day term deposits amounted to P118.542 billion, higher than the P90-billion offering and the P82.267 billion in tenders for the same offer volume recorded on Sept. 25. 

Accepted rates ranged from 6.3% to 6.38%, also slimmer than the 6.298% to 6.41% margin recorded a week ago. With this, the average rate for the two-week deposits fell by 1.36 bps to 6.3601% from the 6.3737% logged in the prior week’s auction of 14-day papers.

The BSP has not auctioned off 28-day term deposits for nearly four years to give way to its weekly offerings of securities with the same tenor.

The term deposits and the 28-day bills are used by the central bank to mop up excess liquidity in the financial system and to better guide market rates.

TDF yields went down ahead of the reduction in banks’ reserve ratios, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The BSP last month announced that it would reduce the RRR for universal and commercial banks and nonbank financial institutions with quasi-banking functions by 250 bps to 7% from 9.5% effective on Oct. 25.

It will also cut the RRR for digital banks by 200 bps to 4%, while the ratio for thrift lenders will be reduced by 100 bps to 1%. Rural and cooperative banks’ RRR will likewise go down by 100 bps to 0%.

Mr. Ricafort added that TDF yields declined following dovish policy signals from the BSP chief.

Mr. Remolona last week said the Monetary Board could slash benchmark interest rates by 50 bps more this year and deliver two more 25-bp cuts at its next two meetings scheduled for Oct. 16 and Dec. 19.

The central bank began its easing cycle in August, cutting its policy rate for the first time in nearly four years by 25 bps to 6.25% from the over 17-year high of 6.5%.

On Monday, Mr. Remolona said that while the BSP has the space to reduce borrowing costs by 50 bps in one meeting, this would only be done in a “hard landing” scenario. — Luisa Maria Jacinta C. Jocson

How MediaQuest’s ThinkAMuna aims to address AI-driven lies

MEDIAQUEST Holdings, Inc.’s media information literacy (MIL) initiative ThinkAMuna Pilipinas hopes to combat artificial intelligence (AI)-driven disinformation beyond the election period, aiming to promote critical thinking and media literacy year-round.

“The elections are going to be one period where the threat of disinformation will become much more elevated, but if you look at it, disinformation is there every day of the year,” Ramon “Mon” R. Isberto, communication consultant of Pangilinan-led MediaQuest, told BusinessWorld on Oct. 1.

ThinkAMuna Pilipinas was initially implemented as part of the election coverage program “Bilang Pilipino 2025, Bayan ang Ipanalo.”

“What we’re hoping to achieve is that over time, we help build the counterculture of critical thinking upon which media information literacy is really the core of critical thinking,” Mr. Isberto said.

MediaQuest news organizations include News5, One News, One PH, Radyo5 TrueFM, The Philippine Star, BusinessWorld, The Freeman, and Pilipino Star Ngayon.

The group partnered with the Kapisanan ng mga Brodkaster ng Pilipinas.

“We want to make this part and parcel of the information flow of the news coverage agenda of our organizations,” Mr. Isberto said.

“ThinkAMuna” is about the first thing you should do when dealing with information, he added.

He said that with the flood of information, it has become increasingly difficult to distinguish what is real or not, especially with AI.

Moving forward, MediaQuest would like to establish working relationships with schools and community organizations that are conducting MIL activities or programs themselves in the later stages, Mr. Isberto added.

He also noted that false news stories were 70% more likely to be re-tweeted than true stories. Meanwhile, it takes true stories around six times longer to reach 1,500 people.

“All those who wish to push disinformation and misinformation design it so that it stimulates an emotional reaction from you. Because an emotional reaction short-circuits the normal thinking of individuals,” Mr. Isberto said. — Aubrey Rose A. Inosante