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Panlasang Pinoy: Influencing homeland tastes from beyond the seas

IF ONE searches for a Filipino recipe on Google, chances are you’ll find Panlasang Pinoy’s website. Sure, cookbooks are available, but as the world goes increasingly digital, so have our references. Vanjo Merano, the website’s founder, has been at it since 2009, making him one of the first to send out Filipino recipes in the digital space.

Through our multiple searches (in writing this story, we realized that we had bookmarked Mr. Merano’s recipes for humba, a pork and salted black beans dish; and sago at gulaman, a Filipino sugar-based drink), we neglected to click on Mr. Merano’s video links, which led to his YouTube channel. We had zero idea on what the person behind the recipes was like (turns out he was a fit 45-year-old man; not the Filipino lola in our internal voiceover), and that he had 6.97 million subscribers on YouTube.

We met Mr. Merano during his introduction as another ambassador of instant food brand Maggi, under Nestle Philippines. Mr. Merano joined Maggi and media guests on a tour of their vegetable gardens at the Department of Agriculture – Bureau of Plant Industry (DA-BPI) center in Los Baños as part of their Sarap Sustansya advocacy campaign on June 5. In a partnership with the DA-BPI, Maggi has helped establish community gardens, with 14 baranggays as beneficiaries in Los Baños, Laguna, alone (they have others around the country). During the tour, the ladies of Brgy. Mayondon showed off crops like squash and beans. In another segment of the program, Mr. Merano helped in the harvest and cooked the vegetables in new ways (we’ve never had pinakbet empanada before), in a way teaching the ladies of the barangay how to stretch the vegetables to create more income (in case they decide to sell some of their produce).

Raine Calma, Service Pillar Head for Nestlé Cream, Carnation and Maggi told BusinessWorld about the partnership with Mr. Merano, “You search anything, a Pinoy a recipe, it’s always his website.”

“Maggi, as a leading culinary brand, (we’re looking for) credible authorities who can help us shape the landscape of Philippine cuisine,” she said in a mixture of English and Filipino. “It’s part of that whole vision that we need an arsenal of creators who are credible in their own fields.”

In a related event on June 7, Maggi and Nestle Cream unveiled their new roster of ambassadors,  including restaurateur-chef Myke “Tatung” Sarthou, author of the Simpol Young Chef’s Cookbook*; award-winning pastry chef, dessert connoisseur and Nestlé Homebakers Club expert resource chef Jackie Ang Po; Lalaine Manalo of Kawaling Pinoy; actor and cooking enthusiast David Licauco; actress Barbie Forteza; and Nestle Kitchen Studio Creators Seth Alonzo, Nica Soledad, Sam Bawasanta, and Trish Chua. Mr. Merano joins this roster along with actress Judy Ann Santos-Agoncillo, and comedienne Melai Cantiveros-Francisco.

While Mr. Merano admits that he was once an ambassador for a rival instant food brand, he said, “Our stars aligned. Our goal is the same: to promote nutritious food dito sa (here in) Pilipinas.”

PANLASANG PINOY
Mr. Merano’s website is going on to be one of the best archives of Filipino recipes, and it was all due to bad food. He and his family moved to the US in 2006, and he started the website, then the YouTube vlog, in 2009. In Chicago, “I tried one Filipino restaurant — that taste did not resonate.”

He tried another. “Ito na iyong pinaka-masarap dito? (This the tastiest here?)”

Nakakahiya sa Pinoy, kung nire-represent natin iyong lahi natin, iyong food natin, like this (it’s embarrassing for Filipinos, if we represent our race, our food, like this),” he said.

Working in the IT field, since he designed websites at a part-time job, he decided to document his own recipes online. “It was more than a hobby: I wanted something to happen. I want to share my recipes so that people will try this, and they can cook Filipino food for Filipinos (first), so they can serve it to their non-Filipino friends who visit their homes.

“Eventually, non-Filipinos, when they search for recipes, they see it, and they try it,” he said.

He’s an IT professional, but the recipes weren’t guesswork. He said that his mother had been a caterer, and he had been cooking since he was 12. “I watched her cook a lot. Mahilig akong kumain (I loved to eat). That’s what sparked my curiosity. I wanted to make menudo, which is my favorite food, and sinigang.”

His recipes are also based on trial-and-error. He goes on a lot of trips to the Philippines, and he visits multiple restaurants to get a taste of what he likes. After that, he forms his recipes according to what he liked, and of course, gets advice from his mother. In another step, he reformulates them to the baseline — a good recipe without frills, extra steps, and sweat. “I want people to not get intimidated. I want to present the simplest form, and I want to spark their creativity as well,” he said.

Mr. Merano is part of the Filipino diaspora, and in a strange turn, his work abroad is influencing the tastes of the Filipinos still in the homeland (that is, if we take it from the Filipinos who look up and replicate his recipes). “I also am surprised. That’s pride for me, to represent Filipino cuisine. I don’t think that it matters that I’m there because I’m Filipino. I was born here. That’s how I feel. Anything that I like, in terms of making dishes, when I imagine it — I just close my eyes, and pretend that I’m in that location.

“Physical lang naman ang location ng US. Your heart, your mind, is still in the Philippines.” — Joseph L. Garcia

* https://tinyurl.com/mwn982sf

Taylor Swift just proved the power of Greggs

FACEBOOK.COM/GREGGSOFFICIAL

On Michelin stars, food awards, and fast food

By Howard Chua-Eoan

WHEN you can pay for any number of famous chefs to cater your economy-shaking concert tour, but you choose a takeout chain instead…

Taylor Swift’s decision to pick Greggs — the United Kingdom’s (UK) beloved bakery-turned-takeaway franchise — to feed her team after a gig in Edinburgh last week set me thinking about the nature of eating out. Not that I need much of an excuse — I rarely eat at home. The timing was provocative: Several prominent events ranking the best restaurants in the UK, US, and around the world happened recently. Greggs — with 2,500 branches (as well as food trucks) across the country — wasn’t among the nominees.

The ones that were say more about the politics of these lists than the cuisine.

At ceremonies in Las Vegas last week, Barcelona’s Disfrutar came out on top of the World’s 50 Best Restaurants, an annual, highly competitive roster with undertones of patriotism and regionalism in its celebration of global cuisine. Indeed, four other Spanish restaurants were on the list: Asador Etxebarri, outside Bilbao (No. 2), Diverxo in Madrid (No. 4), Quique Dacosta, down the coast from Valencia (No. 14), and Elkano on the Basque coast (No. 28).  Two British restaurants — both in London — made the cut: Kol in Marylebone (No. 17) and Ikoyi, on the Strand (No. 42).

Only two American entries were in the 50: Single Thread in Healdsburg, California (No. 46), and Atomix in my hometown across the Atlantic, New York (No. 6). The entire US was matched by Hong Kong, which had Wing (No. 20) and The Chairman (No. 26), and outclassed by Mexico City (with three restaurants), Lima (three), Bangkok (three), and Paris (four).

This doesn’t mean the rest of the UK and US culinary scene is mediocre. The World’s 50 Best lends itself to these kinds of parochial perspectives because restaurants are contained within borders — and thus have native-born cheering sections. (Most who vote for these awards are chefs, restaurant owners, and food writers, who, of course, have parochial interests.) Out of these come collaborative efforts to promote compatriots in your-turn-this-year, my-turn-next campaigns. For many, national representation — which benefits tourism and local business — is almost as important as culinary innovation. British and American restaurants haven’t quite figured out how to hang together to game the system.

Culinary politics is different within the UK and US. On Monday, Britain’s National Restaurant Awards put out its annual ranking of the UK’s top 100 — 48 were in London, including Ikoyi (No. 10) and Kol (No. 49), also in the World’s 50 Best. The NRA (an unfortunate echo of a more notorious non-culinary organization) consciously makes forays beyond the capital’s gravitational pull, but the sheer size and convenience of the metropolis keeps its restaurants not just in the top ranks but dominating the entire list. This year, the Ledbury in London took over the top spot from Ynyshir, the Welsh wonder that held the first position for two years in a row.

In the US, James Beard Awards solution to what would have been the predominance of the strongholds of New York, Chicago, and San Francisco is twofold: One is to actively nominate smaller restaurants outside of the big cities to the most prestigious national awards and to recognize the top kitchens in 12 regions (from states like California, Texas, and New York to regional agglomerations like the Midwest, South and so on). It’s a heartwarming judiciousness but also results in the impression that the US has no real culinary center of gravity.

One other thing: A vibrant industry of public relations consultants fuels the overt and subtle campaigns of contenders in the World’s 50 Best, the National Restaurant Awards, and, to a lesser extent, the Beard Foundation honors. When I attend these galas, I’m often confused whether I’m meeting a chef or someone managing his or her PR. You must maneuver through lots of cogs in this machinery of influence before you get to eat.

As a foodie, I like to root for my favorite chefs and restaurants. As a local in both London in New York, I cheered for my friend Adejoke Bakare when her Fitzrovia restaurant Chishuru came in 31st and she got the chef of the year award. And I celebrated the news that Charlie Mitchell of Clover Hill in Brooklyn got the Beard’s best chef in New York State prize. But you must remember that these rankings should not dictate what you enjoy. You can still have a terrible time in the world’s best restaurant.

I’m not averse to tasting menus, but many prominent critics lately have opposed them — especially the massive multi-hour extravaganzas of small snacks that move the diner through specialized rooms, billing themselves as “culinary experiences.” I guess you’d feel that way if you had to write weekly restaurant reviews. Not every meal has to be the equivalent of Lawrence of Arabia. Some things should be experienced only once or twice a year — or in a lifetime.

Happiness doesn’t have to come with Michelin stars. The most memorable plate I had last week was a tagliarini with red mullet and olives, produced over a single induction burner at the back of a tiny kitchen of a wine bar, in London’s decidedly mixed-income Lower Clapton. Delicate and complex, I will remember its joys for a long time.

And then there’s Greggs.

I’m an admitted food snob, and my first venture into an outpost of the Newcastle upon Tyne-based pastry kingdom didn’t impress. The share of poultry in the chicken nuggets was paltry — and the grease-to-batter ratio was high. The cheese-and-onion pie demanded more flavorful cheese. And onions. I picked up an orange on the way back to work to cleanse my palate, puzzling over the company’s market cap of more than $3.6 billion and nearly 30% return on equity.

But the other day, I was walking the streets furious about something petty. Fortunately, I realized I was just hungry. Greggs on Cheapside, here in the City of London, was the closest place to self-medicate. I approached the counter, pointing to the first thing I saw under glass. Sanity returned with each bite of a sausage roll. Maybe it was the proportion of fat to breading? Maybe it was the barley-and-wheat-and-soy filling with a percentage of meat slightly redolent of Spam, a happy memory from my childhood? All I know is that it took the “I” out of irate faster than anything else I’ve ingested. It wasn’t a Proustian madeleine, but it altered my reality for the better. For that I’m grateful.

Now, how do I get tickets for the Eras tour?

BLOOMBERG OPINION

Megawide gets SEC’s approval for its P5-billion bond offering

THE Securities and Exchange Commission (SEC) has approved the planned bond offering of Saavedra-led infrastructure conglomerate Megawide Construction Corp. worth up to P5 billion.

The commission en banc rendered effective the registration statement of Megawide’s bond offer during a meeting on June 18, the SEC said in an e-mailed statement on Wednesday.

Megawide’s bond offer will consist of up to P4 billion of fixed-rate bonds with an oversubscription option of up to P1 billion.

The bond offer will be made up of series C bonds due 2027, series D bonds due 2029, and series E bonds due 2031.

Megawide expects to generate P4.93 billion worth of net proceeds from the offer, assuming that the oversubscription option is fully exercised.

“Proceeds will be used for the refinancing of the company’s existing debt obligations and funding of business development opportunities, as well as other general purposes,” the SEC said. 

Based on Megawide’s latest timetable sent to the SEC, the bonds will be offered at face value from June 24 to July 3, with listing at the Philippine Dealing & Exchange Corp. set on July 11.

Megawide has tapped PNB Capital and Investment Corp., RCBC Capital Corp., and SB Capital Investment Corp. as the joint issue managers, joint lead underwriters, and bookrunners for the offer.

For the first quarter, Megawide recorded P183.4 million in consolidated net income, a turnaround from the P7.4-million net loss last year. Consolidated revenue increased by 19% to P5.2 billion.

Megawide shares rose by 0.33% or one centavo to close at P3.06 apiece on Wednesday. — Revin Mikhael D. Ochave

Katy Perry-backed food products firm Bragg explores sale, sources say

BRAGG.COM

NEW YORK — Bragg Live Food Products, which is backed by celebrities Katy Perry and Orlando Bloom, is exploring a sale that could value the maker of apple cider vinegar at more than $500 million, including debt, according to people familiar with the matter.

The Santa Barbara, California-based company, which also counts investment firm Swander Pace Capital among its investors, is working with Bank of America to solicit interest from potential buyers, which include private equity firms, the sources said, speaking on condition of anonymity.

Swander Pace and Bank of America declined to comment. Bragg did not respond to requests for comment.

Founded in 1912 by Paul Bragg, the company is known for its apple cider vinegar products, as well as its salad dressings, seasoning blends, olive oil, beverages, and other food ingredients.

Patricia Bragg, Paul’s adopted daughter, led the business for 65 years, until it was sold in 2019 to Ms. Perry, Mr. Bloom and other investors including Dragoneer Investment Group and Pressed Juicery founder Hayden Slater.

Bragg’s products are sold through supermarkets, e-commerce retailers, and natural foods stores in the United States and in other countries.

The company’s owners are expecting to command a valuation for Bragg equivalent to at least 10 times the company’s earnings before interest, taxes, depreciation and amortization of about $50 million, the sources said.

The food ingredients sector has been an active area for dealmaking in recent months. Private equity firm Butterfly Equity is exploring a sale of Chosen Foods, while Falfurrias Capital is running a sale process for Sauer Brands, Reuters has previously reported. — Reuters

MPIC’s MRT-3 proposal under review, DoTr says

A Metro Rail Transit Line 3 (MRT-3) train is seen along EDSA, Quezon City, March 24, 2024. — PHILIPPINE STAR/RYAN BALDEMOR

THE DEPARTMENT of Transportation (DoTr) is now evaluating the unsolicited proposal of the Metro Pacific Investments Corp. (MPIC) to integrate the operations of the Metro Line Transit Line 3 (MRT-3) and the Light Rail Transit Line 1 (LRT-1).

“The proposal was first submitted to the PPP (Public-Private Partnership) Center then turned over to us. It is now being evaluated by our planning people,” a representative from the DoTr said by phone on Wednesday.

Following the PPP Center’s endorsement, the DoTr will have a month to evaluate the proposal and endorse it to the National Economic and Development Authority if deemed eligible, the agency said.

The Transportation department aims to privatize MRT-3 before the contract expires next year under the build, lease, and transfer agreement with MRT-3 operator Sobrepeña-led Metro Rail Transit Corp.

However, the DoTr has yet to decide if it will go the solicited or unsolicited route for the project.

In May, Transportation Undersecretary Timothy John R. Batan said the MPIC-Sumitomo Consortium had resubmitted their unsolicited proposal for the MRT-3 operations and maintenance (O&M) contract.

Aside from the group, San Miguel Corp., which was declared the original proponent for the MRT-3’s O&M contract in 2022, has also submitted a proposal.

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

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority share in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

Term deposit yields inch lower on easing signals

BW FILE PHOTO

YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) term deposits went down on Wednesday amid monetary easing signals from policy makers.

The central bank’s term deposit facility (TDF) attracted bids amounting to P212.412 billion on Wednesday, above the P180 billion on the auction block. However, this was below the P240.791 billion in tenders seen a week ago against the P310 billion on offer.

Broken down, tenders for the seven-day papers reached P112.799 billion, higher than the P90 billion auctioned off by the central bank but lower than the P124.448 billion in bids for a P150-billion offer last week.

Banks asked for yields ranging from 6.5% to 6.535%, lower and narrower compared with the 6.5125% to 6.55% band seen a week ago. This caused the average rate of the one-week deposits to decline by 1.13 basis points (bps) to 6.5244% from 6.5357% previously.

Meanwhile, bids for the 14-day term deposits amounted to P99.613 billion, above the P90-billion offer but below the P116.343 billion in tenders against the P160 billion placed on the auction block a week earlier.

Accepted rates were from 6.55% to 6.59%, slightly below the 6.5588% to 6.598% margin recorded a week ago. With this, the average rate for the two-week deposits inched lower by 0.55 bp to 6.5694% from the 6.5749% logged in the previous week’s auction.

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

TDF yields went down amid dovish policy signals from local monetary authorities, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Finance Secretary Ralph G. Recto, who sits on the BSP’s policy-setting Monetary Board, said that it was “highly probable” that the Philippine central bank would only start cutting rates after the Fed begins its own easing cycle.

The Federal Reserve held interest rates steady for a seventh straight meeting last week, with expectations of the start of rate cuts being pushed to as late as December. Fed officials are also now projecting only one rate cut this year versus previous expectations of three.

Meanwhile, BSP Monetary Board Member Benjamin E. Diokno told Bloomberg last week that the central bank has room to cut its benchmark rates at least twice this year with inflation still within its annual target.

Headline inflation accelerated to 3.9% year on year in May from 3.8% in April but marked the sixth straight month that inflation settled within the BSP’s 2-4% target band.

From January to May, the consumer price index averaged 3.5%, matching the BSP’s full-year forecast.

BSP Governor Eli M. Remolona, Jr. previously said the earliest the central bank can begin easing its policy stance is in August, adding they could cut rates by 25-50 bps in the second semester.

Mr. Remolona has also said the BSP does not need to wait for the Fed to begin its own easing cycle.

The Monetary Board has kept the benchmark rate at a 17-year high of 6.5% since October 2023 following cumulative hikes worth 450 bps to help tame red-hot inflation. — Luisa Maria Jacinta C. Jocson

Dining In/Out (06/20/24)


Sheraton Manila Bay’s Tour de France du Vin 2024

WINE enthusiasts and connoisseurs are invited to a journey through the vineyards of France via Sheraton Manila Bay’s Tour de France du Vin 2024, held in partnership with Le Cellier French Wine Selection. The wine and dinner event will take place on June 27, 7 p.m., at the Manila Bay Kitchen. For P3,800 net per person, attendees can enjoy a selection of 17 premium wines sourced from Beaujolais, Burgundy, Bordeaux, the Rhone Valley, and the South of France. Some of the highlights of the evening are the 17 regional specialties prepared by Sheraton Manila Bay’s General Manager, Richard Masselin, alongside the hotel’s chefs. Guests will get to sample Pot Au Feu, Coq Au Vin de Bourgogne Rouge, Fish and Seafood Bouillabaise, and more. Wine expert Bernard Flour, owner of Le Cellier French Wine Selection, will be at the event to share his knowledge about the selection, as well as give our guests insight on French wine. Sheraton Manila Bay is located at M. Adriatico cor. Gen. Malvar Streets, Malate, Manila. For updates, follow them on Facebook and Instagram @sheratonmanilabay and on Twitter at @sheratonmnlbay.


SM Markets offers pasalubongs in a jiffy

SM MARKETS makes discovering otherwise hard-to-find pasalubong items easy, with local products available at the nearest supermarket. No more searching all over town or traveling long distances as everything has been brought together in one spot. From Luzon, SM Markets offers items like Basilio’s Bagnet Chips, Ilocos Chichacorn, and Alabanza Longanisa De Recado, all hailing from Baguio or the Ilocos Region. Craving Pangasinan’s boneless daing na bangus? Check out the JSL Dagupan brand. From the Calabarzon region there are items like Noceda Jacobina, Old Center Pancit Lucban, and Bean Central Barako Coffee. The Bicol region is represented by Jovy’s Pili Nuts, Pansit Bato, Bicol’s Best Bicol Express, and Albay Pili Nuts. Favorites from the Visayas Region, specifically from Cebu, are also available including Titay’s Rosquillos, Phil Brand Dried Mango, Shamrock Otap, and Vhonytiff Banana Chips. Products from Iloilo and Bacolod are also in-store, including Bongbong’s Piaya and Biscocho, Merzci Biscocho, Piaya, and Butterscotch, Deocampo’s Barquillos, and RGies Butterscotch. SM Markets also stocks Davao’s Lola Abon’s Mangosteen and Durian candies, and Durian World’s Durian Pastillas and Yema. From Cagayan de Oro, there are Cheding’s Toasted Peanut, De Oro Best Beef and Pork Jerky, and Vjandep Yema Pastel. By featuring these locally made products, SM Markets is supporting Filipino farmers, artisans, and small businesses.


Pop-up alert: Cream-O Me Time Cafe

JACK ‘N JILL Cream-O is opening the Cream-O Me Time Cafe pop-up booth at Greenfield Central Park’s Weekend Market on June 22 and 23, 4 p.m. onwards. The Cream-O Me Time Cafe will offer a range of classic and new Cream-O products like cookies, cakes, and drinks (which are also available for purchase). Activities include reading e-books from the Cream-O Library, listening to tunes from the Cream-Oholics Playlist, taking photos and making social media content via the Pose with Cream-O booth, sharing thoughts on the Cream-O Freedom Wall, and enjoying board games at the Chocolatey Battle station. Visitors will get a chance to take home free packs of Cream-O by posting about the Cream-O Me Time Cafe experience on social media. Jack ‘n Jill Cream-O is from Universal Robina Corp., maker of Pinoy brands such as Great Taste coffee, C2 Cool and Clean, Jack ‘n Jill Piattos, Magic Crackers, and Cloud 9.


New events space opens in Tagaytay

THE CLOUD VILLA, just 30 minutes from the Tagaytay Rotonda, offers a space inspired by Filipino architecture. With all-glass panel windows, an intricate wooden structure, and a sea of clouds as the backdrop, this venue is ideal for a birthday, wedding, or for corporate functions. The Cloud Villa is situated along the Nasugbu Highway, near Sonya’s Garden, Breakfast at Antonio’s, Twin Lakes, and Don Bosco Chapel on the Hill. The Cloud Villa can host 200 to 250 guests with a 256 sqm function hall. Amenities include air conditioning, a preparation room, a caterer’s area, housekeeping, security staff, and a parking lot that can hold up to 30 cars. For inquiries, visit www.thecloudvilla.ph or call 0917-775-2488.


McDonald’s Chicken Flavor Fest is on

STARTING June 14, McDonald’s Chicken McNuggets can now be enjoyed with three new sauce options: Classic Ranch, Fiery Aioli, and Sweet Chili Plum. The fast-food brand now also offers the Black Pepper McChicken sandwich. The McNuggets and chicken sandwich are part of the ongoing Chicken Flavor Fest. According to a release, each Chicken Flavor Fest product is best paired with a glass of Lipton Cool Berry Iced Tea. McDonald’s App users can avail themselves of the six-piece Chicken McNuggets or Black Pepper Chicken with a small Lipton Cool Berry for P99, with savings up to P77. The McDonald’s Chicken Flavor Fest will run at participating stores nationwide from June 14.

Golden MV Holdings, Inc.’s annual meeting of stockholders to be held online on July 15

 

 


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FHC to open P2.7-B Grafik Hotel Baguio by Q1 2025

GOTIANUN-LED Filinvest Hospitality Corp. (FHC) is eyeing to open the P2.7-billion Grafik Hotel Baguio within Camp John Hay by the first quarter (Q1) of 2025, marking the launch of its new hotel line.

The new hotel will offer 256 rooms, five food and beverage outlets, a grand ballroom, meeting spaces, and a spa, FHC said in a statement on Wednesday.

FHC recently topped off the property, which was built in partnership with the Bases Conversion and Development Authority (BCDA) and John Hay Management Corp. (JHMC).

The new hotel in Baguio will be the eighth hotel property of the Filinvest Group and the first one under the Grafik Hotel Collection upscale hospitality brand.

FHC is the hospitality unit of listed holding company Filinvest Development Corp. (FDC).

“The Grafik Hotel Collection is poised to make a significant impact on the local economy. By creating numerous employment opportunities, we aim to engage and uplift the community,” FHC First Senior Vice-President Francis Nathaniel C. Gotianun said.

“Our project will not only boost tourism but also foster a sense of pride and involvement among the residents of Baguio. We are committed to contributing to the city’s growth and prosperity,” he added.

The project has generated about 3,000 jobs during the construction phase and will hire 250-300 employees when it becomes operational. The new hotel will cater to both domestic and international travelers.

“The Grafik Hotel is set to significantly boost the revenue for the John Hay Special Economic Zone by attracting a larger number of tourists. It will play a key role in job creation, balancing economic growth with environmental sustainability,” JHMC President and Chief Executive Officer Marlo Ignacio V. Quadra said.

Chroma Hospitality, Inc. Country Manager James M. Montenegro said the Grafik Hotel Collection aims to “celebrate the beauty and stories of the Philippines.”

“Our properties will serve as gateways to the Filipino experience, offering guests a chance to become part of the narrative through immersive and engaging experiences,” he said.

The Filinvest Group oversees its portfolio of hotels through a partnership with Chroma Hospitality.

Aside from the Grafik Hotel Collection, Chroma Hospitality is the management company behind hotel brands such as Crimson Hotels & Resorts (Mactan, Boracay, and Filinvest City), Quest Hotels & Resorts (Cebu City, Clark, and Tagaytay), Mimosa Plus Golf Course in Clark, Timberland Highlands Resort, and Timberland Mountain Bike Park in San Mateo, Rizal.

FDC stocks were last traded on June 18 at P5.40 per share. — Revin Mikhael D. Ochave

Gov’t partially awards reissued T-bonds as rates rise

BW FILE PHOTO

THE GOVERNMENT made a partial award of the Treasury bonds (T-bonds) it offered on Wednesday at an average rate higher than secondary market levels amid expectations of faster inflation in the coming months.

The Bureau of the Treasury (BTr) raised just P24.003 billion via the reissued 20-year bonds it auctioned off on Wednesday, lower than the P30-billion program, despite total bids reaching P46.331 billion.

The bonds, which have a remaining life of 14 years and seven months, were awarded at an average rate of 6.781%. Accepted yields ranged from 6.72% to 6.82%.

The average rate of the reissued bonds went down by 16.9 basis points (bps) from the 6.95% fetched for the series’ last award on May 14.

However, this was 3.1 bps above the 6.75% coupon for the issue. This was likewise 1.2 bps higher than 6.769% quoted for the 15-year bond, the tenor closest to the remaining life of the papers offered, and 1.5 bps above the 6.766% seen for the same bond series at the secondary market before Tuesday’s auction, based on PHP Bloomberg Valuation Service Reference Rates data provided by the BTr.

Tuesday’s award brought the total outstanding volume for the series to P139.3 billion.

“The higher T-bond rates reflected expectations of a slight overshoot in domestic inflation above the 4% threshold in the coming months,” a trader said in an e-mail.

Higher global crude prices and a weaker dollar recently led to the higher awarded T-bond rates, as this could lead to faster local inflation, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort likewise said in a Viber message. 

The Bangko Sentral ng Pilipinas (BSP) has said it expects inflation to breach the 2-4% target from May to July but ease anew beginning August.

The consumer price index (CPI) picked up to 3.9% year on year in May from 3.8% in April but slowed from 6.1% in the same month last year.

This was the fastest pace since 4.1% in November and marked the fourth straight month of quicker annual inflation.

Still, May marked the sixth straight month that inflation settled within the BSP’s 2-4% annual target.

From January to May, the CPI averaged 3.5%, matching the BSP’s full-year forecast.

The BTr wants to raise P180 billion from the domestic market this month, or P60 billion from Treasury bills and P120 billion via T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.48 trillion or 5.6% of gross domestic product for this year. — Aaron Michael C. Sy

Justin Timberlake arrested for drunken driving in the Hamptons

Justin Timberlake in a scene from the 2011 film, In Time. — IMDB

POP singer Justin Timberlake was arrested and charged with driving while intoxicated after failing to obey a stop sign and twice veering from his lane in the upscale Hamptons seaside area of New York, authorities said on Tuesday.

Mr. Timberlake was arrested on Long Island in the town of Sag Harbor on Tuesday morning, according to a statement from the local district attorney’s office.

The 43-year-old was arraigned in Sag Harbor Village Justice Court and released, the statement said. His next court date will be a virtual appearance on July 26, the statement said.

According to court documents, police spotted Mr. Timberlake driving a 2025 gray BMW shortly after midnight. The documents said Mr. Timberlake failed to stop at a stop sign and twice failed to keep to the right side of the road.

When stopped by police, Mr. Timberlake’s eyes “were bloodshot and glassy, a strong odor of an alcoholic beverage was emanating from his breath, he was unable to divide attention, he was unsteady afoot and performed poorly on all standardized field sobriety tests,” the documents said.

Representatives for Mr. Timberlake did not immediately respond to requests for comment.

The singer’s attorney, Ed Burke, told Us Weekly that the charge was a single count because he refused the breath test.

“Mr. Timberlake was also charged with two other court citations, running a stop sign and not traveling in the correct traffic lane,” Mr. Burke told the outlet.

People magazine reported that Mr. Timberlake was taken into custody after he left a dinner at the American Hotel.

Mr. Timberlake rose to fame as a member of 1990s boy band ‘N Sync before starting a solo career. His hits include “Can’t Stop the Feeling!,” “Suit & Tie,” and “SexyBack.”

In 2004, Timberlake infamously ripped off part of Janet Jackson’s garment during their Super Bowl halftime show in Houston and briefly bared her breast in what was blamed on a “wardrobe malfunction.”

He returned to headline the Super Bowl halftime show in 2018.

The singer currently is in the middle of his Everything I Thought It Was tour. He has two concerts scheduled in Chicago this weekend and two shows in New York City next week. — Reuters

Security Bank targets to double sustainable loan portfolio by 2025

SECURITY BANK Corp. targets to double its sustainable financing portfolio by 2025, the bulk of which will be made up of investments in wind and solar energy projects, a senior official said on Wednesday.

“The ambition is to book new renewable loans totaling P40 billion by end of December 2025. So, roughly doubling where we ended in 2023,” Security Bank Executive Vice-President and Chief Financial Officer Eduardo M. Olbes said at a media briefing.

As of end-2023, the bank recorded P43.6 billion in qualified green and social loans, it said.

Of this total, P20.6 billion went to renewable energy projects, P14.3 billion was allotted to access to basic infrastructure, P6.6 billion went to green buildings, and P2.1 billion was earmarked for access to essential services, Security Bank said.

Mr. Olbes said “a substantial amount” of their P40-billion renewable financing target for 2025 will be issued this year.

“We have quite a healthy pipeline on the renewable side. It’s a mix of both wind and solar. That is the lion’s share of the pipeline that we see today,” he added.

Aside from funding renewable energy projects, the lender is also looking at further growing its consumer segment by integrating this kind of financing into its loan products for small businesses and individuals, Mr. Olbes said.

“The largest part of our consumer loan book is home loans, and therefore we’re very open [to financing] part of the construction plan or home improvement plans, as well as the installation of solar panels or other things. That’s something that we’re very happy to provide financing for,” the official said.

He added that the bank’s small business lending segment will be rolling out products with a sustainability component later this year and early in 2025.

Security Bank’s net income rose by 11.4% year on year to P2.63 billion in the first quarter.

Its shares closed at P67.40 apiece on Wednesday, dropping by 35 centavos or 0.52% from the previous day. — A.M.C. Sy