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2024 Asia Gaming Awards winners announced

The second day of the 2024 ASEAN Gaming Summit ended with another highly anticipated edition of the Asia Gaming Awards.

Among the awards bestowed over the night were the highly-coveted Best Operator and Best Integrated Resort, while three individual Industry Leaders were honored for their achievements.

The honorees were Lorraine Koo, corporate COO of Dowinn Group; Joe Pisano, CEO of Jade Entertainment; and Pepe Costa, country manager for FBM.

“We are here to celebrate the remarkable achievements of every Asian gaming industry. The focus tonight is to award gaming excellence, be it land-based casinos or online gaming,” noted Daniel Cecilio, general manager of the Licensing and Regulatory Group for PAGCOR, in an officiating speech for the awards.

“We also recognize the paramount importance of responsible gaming; as custodians of this industry it is our collective responsibility to assure a safe and enjoyable gaming environment for all,” he furthered.

“We’d like to congratulate all of our winners and nominees on their incredible and ongoing contributions to the gaming industry. The Asia Gaming Awards serves as a platform to honor the hard work and innovation that they exhaustively produce. Tonight was a celebration of these efforts, and we can’t wait to see what’s in store next,” said ASEAN Gaming Summit organizer Luis Pereira, managing director at Asia Gaming Brief, at the closing of the 2024 Asia Gaming Awards Ceremony.

“The number of Award recipients hailing from the Philippines epitomizes what was exemplified at ASEAN: that the industry has its collective sights on this market, arguably the most dynamic in the region. The Philippines: leading the way.”

The full list of winners at the 2024 Asia Gaming Awards: 

  • Best Newcomer — Pronet Gaming 
  • Best Sustainability Program — Newport World Resorts 
  • Best Responsible Gaming Program — Melco Resorts & Entertainment 
  • Best Slot Product (Land-based) — Aristocrat 
  • Best Online Slot Game Solution — Casino Plus 
  • Best Table Game Solution — Walker Digital Table Systems 
  • Best Live Dealer Solution — SA Gaming 
  • Best Electronic Table Gaming Solution — Light & Wonder 
  • Best One-Stop Platform Solution — Softswiss
  • Best eSports Solution — Oddin 
  • Best Cash Handling Product — EVERI 
  • Best Fantasy/Virtuals Solution — Pascal Gaming 
  • Best Affiliate Marketing Solution — Affika by SOFTSWISS 
  • Best Online Sports Betting Solution — Digitain 
  • Best Integrated Resort — Solaire Resort & Casino 
  • Outstanding contribution in CSR — FBM Foundation 
  • Best Gaming Operator — Bloomberry Resorts 

The outstanding leaders honored:

  • Lorraine Koo, Corporate CEO — Dowinn Group 
  • Joe Pisano, CEO — Jade Entertainment 
  • Pepe Costa, Country Manager — FBM

 

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Inflation uptick seen in March — BSP

A rice vendor is seen at Paco Market, Manila, March 13, 2024. — PHILIPPINE STAR/RYAN BALDEMOR

HEADLINE INFLATION could have quickened further to 3.9% in March due to positive base effects, Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona, Jr. said on Wednesday.   

“It would be close to 4%,” Mr. Remolona told reporters on the sidelines of an event. “I think 3.9%, but we’ll see.”

If realized, inflation would be faster than the 3.4% print in February but slower than the 7.6% in March 2023. This would also mark the second straight month that inflation accelerated on a monthly basis.

However, inflation would remain within the BSP’s 2-4% target range for a fourth straight month.

The BSP expects inflation to average 3.6% this year.

Asked if the BSP would keep policy settings unchanged at its next meeting, Mr. Remolona said the Monetary Board will look at the data. 

“We’re trying to make our models better,” he said in mixed English and Filipino. “So, I think we will act with more confidence as before.”

At its February meeting, the BSP kept its benchmark rate steady at a near 17-year high of 6.5% for a third straight meeting. The central bank has raised borrowing costs by 450 basis points (bps) from May 2022 to October 2023 to tame inflation.

The Monetary Board’s next policy review is scheduled for April 4.

Meanwhile, Mr. Remolona said the central bank is “closely” watching the US Federal Reserve’s next move, but its own monetary policy decisions will not be dependent on the US central bank.

“We don’t have to wait for them. We watch them very closely. We read the statements and what the different members of the FOMC (Federal Open Market Committee) say and that’s data for us,” he said.

The FOMC was expected to announce a rate decision at the end of its two-day meeting on Wednesday. The US central bank hiked the fed funds rate by 525 bps from March 2022 to July 2023 to the 5.25-5.5% range.

“We don’t have to put a lot of weight to what they (Fed) do, unless the markets go crazy, unless they overreact, the peso somehow weakens sharply then we have to react more decisively. But we don’t expect that,” the BSP chief said.

The local unit closed at P56.13 per dollar on Wednesday, weakening by 21 centavos from its P55.92 finish on Tuesday, Bankers Association of the Philippines data showed.

This was the peso’s weakest close since its P56.20 per dollar finish on Feb. 29. Year to date, the peso weakened by 83 centavos or 1.5% from its P55.37 per dollar finish on Dec. 29.

“And so, in our case, when we start to cut, we are also likely to cut in the next few policy meetings,” Mr. Remolona said, adding that BSP would likely cut faster than the Fed.

The BSP chief also reiterated that he still wants to lower the banks’ reserve requirement ratio (RRR).

“It’s just a question of when. It’s kind of awkward to lower it at a time when we’re still hawkish. That tends to be an easing measure,” he said.

“But we will eventually lower it because it’s not just a monetary policy measure. It’s an efficiency issue in terms of financial intermediation.”

In June last year, the BSP slashed the ratio for big banks and nonbank financial institutions with quasi-banking functions by 250 bps to 9.5%. However, Mr. Remolona had earlier said that the 9.5% rate is still “not low enough.”

The BSP has brought down the RRR for big banks to a single-digit level last year from a high of 20% in 2018. — Aaron Michael C. Sy

BoP deficit narrows to $196M in Feb.

US one-hundred-dollar notes are seen in this picture illustration taken in Seoul Feb. 7, 2011. — REUTERS

By Luisa Maria Jacinta C. Jocson, Reporter

THE DEFICIT in the Philippines’ balance of payments (BoP) narrowed sharply to $196 million in February from the $895-million gap recorded a year earlier, data from the Bangko Sentral ng Pilipinas (BSP) showed.

“The BoP deficit in February 2024 reflected outflows arising mainly from the National Government’s (NG) payments of its foreign currency debt obligations,” the BSP said in a statement late on Tuesday.

Month on month, the BoP deficit was slimmer than the $740-million deficit recorded in January.

Philippines: Balance of Payments (BoP) Position

February also marked the second straight month the BoP position stood at a deficit.

The BoP measures the country’s transactions with the rest of the world at a given time. A deficit means more funds fled the economy than what went in, while a surplus shows that more money entered the Philippines.

For the first two months, the Philippines’ BoP position swung to a $936-million deficit, a reversal of the $2.2-billion surplus in the same period a year ago.

“Based on preliminary data, this cumulative BoP deficit reflected mainly the continued trade in goods deficit coupled with the NG’s net repayments of its foreign loans,” the BSP said.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the BoP deficit in February was due to the narrower trade gap and higher foreign debt repayments.

The country’s trade-in-goods balance stood at a $4.22-billion deficit in January, sharply narrowing from the $5.56-billion deficit in January a year ago.

“Improvement likely traced to a much narrower trade deficit after last year’s (deficit), we saw outsized deficits due to pricey imports,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in a Viber message.

Mr. Ricafort also noted the BoP surplus during the same period last year was primarily due to the government’s dollar bond offering. In January 2023, the Philippine government raised $3 billion from its US dollar bond issuance.

At its end-February position, the BoP reflected a final gross international reserve level of $102 billion, lower than $103.3 billion as of end-January.

The dollar reserves were enough to cover six times the country’s short-term external debt based on original maturity and 3.6 times based on residual maturity.

It is also equivalent to 7.5 months’ worth of imports of goods and payments of services and primary income.

An ample level of foreign exchange buffers safeguards an economy from market volatility and is an assurance of the country’s capability to pay debts in the event of an economic downturn.

For the coming months, Mr. Ricafort said that the BoP position could improve, noting the steady growth in OFW remittances, business process outsourcing (BPO) revenues, foreign tourism receipts, among others.

“There’s a good chance of a surplus for 2024, based on factors such as increasing exports, foreign investments, and higher remittances from overseas workers,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

“While foreign loans can provide a temporary boost, the country needs to ensure they are used for productive investments to avoid future strain on the BoP,” he added.

This year, the BSP expects the country’s BoP position to end at a $700-million deficit, equivalent to 0.1% of GDP.

Philippines is most improved in latest list of world’s happiest countries

The Philippines is the 53rd happiest country in the world, according to the latest World Happiness Report. — PHILIPPINE STAR/EDD GUMBAN

THE PHILIPPINES jumped 23 spots in an annual survey that measures the level of happiness of people around the world, as young Filipinos reported higher life satisfaction than older Filipinos.

In the latest edition of the World Happiness Report (WHR), the Philippines ranked 53rd out of 143 countries, an improvement from last year when it ranked 76th out of 137 countries.

This is the Philippines’ highest ranking in the World Happiness Index since 2020 when it ranked 52nd out of 153 countries.

2024 World Happiness Report: Philippines is the 53<sup>rd</sup> happiest country in the worldThe country had an average life evaluation score of 6.048 out of a possible 10 this year, higher than the 5.523 score in 2023. 

“The Philippines is the most-improved nation year on year between 2023 and this year’s report, climbing 23 places,” Jonathan Whitney, head of communications at Oxford Wellbeing Research Center, said in an e-mail.

The annual World Happiness Report uses data from the Gallup World Poll which is then analyzed by a global team led by the Oxford Wellbeing Research Center. The rankings are based on a three-year average of each population’s assessment of their quality of life.

Finland topped the list for a seventh straight year, followed by Denmark, Iceland, Sweden and Israel.

Among East and Southeast Asian countries, Singapore had the highest ranking at 30th spot, followed by Taiwan (31st), Japan (51st) and South Korea (52nd).

The Philippines was the fifth happiest country in East and Southeast Asia this year.

For the first time, the World Happiness Report gave separate rankings by age group, which differed significantly from the overall rankings.

Lithuania is the happiest country for people under 30, while Denmark topped the list for those over 60 years old.

“There is a great variety among countries in the relative happiness of the younger, older, and in-between populations. Hence the global happiness rankings are quite different for the young and the old, to an extent that has changed a lot over the last dozen years,” WHR founder John F. Helliwell, said in a statement.

The Philippines was the 70th happiest nation for those under 30 years old, as young Filipinos had an average life evaluation score of 6.305 which is above the country’s overall score.

At the same time, it was the 43rd happiest country for people aged 60 and above, but older Filipinos had an average life evaluation score of 5.976.

“Observing the state of happiness among the world’s children and adolescent population, researchers found that, globally, young people aged 15 to 24 report higher life satisfaction than older adults, but this gap is narrowing in Europe and recently reversed in North America,” the report said.

World Happiness Report Editor Shun Wang said there are six factors that contribute to the happiness score of each population, namely GDP per capita, healthy life expectancy, social support, freedom to make life choices, generosity, and perceptions of corruption.

“I found that GDP per capita, healthy life expectancy, and freedom to make life choices has been increased, which may help to partially explain the increasing happiness over the years,” Mr. Wang said in an e-mail. 

The 2024 World Happiness Report was based on individuals’ assessments of their lives between 2021-2023.

“It boils down to the nature of being a Filipino wherein we thrive in a challenging world,” Rizal Commercial Banking Corp. Head of Trading Helen G. Oleta said via Viber message.

Ms. Oleta said Filipinos, particularly the younger generation, know how to manage a work-life balance.

“Filipinos also learned to enjoy life more these days,” she added. — Aubrey Rose A. Inosante

Double-digit growth in revenues, expenditures continues — DoF chief

FINANCE SECRETARY RALPH G. RECTO — PHOTO FROM DEPARTMENT OF FINANCE FACEBOOK PAGE

THE NATIONAL GOVERNMENT (NG) continues to see double-digit growth in revenue collection and spending as of mid-March, Finance Secretary Ralph G. Recto said.

“For the last two months and a half, our revenues are 20% up year on year while spending is 10% up year on year, so we do have a surplus,” Mr. Recto told reporters late on Tuesday.

The NG posted a budget surplus of P88 billion in January, 92.25% higher than the P42.2- billion surplus registered in the same month in 2023. January also saw the highest monthly fiscal surplus since 1986, or the earliest available data from the Treasury.

This was driven by a 21.15% jump in revenues to P421.8 billion and an increase in expenditures by 10.39% to P333.9 billion.

“In fact, last January, (it was the) first time we had a surplus of roughly P88 billion, almost double that of January 2023. So far, we’re hitting the numbers, surpassing the targets, and we hope that continues,” he added.

However, Mr. Recto said the fiscal balance is unlikely to stay in a surplus until the end of the year.

“For me, for as long as we hit our targets — our revenue targets and our expenditure targets — I don’t expect a surplus by the end of the year. I’m just stating a fact,” he said.

“There is a surplus in January, there is a surplus in February. So far, the revenue seems to be good. I hope that holds all the way up to the end of the year,” he added.

This year, the NG’s deficit ceiling is capped at P1.39 trillion or 5.1% of gross domestic product (GDP). The government seeks to bring this further down to 3% by 2028.

In 2023, the budget deficit narrowed by 6.32% to P1.51 trillion from P1.61 trillion in the previous year. However, it exceeded by 0.85% the P1.499-trillion ceiling for the year.

As of end-2023, the deficit as a share of GDP stood at -6.2%. This was a tad higher than the -6.1% target set by the government but lower than the -7.3% deficit-to-GDP ratio at end-2022.

Mr. Recto said that the Department of Finance (DoF) wants the Bureau of Internal Revenue (BIR) and Bureau of Customs (BoC) to use data in improving tax collection.

“We’re assisting the BIR and BoC by analyzing all the data and (providing) them with that data as well, where to concentrate to collect the taxes and (who) they should be collecting the taxes from,” he added.

This year, the BIR is tasked to collect P3.055 trillion in revenues while Customs is expected to collect P959 billion. — Luisa Maria Jacinta C. Jocson

Marcos says too early for rate cut, eyes 8% growth

PHILIPPINE PRESIDENT FERDINAND R. MARCOS, JR. — PPA POOL

PRESIDENT Ferdinand R. Marcos, Jr. said the Philippines hasn’t reached the point where it should start cutting interest rates, citing inflation as the main worry for an economy expanding at the fastest clip in Southeast Asia.

“Inflation is still our biggest problem,” Mr. Marcos said on Tuesday in his interview with Bloomberg Television’s Haslinda Amin at the Presidential Palace in Manila. “We’re not yet there,” he said when asked whether he sees room to cut borrowing costs that are the highest since May 2007.

Consumer price gains in the Philippines have hovered above the central bank’s 2%-4% goal for seven straight quarters and are poised to return to target only this quarter — not enough yet for Bangko Sentral ng Pilipinas to declare victory over inflation. Even with the policy rate at a 17-year high, the economy pulled off the region’s quickest expansion of 5.6% in 2023, giving Marcos the confidence that it is capable of an even better showing in 2024.

Gross domestic product growth will probably meet the government target of as much as 7.5% this year — the region’s fastest — and even hit the 8% goal at the latter half of his six-year term ending in 2028, Mr. Marcos said. The nation last posted an expansion at the 8% level in 1976 under the late dictator Ferdinand E. Marcos, the President’s father.

The peso touching a three-month high this month partly reflects the economy’s strength, Mr. Marcos said, welcoming any further appreciation in the currency.

Since taking office almost two years ago, the 66-year-old leader has embarked on about two dozen overseas trips, bolstering the nation’s defense ties with the US and its allies and seeking investment and trade deals along the way. An American delegation arranged by President Joseph R. Biden, Jr. this month yielded more than $1 billion in investment pledges, especially in the areas of tech and supply chains.

The President said he also wants to strengthen physical and digital connections with Asian neighbors. Even the European Union has increased its engagement with the Philippines and the region, he said.

While interest on the Philippines has improved, Mr. Marcos said much still has to be done to boost foreign investment as well as shielding the economy from further shocks and sustaining post-pandemic recovery.

In recent months, his push to loosen economic restrictions in the Constitution has faced criticisms including from his predecessor who warned that such actions may be an attempt to extend power beyond legal limits — just like his father. Mr. Marcos dismissed the rebuke and said there’s no proposal to change the country’s political structure.

By the end of his term, Mr. Marcos said he aspires to end hunger and further lower unemployment.

“It is only growth that will pull us out of the morass that was left after the pandemic,” Mr. Marcos said. “Even in terms of debt ratios, even in terms of unemployment, even in terms of inflation, it really is growth that seems to be the key,” he said. — Bloomberg

From catering the skies to selling arroz caldo online

How MacroAsia pivoted during the pandemic

RHODEL Esteban, Chief Operating Officer and Vice President of Commercial at MacroAsia Food Group, started out as an aeronautical engineer, but has since pivoted his career into airline catering. From selling nuts and bolts, he says, “Now I’m selling peanuts.” Speaking at the Future of Food 2024 conference at Center for Culinary Arts – Manila (CCA) on March 8, Mr. Esteban discussed the pivots their company has made, specifically during the COVID-19 pandemic, the mists of which have only just lifted.

Prior to the pandemic, the MacroAsia Food Group had been responsible for catering not only to Philippine Airlines (PAL), but also to 16 other airlines. “If you have flown out of Manila, [on] any of these airlines, and if you ate the food, you have been our client,” he said.

Diversification was key: they also had many land-based clients, most of them the casinos around the airport, as well as offices around Manila (he noted that they were the source of the Asian Development Bank’s famous crinkles). The company was established 26 years ago, and he had been part of it for 24.

In March 2019, MacroAsia expanded, setting up two more kitchens to better serve their clients. A year later, the COVID-19 virus had become a worldwide pandemic.

In March 2020, flights were grounded and people were locked in their homes. “Walang lumipad, walang pasahero, sarado ang airport. Anong gagawin namin? (Nobody flew, there were no passengers, the airport was closed. What could we do?),” he said. His superiors told him to check their crisis management manual, which included measures resulting from the superficially similar SARS pandemic in the 2000s. Those measures only considered weeks and months of disaster. “Ilang taon nating idinaan? Tatlong taon (How many years did we go through it? Three years).”

Unfortunately, part of the adjustment meant letting go of people. “The saddest part of my 24 years in MacroAsia was to let go of 1,000 people,” he said, showing social media posts of employees bidding farewell.

He said that their commissary kitchen, measuring 7,000 sqm., managed to operate during those times. Part of their strategy was approaching clients who were still operating, no matter how limited their operations. They then won a contract to feed evacuee sailors quarantined in a hotel.

Going online was also a solution: with PAL’s operations frozen, no people were staying at the Business Class lounge, and therefore, no people were eating its Instagram-famous arroz caldo (the spicy rice porridge had become a status symbol for people flying out of Manila on Business Class). They then started selling it online. They also converted part of their kitchen into an industrial butcher, capable of selling cut meat via the Grab App (which he calculated earned them P300,000 a day).

They then concentrated more on land-based clients, citing, for example, catering to a huge furniture store in the SM Mall of Asia complex which had to open in the middle of the pandemic.

While they are now back to catering to airlines again, they have also accumulated many more land-based clients, including cafeteria operations for retail companies, and even the senior high school department of a university. He said that they ended 2023 with P4 billion in gross revenue.

As he said during his talk, “The true measure of who you are is what you do with what you have.” — Joseph L. Garcia

Local wine trends: Wine cocktails on the rise

JP Chenet, a big French wine supplier has their Fresh Fruit Explosion series.

WINE cocktails, where wine is used as the main alcohol base for cocktails, has always been popular in bars, especially with the likes of Sangria, Mimosa, Bellini, and Calimocho being fixtures in cocktail menus, not only domestically but internationally.

When these wine cocktails are made available as RTDs (ready-to-drink) and displayed in retail stores, they are placed in the wine section. And because wine consumption is quite low in the country, wine cocktails actually compete with regular wines in the eyes of consumers and marketers.

Since 2020, during and after the COVID pandemic, sales of wine cocktails RTDs have been on the rise.

THE WINE COCKTAILS AND THEIR MIXTURES
I will give a brief background of each of the wine cocktails.

Sangria is Spanish in origin, but the European Union (EU) also recognized this wine cocktail in Portugal.

Many versions of sangria already exist, but what I found most delectable is when you use 1/3 Spanish wine, preferably a tempranillo varietal and best minimally oaked (joven or young: wine basically), 1/3 orange juice, and 1/3 Sprite to add fizz and sweetness. Ornament the drink with tiny, chopped apples and served with plenty of ice.

Mimosa, which is most likely a French creation, is simply a blend of orange juice with champagne and served like champagne in a fluted glass.

Bellini is an Italian creation blending Prosecco, Italy’s most popular sparkling wine, with peach juice or peach puree. But the Bellini has recently been served with a more reddish color for aesthetics, and when this is done pomegranate juice and strawberry puree are used instead of peach.

Calimocho — or Kalimotxo in Basque — is Spanish in origin and is simply a wine cocktail made with equal parts of a cola-based soft-drink and red wine.

THE PRECURSOR TO THE WINE COCKTAIL RENAISSANCE
In the late 1990s, American wine giants Constellation Brands and E&J Gallo Winery released their versions of wine cocktails via Arbor Mist and Wild Vines respectively.

This was an Arbor Mist-created category back then, this concept of wine with fruit infusion, and it was a huge hit in its early stages. The target markets were young adults and non-wine drinkers transitioning from soft drinks to wines.

E&J Gallo Winery then joined in with their Wild Vines, and from a niche market, it became a full-grown category in the early 2000s. Flavors like Blackberry Merlot, Black Cherry Cabernet Sauvignon, Peach Chardonnay, and Strawberry White Zinfandel became popular “pseudo-wine’ labels.

Back in the early 2000s, these wine cocktails cost less than regular wines and were just around P150/bottle. Then this category entered the doldrums for over a decade or so, and perhaps it was because of the higher prices, now at around P375 to P424 a bottle. This category not only stagnated but dropped.

In 2021, E&J Gallo bought the Arbor Mist brand from Constellation Brands.

SPANISH SANGRIA LEADING THE WAY
This category however would be rescued by Sangria. While the best-selling wine brand in the Philippines, Carlo Rossi from E&J Gallo, had a version of Sangria way back in the early 2000s, it was the newer Sangria from Spain that revived interest in it as a wine cocktail RTD.

Lolea, Carolina, 49 Millions, and Fortunella Sangria are some of the brands that are now available in the country. All these wines are imported from Spain.

Lolea in particular is quite popular, and even during the pandemic, this brand of RTD Sangria could be seen all over social-media platforms. Originally imported by Happy Living Philippines Corp. back in 2019, this premium RTD Sangria made an auspicious impact in the market despite its being relatively pricey — again, this is a Sangria, a form of wine cocktail, not a wine.

First, the packaging is attractive with a modern design and bright splashy colors. Then the bottle is closed with a crown cap which has a unique built-in swing closure, that means you can save unfinished wine.

Aside from sangrias, other brands like Californian Sutter Home and French JP Chenet also have their versions of wine cocktails. Sutter Homes has its Fruit Infusion range, while JP Chenet has its Fresh Fruit Explosion series.

Adding more sparkle to the category (pun intended) is leading Champagne and fashion house LVMH who joined this exciting low-alcohol wine cocktail category with their Chandon Garden Spritz from their Argentine winery. The Garden Spritz is made from a traditional sparkling wine blend of Chardonnay and Pinot Noir but with some Semillon, and blended with natural extracts from hand-picked orange peels, herbs, and spices (as their website indicates).

All of these make a very dynamic category. Only time will tell if it is just a fad or will end up a serious “pseudo-wine” category to contend with. From a strictly wine geek point of view, I am amazed at how this category of wine cocktails is shaping up, as more players join the field, and consumers seem to be buying into this despite relatively stiff prices.

Perhaps, this could be good for the real wine market, as wine cocktails appear at first as simply a transition stage for non-wine drinkers to become wine drinkers. Or it could morph into a serious category for consumers who prefer lower alcohol, fruitier and sweeter versions of wine.

In my opinion, wine cocktails are refreshing and a great aperitif, but I can easily make them myself — especially if the wine or sparkling wine I have is not that good, is tiring, and needs a fruity boost. But drinking the RTD version is something I personally don’t, get especially from a pricing point of view. But that’s just me.

 

Sherwin A. Lao is the first Filipino wine writer member of both Bordeaux-based Federation Internationale des Journalists et Ecrivains du Vin et des Spiritueux (FIJEV) and the UK-based Circle of Wine Writers (CWW). For comments, inquiries, wine event coverage, wine consultancy and other wine related concerns, e-mail the author at wineprotege@gmail.com, or check his wine training website https://thewinetrainingcamp.wordpress.com/services

Cebu Landmasters allocates P14.5 billion for capex

CEBULANDMASTERS.COM

LISTED property developer Cebu Landmasters, Inc. (CLI) has allocated P14.5 billion for its capital expenditure (capex) budget this year.

“A portion is dedicated to land acquisition, particularly for the inaugural Luzon project,” CLI said in a stock exchange disclosure on Wednesday.

The company said it has P27 billion worth of new developments in the pipeline, including expansion projects in various areas such as Butuan.

In 2023, CLI’s capex totaled P12.9 billion, of which 82% was allocated for project development, 12% for investment property, and 6% for land acquisition.

“Our consistent growth fuels our vision to strengthen the company’s current offerings and expand beyond Visayas/Mindanao,” CLI Chairman and Chief Executive Officer Jose R. Soberano III said.

 In 2023, CLI recorded a 29% increase in its consolidated net income to P4.64 billion, led by higher revenues across its portfolio.

 The company’s consolidated revenue jumped by 20% to P18.8 billion following higher demand for its residential properties and business portfolio.

 Real estate sales revenue grew by 20% to 18.5 billion, driven by consistent collections and steady construction progress. Reservations hit P20.6 billion, up by 14% from P18 billion in 2022.

 CLI launched 10 projects in 2023 totaling 4,249 units and an overall value of P18.7 billion. The projects saw a 63% sell-out rate. The company’s completed projects are already 97% sold out, resulting in a blended total portfolio sell-out rate of 93%.

 The property developer’s income from hotel operations rose by 66% to P139 million, while its leasing income improved by 42% to P112 million.

 CLI has about 800 room keys and is set to increase with seven additional hotel projects. It previously expanded its hospitality portfolio with the opening of lyf Cebu City in Base Line Center and The Pad Co-Living in Banilad High Street in Cebu.

 The company’s gross leasable area rose to 36,772 square meters, led by newly completed projects such as Banilad High Street, Base Line Center Phase 2, and Retail Pods in Davao Global Township.

 CLI said the initial project under its joint venture with Japan-based global real estate firm NTT UD Asia Pte. Ltd. (NTTUDA) will be a P6.4-billion two-tower residential complex in Cebu IT Park.

 The first tower of the Japanese-inspired residential complex will be launched by the fourth quarter.

CLI previously partnered with NTTUDA to form a joint venture called CLI NUD Ventures, Inc., marking the Japanese company’s first venture in the Philippines.

 “We are bullish that the strategic capital raise through preferred share issuance and our first-ever international partnership would fortify our growth and expansion,” Mr. Soberano said.

 On Wednesday, CLI shares were unchanged at P2.85 apiece. — Revin Mikhael D. Ochave

Belle Corp. sets tender offer price and period for PLC delisting

BELLE CORP.’S board has set the tender offer price and period for the voluntary delisting of subsidiary Premium Leisure Corp. (PLC).

PLC’s tender offer price is set at 85 centavos per share, with the tender offer period scheduled from March 22 to April 24, Belle Corp. said in a regulatory filing on Wednesday.

As of Wednesday, PLC has a public float level of 20.1%, slightly above the 20% requirement, data from the Philippine Stock Exchange (PSE) showed. The company has 31.22 billion outstanding shares. 

The payment and settlement date for the shares to be tendered will be from April 25 to May 9.

The company tapped BDO Securities Corp. as the agent for the tender offer.

The offer price was issued following a fairness valuation report by First Metro Investment Corp.

The delisting rules of the PSE indicate that the tender offer price is determined based on the higher value, either the highest valuation derived from the fairness valuation report or the volume-weighted average price of PLC shares for one year prior to the posting date of the disclosure on PLC’s board approval of the delisting move.

“First Metro, using various valuation methodologies, considered that PLC is fairly valued at between the 60 centavos to 85 centavos per share. On the other hand, the one-year volume weighted average price of PLC is at 60 centavos per share,” Belle Corp. said.

The PSE’s delisting rules also stipulate that the party proposing the delisting of a listed company must demonstrate that it has acquired at least 95% of the outstanding capital stock.

“For this reason, Belle’s tender offer for the shares of PLC will be deemed withdrawn in the event that the required acquisition of at least 95% of PLC’s outstanding capital stock will not be secured,” the company said.

The board of Belle Corp. approved the conduct of a tender offer on all of PLC’s outstanding common shares on March 11.

Belle Corp. is engaged in integrated resorts business. It is one of the portfolio investments of Sy-led conglomerate SM Investments Corp.

Meanwhile, PLC has a stake in the City of Dreams Manila integrated entertainment and gaming complex in Parañaque City. It also has a 50.1% stake in listed Pacific Online Systems Corp. that leases online betting software and equipment to the Philippine Charity Sweepstakes Office for lottery operations in Visayas and Mindanao.

Ahead of the announcement of the tender offer price, Belle Corp. and PLC both filed for a voluntary trading suspension on their shares, which is set to be lifted on March 21 at 9 a.m. — Revin Mikhael D. Ochave

Chocolate soy sauce dares 800-year-old industry to change

IT’S SWEET and salty, and can be added to steak or ice cream. Chocolate-infused soy sauce is challenging the norms of a traditional industry that’s been slow to change.

Packed into a small jar is the story of Toshio Shinko, the chief executive officer of Yuasa Soy Sauce Co., who created the concoction to broaden the appeal of the condiment. Called Cacao Jang, it gives out an aroma of rich chocolate that’s met with a unique umami flavor distinct from traditional soy sauce.

“I thought they might be surprisingly compatible because they’re both fermented,” said Mr. Shinko, who grew up in Yuasa, considered the birthplace of soy sauce in Japan. He helped out with his family’s brewery since he was in middle school.

At stake is a global industry projected to almost double to $83.8 billion in 2032 from the prior decade, according to researcher Spherical Insights, due to the growing popularity of Asian cuisine and demand for natural, healthy food products. This has also led to terms such as umami becoming a global foodie concept of deepening flavor with a pleasant, savory taste.

“The soy sauce category could grow at a faster pace in the medium term than the other cooking and table sauces such as mayonnaise and ketchup, as consumers across the globe become more experimental with their food choices,” Bloomberg Intelligence analyst Ada Li said. “The competitive pressure in the soy sauce industry is likely to stay elevated.”

Cacao Jang is available as a paste, in a grainy version with cacao bits or another with a smoother texture. Mr. Shinko said he tested various combinations of cacao and soy sauce for four years before arriving at the right formula. The final product fuses cacao beans shipped from Vietnam with a specific type of soy sauce extracted from miso after sitting in large wooden barrels to ferment.

The quiet, narrow streets of Yuasa are lined with traditional wooden buildings, with the aroma of soy sauce wafting near breweries and restaurants. There’s a museum dedicated to the product in what’s now nationally recognized as the Preservation District of Yuasa.

Yuasa Soy Sauce, which has been around for 150 years, is one of few remaining in Japan that still uses the traditional method of brewing in wooden barrels rather than steel vats. While the standard aging time is about six months, Mr. Shinko notes that his product can sit in barrels for as long as two years, bringing out a more intense umami flavor.

Cacao Jang has expanded Yuasa’s reach into restaurants other than the usual sushi or dumpling eateries. ICON, a burger joint in Tokyo’s Shibuya area, serves a teriyaki burger that features Cacao Jang, honey, and butter cream on a savory patty.

“I know so much about chocolate now,” said Mr. Shinko, who turned down an offer to collaborate with Meiji Holdings Co., Japan’s biggest chocolate maker, because he preferred the taste from the cacao fermentation facility in Vietnam.

Mr. Shinko also experimented with making soy sauce in wine barrels when he traveled to France. He opened a restaurant called Pavillon Yuasa in Bordeaux last year in collaboration with the Château Coutet vineyard, serving the soy sauce that has a unique woody flavor from the wine barrels.

“I want to show people around the world that using soy sauce can make food so delicious,” Mr. Shinko said. “It doesn’t even have to be Japanese food. It can make French, German, or American food taste better too.” — Bloomberg

AREIT executes share-for-property exchange worth P28.6B

AREIT, Inc. announced on Wednesday a transaction exchanging shares for five properties valued at P28.6 billion.

The swap deal involves AREIT, Ayala Land, Inc. (ALI) and its subsidiaries Greenhaven Property Ventures, Inc. and Cebu Insular Hotel Co., Inc., as well as ACEN Corp. unit Buendia Christiana Holdings Corp. (BCHC), the listed company said in a stock exchange disclosure.

The deed of exchange involves the issuance of 841.26 million primary common AREIT shares to ALI, Greenhaven, Cebu Insular, and BCHC at P34 per share in exchange for the ownership of Ayala Triangle Tower 2 office building, Greenbelt 3 and 5, Holiday Inn and Suites Makati, Seda Ayala Center Cebu, and a 276-hectare industrial land in Palauig, Zambales.

AREIT is the real estate investment trust of ALI.

 “The properties are expected to contribute further to AREIT’s operating cash flows, boosting dividends per share…,” AREIT said.

“The asset-for-share swap would be accretive and potentially increase the overall yield to approximately 6.96% after the new assets are infused. Estimated yields and total shareholder return are subject to actual operating performance and market conditions,” it added.

In a separate statement, ALI’s hotel unit AyalaLand Hotels and Resorts Corp. (AHRC) said it is aiming to secure Excellence in Design for Greater Efficiencies (EDGE) Zero Carbon certification for its portfolio by 2026 as part of its sustainability commitment.

AHRC said it signed an agreement with the International Finance Corp. to secure EDGE Zero Carbon certification for 2,826 rooms across its portfolio, marking the first for a hotel group in the country.

EDGE Zero Carbon is a globally recognized net zero building certification and the highest of three levels of certification for EDGE.

EDGE is a green building certification system that promotes resource-efficient, low-carbon buildings, requiring a 20% improvement for each of energy use, water use, and embodied carbon in materials compared to the base case.

“While we will initially target EDGE Zero Carbon Certification for 11 of our hotel buildings with 2,826 rooms, the view is to add more to this in the future,” Ayala’s Head of Hotels Group Javier Hernandez said.

AREIT saw a 43% jump in its 2023 net income to P4.93 billion led by increased occupancy rates and asset acquisitions. The company’s revenue increased by 41% to P7.14 billion.

 For its part, ALI recorded a 32% increase in its 2023 net income to P24.5 billion led by strong property demand and consumer activity. Its consolidated revenue jumped by 18% to P148.9 billion

 AREIT shares fell by 0.71% or 25 centavos to P35 while ALI stocks dropped by 3.64% or P1.20 to P31.80 per share on Wednesday. — Revin Mikhael D. Ochave

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