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Dining In/Out (12/12/24)

Newport World Resorts offers festive holiday takeaways

NEWPORT WORLD RESORTS presents a luxurious selection of holiday takeaways, available at the Garden Wing Café and Hotel Okura Manila’s Yawaragi Pastry Boutique. The Garden Wing Café features US Department of Agriculture Prime Beef Wellington priced at P18,500 for 1.8 kg, Norwegian Gravlax at P7,500 for 1-1.5 kg, and Suckling Pig Pritchon at P10,800 for 4-5 kg. Hotel Okura Manila offers several confections including Gingerbread Shirikawa-go for P720, Shokupan Loaf wrapped in furoshiki cloth for P550, and Assorted Daifuku Mochi at P720 for a box of six. These are available until Jan. 7. Meanwhile, Oori Korean Restaurant at Sheraton Manila offers its Oori Takeaway Sets featuring authentic Korean flavors such as Korean Market-Style Whole Fried Chicken, Pork Kimchi Fried Rice Platter, Pork Galbi Jjim, Japchae Platter, and more. The set is priced at P5,888 net and serves five to six people.

New World Makati celebrates 30 years of holiday cheer

NEW WORLD Makati Hotel celebrates its 30th holiday season with The Holiday Delight: Celebrating 30 Years of Yuletide Cheer. Running until Jan. 5, 2025, it features special stay packages, festive dining, and holiday treats. At Café 1228, indulge in a lavish buffet featuring holiday classics and international favorites, complemented by unlimited wine, local beer, soft drinks, and chilled juices. Celebrate Christmas Eve or Christmas Day with dinner or lunch for P3,600 per person, while kids aged 6 to 12 dine at P1,500. On New Year’s Eve, a grand dinner is offered at P3,800 per person (kids at P1,500). The festive feasting continues on New Year’s Day with buffet options at P2,250 per adult and P1,250 per child. At Jasmine, savor an elegant Yuletide All-You-Can-Eat Dim Sum experience. From steaming baskets of xiao long bao and siu mai to festive creations such as turkey spring rolls and stir-fried turkey in Sichuan chili paste, the menu is a celebration of both tradition and creativity. Prices are P1,988 per person for lunch on Christmas Eve and New Year’s Eve Lunch, and P2,288 per adult for Christmas Eve, Christmas Day, and New Year’s Eve dinners, while New Year’s Day lunch and dinner are priced at P2,088 per adult. Children aged six to 12 dine at half price, and Club Epicure members enjoy special discounts on select dates. The Shop offers an array of holiday goodies. There are specialty cakes like bibingka cheesecake and log cakes, starting at P1,500, and petite versions of these cakes for P300. For gifts there are Christmas cookies, chocolate bonbons, and gingerbread, plus luxurious options like the Luxe Box (P3,500) and festive hampers (P6,200). Raise a toast to the holidays at The Lounge with the Winter Berry Tree, a specially crafted cocktail made with Don Papa Masskara rum, strawberry purée, Aperol, lime juice, and egg white. This festive creation is available throughout the season for P500 net. The Enchanting Escapes Package offers rates starting at P7,000++ for Superior Rooms, P8,000++ for Deluxe Rooms, and P10,000++ for Residence Club Deluxe Rooms. These include breakfast for two adults and two children (11 years old and below), as well as a festive tin of pearl macarons. Residence Club Deluxe guests enjoy exclusive access to the Residence Club Living Room and discounted tickets (P3,800 net) to the hotel’s New Year’s Eve Countdown Party. Bookings made until Dec. 30 are eligible for the hotel’s annual holiday raffle, with prizes including stays at the Rosewood Phuket and New World Millennium Hong Kong. Holiday rates may apply on Dec. 24, 25, 31, and Jan. 1. The festive macaron amenity will not be available on these peak dates.

Pancake House opens new branch in Antipolo

PANCAKE HOUSE has opened its newest branch along Sumulong Highway in Antipolo City, offering its signature comfort food in a cozy setting. Known for its pancakes, waffles, rice meals, pasta, tacos, and Pan Chicken, the restaurant caters to diners at any time of the day. The new branch’s operating hours are Monday to Thursday from 7 a.m. to 10 p.m., and Friday to Sunday from 7 a.m. to midnight. It aims to be a convenient stop for cyclists, families, and friends looking to refuel after a day out or simply enjoy a satisfying meal. The new Pancake House is at 030 Sumulong Highway, Brgy. Dela Paz, Antipolo.

Pickup Coffee hits 300-store milestone

PICKUP COFFEE has celebrated a major milestone with the opening of its 300th store at Robinsons Place Manila. Since its first physical store was launched in Uptown Mall, BGC, in May 2022, the brand has grown rapidly — reaching its 100th store at Paseo De Magallanes in 2023, and its 200th store in SM Sta. Rosa earlier this year. To mark the occasion, Pickup Coffee hosted a special event with company executives and guests. Customers joined the celebration with a Buy 1, Share 1 promo, receiving an additional free beverage with every purchase. Customers who missed the launch can still enjoy the exclusive promo at the new branch. Also, there is a 30% discount on all beverages until Dec. 31 with a minimum spend of P300 through the Pickup App.

CDO hosts holiday brunch of Noche Buena faves

CDO recently hosted a holiday-themed brunch titled A Taste of Home this Christmas featuring a Noche Buena spread with festive dishes by Jones All Day of Raintree Restaurants. The brunch highlighted CDO Holiday Ham and Danes Queso de Bola. Guests sampled a variety of festive offerings, including CDO Holiday Ham on sourdough toast with arugula and apple compote, Danes Queso de Bola with truffle honey, San Marino Premium Spanish Sardines, and Highlands Gold Corned Beef potato croquettes. Other favorites included crispy CDO Young Pork Baconettes, CDO Idol Cheesedog with curry ketchup, and San Marino Gourmet Tuyo cream pasta with stracciatella and caviar, and other CDO products. For inquiries about CDO products, contact 0969-593-8459.

How PSEi member stocks performed — December 11, 2024

Here’s a quick glance at how PSEi stocks fared on Wednesday, December 11, 2024.

Philippines 62nd in Public Administration Index

The Philippines ranked 62nd out of 120 countries in the Blavatnik Index of Public Administration published by the Blavatnik School of Government, University of Oxford. The index covers 120 countries and their public administrations across four domains: strategy and leadership, public policy, national delivery, and people and processes. The country was tied with Argentina, Kenya, Panama, and Vietnam.

Philippines 62<sup>nd</sup> in Public Administration Index

Reinstating NFA powers can bring down rice prices — DA

PHILSTAR FILE PHOTO

LEGISLATORS need to consider reinstating the National Food Authority’s (NFA) market regulatory functions as a means of making rice cheaper, Agriculture Secretary Francisco P. Tiu Laurel, Jr. said on Wednesday.

Speaking at a House committee hearing, Mr. Laurel said NFA regulation would help control retail rice prices, adding that he sees P42 to P49 per kilo as an appropriate price rather than the current P50 to P60.

“The NFA lost its power to intervene in the market as it used to. Along with this, the DA (Department of Agriculture) also lost its power to control and stabilize rice prices,” he told legislators.

“If the NFA’s power… could be restored, the DA would be more effective in curbing the abuses of rice traders and better influence rice prices,” he added.

In November, the Philippine Statistics Authority reported an average price for regular-milled rice of P49.24 per kilo, with well-milled rice fetching P54.64. The average per kilo of special rice stood at P63.

Legislators are looking into the possibility that rice prices are being kept artificially high by a cartel, and have not been allowed to fall to their natural level even after President Ferdinand R. Marcos, Jr.’s order cutting rice tariffs.

“(Rice is still sold) at P50, up to P60. That’s not right. Unfortunately, we don’t have the authority to catch anyone in the market because we lack enforcement powers,” Mr. Laurel said.

The Rice Tariffication Law of 2019 liberalized rice imports and removed the NFA’s authority to intervene in the rice market. It instead charged tariffs on rice imports of 35% initially, and 15% at present — the proceeds of which were to fund the modernization of the rice industry.

The law barred the NFA from releasing its rice reserves onto the market, limiting its power to intervene in times of calamity. It also revoked the NFA’s licensing powers over rice market participants.

“Restoring the (NFA’s) power would make a significant difference,” Mr. Laurel said. — Kenneth Christiane L. Basilio

Rice imports hit 4.35 MMT by early Dec.

REUTERS

PHILIPPINE rice imports amounted to 4.35 million metric tons (MMT) as of early December, the Bureau of Plant Industry (BPI) said.

According to the BPI, rice imports as of Dec. 5 had surpassed the 3.61 MMT total reported for the 2023 full year.

Rice shipments in November amounted to 434,655 MT, more than double the 250,895 MT reported a year earlier.

The Department of Agriculture (DA) is projecting that rice imports of 4.5 MMT for 2024 following the lowering of tariffs on rice imports, with demand for foreign rice spurred by an estimated decline in domestic production.

In June, the government lowered tariffs on imported rice to 15% from 35% until 2028 through Executive Order No. 62. It was billed as an inflation-containment measure.

In its Grain: World Markets and Trade Report, the US Department of Agriculture (USDA) said the Philippines is projected to import about 5.4 million MMT next year citing the prospect of “smaller crops.”

The USDA’s new forecast represents a 300,000 MT upgrade from the estimate of 5.1 MMT issued in November. The projection for next year is slightly higher compared to the 5.3 MMT forecast for 2024.

The DA said palay (unmilled rice) production will likely decline 3.63% to a four-year low of 19.3 MMT in 2024, after typhoons damaged the standing rice crop.

The BPI reported that Vietnam remained the top supplier of rice as of early December, accounting for 76.8% of all imports in the year to date, or 3.34 MMT.

Thailand supplied 556,248 MT during the period, or 12.9% of the total, followed by Pakistan with 224,629 MT, or 5.2%.

It added that Myanmar and India shipped 197,952 MT and 22,572 MT of rice, respectively.

The BPI issued 109 sanitary and phytosanitary import certificates, with approved applicants seeking to import 66,988 MT, in early December. Total permits issued in the year to date numbered 9,451 with applicants seeking to ship in 9.08 MMT. — Adrian H. Halili

ADB approves $500-M loan for PHL financial management reform

BW FILE PHOTO

THE Asian Development Bank (ADB) approved a $500-million loan to help the Philippines carry out its public financial management (PFM) reform program.

In a statement on Tuesday, the Public Financial Management Reform Program (Subprogram 1) is expected to improve national budget frameworks, boost local government capacity, and establish a PFM system in the Bangsamoro Autonomous Region in Muslim Mindanao.

“This new program signifies the Philippine government’s commitment to building an open government founded on the principles of efficiency, transparency, accountability, and good governance,” ADB Philippines Country Director Pavit Ramachandran said in the statement.

Mr. Ramachandran said the project improves the use and transparency of public funds but also “promotes private sector roles in public services, as well as climate resilience.”

The financing package aligns with the PFM Reforms Roadmap 2024–2028, developed in partnership with the ADB and endorsed by President Ferdinand R. Marcos, Jr.

Among the roadmap’s main points are the digitalization of PFM systems and the creation of an enabling regulatory framework for public-private partnerships.

“The program promotes the fair and effective devolution of public services under the Mandanas ruling and fosters local investments in climate resilience and disaster preparedness,” the ADB said.

The ADB said the Supreme Court’s Mandanas ruling “mandates that all national taxes and other taxes and fees collected by the National Government be considered in computing revenue allotments to local government units.”

The project also supports the Bangsamoro government’s own PFM systems, including local governance, budgeting, and revenue frameworks.

The ADB, along with the Public Expenditure and Financial Accountability (PEFA) Secretariat and other development partners, will perform a PEFA Assessment to guide local PFM reforms. — Aubrey Rose A. Inosante

Toyota Motor donates P3 million to Philippine tamaraw conservation fund

GREG YANN

TOYOTA MOTOR Philippines Foundation (TMPF) said it is donating P3 million to the Department of Environment and Natural Resources (DENR) for the latter’s Philippine Tamaraw (dwarf buffalo) conservation program.

In a statement on Wednesday, the foundation said that it signed a memorandum of understanding (MoU) with DENR to support the Tamaraw Conservation Program to protect the critically endangered tamaraw species and its habitat, the animal after which Toyota named its newly launched pickup truck.

“Under the MoU, TMPF will donate a brand new Tamaraw vehicle and half-a-million-pesos worth of “Bantay Tamaraw” kits for rangers as well as supplies. The resources will help the Bantay Tamaraw rangers conduct regular patrols at all known tamaraw sites,” the foundation said.

TMPF also pledged a P3 million for tamaraw habitat monitoring and research, to support programs for barangay and indigenous-people volunteers, and to equip the Tamaraw Research and Conservation Center.

The Tamaraw Conservation Program was created in 1979 through Executive Order No. 544.

The Philippine Tamaraw, which is endemic to Mindoro Island, was classified by the International Union for Conservation of Nature as critically endangered with 500-600 individuals remaining in the wild as of 2024. — Justine Irish D. Tabile

Imports of alternative sweeteners to be charged higher clearance fees before year ends — SRA

REUTERS

THE Sugar Regulatory Administration (SRA) said it plans to charge higher import clearance fees for alternative sweeteners before the end of the year.

“We are actually pushing for it to be finished before the year ends,” SRA Administrator Pablo Luis S. Azcona told reporters.

The SRA said earlier that it was drafting a sugar order meant to increase the clearance fees for high fructose corn syrup at P30 per equivalent bag of sugar and P10 per equivalent bag for all other sweeteners.

He added that the regulator will go forward with such a sugar order despite concerns raised about the higher fees.

“We just need to explain to them the purpose of the order, which is to actually gather data,” he said.

He added that food and beverage manufacturers have questioned the SRA’s power to control the entry of sugar alternatives.

“We came up with that order because we were made aware that the volume of other sugars coming in is large. Since these other sugars are a substitute to our cane sugar, we need to know exactly how much is coming in,” Mr. Azcona said.

“I think the fees increase is very minimal, it’s not an issue. They’re more concerned about the purpose of the order,” he added.

The government imposes tariffs on high fructose corn syrup, a commodity classified under Tariff Code 17.02 of the ASEAN Harmonized Tariff Nomenclature.

Other sweeteners recognized by the Tariff Code include glucose, fructose, artificial honey, palm sugar and maltose.

“It is difficult to make a policy and plan for local industry without knowing who the competitors are,” he said.

Agriculture Secretary Francisco P. Tiu Laurel, Jr. has ordered an investigation into the entry of other sweeteners after meeting with the sugar industry. Producers have said such imports compete with cane sugar. — Adrian H. Halili

Revenue goals at risk as GDP slows

ICTSI

WEAKER-THAN-EXPECTED growth could cause the National Government (NG) to miss its revenue goals, the Cabinet-level Development Budget Coordination Committee (DBCC) said.

“Adverse deviations from the NG’s baseline growth targets continue to pose the greatest threat to the debt trajectory. As revenue generation is ultimately linked to overall economic activity, weaker-than-expected growth undermines the attainment of the NG’s revenue targets and exerts pressure on priority expenditures, thereby inflating borrowing requirements,” it said.

“Smaller output also directly increases the debt-to-gross domestic product (GDP) ratio. An analysis of the forecast errors for growth also illustrates persistent optimism across longer horizons and therefore a risk to the projections, given heightened uncertainties in the macroeconomic environment. Policy responses to the materialization of downside risks to growth are also constrained, which could exacerbate the impact of macroeconomic fluctuations on the debt,” the DBCC added.

“While revenue targets seem unambitious and likely to be surpassed, an analysis of the revenue forecast errors suggests a recurrent tendency for tax collections to underperform. The recent overperformance of customs collections may likely diminish as global commodity prices normalize,” it said.

“A notable shift toward overspending also emerged after the pandemic, with risks stemming from higher interest payments, the MUP (military and uniformed personnel) pension system, and ongoing decentralization. Nevertheless, overall budgetary balance outturns have veered close to targets in recent history.” — Aubrey Rose A. Inosante

First case of H5N2 bird flu found in Camarines Norte

REUTERS

THE Bureau of Animal Industry (BAI) said on Wednesday that farmed ducks in Talisay, Camarines Norte tested positive for Highly Pathogenic Avian Influenza (HPAI) Type A, Subtype H5N2.

“This is the first detection of HPAI (subtype) H5N2 in the country and the first recorded avian influenza case in the province,” the BAI said in a statement.

The BAI said the cases were detected on Dec. 6, after routine surveillance by the Department of Agriculture’s Regional Field Office V (DA-RFO V).

“Following confirmation, BAI promptly endorsed the results to DA-RFO V and recommended an immediate quarantine and biosecurity measures to prevent the virus from spreading,” it added.

The BAI said that the remaining birds were culled and disposed of.

“A thorough investigation is ongoing to trace the movement of birds and identify additional risks,” it added.

The DA’s regional field office had also activated its command center to oversee operations, while protocols in line with the Avian Influenza Protection Program are being reviewed with the Regional Quick Response Team for Animal Disease and Emergencies.

“The BAI is committed to protecting Philippine’s poultry industry from the threat of avian influenza and will maintain close cooperation with other government agencies and stakeholders,” it said.

“We encourage the public to remain vigilant and report any unusual poultry deaths or signs of illness to local authorities for immediate action,” it added.

As of Dec. 6, two municipalities in separate provinces had ongoing cases of avian influenza, the BAI reported, the other one being Pandi, Bulacan. Both outbreaks involved duck farms. — Adrian H. Halili

MSMEs need support as gov’t tightens online selling regulations, Shopee says

PHILSTAR FILE PHOTO

MICRO, SMALL and medium enterprises (MSMEs) need support to remain on a growth track as they deal with a more stringent regulatory environment for online selling, Shopee Philippines said.

Shopee Philippines Head of Public Relations Erin M. Tagudin cited the need to work with the Department of Trade and Industry (DTI) to make products sold online more compliant.

“We are working together with the DTI in terms of compliance, such as ICC (import commodity clearance) stickers. We want to make sure that we are in line with what they want, but we also want to protect our local sellers at the same time,” Ms. Tagudin told reporters.

“It is kind of tedious to get those kinds of permits and all, are also growing at the same time. (A crackdown) it will hurt our MSMEs, so we are looking for a balance,” she added.

On Nov. 21, the DTI released a draft department administrative order setting the guidelines for registering online sellers of consumer products that require certification.

The order covers household appliances, consumer electronics, lighting and wiring devices, steel products, plastic pipes and ceramic products, cement and other construction materials, chemical products, automotive products, and other consumer products.

It will apply to online merchants and e-retailers engaged in business in the Philippines and brand-new consumer products requiring certification by the DTI’s Bureau of Philippine Standards.

Separately, she said that Shopee’s 11.11 promotion has been a success, with some brands’ online sales exceeding those generated by physical stores.

“We broke a lot of records from last year. It was very successful. Even on our mall side, we actually broke some records also. So some of the brands actually experienced quite a lot more success than their retail counterparts,” she added.

During the 11.11 sale, Shopee Philippines said orders were up 11 times, while viewership or watch time rose four times, especially for fashion products, mobile accessories, beauty products, and home improvement items.

She said brands are seeing a future in e-commerce, and are starting to invest substantially in e-commerce.

“They’re seeing that there is much growth when it comes to e-commerce … there is a big market when it comes to e-commerce, and I think the brands are seeing it that way as well,” she said.

“As much as they want to invest more in bricks and mortar, I think they are also investing probably 15-16% of their budget into e-commerce because they are seeing that there is growth for sure,” she added. — Justine Irish D. Tabile

Digitalization raises service-sector wages, productivity — World Bank

REUTERS FILE PHOTO

THE adoption of digital technology increases productivity and wages in services firms in the Philippines, according to a report by the World Bank Group.

The World Bank, in its Services Unbound – Digital Technologies and Policy Reform in East Asia and Pacific report, said “new firm-level evidence from the Philippines shows that services firms that adopt digital technology increase their productivity, raise wages, and increase their value added.”

The report noted that productivity gains are more evident in information technology/data adoption and software capital than in e-commerce.

It added that firms are using productivity-enhancing digital technology like customer relationship management systems, data analytics adoption, and cloud computing to help streamline processes, enhance collaboration, enable data-driven decision-making, and expand market reach.

The bank said the diffusion of digital platforms also impacts how digitalization affects the productivity of the service sector.

In the Philippines, the report noted that the diffusion of online platforms in the services sector is associated with higher productivity and growing sales.

It added that firms that utilize services on digital platforms have seen an increase, not only in productivity but also in wages.

Although digitalization has shown positive impacts, the report underscored that these are “heterogeneous and depend on complementary factors, such as skill endowments, the regulatory environment, and level of competition.”

Last November, the World Bank approved a $750 million or approximately P43-billion loan to help the Philippine government foster digital technology adoption and drive economic growth.

“Digitalization is a transformative force that can drive productivity-led growth and enhance the efficiency of critical services such as transport, healthcare, education, energy, and agriculture in the Philippines,” World Bank Country Director for the Philippines, Malaysia, and Brunei Zafer Mustafaoğlu said in a statement.

By fully leveraging digital transformation, the digital economy in the Philippines is projected to hit $150 billion in gross merchandise value by 2030, according to the e-Conomy SEA 2023 report issued by Google, Temasek, and Bain & Co. — Almira Louise S. Martinez

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