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Changes in actual G7 growth numbers and rising public debt

On Oct. 22, The International Monetary Fund (IMF) released the World Economic Outlook (WEO) and its corresponding database, an Excel file of macroeconomic data covering 197 countries and territories, with the data spanning from 1980 to projections until 2029. The IMF releases the WEO twice a year, in April then an update in October.

I always download the Excel files of the database.

I compared the GDP growth in October vs the April data and one thing I noticed is that there were no significant changes in past growth among Asian countries but there were significant changes in growth among the G7 industrial countries from 2021 to 2023.

The most notorious when it comes to upward revisions in data are the US and Italy. The percentage growth in 2022 and 2023 were changed by the US from 1.9% and 2.5% in the April WEO, to 2.5% and 2.9% in the October WEO. The least changes made were by Canada and Japan (see Table 1).

One possible explanation why the US government made these big upward revisions in growth just a month before the Presidential elections is perhaps to propagate their narrative that the US economy has been doing good under the Biden-Harris administration. Usually, changes are made in projections for the current and next year’s growth, not past years’ growth.

Another piece of data that I checked in the WEO October update was the Debt/GDP ratio. There were minimal changes from the April report, but the trend remains the same — the Debt/GDP ratio of many countries keeps rising, not falling, not even remaining flat.

This is highly visible among G7 countries, led by Japan, Italy and the US. It is also seen in East Asia except Taiwan. The G7’s rival bloc, the expanded BRICS (Brazil, Russia, India, China, South Africa) that now include Saudi Arabia, the United Arab Emirates, Iran, Egypt and Ethiopia, have lower ratios than G7 members (see Table 2).

HEADING THE G-24
I read in the Department of Finance’s (DoF) Viber community thread that the current Chair of the Intergovernmental Group of 24 (G-24) Board of Governors is our own Finance Secretary Ralph G. Recto, and that he has led this year’s “successful high-level meeting of ministers and governors in Washington, DC where he championed four key reforms to empower the IMF and World Bank Group to better serve developing countries.”

Congratulations, Sec. Ralph. I hope the officials and leaders of the G-24 realize that among the best strategies to develop their economies is to observe more fiscal discipline and responsibility and wean themselves away from further indebtedness whether from the IMF-WB-ADB or commercial lenders.

Meanwhile, on the Facebook page of Department of Budget and Management (DBM), I read about the planned Fiscal Policy Conference with a theme, “Efficient governance towards a stronger fiscal future” that will be held at the University of Asia and the Pacific on Oct. 23. DBM Secretary Amenah F. Pangandaman was supposed to give the Opening Remarks of the first-ever public conference on this subject. Unfortunately, this week’s storm has led to the cancellation of the conference.

Public spending on infrastructure should focus more on preparing for global cooling, not warming. The trend now includes, among others, longer phases of La Niña vs El Niño, rising rivers, lakes, and creeks due to frequent flooding and not rising sea levels, the simultaneous cooling of the Pacific and Atlantic Oceans, etc.

Meanwhile, the Philippine Economic Society (PES) will hold its annual conference on Nov. 7 and 8 at Novotel, Cubao, Quezon City. The theme is “Traversing innovative pathways for economic resilience, inclusion and localization in the Philippines.” I am a lifetime member of the PES and I try to attend the annual event whenever possible.

Among the activities — aside from having plenty of plenary and simultaneous panel discussions — is the election of the new Board of Directors of the PES. Among the candidates is my friend, Dr. Elyxzur “Prof. X” Ramos (whom I personally nominated), the current President of University of Makati. Prof. X is an academic, a university administrator, a member of EDCOM 2, and a researcher of the current economic environment of the country. I hope he makes it to the PES Board.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers. He is an international fellow of the Tholos Foundation.

minimalgovernment@gmail.com

Tanduay Asian Rum Silver earns gold at San Diego Spirits Festival

TANDUAY, a celebrated Filipino rum brand, is raising a toast to its latest victory, having won a gold medal for its Asian Rum Silver at the prestigious 2024 San Diego Spirits Festival in California.

Dubbed a significant “Cocktail Cultural” event, the San Diego Spirits Festival is held annually to promote and advance the spirits industry in all its dimensions, celebrating its 15th year of bringing together everyone from novice enthusiasts to cocktail aficionados.

“This award signifies the dedication and hard work that goes into making Tanduay rums. From the selection of quality heirloom sugarcane to its aging and packaging,” Roy Kristoffer Sumang, Tanduay International Business Development Manager, said in a statement.

The brand ensures that it provides customers with only the best products from the Philippines, Mr. Sumang added.

Tanduay Asian Rum Silver has received a variety of awards in recent years, including a double gold medal from The Fifty Best’s Best White Rum Awards in New York (2020) and a gold medal at the RumXP International Tasting Competition during the Rum Renaissance Festival (2014).

The silky-smooth silver rum is aged for up to five years in bourbon barrels, offering a distinct flavor profile of green ripe fruits complemented by hints of burnt sugar, mandarin, and vanilla. It can be enjoyed neat or as an ingredient in cocktails.

In the statement, Mr. Sumang expressed his appreciation to the San Diego Spirits Festival for acknowledging the brand’s rum.

“This year’s award is especially meaningful to us as Tanduay is celebrating its 170th year,” Mr. Sumang said.

As Tanduay continues to strengthen its position as one of the most popular spirits in the Philippines, it is also expanding its reach across the globe. The brand is available in North and South America, Asia, the Middle East, and Europe. — EAE

IC defers deadline for HMOs’ adoption of new accounting rules

FREEPIK

THE INSURANCE COMMISSION (IC) has required health maintenance organizations (HMOs) and mutual benefit associations (MBAs) to adopt new financial reporting standards within the next six years.

All HMOs must adopt the Philippine Financial Reporting Standards 17 (PFRS 17) in their audited financial statements by Jan. 1, 2027, while the deadline for MBAs is on Jan. 1, 2030, based on separate circulars issued by the IC dated Oct. 17.

The deadline for HMOs was moved from the original January 2025 implementation date.

Under the new circular, HMOs will have to submit a PFRS 17 preparedness assessment report every quarter from Jan. 15, 2025 to Jan. 15, 2026.

“The Commission is presently working on a new prudential framework for HMOs, which we believe will further improve their solvency positions. The forthcoming framework will go hand-in-hand with the industry’s transition to PFRS 17 in 2027,” Insurance Commissioner Reynaldo A. Regalado said in a statement.

“We see that the shift to PFRS 17 will ultimately benefit HMO customers. The new accounting standard will usher in a more accurate assessment of an HMO’s solvency position at a given timeframe. Consequently, the commission will be at a more informed position to ensure that an HMO will be able to respond to its obligations under its HMO agreements,” Mr. Regalado said.

The International Accounting Standards Board (IASB) in 2017 prescribed International Financial Reporting Standard (IFRS) 17 for insurance contracts. The standards provide updated principles for the recognition, measurement, presentation and disclosure of insurance contracts in firms’ financial statements.

PFRS 17 is the local adoption of the IFRS 17 as approved by the IASB in 2018.

“IFRS 17 differs from IFRS 4, its predecessor, by introducing a more uniform and transparent approach to determine insurance contract liabilities, emphasizing the use of current values and risk adjustments; by introducing Contractual Service Margin, which promotes a more systematic and consistent approach to recognizing profits over time; and by establishing clear guidelines for the presentation of insurance contract revenues and expenses, thus enhancing comparability and transparency,” the IC said.

The IC in July issued an advisory seeking industry comments on a possible increase in HMOs’ minimum paid-up capital requirement, which will be implemented over 10 years.

Under the proposal, from the current P10-million requirement, existing HMOs will need to have at least P50 million in paid-up capital by end-2024, while new HMOs will need to put up at least P100 million in capital.

By end-2025, all HMOs should have at least P100 million in capital. This will be increased to P200 million by end-2028, P350 million by end-2031, and to P500 million by end-2034.

The HMO industry booked a combined net income of P636.6 million at end-June versus the P1.19-billion net loss booked in the same period last year, according to IC data based on the unaudited financial statements of 25 companies.

Only six out of the 25 licensed HMO companies recorded net losses in the period, according to the report, with all firms meeting the current P10-million capital requirement. — AMCS

Arm to scrap Qualcomm chip design license in feud escalation

ARM Holdings plc is canceling a license that allowed longtime partner Qualcomm, Inc. to use Arm intellectual property to design chips, escalating a legal dispute over vital smartphone technology.

Arm, based in the UK, has given Qualcomm a mandated 60-day notice of the cancellation of their so-called architectural license agreement, according to a document seen by Bloomberg. The contract allows Qualcomm to create its own chips based on standards owned by Arm.

The showdown threatens to roil the smartphone and personal computer markets, as well as disrupting the finances and operations of two of the most influential companies in the semiconductor industry.

Qualcomm sells hundreds of millions of processors annually — technology used in the majority of Android smartphones. If the cancellation takes effect, the company might have to stop selling products that account for much of its roughly $39 billion in revenue, or face claims for massive damages.

The move ratchets up a legal fight that began when Arm sued San Diego-based Qualcomm — one of its biggest customers — for breach of contract and trademark infringement in 2022. With the cancellation notice, Arm is giving the US company an eight-week period to remedy the dispute.

Representatives for Arm declined to comment. A Qualcomm spokesperson said the British company was trying to “strong-arm a longtime partner.”

It “appears to be an attempt to disrupt the legal process, and its claim for termination is completely baseless,” the spokesperson said in an e-mailed statement. “We are confident that Qualcomm’s rights under its agreement with Arm will be affirmed.”

The two are headed to a trial to resolve the breach-of-contract claim by Arm and a countersuit by Qualcomm. The disagreement centers on Qualcomm’s 2021 acquisition of another Arm licensee and a failure — according to Arm — to renegotiate contract terms. Qualcomm argues that its existing agreement covers the activities of the company that it purchased, the chip-design startup Nuvia.

Nuvia’s work on microprocessor design has become central to new personal computer chips that Qualcomm sells to companies such as HP, Inc. and Microsoft Corp. The processors are the key component to a new line of artificial intelligence (AI)-focused laptops dubbed AI PCs. Earlier this week, Qualcomm announced plans to bring Nuvia’s design — called Oryon — to its more widely used Snapdragon chips for smartphones.

Arm says that move is a breach of Qualcomm’s license and is demanding that the company destroy Nuvia designs that were created before the Nuvia acquisition. They can’t be transferred to Qualcomm without permission, according to the original suit filed by Arm in the US District Court in Delaware. Nuvia’s licenses were terminated in February 2023 after negotiations failed to reach a resolution.

Like many others in the chip industry, Qualcomm relies on an instruction set from Cambridge, England-based Arm, a company that has created much of the underlying technology for mobile electronics. An instruction set is the basic computer code that chips use to run software such as operating systems.

If Arm follows through with the license termination, Qualcomm would be prevented from doing its own designs using Arm’s instruction set. It would still be able to license Arm’s blueprints under separate product agreements, but that path would cause significant delays and force the company to waste work that’s already been done.

Prior to the dispute, the two companies were close partners that helped advance the smartphone industry. Now, under newer leadership, both of them are pursuing strategies that increasingly make them competitors.

Under Chief Executive Officer (CEO) Rene Haas, Arm has shifted to offering more complete designs — ones that companies can take directly to contract manufacturers. Haas believes that his company, still majority owned by Japan’s SoftBank Group Corp., should be rewarded more for the engineering work it does. That shift encroaches on the business of Arm’s traditional customers, like Qualcomm, who use Arm’s technology in their own final chip designs.

Meanwhile, under CEO Cristiano Amon, Qualcomm is moving away from using Arm designs and is prioritizing its own work, something that potentially makes it a less lucrative customer for Arm. He’s also expanding into new areas, most notably computing, where Arm is making its own push. But the two companies’ technologies remain intertwined, and Qualcomm isn’t yet in a position to make a clean break from Arm.

Arm was acquired in 2016 by SoftBank, and part of it was sold to the public in an offering in September of last year. The Japanese company still owns more than 80% of the Arm.

Arm has two types of customers: companies that use its designs as the basis for their chips and ones that create their own semiconductors and only license the Arm instruction set.

Qualcomm is no stranger to licensing disputes. The company gets a large chunk of its profit from selling the rights to its own technology — a key part of mobile wireless communications. Its customers include Samsung Electronics Co. and Apple, Inc., the two biggest smartphone makers.

Qualcomm emerged victorious in 2019 from a wide-ranging legal fight with Apple. It also won a court decision on appeal against the US Federal Trade Commission, which alleged that the company was using predatory licensing activities. — Bloomberg

PAL to fly from JFK’s new terminal by 2026

NEW TERMINAL ONE side exterior — ANEWJFK.COM

PHILIPPINE AIRLINES (PAL) will start operating at the soon-to-be-opened New Terminal One at John F. Kennedy (JFK) International Airport in New York by 2026, the flag carrier said.

In a statement on Wednesday, Philippine Airlines, operated by PAL Holdings, Inc., announced a partnership with New Terminal One at New York JFK Airport, becoming the first Southeast Asian carrier to commit to operating there.

“This alliance allows us to enhance our service and elevate the travel experience for our passengers traveling between Manila and New York, as well as nearby cities in New Jersey and Connecticut, and throughout the US East Coast and Midwest,” said PAL President and Chief Operating Officer Stanley K. Ng.

Philippine Airlines is the only local carrier offering direct flights to the US.

Currently, the flag carrier offers direct flights to New York, Seattle, Los Angeles, and San Francisco.

For its New York flights, Philippine Airlines currently operates at the existing Terminal 1 at JFK Airport. It will move its operations to New Terminal One in 2026.

New Terminal One, which is described as the largest terminal at JFK Airport once finished, will open in phases starting in 2026.

New Terminal One will sit on sites currently occupied by the existing Terminal 1 and former Terminals 2 and 3. — Ashley Erika O. Jose

Denial strategy

FREEPIK

DENIAL in the face of public accusations or legislative inquiries has become a preferred defense strategy. It requires no memorization of talking points or concocting an elaborate cover story. It’s just a simple statement, with variations of the same refusal to respond to any accusations being made. (I can’t answer such an outrageous assertion. I don’t remember. That is an outright lie being spread by my enemies.)

Even when caught in the act, the object of any immoral allegation simply shrugs away the incriminating and seemingly obvious circumstances. (Let me first wrap a towel around my waist, as my assistant fixes the bed.) The accuser is put on the defensive — How did you get into the room? This posture of not offering any other argument when incriminated puts the accusers on the defensive.

What if your name is mentioned in some testimony? I don’t know her (okay, I might have met her once at a party as shown in that photo); I thought she was part of the catering service; I have nothing to do with this issue. Denials can be delivered by online messages and posts to hide physical signs of nervousness like rapid blinking of the eyes and a sweaty moustache above the upper lip.

As a defense mechanism, “denial” is a way of avoiding responsibility and blame. Someone “in denial” dodges reality. An addictive gambler who does not acknowledge his problem is convinced he can quit anytime he wants to, even if he can’t. (I just do it online for small amounts.)

Denial can be a coping mechanism too. In terms of simplicity, nothing beats an outright dismissal of reality. Rationalization, for one, requires an elaborate need for excuses to make even an insane move seem rational. Even shouting at a colleague in a meeting can be shrugged off. (I just wanted to clarify if he really called me a turd. Or was it third?)

Denial comes from Latin de and negare, as in denigrate, or to say no by belittling the issue. So, denial can also mean rejecting the pain of a difficult situation. The person who abruptly loses a high-level job may continue to wake up early, dress up for the office, and drive to work, or the general area of his old office, denying the reality of his sudden unemployment. (I now work from anywhere.)

There are business cultures, like the Japanese, which find this type of coping behavior at least understandable. Sitting by the window is an alternative to accepting a forced vacation leave.

Denying the hard facts of life allows us to move on. Why do we need to confront reality if we can just ignore it completely? Maybe denial is the best way of moving on without getting stuck in a state of unyielding depression.

There are certain techniques that help in shutting out uncomfortable queries.

Are you being called again to testify on your budget? Just ignore the summons and go to the beach — I was meditating on the sunset and its fading radiance. Why show up at all if all you will do is frown and shake your head in denial? Besides, it drives the accusers up the wall.

If you discover in the news that your name is being linked to a syndicate of online gamblers, maybe it’s just another person with the same name. Even with the theory of parallel reality (in another world, the list would be for Lotto winners), the denial king is best served by shutting out reality. Remember Alfred Neuman of MAD Magazine and his philosophy of denial: “What, me worry?”

When embroiled in some public dispute, socials can be skipped. If one must talk about the news with anyone, he can concentrate on international events like the war in the Middle East and the US elections. It’s best to avoid political scandals even when these are happening in another country.

The act of denial can be supported by internal rationalization. (They can’t prove anything.) Proxies can be used to field questions. They can also employ the denial strategy — we’re still looking into it. (Don’t hold your breath.)

The best form of denial is cluelessness — I don’t even know what you’re babbling about.

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

Dining In/Out (10/24/24)

Merienda as The Pen lights its Christmas Tree

THE PENINSULA MANILA’S annual tree lighting celebration will be held on Friday, Oct. 25, and features holiday performances by The Peninsula Strings and Ateneo Chamber Singers, a festive merienda buffet, and seasonal activations for the whole family, all while guests await Peter Bear — who will be assisted by Make-A-Wish Philippines’ Wish Kids — to light the hotel’s 45-foot-tall tree. The merienda buffet at The Lobby will be held from 3-6 p.m., for P2,888 (adults) and P1,444 (children). For inquiries call Restaurant Reservations at 8887-2888 (extension 6694) or e-mail diningpmn@peninsula.com, or visit www.peninsula.com/manila.

Mama Lou’s Endless Pasta with Steak promo

MAMA LOU’S Italian Kitchen is celebrating National Pasta Day from Oct. 15 to Nov. 10. The Endless Pasta with Steak Promo features a variety of 14 pasta flavors, including Spaghetti Bolognese, Penne Arrabiata, and Lucio’s Truffle Pasta. For two hours, guests can enjoy the pasta along with one serving of 200 gm premium marbled ribeye steak for P1,350. Those who wish to skip the steak can still enjoy the Endless Pasta all on its own for P650.

Honeybon’s DIY Monster House

FOR THIS HALLOWEEN, Honeybon has come up with the Design it Yourself (DIY) Monster House, a haunted house decorating kit that is available now in stores and online. The Monster House kit includes a bare monster house; purple, orange, black, and white icing; and a bag of ghoulish goodies that includes chocolate candies, mini breadsticks, gummy worms, teeth, eyeballs, and sprinkles. The Design it Yourself Monster House is available for P499 at Honeybon Festival Mall, Tokyo Bubble Tea Banawe, Tokyo Bubble Tea Wilson, and Tokyo Bubble Tea The Fort. It is also available online through the Honeybon and Tokyo Bubble Tea websites. The limited-edition kit will no longer be available after Oct. 31. For details, visit www.honeybon.ph.

Halloween treats at City of Dreams Manila

CITY OF DREAMS Manila’s Café Society offers Halloween appropriate pastries and confections from Oct. 21 to Nov. 1. The playful Halloween-themed offerings include a Witch Pot Cake (P2,200), Pumpkin Coffin Cake (P1,500), Witch’s Trio of Mini Cakes (P600), Haunted Bricks Chocolate Bar (P350), and Scary Halloween Cookies (P400 for five pieces), among other choices. Meanwhile, at the center of the gaming floor, CenterPlay will offer Halloween-inspired specialty beverages for the whole month of November from 6 p.m. to 2 a.m. For P500 net, guests can choose from five choices of tipples: Nightmare, Potion Ivy, Haunted Spirit Sour, Bloody Marga, and Amarantha.

Halloween at Newport World Resorts

IT IS HALLOWEEN at Newport World Resorts. Michelin Guide-listed Hotel Okura Manila beckons guests to tap into inner witchcraft with the Nightmare — a special Halloween cocktail that combines gin and sake with strawberry, exclusively available from Oct. 28 to Nov. 3 only. And at Yawaragi, the signature Kisetsu Buffet is reimagined with a Halloween twist from Nov. 1 to 3, complete with a dedicated kids’ section with themed pastries. A spook-tacular feast awaits at the Kusina Sea Kitchens of Hilton Manila on Oct. 26 and 27, with special dishes and kiddie activities including face painting, DIY Cupcake Decorating, and trick or treating. At the Port Bar, adults get to have a taste of the festivities with the Bewitching Libations Bar Take Over in collaboration with Emperador and Destileria Limtuaco featuring free-flowing Halloween cocktails from 8:30 p.m. to 2 a.m. on Oct. 30. At Sheraton Manila Hotel, Haunted Seas take over S Kitchen on Oct. 31. Pirate-themed dishes and spooky fun take the spotlight at the restaurant. Oori Korean Restaurant will offer a Fairy Fantasy celebration. On Oct. 27, the Marriott Cafe at Manila Marriott Hotel goes all out with the lunch time special Smorgasbord: The Big Sunday Halloween Buffet, and on Oct. 31, Black Banqueta Halloween Dinner Buffet will be served. These feasts come complete with trick or treat activities for kids. Visit the Marriott Cafe Bakery for ghoulishly surprises. Newport World Resorts is holding a Halloween Spectacle at the Newport Mall on Oct. 27 with magic shows, trick or treat adventures, and a line up of activities starting from 2 p.m. at the Newport Cinemas. Prior registration to the event is required. For more information on the Bewitching Halloween 2024 at Newport World Resorts visit www.newportworldresorts.com.

Gyukatsu-Motomura opens in Boracay

GYUKATSU-MOTOMURA, a Tokyo-based restaurant chain specializing in beef cutlets, will open its first location in Boracay in November. The restaurant aims to combine Japanese culinary excellence with the island’s tropical charm, providing a unique dining experience for both locals and tourists. Located at 0445 Zone 5, Road 1 Laketown Balabag, Malay, Boracay, Gyukatsu-Motomura will feature its signature dish, gyukatsu (deep-fried beef cutlet), made with premium beef and precise cooking techniques for a crispy exterior and tender interior. As part of its opening, Gyukatsu-Motomura will offer its signature gyukatsu for P988, a discount from the regular price of P1,288. Visit https://gyukatsumotomura.com/opening-soon for more information.

Richmonde Hotels thrills this Halloween

HALLOWEEN is a kid-friendly affair at Eastwood Richmonde Hotel’s Ballroom where the hotel will hold its annual kiddie Halloween party on Oct. 27 from 1-5 p.m. This year’s party, entitled “Halloween Fright Fest,” assembles iconic Halloween characters, entertainment, games, and surprises. For P1,599 net, children and adults alike can take part of this shindig that includes a buffet spread of trick-or-treat-inspired snack items with a round of mango iced tea, a magic show with an illusionist and ventriloquist, an interactive bubble show, access to the House of Terror, and a costume parade and contest for adults and children. An assortment of souvenirs like photos, cookies, and loot bags await the attendees. For ticket reservations and purchases, call 0917-821-0333 or e-mail fb@eastwoodrichmonde.com. Meanwhile, on Oct. 30, Richmonde Hotel Ortigas’ The Exchange is kicking off the long weekend with “Takipsilim,” inspired by Filipino folklore, with music, food, drinks, and fun. Tickets are priced at P1,380 net per person and include bottomless local beer, featured cocktails, soda, and iced tea, with unlimited bar chow at the buffet, and a live performance by Big Bash Band. For table reservations at The Exchange, call 0917-534-4352.

Kenny Rogers launches Four Cheese Roast line

KENNY ROGERS Roasters has introduced a new product line featuring the Four Cheese Roast which features a blend of sharp cheddar, cream cheese, blue cheese, and parmesan. The Four Cheese Roast — which has its signature roasted chicken marinated in a cheese blend and topped with a combination of the four cheeses — is priced at P770. The Four Cheese Roast Solo B option, available for P310, is a quarter roast chicken marinated in cheese, accompanied by four cheese sauces, two side dishes, one rice, and a signature corn muffin. Lastly, the Four Cheese Burger Combo, priced at P275, is a 1/3-pound burger topped with a sauce made from the four cheeses. The new product line is now available at all Kenny Rogers Roasters stores nationwide. Visit, http://kennyrogersdelivery.com.ph/ for more information or contact the delivery hotline: 8-555-9000.

Mang Inasal marks Ihaw Fest with free Palabok Solos

FOR ITS ongoing Ihaw Fest, Mang Inasal is offering two Palabok Solos with every purchase of a Family Fiesta bundle until Oct. 31. This offer is available for dine-in, takeout, and delivery. This is part of a nationwide celebration that previously featured Extra Creamy Halo-Halo in the first two weeks of the month. Palabok is the focus on the third and fourth weeks. The Mang Inasal Family Fiesta is available in four variants: All Chicken (Paa or Pecho), All Pork (Pork BBQ and Liempo), Chicken and Pork BBQ, and Chicken and Liempo, served on a bed of Java Rice for four to six people. Each bundle includes six drinks. The Fiesta lineup also includes budget-friendly party platters such as the Solo Fiesta, an all-in-one bilao of  Ihaw-Sarap favorites; the Buddy Fiesta for two to three diners; and the Palabok Party Size, which is good for up to 10 people. Visit, http://www.manginasal.ph/ for more information.

Pancake House offers catering

PANCAKE HOUSE’S comfort food is available beyond their restaurant doors through Pancake House Catering — a service that has been offered for nearly two decades. Pancake House Catering offers tailored party experiences, whether it’s a birthday, a holiday gathering, or just a day with family and friends. It is currently available within Metro Manila, but have also catered events in select areas of Laguna, Cavite, and Bulacan. When planning an off-premise catering event with Pancake House, a minimum order of P28,000 is required, which already includes VAT and service charges. To confirm a reservation, a signed Party Reservation Agreement and a 50% down payment are necessary. The remaining balance must be settled seven days before the event. For the catering setup, Pancake House provides a complete buffet arrangement, including buffet tables, chinaware, flatware, and glassware (tables and chairs for guests are not included). The standard service duration is three hours, but additional time can be arranged at a rate of P1,500 per hour. Additional fees may apply depending on the event specifics. These could include charges for events held outside Metro Manila, venue-related fees, extra manpower, dual buffet setups, or services requested during graveyard shifts. For more details on Pancake House’s catering, reach out to catering@pancakehouse.com.ph or call the hotline, 888-79000.

Kinder launches new biscuit snack: Tronky

THE international chocolate brand Kinder, has launched its latest biscuit, Tronky. This new snack features a cocoa wafer biscuit filled with a creamy and crunchy filling. Each biscuit is topped with a thin chocolate strip. Kinder Tronky is now available in stores nationwide.

Microsoft to let clients build AI agents for routine tasks

MICROSOFT

MICROSOFT will allow its customers to build autonomous artificial intelligence (AI) agents from next month, in its latest push to tap the booming technology amid growing investor scrutiny of its hefty AI investments.

The company is positioning autonomous agents — programs that need little human intervention unlike chatbots — as “apps for an AI-driven world” that can handle client queries, identify sales leads and manage inventory.

Other big technology companies such as Salesforce have also touted the potential of such agents, tools that some analysts say could provide companies with an easier path to monetizing the billions of dollars they are pouring into AI.

Microsoft said its customers can use Copilot Studio — an application that requires little knowledge of computer code — to create such agents in public preview from November. It is using several AI models developed in-house and by OpenAI for the agents.

The company is also introducing 10 ready-for-use agents that can help with routine tasks ranging from managing supply chain to expense tracking and client communications.

In a demo, McKinsey & Co., which had early access to the tools, created an agent that can manage client inquiries by checking interaction history, identifying the consultant for the task and scheduling a follow-up meeting.

“The idea is that Copilot (the company’s chatbot) is the user interface for AI,” Charles Lamanna, corporate vice-president of business and industry Copilot at Microsoft, told Reuters.

“Every employee will have a Copilot, their personalized AI agent, and then they will use that Copilot to interface and interact with the sea of AI agents that will be out there.”

Tech giants are facing pressure to show returns on their big AI investments. Microsoft’s shares fell 2.8% in the September quarter, underperforming the S&P 500, but remain more than 10% higher for the year.

Some concerns have risen in recent months about the pace of Copilot adoption, with research firm Gartner saying in August its survey of 152 IT organizations showed the vast majority had not progressed their Copilot initiatives past the pilot stage. — Reuters

Bangko Sentral ng Pilipinas to share selected bank reports, data with PDIC

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) has partnered with the Philippine Deposit Insurance Corp. (PDIC) for information sharing on bank reports.

“The Bangko Sentral and the PDIC through a revised memorandum of agreement on information exchange agreed on the sharing and exchange of bank submitted reports and certain other reports, data and information as may be agreed upon by Bangko Sentral and PDIC,” the central bank said in a memorandum dated Oct. 21 and signed by BSP Deputy Governor Chuchi G. Fonacier posted on its website.

“The information sharing aims to improve the effectiveness of the operations of both Bangko Sentral and PDIC as well as to further cooperation to best achieve their complementary mandates.”

The BSP said the agreement is in line with the PDIC’s charter, which states that the central bank may share to the PDIC its reports on the examination on banks “provided that the use of such reports or information are in accordance with the terms and conditions agreed upon by the PDIC and the Bangko Sentral and prescribed by applicable laws and regulations.”

The financial and nonfinancial reports submitted by banks that can be shared with the PDIC include the quarterly solo financial reporting package, solo risk-based capital adequacy ratio report and control prooflist, solo liquidity report and control prooflist, and recovery plans of banks.

“In sharing the above information, the Bangko Sentral shall ensure that the Bangko Sentral and PDIC adhere to the basic data privacy principles of transparency, legitimate purpose, and proportionality,” it added. — L.M.J.C. Jocson

PLDT secures P2-B loan for fiber expansion in underserved areas

PLDT CHAIRMAN and Chief Executive Officer Manuel V. Pangilinan — MPIC

PLDT Inc. has secured a P2-billion social loan from HSBC Philippines to expand its fiber network, the Manuel V. Pangilinan-led telecommunications company said.

“The integration of PLDT’s sustainability agenda in the business is evident even in the way we fund our projects,” PLDT Chief Financial Officer and Chief Management Officer Danny Y. Yu said in a statement on Wednesday.

Social loans are financing solutions meant to fund social initiatives like projects for essential services such as healthcare, education, housing; small and medium enterprises financing and microfinance; and access to basic infrastructure such as the development and expansion of telecom networks in underserved areas.

PLDT said its social loan will expand its fiber network infrastructure to reach the Philippines’ fourth to sixth class municipalities, including those considered as geographically isolated and disadvantaged areas.

There are about 729 municipalities considered as fourth to sixth class municipalities, PLDT said, citing Philippine Statistics Authority data.

PLDT covers at least 59% of the municipalities considered as fourth to sixth class.

“The company has outlined plans to extend fiber services to an even greater number of municipalities in the coming years, prioritizing areas most in need of connectivity, enabling new communities to benefit from access to data and the internet,” PLDT said.

In March, PLDT secured its first green loan at P1 billion from HSBC Philippines to also fund the expansion and upgrade of its network. This was followed by another P4-billion loan from Metropolitan Bank & Trust Co. two months later.

A green loan is a form of financing allowing borrowers to use the proceeds to fund eligible green projects.

At the stock exchange on Wednesday, PLDT shares closed P15, or 1% lower, at P1,480 each.

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

Philippines’ rank improves in 2024 WJP Rule of Law Index

(But still lags in East Asia and the Pacific region)

The Philippines inched up a notch to 99th place out of 142 countries and jurisdictions in the 2024 edition of the World Justice Project’s (WJP) Rule of Law Index. It was the country’s best ranking in two years. However, it still remained one of laggards in the region.

Philippines’ rank improves in 2024 WJP Rule of Law Index

How PSEi member stocks performed — October 23, 2024

Here’s a quick glance at how PSEi stocks fared on Wednesday, October 23, 2024.

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