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After the rumors come the confirmation: The Michelin Guide arrives in the Philippines

GWENDAL Poullennec, international director of The Michelin Guide.
GWENDAL Poullennec, international director of The Michelin Guide.

SINCE late last year, the country’s culinary set has been abuzz with the rumor that the dining bible, The Michelin Guide, will soon include the Philippines in its coverage. The rumors are true: on Feb. 18 (Philippine Time), The Michelin Guide announced it would be coming here.

The Michelin Guide has set its sights on the Philippines, marking an exciting new chapter for the country’s dynamic culinary scene. Today, the prestigious Guide announces its latest expansion into the vibrant culinary landscapes of Manila and Cebu. This new selection will focus on the bustling Metro Manila and the dynamic city of Cebu, while also beginning to explore the environs of Manila, including Pampanga, Tagaytay, and Cavite,” said the food guide in the News and Views section of its website, dated Feb. 17.

“Our Michelin Inspectors have been following the evolution of the Filipino culinary scene with great excitement. The country’s deep-rooted culinary traditions, combined with a strong openness to global influences, create a uniquely diverse dining culture,” said Gwendal Poullennec, international director of The Michelin Guide, in the statement. “In Manila, we see young, talented chefs redefining Filipino cuisine with fresh perspectives; while Cebu, as a leading tourist destination, offers an impressive range of dining experiences with world-class hospitality.”

Joshua Boutwood of Helm, The Test Kitchen, and Savage fame said in a message forwarded to BusinessWorld, “It’s a milestone of great magnitude for the industry.”

The Michelin Guide was created in 1900 by the Michelin tire company in response to a greater demand for cars in that year. The company released a guide for the road ahead with information for particulars like gas stations, but also hotels and restaurants. In 1926, it began to list restaurants with a star awards system:  one star is awarded to restaurants for “high-quality cooking that is worth a stop,” two stars for “excellent cooking that is worth a detour,” and three stars for “exceptional cuisine that is worth a special journey.” While first centered only in Europe (particularly France, Italy, and Britain), the Guide expanded to other regions such as the Americas, the rest of continental Europe, and entered Asia in the 21st century. Countries recently added to the list include Vietnam, Estonia, the United Arab Emirates, and Malaysia.

Alongside the coveted Star ratings, the selection also includes the Bib Gourmand category, a distinction awarded to restaurants that provide good quality food at a moderate price.

According to The Michelin Guide, they rate restaurants according to five criteria “to ensure consistency between each selection,” including: the quality of the ingredients, the mastery of cooking techniques, the harmony of flavors, the personality of the cuisine, and the consistency both over time and through the menu as a whole.

“These evaluations are carried out objectively and independently, ensuring that external factors do not influence the results. This dedication to impartiality and excellence guarantees that only the outstanding dining establishments are recognized,” the guide said. “With their signature discretion and expertise, the anonymous Michelin Guide Inspectors have been meticulously exploring these regions, seeking out the most exceptional dining destinations. This highly anticipated selection will shine a spotlight on the Philippines’ most talented chefs and dedicated teams, celebrating their passion, innovation, and deep respect for local flavors and traditions.”

The Philippine government welcomes the arrival of the Guide to our shores. In a statement, Department of Tourism Secretary Christina Garcia Frasco said, “We extend our warmest welcome to The Michelin Guide, whose international recognition of the Philippines’ rich culinary heritage celebrates the diversity of flavors and exceptional creativity that permeate our nation. We are proud to share our vibrant culture and distinct cuisines to the world, which can be enjoyed through exceptional dining experiences across our dynamic cities and beautiful islands. We invite travelers to visit the Philippines and experience the love, warmth, and creativity of Filipino cuisine, while savoring innovative culinary creations shaped by diverse global influences.

“The arrival of The Michelin Guide is not only a testament to our country’s culinary excellence but also a significant leap forward for Filipino tourism, with gastronomy now forming a key part of our national tourism priorities. In the Philippines, every dish tells a story and every flavor is an invitation to experience our nation’s rich cultural tapestry,” Ms. Frasco added.

FANS AND FEARS
People in the culinary industry shared both their joys, their fears, and more with BusinessWorld over this development.

No slouch when it comes to awards, Martin Narisma, Senior Food Editor for the digital channel Featr and a restaurateur himself (his new ventures include Gacha, Llamado, and Sabong Fried Chicken) said in an Instagram message, “With their arrival, I’m very excited to see how most establishments will up their game. Food quality and taste is one thing, but I’m really looking forward to seeing restaurants work on customer service and satisfaction. I’m also hoping that a few places with great food but affordable prices be considered for a Bib gourmand. That would be a nice surprise.” The digital channel Featr, under Erwan Heussaff’s Fat Kid Inside Studios, has received numerous nominations from the prestigious James Beard Foundation Awards while Mr. Heussaff has had a win.

Chef Luis Chikiamco, executive chef of award-winning Discovery Primea, said, “If not now, when? We have top caliber chefs. Our Filipino gastronomy is interesting and unique. Our offerings can compete with the best of the world and this is a great time for the world to know about our cuisine and culinary practices, disciplines and techniques.”

Hernan Christian de Jesus of Provenciano, Jeepney, Casa Mojica and Fat Cousins, in a message, said, “It’s exciting to know about this announcement; as part of the restaurant industry we are welcoming the Michelin group,  as the most recognizable and credible world-renowned restaurant guide and rating.

“Finally they are here because they see the importance and the strength of Filipino cuisine in the international community. Me as a chef admits that our food is very diversified and has many variations. But, now I think with the modern and innovative take on our cuisine we are now ready and able to meet with the standards and quality of a Michelin requirements.”

Chef Robby Goco of Cyma, Elaia, and Souv by Cyma, was also quite positive. “The Michelin Guide not only helps position the Philippines as a top gastronomy destination on the global stage but also gives us a platform to showcase how we prepare food with our unique traditions, flavors, and creativity. This is an opportunity to promote excellence in the industry and elevate the standard of dining in our country. I believe it will inspire us to continuously improve and innovate, while also honoring our rich culinary heritage.”

Asked about the school’s reaction to the news, chef Philip John Golding, Center for Culinary Arts, Manila’s culinary director, wrote to BusinessWorld: “If Michelin enters the Philippines, it has the potential to elevate Filipino cuisine globally, boost tourism, and refine industry standards. However, to truly benefit the country, it should balance fine dining with authentic, everyday Filipino food, ensuring a holistic and inclusive culinary evolution.”

He noted that “Michelin has been highlighting sustainability with its Green Star initiative.” This in turn “could encourage Filipino restaurants to adopt sustainable sourcing, reduce food waste, and promote ethical farming and fishing practices.”

He also noted that “Filipino chefs and restaurateurs would strive for excellence, leading to a more competitive and refined dining landscape. This could also influence training programs and culinary schools to align with global best practices.”

Some have greeted the news with mixed feelings.

Myke “Tatung” Sarthou, whose cookbooks have won at the World Gourmand Awards multiple times, said in a Facebook message, “Actually, I have mixed feelings about it. Both happy and excited but also a bit intimidated about it coming over. It’s very good for the industry, but personally, I also feel pressured to get back in the kitchen and take my chance for an award. Hahaha, I don’t know. For now, let’s celebrate this win for the Philippines.”

Kalel Chan of the Raintree Restaurants group said, “The ones who would (want to) go for the stars would have to work ten times harder. Night and day. Local farmers and logistics ha(ve) to step up. Food quality will surely be top notch but everything will come with a cost. Cost of dining, labor, ingredients, mental strain to the chef and front of the house service team to keep everything consistent.”

Waya Araos-Wijangco, owner-chef of Gourmet Gypsy by Chef Waya in Baguio and a sustainability advocate said in a message forwarded to BusinessWorld, “Hmmm, I have always felt the Michelin rating system favored old white boys clubs. So I have never really subscribed to it. My priority has always been creating delicious, nutritious, sustainable and approachable food. And to make sure my restaurants contribute to the upliftment of farmers, fisherfolk and artisanal food purveyors.”

The full restaurant selection of The Michelin Guide Manila and Environs & Cebu 2026 will be unveiled at an event to be held in the last quarter of 2025. It will be available exclusively in digital format on all the Guide’s interfaces: website, mobile applications, and social networks. It will join the global Michelin Guide restaurant and hotel selections to be found for free on its digital platforms. — Joseph L. Garcia

MPIC’s Pangilinan sees double-digit profit growth for 2024

MPIC CHAIRMAN, President, and Chief Executive Officer Manuel V. Pangilinan — BW FILE PHOTO

METRO PACIFIC INVESTMENTS Corp. (MPIC) sees double-digit profit growth for 2024, driven by its power business and other subsidiaries.

“The numbers are looking good, driven by all of the subsidiaries. The outstanding example would be Manila Electric Co. (Meralco). Meralco’s numbers would be quite good for 2024,” MPIC Chairman, President, and Chief Executive Officer Manuel V. Pangilinan told reporters recently.

Mr. Pangilinan said MPIC’s net income for 2024 may have increased by double digits.

2024 marks MPIC’s first full year as a private company after voluntarily delisting from the Philippine Stock Exchange in October 2023.

For 2023, MPIC posted an 89.7% increase in attributable net income to P19.92 billion, up from P10.5 billion in 2022, driven by growth in its power, toll roads, and water businesses.

Operating revenue rose 20.5% to P61.33 billion.

MPIC has a presence in the toll roads sector through Metro Pacific Tollways Corp. and in the water sector via Maynilad Water Services, Inc. and Metro Pacific Water.

The conglomerate also has investments in healthcare, light rail, fuel storage, real estate, waste management, and agribusiness.

MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., alongside Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., holds a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

Extra olive joy

CHEF Robby Goco strikes gold again with more praise for Greek cuisine —  we’d say “paean” but that’s a little bit on the nose — with his new restaurant, Elaia by Cyma.

Opening just last December, the restaurant’s name comes from the Greek for “olive.” The Greeks value the plant a great deal — in a legend, Athens took its name and patronage in a contest between Poseidon, the God of the Sea, and Athena, the Goddess of Knowledge and War. Poseidon gave the city the horse; Athena, the olive. The Greeks valued the olive more, and to this day, the capital bears the name of the contest’s winner, long after the gods lost their significance.

Guests were taken to the restaurant, which is located in Silang, Cavite, just a little bit off tourist hotspot Tagaytay, on Feb. 6. Tables groaned under the sheer amount of food.

We’ll say the pita and the tzatsiki were quite mild, and the Eggplant melitzo (all of these were presented as dips for the pita bread) was smoky and vivid. There was a dish of roasted shrimp, tomatoes, and feta called Garides Saganaki, with a definite taste and feel of something carefully stewed for a long time. Mr. Goco served a panzanella, a Greek bread salad with crisp bread and a very vibrant and forward tomato flavor. We liked the Kreatopita beef pie, so oddly comforting and familiar.

We entered serious territory with an octopus stew, braised for eight hours in red wine. It was so tender it broke apart with a flick of the tongue on the palate. A pompano was hot off the grill, and was very clean-tasting, but a winner from the main courses was the Pork Belly, cooked almost like it was Filipino. Marinated in coriander root, limes, and paprika that penetrated all the way to the center, it was smoky-sweet and tasted like a seaside meal.

The Roasted Lamb also impressed us, with meat so tender it could be sliced with a spoon (to be fair, not a novelty for a Filipino).

While we complained we had no room for dessert, we still managed to finish a slice of Sokolatopita —  Greek chocolate cake with brown butter buttercream and salted caramel.

Mr. Goco professes that he has lost weight despite this amount of feasting. Describing the difference between his previous Greek-style ventures, the popular chains Cyma and Souv, he describes Cyma as someone from the city, Souv as its eccentric sibling, and Elaia as their traditionalist grandmother.

“This one really promotes longevity,” he told BusinessWorld in an interview. “We really made it a point that everybody here will be having their proteins, with very, very healthy vegetables.” He added, “Everything’s cooked in extra virgin olive oil. No more seed oils.”

Some cooking guides are against the practice, singling out extra virgin olive oil’s low smoke point (which means the oil burns out and breaks down, which opens the possibility of the release of harmful compounds; not to mention the taste). He says, “It doesn’t change the oil. Yeah, sure, you’re going to see it’s smoking, but it stays longer, and it doesn’t go bad. Unlike others, wherein after the high smoke point, wala na (it’s gone), it turns rancid. Olive oil, it maintains its integrity.”

To his point, nothing we tasted was off, and we don’t know how he does it, but some dishes even tasted like they had butter in it (zero; we couldn’t believe it wasn’t butter).

Bustling Tagaytay has attracted more than its fair share of tourists and moving further away from the lake (or the Ridge) has become a solution for restaurateurs to take advantage of the location without the hassle. “It’s very calming,” he said about opening in Silang. “Once you get to the Ridge, it’s stressful.”

The location also provides a locus for supplies, thanks to the great agricultural scene: “This can service our restaurants in Manila. This is going to be the drop-off point for all the vegetables,” he said.

À LA GRECQUE (SALAD AND A WAY OF LIFE)
Mr. Goco first opened Cyma in 2000, after studying Greek cuisine in Greece, and noting the dearth of proper Greek restaurants in the Philippines. It’s still standing, and even thriving. He lines out reasons why the two cuisines meld so well — for example, both are archipelagos (the name for island groups comes from the Greeks). “Both rely heavily on the sea for sustenance. Very similar.”

Frequent visits to Greece must have rubbed off on him, and may have changed him à la grecque (“in the Greek manner,” but also a way of dressing food in olive oil and lemon juice), we said. Not so much: there’s very little to modify between Greek and Filipino behaviors, apparently. “It’s very similar to the Filipino,” he said.

“They’re very expressive with their feelings. They talk loud(ly), right? The weather is almost like the Philippines. They’re very proud of their culture.”

Elaia by Cyma is on Buenavista Ave., Bucal, Silang, Cavite. It is open daily, from 11 a.m. to 8 p.m. on Mondays to Thursdays, and 11 a.m. to 9 p.m. on Friday to Sunday.  For reservations, contact 0917-163-7287. — Joseph L. Garcia

Term deposit yields mixed on BSP easing pause

BW FILE PHOTO

YIELDS on the term deposit facility (TDF) ended mixed on Wednesday after the central bank’s surprise decision to keep interest rates steady last week and as the two-week tenor was undersubscribed.

The Bangko Sentral ng Pilipinas’ (BSP) term deposits fetched bids amounting to P203.552 billion on Wednesday, below the P220 billion on the auction block and the P241.191 billion in tenders for the same offer volume a week ago. The central bank awarded P185.038 billion in papers.

Broken down, tenders for the one-week papers reached P119.864 billion, above the P110 billion auctioned off by the central bank and the P111.375 billion in bids for the P120-billion offering seen the previous week. The BSP made a full P110-billion award of the seven-day deposits.

Accepted bid yields ranged from 5.745% to 5.78%, a tad narrower than the 5.74% to 5.785% band seen a week ago. This caused the average rate of the one-week deposits to inch down by 0.16 basis point (bp) to 5.7592% from 5.7608% a week earlier.

Meanwhile, bids for the 14-day term deposits amounted to P83.688 billion, lower than the P110-billion offering and the P129.816 billion in tenders for the P110 billion in papers placed on the auction block a week ago. The BSP awarded just P75.038-billion worth of two-week papers.

Accepted rates for the tenor were from 5.765% to 5.815%, higher than the 5.74% to 5.81% margin seen a week ago. With this, the average rate for the two-week deposits edged up by 0.62 bp to 5.7867% from 5.7805% logged in the prior auction.

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

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

TDF yields were mixed following the BSP’s surprise decision to leave benchmark interest rates unchanged at its meeting last week, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The Monetary Board last week unexpectedly held its key interest rates steady in a “prudent” move as global uncertainties cloud the outlook for growth and inflation.

At its first meeting for 2025, the BSP’s policy-setting body left the target reverse repurchase rate unchanged at 5.75%. Rates on the overnight deposit and lending facilities were also kept at 5.25% and 6.25%, respectively.

This was the central bank’s first pause following three consecutive 25-bp cuts since it began its easing cycle in August 2024.

Hints of more reserve requirement ratio (RRR) cuts also affected TDF yield movements, Mr. Ricafort added.

“This could infuse an additional peso liquidity of about P330 billion into the local banking system that could be used by banks to increase loans, investments in bonds, among other assets,” he said.

Mr. Remolona last week said that RRR cuts are still in the pipeline for this year, with the central bank looking to lower big banks’ reserve requirements to 5% from the current 7%.

He said this could be delivered sometime before the Monetary Board’s next policy review on April 3. — Luisa Maria Jacinta C. Jocson

New ways = better outcomes, fingers crossed

IRRI.ORG

(First of two parts)

There is a risk, as one keeps track of the country’s macroeconomic health, of being jaded about agriculture’s consistently dismal performance, a result of decades of policy missteps.

The farm sector’s trajectory has always been sub-par compared to services and industry, even if manufacturing — which makes up about three-fifths of the “industry” sector tracked by the Philippine Statistics Authority — struggles with repercussions of its own past policy blunders. Agriculture, forestry and fisheries (AFF) as a sector contributes an incrementally smaller percentage to national output (as measured by gross domestic product, or GDP) at less than 10% currently — the smallest among the three growth drivers, even as its contribution to overall employment has steadied at around a fourth of the total. “Given the sector’s slow growth and modest share to GDP, and its relatively high contribution to total employment, AFF’s development significantly lagged behind the other sectors as measured by labor productivity (measured by the ratio of the sector’s share to output vis-a-vis employment),” read a paper which Dr. Fermin D. Adriano, formerly Agriculture undersecretary for policy, planning, and research and now columnist for The Manila Times, presented to the Australian National University in October last year.

Hence, agriculture has always been that missing ingredient for faster overall economic expansion — of at least about 8%, according to one of BusinessWorld’s columnists, Dr. Bernardo M. Villegas, compared to the around 6% actually clocked in recent years — that is needed to generate more jobs and economic opportunities that can make a dent on the grinding poverty that has always marred our growth picture. Mr. Villegas has often written on agriculture-related issues for this publication, like the link between farm development and manufacturing (https://tinyurl.com/22u79vpk), the need to upskill agribusiness executives (a three-part series starting with https://tinyurl.com/2bces9ku) and a comprehensive agribusiness situationer (starting with https://tinyurl.com/ynvauzqn), among others.

Which is why farmers always come to mind whenever I hear of technologies’ potential to simplify processes, enhance efficiencies and, thus, increase productivity… and, ultimately, to change lives. Farming communities are also a logical key target for any anti-poverty drive, since much of Philippine poverty is concentrated in rural areas.

One does not need to travel far to realize just how much our farmers have been left behind: just take a trip outside Metro Manila and see if one can spot tractors at work on any farmland. Small farmers, who make up the majority of our agriculture sector, still rely on manual labor and draft animals to get the work done.

And so, any news on new technologies that can help these folks produce more by working more efficiently and, therefore, earn more while hopefully helping to reduce prices of produce, always catches my attention.

Agriculture technology, according to one primer of the US Agriculture department’s National Institute of Food and Agriculture, enables farmers to use just the right amounts of water, fertilizer, and pesticides on specific areas and even individual plants, instead of applying them uniformly across entire fields. This, in turn, increases crop productivity; reduces water, fertilizer, and pesticide use, which in turn keeps a lid on food prices; minimizes impact on natural ecosystems, including chemical runoff into rivers and groundwater; and enhances worker safety.

SEND IN THE DRONES
Take the current initiative to use drones on rice and tobacco fields, for example.

The National Tobacco Administration (NTA) announced in December last year that it had deployed drones at its eight provincial branch offices as well as its Farm Technology and Services Department. The NTA used drones to validate the state of 22,073.09 hectares (ha) in Luzon planted by 36,102 farmers with Virginia, Burley, and Native tobacco types. The office has also begun deploying drones in select areas in Mindanao.

“With the high-resolution aerial imaging and geospatial analysis captured by drones, the area of the tobacco plantations will accurately measure and become the basis for the computation of the volume of production,” the statement quoted NTA Administrator Belinda S. Sanchez as saying.

Meanwhile, Bayer Crop Science demonstrated drone seeding in a rice field in Barangay Sapot in Paniqui, Tarlac in November 2021. The cost of drone seeding was placed at P3,000 per hectare, compared to the labor cost of transplanting rice that ranged from P11,000-P13,000/ha, the company said in a press statement back then. It took just 30 minutes to seed one hectare via drone, compared to half to a whole day if this were done manually. Moreover, this method proved more efficient, with seeding rate averaging 20-25 kilograms of hybrid rice seeds/ha via drone, compared to 40-45 kgs via manual seeding.

Then there is the Drone4Rice project of the International Rice Research Institute (IRRI), done in collaboration with various offices of/attached to the Agriculture department (DA) like the Philippine Rice Research Institute and the Fertilizer and Pesticide Authority (FPA), etc. The project is running for 30 months from April 2024 to September 2026. It will focus on selected organized farms in Cagayan Valley, Calabarzon, and Bicol. Protocols are being drawn up for processes like the accreditation of commercial drone operators that will offer their services. The project aims to cover a total of 150,000 ha per crop season (there are 4.82 million ha planted with palay nationwide). Qualified beneficiaries belonging to irrigators’ associations, small water irrigation system associations, agrarian reform beneficiaries’ organizations, as well as farmers’ cooperatives and associations can tap subsidies amounting to P2,000/ha via vouchers. The National Rice Program has allotted some P300 million for the commercial use of drones for this purpose.

In a press conference in November last year on this project, FPA Officer-in-Charge Glenn DC. Estrada — at that time director for Digitalization and Value Chain Development of the DA’s Masagana Rice Industry Development Program — said that the use of drones is expected to cut farmers’ time, effort, and cost to sow seeds, apply fertilizer, and spray pesticides. “Based on studies, optimal resource allocation leads to better productivity,” he explained.

IRRI said in a statement in April last year that one of the reasons for the huge difference in rice production cost between the Philippines and major rice exporting countries is labor cost, which makes up about a third of the total rice production cost. Noting that mechanization and a shift toward precision agriculture can significantly cut rice production cost, IRRI Senior Scientist Stephen Klassen explained: “Precision agriculture, including the use of drone technology, can optimize input usage like seeds, fertilizers, and pesticides, leading to higher yields and cost efficiency.”

READINESS IN QUESTION
While we eagerly await the results of these initial moves, I should think that the government’s agriculture policy makers and planners have already been exchanging notes with counterparts among the conglomerates that have invested in this field — San Miguel Corp., First Pacific, the Aboitiz Group, and DMCI Holdings, Inc., among others — because I have heard that some of them have their own stories to tell about challenges faced in getting farmers they have contracted to embrace new technologies. That’s a whole cache of valuable empirical knowledge just waiting to be tapped right there.

While the nature of hurdles may be varied, one could be the simple fact that our farmers are among the oldest in Southeast Asia, with an average age of 57 years (although updates to the Agriculture department’s data show this could be declining slightly to about 49-50). This means they may have more difficulty or less willingness (or both) to adopt new technologies, which entail new ways of working.

One paper that was published in the International Journal of Social and Management Studies in 2022 noted works of various scholars saying that farmers’ way of life and traditional practices “exerted a disruptive influence on the modernization process” and that these same factors “have been found to significantly influence [technology] adoption decisions,” even as others noted that “educated farmers tend to be more productive since they are receptive to new technology,” and that “Philippine farmers seem to recognize the many advantages of using farm machines over manual, even if these are costly and will certainly displace laborers,” and that subsistence farmers (who make up bulk of Philippine farmers) who tend to retain labor-intensive practices are “risk-averse due to several constraints such as fears of economic risk, high collateral requirements and social fears… even if, hypothetically, the given costs and benefits are in their favor.”

Other scholars cited in that same paper noted that Filipino farmers, generally do not oppose innovation and actually understand the importance of new technologies in farming. What holds them back is the potential financial risk, especially since farmers are some of the poorest in the country and, hence, have limited options in case new technologies fail them.

(To be concluded on March 6.)

 

Wilfredo G. Reyes was editor-in-chief of BusinessWorld from 2020 through 2023.

Monde Nissin expects 2024 profit rebound

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FOOD AND BEVERAGE manufacturer Monde Nissin Corp. said it expects to report a return to profitability for full-year 2024.

“Despite these challenges, both the impairment and the mark-to-market loss, we expect our consolidated reported net income after tax to return to positive territory for the full year (2024),” Monde Nissin said in a statement to the stock exchange on Wednesday.

Monde Nissin said it anticipates record-high revenue for 2024, with a strong fourth quarter led by its Asia-Pacific Branded Food and Beverage (APAC-BFB) business.

The company has yet to disclose its full-year 2024 financial results.

“I am pleased to announce that our preliminary fourth-quarter results reflect sustained momentum from the third quarter, driven by our APAC-BFB business. This has resulted in record-high revenues for both the quarter and the year,” Monde Nissin Chief Executive Officer Henry Soesanto said.

In 2023, the manufacturer posted a P625-million net loss due to a non-cash, non-operating impairment of assets in its meat alternative business amounting to P10.1 billion, partly offset by a P1.3-billion guaranty asset gain. Consolidated revenue rose by 8.4% to P80.17 billion.

Monde Nissin said it expects profitability for 2024 despite a “substantial” impairment charge and an anticipated “material mark-to-market loss on the fair value of its guaranty asset.”

“Our ongoing annual impairment test for the meat alternative business indicates a significant impairment charge this year, estimated between GBP 80 million and GBP 100 million. Although substantial, this figure is notably lower than last year’s impairment,” it said.

Monde Nissin anticipates consolidated sales growth to exceed 3% annually on a comparable basis, driven by strong gross margin growth in the APAC-BFB segment.

Consolidated core net income is projected to increase by over 25%, with consolidated core net margin expected to expand by more than 200 basis points (bps) compared to the same period last year.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the meat alternative business are expected to be neutral.

For the fourth quarter, Monde Nissin said it expects to achieve positive EBITDA despite ongoing topline weakness.

It added that the APAC-BFB business saw an 8% revenue growth during the period, driven by volume growth across all categories, with contributions from both domestic and international markets.

However, Monde Nissin said its meat alternative business is expected to post a mid-teens sales decline year-on-year on a constant-currency and comparable basis due to fewer selling weeks compared to last year, as the business continues to operate in a challenging environment.

Monde Nissin will hold its full-year 2024 earnings call next month.

On Wednesday, Monde Nissin shares fell by 0.36% or three centavos to P8.42 apiece. — Revin Mikhael D. Ochave

BankCom raises P18B via bonds

BANKCOM.COM.PH

BANK of Commerce (BankCom) raised P18 billion from its offering of dual-tranche peso-denominated bonds.

The issuance was the bank’s largest to date as the total amount raised was 3.6 times the minimum offer size of P5 billion, BankCom said in a disclosure to the stock exchange on Wednesday.

“We appreciate the strong support of investors and are elated that one of our shortest peso bond offerings has also become the largest in BankCom’s history. Their overwhelming response reflects their confidence in the bank’s strong fundamentals, and their preference for a clear and solid business strategy continues,” BankCom President Michelangelo R. Aguilar said.

“Proceeds from the issuance will be used for management of the bank’s balance sheet, diversification of funding sources, and general corporate purposes,” BankCom said.

The San Miguel Corp.-led bank listed the bonds on the Philippine Dealing & Exchange Corp. on Wednesday.

The papers comprise the third tranche of the bank’s P50-billion peso bond program.

The offer period for the issue ran from Jan. 28-30.

Broken down, P10.00685 billion was raised from the two-year Series C bonds and P7.99315 billion came from the 5.25-year Series D bonds.

The two-year Series C notes carry an interest rate of 6.1942% per annum, while the 5.25-year Series D papers were priced at 6.3494%, both with quarterly interest payouts.

The bonds were sold at minimum investment amounts of P100,000 and increments of P50,000 thereafter.

ING Bank N.V. Manila Branch, Philippine Commercial Capital, Inc., Security Bank Capital Investment Corp., and Standard Chartered Bank were the joint lead arrangers and joint bookrunners for the issuance. They also acted as selling agents along with BankCom.

BankCom last tapped the domestic debt market in 2024, raising P6.57 billion from one-and-a-half-year bonds issued in May 2024. The papers were priced at 6.5635% per annum, payable quarterly.

The bank’s net income jumped by 87.16% to P792.382 million in the third quarter of 2024 amid higher revenues.

This brought its nine-month profit to P2.21 billion, up by 9.98% year on year.

BankCom’s shares went up by six centavos or 0.86% to close at P7.05 apiece on Wednesday. — A.M.C. Sy

Here’s what $500 gets you for sushi in New York City versus Tokyo

FREEPIK

By Kazunori Takada, Akemi Terukina and Kat Odell

JUST FIVE years ago, a US tourist visiting Japan would have paid a small fortune — close to $500 — for a ¥50,000 omakase meal at a high-end sushi counter in Tokyo. Today, the same meal will cost the visitor just a little over $300.

The notable price drop comes because of the weak yen, which has fallen around 30% against the dollar over the past five years and hit 38-year lows in July. With the lopsided exchange rate, even Tokyo’s most famous sushi restaurants now feel affordable.

At the same time, customers at top-of-the-line sushi counters in New York know it’s routine to spend $500 before they’ve even walked in the door, let alone left a tip.

The relative bargain of ordering sushi in Tokyo has not been lost on international food fans. Sushi restaurants in Tokyo have seen an influx of tourists, turning some of the oldest sushi restaurants into a melting pot. The number of visitors to Japan continues to reach record highs; in October 2024, 3.3 million people arrived in the country, according to the Japan National Tourism Organization. In fact, the stream of travelers spurred some restaurants in tourist-friendly destinations to implement a two-tier pricing system. At Tamatebako, the all-you-can-eat seafood spot in Shibuya, it’s ¥9,328 yen for female residents and ¥10,428 for female tourists. Men pay ¥500 more for their respective categories.

Another plus for sushi-seeking tourists in Tokyo is the plethora of affordable options. In Ginza, a three-minute walk from one of the city’s most renowned (and pricey) sushi restaurants, Sukiyabashi Jiro, there’s an outpost of the solid franchise Kura Sushi, which serves two pieces of sushi for ¥155, or $1 — the preferred price for most Japanese diners.

In New York, the cost of a sushi dinner continues to rise, in part because of pricey real estate, labor (the city’s minimum wage just went up to $16.50), and the increasing cost of shipping pristine seafood from the other side of the world. The price of eating out nationally was 3.6% higher in November 2024 than the previous year, according to the USDA. The tab for eating out at local sushi restaurants has risen more sharply in some spots. At Sushi Noz, the vaunted Upper East Side dining room, a meal is now $550 without tax, tip, or drinks; it’s a 10% increase from a year ago, when it was $500.

Over the past year, Icca in Tribeca has raised its omakase price from $400 to $495. (Gratuity is now included; the actual increase is around $15.) Chef Kazushige Suzuki attributes the rising costs to the global proliferation of high-end sushi counters, which has led to a decline in the availability of certain seafood such as bluefin tuna, which in turn spikes prices.

But there’s a silver lining for New Yorkers: The number of good midrange counters is climbing, too. That’s thanks to local operators including Linda Wang of the Ume Hospitality Group, whose 10 sushi counters typically offer 60-minute meals for around $75. Her model is built around buying seafood in bulk and turning over seats briskly.

Still, it’s hard to ignore the value you can find in Tokyo. For a head-to-head comparison, read on and see what $500 gets you for notably good sushi in both cities.

TOKYO
Sukiyabashi Jiro

$500 gets you: Dinner for one-and-a-half customers

If you didn’t know the name, you wouldn’t guess that Sukiyabashi Jiro is Tokyo’s most famous sushi restaurant. Located on the underground level of a 64-year-old commercial building in the central Ginza district, its shop front is very simple. But Jiro has served countless celebrities, notably former Prime Minister Shinzo Abe, who took Barack Obama there during the former US president’s 2014 visit.

The place adheres to the traditional Edomae style, when sushi was served as street stall fast food, so the menu is simple: just raw fish. Otsumami, or drink-friendly snacks, aren’t served. But it’s so popular that if you call to make a reservation, the automated message will tell you it’s fully booked. If you get seats, the 20-piece sushi dinner starts at ¥58,000.

Ginza Kyubey

$500 gets you: Dinner for two, almost

Opened in 1935, the restaurant has been favored by local power brokers including Shigeru Yoshida, the country’s prime minister following World War II. The ¥40,000 menu includes two appetizers, sashimi, yakimono (grilled fish), nimono (a stewed dish), and 11 pieces of sushi. A multilingual chef, possibly even owner Yosuke Imada, details the selections.

Ginza Kyubey has another claim to fame: The restaurant invented a major form of sushi known as “gunkan” (seafood and rice enclosed in a round nori band), after a customer from Hokkaido asked for his sea urchin to be made into sushi.

Shutoku

$500 gets you: Dinner for at least five

Shutoku roots go back to one of Tokyo’s oldest sushi restaurants, dating back some 400 years. It’s located up a flight of stairs in Tsukiji, which for centuries was home to the city’s main fish market and handled some of the most expensive fish shipped from across the country. (In 2018, the market relocated a few miles south to Toyosu.) A meal will cycle through a series of classics such as hirame (flounder), aji (horse mackerel), and ika (squid) dusted with a few sesame seeds; less common options like gizzard shad might show up, too. The chefs add a generous amount of red vinegar to the rice, a tradition that dates to the Edo period (from 1603 to the 1860s) and turns the rice a funky colored light brown. Omakase meals range from ¥7,000 to ¥15,000.

Kura Sushi Global Flagship Store, Ginza

$500 gets you: A meal for 30 or more

For something casual — and a place to entertain small children — Kura Sushi, a block away from Sukiyabashi Jiro in Ginza, is a super option. Unlike most sushi restaurants, check-in is at a machine at the entrance which allocates a table number. Once seated, pick plates of sushi circulating on a conveyor belt, such as toro or tamago (egg), or order via a tablet or your own smartphone, which gets delivered directly to your table via a separate fast-speed belt. After eating, diners can try their luck at roulette with toys as the prize. A two-piece plate of sushi starts at ¥150.

NEW YORK
Masa

$500 gets you: Half a Hinoki counter experience

Haute sushi pioneer Masa Takayama put luxe omakase dining on the map 20 years ago when his three-Michelin-star counter opened in what’s now known as the Deutsche Bank Center at Columbus Circle. The restaurant has continued to offer the city’s highest-priced sushi. Takayama has only one seasonal menu, with bites such as stone crab with uni aioli and his signature toro tartare crowned with osetra caviar. Those who sit at the roughly nine-seat Hinoki counter will spend $950 (excluding tax and tip); in the dining room, the same meal costs $200 less.

Sushi Noz

$500 gets you: Dinner for one, almost

The six-year-old, two-Michelin-star effort from chef Nozomu Abe and owner Joshua Foulquir is a shoebox-size space that holds two counters with a total of 14 seats. The menu runs $550 (including tip but not tax), punctuated by rare seafood that’s hard to find elsewhere in the city. The 20-course meal typically begins with five seasonal appetizers, followed by nigiri such as live scallop and baby sea bream, and concludes with a daily-changing miso soup, tamago, and two desserts.

Icca

$500 gets you: Dinner for one

Kazushige Suzuki, a veteran of the New York’s now-shuttered Sushi Ginza Onodera, now helms the three-year-old Icca’s subtly Italian-accented eight-seat Edomae-rooted counter. His 21-course omakase leans heavily into appetizers with dishes like Hokkaido hairy crab and uni pasta before moving into nigiri bites, plus tamago, miso soup, and Japanese crown melon mousse for dessert for $495 (including tip). The restaurant is also known for its exceptional sake program rife with rare bottles; pairings are $220 or $280.

Shota Omakase

$500 gets you: Dinner for two

Brooklyn isn’t known as a sushi destination, which is why Cheng Lin opened his spacious 18-seat counter on a residential stretch of South 3rd Street in Williamsburg in August 2023. In fact, Shota is one of the best sushi deals in town; Lin sources premium Japanese ingredients, from sawara (Spanish mackerel) to slippery mozuku seaweed, for his $195 omakase that blends Edomae simplicity with a little innovation. If you have a bigger budget, throw in an order of rare seasonal uni from Hokkaido and black truffles to top a yuzu-miso cod hand roll and other orders.

Omakase Room by Shin

$500 gets you: Dinner for two plus two glasses of sake

As one of the city’s newest sushi entrants, sleek Omakase Room by Shin (sibling to the West Village’s Omakase Room by Mitsu) falls in the modestly priced — by NYC standards — omakase camp. The $195 (exclusive of tax and tip) omakase spans 14 courses solely dedicated to nigiri built from peak seasonal seafood helmed by Blue Ribbon Sushi vet Shin Yamaoka. Expect fish like buttery ora king salmon and a three-bite tuna series — served on rice imbued with red vinegar laced with sake lees. The meal signs out with an uni hand roll, geoduck clam miso soup, and the chef’s signature spongy tamago. Drinks options at the 14-seat counter include smooth, elegant Hoyo Manamusume junmai sakes.

Hōseki

$500 gets you: Lunch for four

Hōseki, the boîte tucked behind a velvet curtain on the lower floor of tony Midtown department store Saks Fifth Avenue, delivers a 12-course menu for $95 in 60 minutes. Morgan Adamson runs the six-seat counter’s minimalist and Edomae-inspired show, which relies on a mix of domestic and Japanese seafood. Her meals begin with a seasonal soup such as kabocha squash and carrot, then move to an appetizer like sesame-dressed Hokkaido scallop with finger limes, nine nigiri bites with Hokkaido uni and local skate, and, finally, a bluefin hand roll with shiso. Adamson works with two distinctly seasoned rices: lighter fish paired with rice imbued with a bright vinegar; fattier fish are served with rice accented with a more complex vinegar.

Thirteen Water

$500 gets you: Dinner for four and a bottle of sake

Thirteen Water proprietor Linda Wang has garnered a following for her string of shockingly affordable omakase spots that scoot diners in and out within an hour. One is Thirteen Water in the East Village, and another is a new Hudson Yards outpost. The $75 omakase is served in a charcoal-hued space anchored by a 16-seat, U-shaped counter. Chef Aaron Liu preps a nontraditional, weekly-changing 13-course menu with global seafood via a quick succession of 12 nigiri — including chutoro (medium-fatty tuna) crowned with chopped chutoro, pickled wasabi, and wasabi soy sauce — and concluding with a maki roll. Because the high-umami meal is so affordable, you can still get a 720-milliliter bottle of Born Gold junmai sake for $78. Bloomberg

Home imprisonment

FREEPIK

On Tuesday, the Philippine Star ran a story from Palawan quoting Bureau of Corrections (BuCor) chief Gregorio Catapang, Jr. as saying that his office was considering home imprisonment for offenders convicted of lesser offenses. He noted that this system was already being implemented in other Asian countries.

“Their (ASEAN countries) set-up is home imprisonment, wherein persons convicted of minor offenses are brought back to their families. It is a way to address prison congestion,” Director-General Catapang was quoted as saying at a regional correctional conference in Puerto Princesa City.

He suggested that home imprisonment could be managed by the Bureau of Jail Management and Penology (BJMP), which oversees local jails for individuals still on trial and not yet convicted. The BuCor takes over custody only after an accused has been convicted and sentenced to imprisonment.

The concept of “house arrest” is nothing new to the Philippines. However, this “accommodation” has typically been extended only to elderly or sickly detainees, as well as high-profile politicians or senior government or military officials in detention.

In other countries, house arrest or home confinement is used to keep detainees within their residences for a specified duration as an alternative to jail time. Ankle monitors are also commonly used. Home imprisonment is primarily considered a strategy to decongest prisons.

In China, house arrest or “Residential Surveillance at a Designated Location” (RSDL) was initially intended for suspects in cases involving national security, terrorism, or major bribery. However, by 2020, approximately 140,000 individuals were reportedly under “house arrest” for various crimes, including lesser offenses.

In Singapore, authorities employ the Home Detention Scheme or Home Detention Order, where eligible non-violent offenders may serve the final portion of their sentences under house arrest. This is subject to strict conditions, such as electronic monitoring and curfews. However, a minimum sentence must first be served, and the inmate must demonstrate good behavior and have strong family support.

Currently, in Myanmar, Indonesia, Thailand, and the Philippines, “house arrest” is primarily used for political figures and high-profile individuals, mainly during investigations rather than as a jail sentence after conviction. In these countries, the use of home detention is discretionary on the part of arresting authorities. In Thailand, house arrest requires court approval.

In Malaysia, only in October 2024 was legislation proposed to allow house arrest for certain offenses. The proposed law aims to reduce recidivism and decongest prisons. It is intended only for minor offenders. However, the proposal is still to be approved by lawmakers.

In general, the main conditions of home imprisonment include movement restrictions, electronic monitoring, and regular check-ins or inspections. I believe that while under house arrest, detainees should be allowed medical and legal appointments only — not political meetings, professional activities, or business management.

More importantly, existing laws must first be amended to include home detention among the penalties not just for detainees but also for convicted individuals. Any proposed law should consider the nature of the offense and limit this “privilege” to those awaiting trial or have been convicted of non-violent crimes.

For convicts, minimum jail time should first be served, and risk of flight, criminal history, and behavior during detention should be carefully evaluated prior to transfer to home detention.

With respect to the home environment, beyond ensuring that it can support the detainee economically, socially, and psychologically, immediate family members should also be held accountable if the detainee attempts escape, commits a new crime, or violates the terms of home detention.

Admittedly, house imprisonment can reduce the government’s financial burden in terms of housing and feeding inmates. Moreover, it can improve the living conditions of detainees.

House arrest also allows offenders to maintain family ties, which can facilitate smoother reintegration into society. Additionally, it eases the strain on correctional facilities by reducing inmate populations.

However, there is no denying that public safety risks increase with the possibility of home detainees committing new crimes. The public may also perceive this “penalty” as unjustifiably lenient compared to jail time. Moreover, monitoring inmates requires government resources and technological infrastructure.

Simply put, home imprisonment is easier said than done. While it offers a viable alternative to traditional incarceration, with benefits such as cost savings and reduced prison populations, it also presents challenges related to public perception and the reallocation of resources from jail management to monitoring.

To ensure effective implementation, it is essential for policymakers to conduct more research, studies, and statistical analyses on home imprisonment. A thorough examination of its economic and social impact, as well as its overall costs, is necessary to determine its feasibility. Understanding how similar programs function in other countries, particularly in ASEAN, can help guide the development of appropriate policies tailored to local conditions.

As an initial step, a pilot program could be introduced, restricting home imprisonment to a specific list of minor offenses. By carefully monitoring and analyzing the results, authorities can assess its effectiveness in reducing recidivism, alleviating prison congestion, and supporting rehabilitation.

The program should track compliance rates, the effectiveness of electronic monitoring, and the overall success of reintegration efforts.

Furthermore, data collection on crime rates before and after implementing home imprisonment will be crucial in determining whether it contributes to maintaining public safety. If successful, the pilot could pave the way for a more extensive implementation, with necessary refinements based on empirical evidence.

Another significant issue is the perception that home imprisonment represents a government abdication of its responsibility to rehabilitate inmates. In short, it may be seen as an attempt by the government to simply pass the burden of correction and rehabilitation onto the very public that incarceration is meant to protect.

Therefore, clear guidelines, transparency, and continuous evaluation will be necessary to ensure that home imprisonment serves its intended purpose without compromising justice and public security.

 

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

matort@yahoo.com

Growing AI adoption may expose PHL companies to more cyberattacks

WANGXINA-FREEPIK

PHILIPPINE BUSINESSES may face more cyberattacks as they continue to adopt artificial intelligence (AI)-powered solutions, with threat actors also using more advanced tools to exploit these technologies, cybersecurity company Trend Micro said.

Trend Micro Philippines Country Manager Ian Felipe said at a briefing on Monday that Philippine enterprises have improved their overall cyber hygiene, boosting investments to address cybersecurity risks and improving their teams’ skill sets.

However, firms must be aware of the risks that come with using AI-driven technologies, he said.

“It’s very important to have visibility in terms of what might and what can happen in the future when you adopt AI,” Mr. Felipe said.

Trend Micro said cyberattacks are now targeting AI agents, with criminals hijacking or misguiding these agents to exploit firms’ systems.

“When you use agentive AI, it’s basically an autonomous AI that can decide on its own, so having this kind of setup provides less visibility in terms of the actions or interactions of this AI to our systems,” Raymond Almanon, senior threat researcher at Trend Micro, said at the same briefing.

Agentive AI deploys a self-governing “agent” that can make decisions without minimal human supervision. It is expected to help automate tasks, reduce costs, and improve productivity.

According to Trend Micro, attackers are also using AI to launch faster and undetectable attacks with less tools.

“Adding to this is the unauthorized or malicious activities carried out by misguided autonomous agents, so we really need to make sure that every time we deploy an agent, there is a way for us to monitor it,” Mr. Almanon said.

He said businesses should have measures to monitor their AI agent operators to spot potential vulnerabilities.

“We have to implement robust security measures that give end-to-end visibility on agent operations and harness AI to ensure protection from vulnerabilities it creates for itself.”

With more companies using AI technologies, hackers are also likely to target AI-driven training environments, access infrastructure, and service subscriptions to steal information, Mr. Almanon added.

Many cyberattacks focus on obtaining companies’ login credentials to help them orchestrate large-scale exploits, he said. “Once info stealers get access to one of your employees’ credentials, that can be the start of a bigger attack on your network.”

AI can also be exploited to craft phishing e-mails, conduct disinformation campaigns and scams like pig butchering or investment fraud, expand the scale of cyberattacks, and target device drivers, he said.

“If you have a vulnerable driver that is installed — meaning these are pre-installed on your machine or came from another software — they can be targeted and used to execute malicious codes without you knowing,” Mr. Almanon said. — Beatriz Marie D. Cruz

Chinese automaker targets 1,000 monthly sales in PHL

FACEBOOK.COM/@OJPHILIPPINES

CHINESE AUTOMAKER Omoda and Jaecoo Motor Philippines, Inc. aims to achieve 1,000 monthly sales and expand its dealership network in the Philippines following its official launch on Tuesday.

“We have the intention to [increase] our dealer network. Currently, we have six, and we are going to have 24 within this year,” Omoda and Jaecoo Global Chief Executive Officer Shawn Xu said.

“With these numbers, definitely within [the first] half of the year, we will reach 500 monthly sales, and then later on, it can be 1,000 units,” he added.

When asked about the company’s optimism in launching in the Philippines, Mr. Xu said the country is one of the largest in Asia.

“The Philippines is a big country among Asian countries. So this is the reason why we established a subsidiary company here. We think that we have big potential,” he said.

“And also, we have good confidence here because other markets have already proved that we get good performance, like Malaysia, Indonesia, Thailand, and Switzerland, so definitely the Philippines will be no exception. So definitely, we have good confidence here,” he added.

On Tuesday, Omoda and Jaecoo announced their official launch in the country with the unveiling of three models: the Omoda C5, Omoda E5, and Jaecoo EJ6.

The Omoda C5 will be priced between P898,000 and P1.18 million, while the Omoda E5 will be sold at P1.5 million.

However, customers who place a deposit for the Omoda C5 and Omoda E5 until June 30 will receive P110,000 and P220,000 discounts, respectively.

“With the warm reception that the Omoda C5 and Omoda E5 received even before our official launch, we were inspired to roll out a promo for our Filipino buyers. This way, more Filipinos can experience premium automotive innovation firsthand,” Mr. Xu said.

Meanwhile, the Jaecoo EJ6, an electric sport utility vehicle, will have a starting price of P1.65 million to P1.8 million.

According to Mr. Xu, Omoda and Jaecoo sold nearly 250,000 units globally last year, driven by new products and market expansions.

“So this year, our target will be for our sales to reach half a million units,” he added.

As of the end of last year, Omoda and Jaecoo were present in 34 markets. This is set to expand to 55 by the end of this year. — Justine Irish D. Tabile

BSP launches cyber resilience council

THE BANGKO SENTRAL ng Pilipinas (BSP) has launched a council to strengthen cooperation on cyber resilience in the financial sector.

The central bank on Feb. 11 launched the Financial Cyber Resilience Governance Council (FCRGC), it said in a statement on Wednesday,

“The FCRGC aims to foster a safe, secure, and resilient financial system by promoting strong cybersecurity practices, governance, and collaboration,” the BSP said.

The council is tasked to implement the 2024-2029 Financial Services Cyber Resilience Plan, which was launched in August 2024. “This plan outlines high-level goals and strategies to maintain the integrity and security of the country’s financial system.”

“This council represents our collective resolve to strengthen our cyber defenses,” BSP Governor Eli M. Remolona, Jr. said.

Central bank data showed that nearly 60% of cyber fraud losses reported by BSP-supervised financial institutions in 2023 were due to account takeovers, identity theft and phishing.

The finance and insurance industry was the top most attacked sector in 2018 and 2020, and ranked second from 2021 to 2022, according to the IBM X-Force Threat Intelligence Index report.

The cyber resilience council will be headed by Monetary Board Member Jose L. Querubin as the group’s advisor.

Meanwhile, BSP Deputy Governor Chuchi G. Fonacier and Bankers Association of the Philippines (BAP) Cyber Committee Head Sandeep Uppal will serve as the FCRGC’s chairperson and vice chairperson, respectively.

“The role of the council is clear: it is to lead the way by overseeing industry initiatives so we are on the right track in ensuring that we remain prepared to any threats that may arise,” Ms. Fonacier said.

“The council is a symbol of our unity, of our shared commitment to protect the financial system, and of our resolve to outpace and outmaneuver those who seek to undermine it,” BAP President Jose Teodoro K. Limcaoco added.

Members of the council will also include representatives from the Chamber of Thrift Banks, Rural Bankers Association of the Philippines, Philippine E-Money Association of the Philippines, BancNet, Inc., and Philippine Clearing House Corp.

“The heads of the BSP’s Policy and Specialized Supervision Sub-Sector, Technology and Digital Innovation Office, and Technology Risk and Innovation Supervision Department will also serve in the council,” the central bank said.

The council will meet quarterly to discuss success metrics and policy recommendations, as well as review cyber threat reports. — Luisa Maria Jacinta C. Jocson