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SEC yet to implement fee hikes, awaits assessment

THE Securities and Exchange Commission (SEC) said its proposed higher fees and charges have not yet been implemented as it is awaiting a third-party assessment.

“We just have the increased fines and penalties,” SEC Commissioner McJill Bryant T. Fernandez told reporters on the sidelines of a forum in Taguig City on April 29.

“We have not implemented the fees and charges yet,” he added.

SEC Chairperson Emilio B. Aquino said the commission had already sent a regulatory impact assessment of the proposal to the Anti-Red Tape Authority (ARTA).

“If it passes, we will implement whatever gets passed. That’s the agreement. We’re waiting for ARTA,” Mr. Aquino said.

“We referred it there. There’s still continuing conversations about it, but it’s not about us imposing. In fact, we’re listening. It should be both ways,” he added.

In August last year, the SEC released the proposed schedule of new fees and charges for stakeholders’ comments.

The regulator said the proposed hike aims to develop its digital services for the transacting public. The current rates have not been changed since 2017.

However, business groups led by the Philippine Chamber of Commerce and Industry and Philippine Exporters Confederation, Inc. opposed the proposal, describing it as “obscene” and “unconscionable.”

Among the SEC’s proposed changes is the charge of one-fourth of 1% of total indebtedness to corporate issuers when creating bonded indebtedness.

Meanwhile, Mr. Aquino reminded businesses to comply with the SEC’s reportorial requirements or face penalties.

“Businesses should comply with their submissions and reportorial requirements because they’re going to get hit by high penalties,” he said.

“We’re not happy penalizing them at all. There is an exercise of good corporate governance, submitting your financials, general information sheet to your regulators, complying with orders of the SEC,” he added.

In March, the SEC issued Memorandum Circular No. 6 that increased the fines and penalties for the late and non-filing of reportorial requirements by corporations.

The previous scale of fines was implemented in July 2002, prior to the increase. — Revin Mikhael D. Ochave

2GO eyes new routes by third quarter

LOGISTICS company 2GO Group, Inc. plans to add more routes this year in anticipation of increased sea travel, a company official said.

“We’re studying other routes; there are other routes that would complement those near those areas,” William Howell, chief financial officer of 2GO, told reporters last week.

Mr. Howell declined to identify the new routes other than describing the company planned areas as “tourist destinations that have surfing” activities.

For now, 2GO is just going through regulatory and clearance processes before launching its planned new routes, Mr. Howell said.

“It should be, if not before the end of the second quarter, maybe the third quarter. The vessels already arrived, we are just going through the regulatory clearances  before we can get in,” he said.

Last week, the logistics company launched its newest roll-on roll-off vessel — the MV Masigla sailing to Iloilo, Bacolod, and Cagayan. 

Since 2021, the company has invested in five vessels, with the MV Masigla being the fourth of the company’s five investments.

The fifth vessel is expected to be announced in the next two months, he said.

Meanwhile, 2GO will not be acquiring new fleets this year following the expected launch of its fifth vessel within the year.

“For now, we’re probably set this year with our fleet. But in the future, as we continue to grow the business. We will certainly study those plans to expand even further,” Mr. Howell said. 

For the year, the company is setting aside up to P2 billion for its capital expenditures (capex) budget mainly allocated for new containers, machine handling equipment, and service enhancements.

“In our financials for 2023, we probably did a billion and a half to P2 billion and we are going to continue that… It should be very comparable,” he said.

For 2024, 2GO expects to continue its growth from the previous year.

“The freight business remains strong. It is not just about shipping. We do have a special container and projects business that continues to do very well,” he said, adding that the shipping business is just one component of its business. 

2GO is an end-to-end transportation, logistics, and distribution provider in the country under Sy-led conglomerate SM Investments Corp. — Ashley Erika O. Jose

BPI eyes full integration of RBC into its system in 12-18 months

The Philippine central bank is set to unwind the relief measure allowing banks to use loans to small businesses and large enterprises as alternative compliance with the reserve requirements. — REUTERS

BANK of the Philippine Islands (BPI) expects to fully integrate Robinsons Bank Corp.’s (RBC) systems into its own within 12-18 months, the top official of the latter said.

“All the branches of Robinson’s Bank are still open and labeled Robinsons Bank simply because the system is still a Robinsons Bank system. I think [BPI Chief Technology Officer Alexander G. Seminiano] will try to do this in phases in over the 12 to 18 months to convert,” Robinsons Bank President and Chief Executive Officer Elfren Antonio S. Sarte said during BPI’s annual stockholders’ meeting last week.

BPI President and Chief Executive Officer Jose Teodoro K. Limcaoco earlier said the full integration of RBC into BPI’s systems could take two years.

“It will take about two years to transform all the RBC branches because you have to change the logos,… we have to change the systems, we have to move the people who are RBC accountholders and move them to BPI systems. So, our integration plan will take about two years,” Mr. Limcaoco said.

The merger between BPI and RBC took effect on Jan. 1, with BPI as the surviving entity.

BPI Chief Financial Officer Eric M. Luchangco previously said BPI’s loans are expected to grow by 11-12% this year, driven by a 6% boost following its merger with RBC.

“Apart from what is already in the books, the bigger opportunity really is the ecosystem play… The other opportunity or the strength that we have that we’re bringing to BPI is our capability to touch the Gokongwei ecosystem. We are serving a lot of their financial needs or banking services,” Mr. Sarte said.

“That’s the model that we want to bring into BPI. One is we were bringing in the Gokongwei ecosystem as a natural customer within BPI,” he said.

He added that RBC is now cross-selling its consumer loan products to BPI customers, which will contribute to the Ayala-led bank’s profits.

“Our people in Robinsons Bank are very good at cross-selling. So, we’re confident they will contribute to the targets of BPI this year,” he said.

Mr. Sarte added that one of the RBC products now being offered to BPI’s clients is teachers’ loans.

“This came from Legazpi Savings Bank, which is really a very small savings bank with 27 branches primarily located in the Bicol area… So, what we bring to the table is really a full suite of savings, protection, and loan products. That will differentiate us from our competitors,” he said.

BPI’s vast network could help bring this product to a wider array of customers, he said.

BPI saw its net income grow by 25.8% year on year in the first quarter to P15.3 billion as higher revenues offset increased provisions and expenses.

Its shares dropped by P1.50 or 1.16% to close at P127.50 apiece on Tuesday. — A.M.C. Sy

Personal mobility and public safety

PHILIPPINE STAR/RYAN BALDEMOR

On April 15, authorities started restricting certain types of light vehicles from major roads in Metro Manila. The ban was imposed particularly on tricycles, light electric vehicles such as e-bikes and e-scooters, and other electric personal transport. The ban supposedly aims to ensure road safety and reduce the number of accidents involving these vehicles.

In Singapore, as reported in the Straits Times, there are also discussions about the regulation of what they call personal mobility aids, including speed restrictions and medical certification for persons with disabilities (PWDs) using light electric vehicles. In both cases, here and there, the issues revolve around urban mobility and safety.

The debates highlight the tension between improving road safety and promoting inclusive mobility in densely populated urban environments. The regulatory objective is to curtail misuse or abuse and promote public safety. In Singapore, the regulation advocate is the Active Mobility Advisory Panel (AMAP). Here, it is the Metro Manila Development Authority (MMDA).

The contention is that regulations have a negative impact on accessibility and individual mobility, particularly of some sectors relying on these nontraditional solutions. The argument is that restrictions disproportionately affect the working class, students, those with disabilities and small business operators who rely on light electric vehicles for daily commuting and economic activities.

The issue points to the challenge of balancing safety and inclusivity. To ensure safety, segregated lanes and clear demarcations are suggested, instead of outright bans. Critics of the ban also point out that improving infrastructure to accommodate all forms of mobility, rather than restricting them, would be a more effective and equitable solution to traffic congestion and safety.

Locally, the MMDA road ban is also seen as being at odds with the Electric Vehicle Industry Development Act, which promotes the use of electric vehicles to reduce urban air pollution. Similarly, in Singapore, while the focus is on safety and proper usage of light electric vehicles as personal mobility aids, there is a call for regulations to also consider environmental sustainability and the promotion of energy-efficient vehicles.

Moving forward, perhaps regulations should consider integrated solutions that satisfactorily address safety, inclusivity and environmental impact. For instance, much like the use of dedicated bicycle lanes and pedestrian pathways, perhaps something similar can be considered to accommodate light electric vehicles. But there should be speed limits and usage guidelines.

More important, public transportations systems should be improved to offer options that provide viable alternatives to light electric vehicles and address concerns about accessibility and connectivity. If there are safer, more convenient and cheaper alternatives to e-bikes and e-scooters, as well as cars, then more people will most likely take public transportation.

The crux of the matter is that necessity heeds no law. Desperate people take desperate measures. And those who need to get from one point to another, especially as a matter of livelihood, will be ready to violate rules and risk penalties. This is also because traffic enforcers will not be around 24-7. In short, there will be “windows of opportunity” for people to use their light electric vehicles even on banned roads.

I believe that these vehicles may be allowed on some public roads, but there should be clearer guidelines on where and how they can be used. Regulations particularly for personal mobility devices, which include e-scooters, hoverboards and other similar transportation tools, should be realistic and consistently enforced. For instance, safety helmets are required.

But any light electric vehicles smaller than a motorcycle should have special lanes on national roads, or any city road for that matter, much like bicycles. They may be allowed on private, subdivision and maybe village roads. But on any other public road, these should have specially built pathways beside or alongside sidewalks or bicycle lanes.

Speed limits should also be set for every mobility device. Also, any vehicle type allowed on public roads should be registered, issued license or registration plates, and the owner must have insurance for accidents. Light electric vehicle users must be licensed and age limits set. Sidewalks should be limited to pedestrians, wheelchairs and low-speed personal mobility devices.

Obviously, any regulatory action should be preceded by a process of harmonizing standards. Light electric vehicles and personal mobility devices should be covered by global definitions and technical specifications. Most of them are produced abroad. There should be Philippine National Standards to cover these mobility devices.

Also, rules should be dynamic and consider the needs of the times. Given the pace of technological change, modes of transport can change very quickly. Big changes in infrastructure are always difficult to undo. Policy makers should always be ahead of the curve and future-proof regulations to ensure they lead to as little disruption as possible at every change point.

The challenge, of course, is to always ensure that rules and regulations consider public safety, decongestion, the diverse needs of urban dwellers and road users and promote an inclusive approach to zoning and city planning. The overall aim is to promote long-term environmental and social goals, ensuring that cities remain healthy, livable and efficient.

More important, pedestrians should always be a part of the equation. Cities should, first and foremost, be walkable. The rights of motorists and users of light electric vehicles and other mobility aids should not take priority over those of pedestrians. Walking is the most basic form of mobility, and in any public space, pedestrians are the most vulnerable. They should have the most protection under the law.

But such protection requires reciprocity by way of pedestrians being mindful and respectful of other road users. Mutual respect is necessary. Pedestrians should also be responsible users of public space. If erring motorists are penalized, there should be penalties for erring pedestrians as well. In this regard, effective pedestrian and driver education are the most important interventions.

 

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

matort@yahoo.com

Oakwood has a new home in Makati

ASCOTT’s Oakwood has a new home in Makati, sharing space with Worldhotel Inc.’s I’M Hotel in the intersection of Makati and Kalayaan Avenues in Makati’s Poblacion.

“We actually have two properties under one roof,” said Melissa Lim, General Manager of Oakwood Makati Avenue, during the April 16 launch. The property has 434 rooms in total. 150 of them, all suites, belong to the Oakwood brand, occupying floors 22 through 34. The remaining 284 rooms belong to I’M Hotel, occupying floors nine through 21.

“We want to take I’M to the next level essentially. We saw the opportunity to rebrand some of our suite rooms,” she said. “It’s the suites that needed more push.”

BusinessWorld took a tour of the property. The suites have been given touch-ups, with balconies and voice-activated smart television sets, and fully equipped modular kitchenettes. The rooms range in size from the Studio Premier at 44 sqm., to the two-bedroom executive suite at 100 sqm., with prices beginning at P10,000. The hotel is also pet-friendly. “For I’M Hotel, what we’re trying to attract is the leisure traveler,” said Ms. Lim. “Whereas for Oakwood, what we’re trying to attract is the corporate guests as well as long stays.”

Along with the rebranding of the suites, I’M Hotel also announced the opening of two new food and beverage outlets: Osteria M and Barangay Bar.

Osteria M is led by Ms. Lim herself (who happened to be a finalist of Singapore MasterChef’s second season). This will feature Italian cuisine infused with Filipino ingredients, as well as handmade pastas, and sourdough Naples-style pizzas. Meanwhile, Barangay Bar (punnily pronounced as Barang-gay) is their LGBQ+-friendly bar, located by the poolside. “Because we’re situated in Poblacion, I think it’s high time that Poblacion supports the community with an LGBTQ+-friendly bar,” she told BusinessWorld.

I’M Hotel’s I’M Onsen Spa, according to Ms. Lim, will also venture into aesthetic treatments as well. As for the hotel itself, she said, “In the next three to five year-window, we’re going to actually be franchising I’M Hotel as a brand to the provinces. We wanted to get the blueprint.”

Oakwood Makati Avenue is located in Kalayaan Ave. corner Makati Ave., Brgy Poblacion, Makati City. — JL Garcia

PHINMA Corp. says it’s boosting cement capacity with new Mindanao facilities

LISTED conglomerate PHINMA Corp. is set to increase the capacity of its cement business with new facilities in Mindanao, a company official said.

The company is putting up a cement plant in Davao valued at around P2 billion, said Eduardo A. Sahagun, PHINMA Corp. director and executive vice-president for the construction materials group (CMG), during a briefing last week.

“We’re putting (up) our Davao plant, which is almost similar to Mariveles, Bataan. That is a joint venture with some of our partners in Davao. That will bring our total capacity to like five million tons if all those things will be completed in a couple of years,” he said.

“The Davao plant is about to start. We’re just working on its environmental clearance certificate,” he added.

PHINMA Corp. has presence in the cement business through its subsidiary Philcement Corp., which is part of the conglomerate’s CMG consisting of Union Galvasteel Corp. and PHINMA Solar Energy Corp.

The company’s Mariveles plant, located at the Freeport Area of Bataan, has an initial annual capacity of two million tons.

In addition, Mr. Sahagun said Petra Plant in Zamboanga del Norte has also started and is expected to help boost the company’s cement business.

Philcement signed a manufacturing and sale agreement with Petra Cement, Inc. in January, allowing the former to operate the latter’s Petra Plant.

“It has started and after that, we’re almost there for the actual purchase for the Petra Plant. We actually look at that as an opportunity. When we look at where it is located, it is almost like we’re the only one there serving Northern Mindanao,” he said.

“We think that has a good potential for us. And bring us closer to where we want to be as we actually put in together our model of being more sustainable for our cement business,” he added.

The Petra Plant has a cement grinding facility with a capacity of 500,000 metric tons per annum.

Meanwhile, PHINMA Properties said in a separate statement that it plans to explore the provision of socialized housing to the underserved and low-income sector.

“What we hope to do is develop a successful model for this, finding a balance between serving our mission of making lives better and compliance with the price ceiling for these properties as set by the government,” PHINMA Properties President and Chief Executive Officer (CEO) Raphael B. Felix said.

PHINMA Hospitality, Inc. President and CEO Jose Mari R. del Rosario said the company is exploring expansion and more franchising opportunities for the Microtel brand, along with a Visayas venture for TRYP.

The company is currently working on a TRYP condotel project in partnership with Damosa Land, Inc. in Samal Island, Davao.

“This will, in effect, disperse the locations of Microtels in the countryside where they are much needed,” he said.

PHINMA Corp. shares were last traded on April 30 at P20 per share. — Revin Mikhael D. Ochave

LANDBANK seeks to tap capital markets faster through charter amendments

LAND BANK of the Philippines (LANDBANK) wants to be able to tap the capital markets faster as part of its proposed charter amendments, its top official said.

“We’re looking at a lot of different aspects with the aim of making LANDBANK more competitive and to allow us the ability to go to market in a swifter manner,” LANDBANK President and Chief Executive Officer Lynette V. Ortiz told BusinessWorld in an interview.

The official said part of the goals for the planned changes to its current charter is to improve LANDBANK’s “ability to be able to access the debt markets in a more nimble way, as well as proper representation in the board of a wider industry, including infrastructure.”

Department of Finance Secretary Ralph G. Recto said in March that bills seeking to amend the charters of LANDBANK and the Development Bank of the Philippines will be filed with Congress soon.

The charter changes will also increase the two state-run banks’ authorized capital stock and allow them to conduct an initial public offering (IPO).

Ms. Ortiz added that the amount LANDBANK will seek to raise through the IPO will depend on the provisions that will be approved by Congress, and that it will be a percentage of their capital.

Meanwhile, LANDBANK has also received regulatory relief following its capital contribution to the Maharlika Investment Corp. (MIC), she said.

LANDBANK was mandated to contribute P50 billion to the MIC for its initial funding.

“But generally, I think if you look at our financials, our common equity Tier 1 (CET1) ratio and capital adequacy ratio (CAR), we are well above [the mandated levels],” Ms. Ortiz said.

As of end-2023, LANDBANK’s CAR stood at 16.35%, while its CET1 ratio was at 15.46%, both above the Bangko Sentral ng Pilipinas’ (BSP) minimum requirements of a 10% CAR and 6% CET1 ratio.

BSP Governor Eli M. Remolona, Jr. previously said both LANDBANK and DBP remained compliant with the regulator’s capital requirements, even after remitting their contributions to the MIC.

LANDBANK’s net income grew by 34% to P40.3 billion last year, driven by revenues from loans and investments and improved cost management. — Aaron Michael C. Sy

PHL cyberattacks averaged 5B daily in 1st quarter, report shows

STOCK PHOTO | Image from Freepik

By Aubrey Rose A. Inosante

THE PHILIPPINES was hit by an average of five billion cyberattacks per day in the first quarter, with 87% of those targeting the gambling and gaming industry, according to cloud services and cybersecurity provider Cloudflare, Inc.

This marked a 28% increase from 3.9 billion cyberattacks in the fourth quarter of 2023, Cloudflare said in its Quarterly Global Internet Trends & Insights Report released on April 17.

The most targeted sector was the gaming and gambling industry with an 87% share, followed by telecommunications at 6%, hospitality at 5%, and media with 1%, it said.

“There have been more high-volume cyberattacks, e.g. denial-of-service (DDoS) attacks, targeting the Philippines’ Internet properties protected by Cloudflare in the last quarter than in the previous one,” Cloudflare said in an e-mailed statement on April 26.

A DDoS attack aims to disrupt Internet services such as websites or mobile applications and make them unavailable for users.

Gambling and gaming were also the top targeted industries in Asia, seeing 53% of total threats, Cloudflare said.

Thailand and Indonesia saw two billion cyberattacks per day with the same top-targeted industry, while Singapore was hit by six billion attacks daily, with its most attacked industry being cryptocurrency, the report showed.

“We observed around two trillion Hypertext Transfer Protocol (HTTP) requests blocked as potential threats (not only DDoS) in the previous quarter in Asia related to the gaming/gambling industry,” it said.

This was also the case globally, as over seven of every 100 DDoS requests mitigated attacked the gaming and gambling industry, followed by the information technology and Internet sector and marketing and advertising, it added.

The online gaming industry is competing for customers in cyberspace, with some even acquiring the services of DDoS attackers to gain market share, according to Allan S. Cabanlong, regional director for Southeast Asia at the Global Forum on Cyber Expertise.

These attacks can cause downtime in gaming sites, leading to a loss in revenue and a decline in player retention, he said.

Extortion is also one of the main objectives of those targeting the gambling industry, said e-commerce advocate Janette Toral.

“Gambling platforms use e-commerce transactions and payments connectivity elements,” Ms. Toral said.

Cloudflare said it served an average of 44 billion daily content requests to the Philippines, with three billion or 6% classified as DDoS attacks originating locally.

Globally, it mitigated 10.5 trillion HTTP DDoS attack requests in the first quarter and blocked 59 petabytes of DDoS attack traffic on the network layer, it said.

The source countries were the United States (19.8%), China (7.73%), Germany (6.5%), Indonesia (6.07%), and Brazil (5.96%).

The quarterly DDoS threat report provides a comprehensive overview of DDoS attack insights and trends over three months. Cloudflare sends an automated survey to victims of a DDoS attack or a ransom note.

Digital Pinoys National Campaigner Ronald B. Gustilo said there must be stiffer fines and penalties for government agencies and private institutions that will be affected by data breaches, depending on the severity of these incidents.

Amazon’s top-to-bottom spending on AI is paying off

FREEPIK

THE storm clouds are finally starting to clear over the head of Amazon.com, Inc. Chief Executive Officer Andy Jassy.

After taking over from Jeff Bezos, Jassy has mostly been confronted with challenges. Regulators have been on his back. The e-commerce business needed some serious reining in after overexpanding during the pandemic. Amazon’s grocery stores have been a disappointment. He’s laid off thousands of employees and shut down some projects.

Amazon Web Services (AWS), the golden goose cloud business that has long girded the company’s profit margins, was under pressure from cash-strapped businesses seeking a better deal during the pandemic. Revenue growth slowed. Then, when Microsoft Corp. entered a partnership with OpenAI, there was worry that AWS’ market share might suffer as businesses flocked to invest in the artificial intelligence (AI) offered by Amazon’s biggest cloud competitor.

Jassy, who had been responsible for AWS’ rise as the division’s CEO before taking the top job, kept a level head. He assured investors that Amazon had been working on AI for years — long before ChatGPT set the tech world alight with the promise of world-changing possibilities.

Amazon’s message was that while OpenAI may have been grabbing headlines, investors should think of AWS as the Swiss Army knife for AI, one where businesses could run any number of cutting-edge AI models without worrying about shifting their sensitive data from one cloud provider to another.

To answer worries about the availability of computing power, which had driven up the cost of procuring Nvidia Corp. hardware to do AI training and inference, Amazon had already been making its own hardware for those purposes with its Trainium and Inferentia chips, something that Microsoft and others are rushing to catch up on. Underlining its seriousness with AI, Amazon bought a $4 billion stake in leading AI maker Anthropic, which said it would run its workloads on AWS.

On Tuesday, the company’s first-quarter earnings showed these investments are starting to pay off, prompting an after-hours stock price boost of as much as 6.5%. Jassy’s reassurances have proved accurate, and more good times are on the horizon. AWS posted its second consecutive quarter of accelerating sales growth, with client interest in AI contributing significantly, Jassy said. AWS now has an annual revenue run rate of $100 billion, with AI spending accounting for “multibillion” of those dollars. As Jassy predicted, clients that had pulled back cloud investment in the “survival mode” of the pandemic have started to pick up the pace and shift more of their spending to the cloud. “I think people have moved to newer initiatives that at a macro level I would describe as modernizing their infrastructure and then trying to drive value out of generative AI,” he said on a conference call to discuss the results.

Operating margin for AWS in the quarter was a record 37.6%, thanks to cost cuts and heightened demand. In all, Amazon’s cloud business was “climbing out of what was a pretty tough year,” Jefferies analyst Brent Thill said on Bloomberg TV. “Investors aren’t paying for Twinkies and toilet paper being delivered to your house. They’re paying for these high-margin, recurring businesses like AWS.”

The strong quarter meant Amazon could get away with vague pronouncements like saying it would “meaningfully” step up its capital expenditure this year to pay for all this AI infrastructure — without putting a figure on it. Unlike Meta Platforms, Inc., which was punished for saying its spending would increase, Amazon can get away with bigger investments because of its strong presence in multiple layers of the AI “stack”: the bottom infrastructure layer for AI model builders, the middle layer of developers working with AI, and the top layer of consumer-facing software applications like chatbots.

It all puts Amazon in excellent stead amongst this fiercely competitive AI crowd. The initial money is being made on the bottom and middle layer, but there’s no reason Amazon can’t have a commanding presence in consumer-facing AI as well — this week, it fully rolled out its competitor to Microsoft’s code-writing AI assistant, CoPilot.

In other words, Jassy has seized the agenda and set Amazon up to both sell the shovels and dig for the gold.

BLOOMBERG OPINION

Dining In/Out (05/02/24)

Edsa Shangri-La will have event fair

EDSA SHANGRI-LA, Manila will stage an experience expo called Strictly RSVP. Strictly RSVP, an invitation-only event, will feature a series of special packages and premium offers for selected prospecting guests. Edsa Shangri-la’s partners, Styled Events by Beng Villanueva, Royal Flower Shoppe by Gina Galang, Blooms Event Styling by Allen and JP, Kyno Kho, Nikki Chatto Floral Designs, Jo Claravall, and Flowers & Events by Teddy Manuel, will join the experience expo. Themes to be explored during the June 1 event include Kids’ Lab, The Big Bash, @Eighteen, Ting Hun, and Me & You. For more information on offers, email events.esl@shangri-la.com.

Shangri-La Plaza unveils Streetscape

SHANGRI-LA PLAZA will unveil the refreshed look of its al fresco dining spot, Streetscape, starting May. Streetscape’s new look is inspired by the warmth and charm of Filipino heritage streets but with contemporary twists and convenient features. Restaurants include Manam with its inventive twists to Filipino fare and Refinery, with its creative new takes on comfort food; Italian pizzeria and resto a mano, popular French-American bistro café and restaurant Wildflour, and American steakhouse Longhorn, or sample the best of Asian cuisines like modern Izakaya Sakagura, contemporary Thai-Asian spot Ginger Lily, and chic resto-bar Red Lotus. Chef-driven dining spots such as Sala Martinez by Chef Luis Martinez and Juniper Club by Chef Josh Boutwood are also serving exquisite bites at Streetscape. Shang’s new al fresco spot will also sport organic food resto The Wholesome Table and Harlan + Holden Coffee. “When you step into the revamped Streetscape, you’ll instantly feel the inimitable Shang DNA. From the warm hospitality to the meticulously curated zoning to surroundings inspired by Filipino heritage streets and green spaces, every detail has been thoughtfully crafted to ensure a uniquely personal and inspired dining experience,” said Joy R. Polloso, Shang Properties EVP for Retail and Commercial. To learn more, follow Shangri-La Plaza on Facebook and Instagram @shangrilaplazaofficial.

Carmen’s Best Powerplant Mall branch reopens

CARMEN’S BEST reopens its original Powerplant mall branch just in time for the summer. This first-ever ice cream parlor of Carmen’s Best opened in 2018. Similar to the Mall of Asia branch, Carmen’s Best Powerplant Mall is now sporting the new, refreshed look of the brand following its recent relaunch. Classic flavors available include Salted Caramel, Strawberry, Malted Milk, Dark Chocolate, and Brazilian Coffee — in a cup, scoop, or even a kiddie scoop. Other offerings include milkshakes, SoftServe ice cream and even a coffee lineup. Some well-loved flavors are making a comeback for a limited time. These include Hokey Pokey (vanilla ice cream with handmade honeycomb candy), Natural Cheddar (made with 100% fresh milk and natural grated cheddar cheese), Matcha Kakigori (Japanese inspired dessert with red mung beans and a light matcha flavor), and Strawberry Cheesecake (cream cheese based ice cream swirled with strawberry ripple and graham crackers). These flavors will only be available until June. The menu is also expected to include more limited edition items in the coming months. According to Jovy Hernandez, President and CEO of Metro Pacific Agro Ventures and Carmen’s Best, “There’s no better joy than seeing more Filipino families enjoying our best-in-class, gourmet, and proudly local ice cream. Our goal is to build more of these joyful stores where families and friends can experience all that Carmen’s Best has to offer, and the joy that comes when you share it with people you love.” For more information and latest announcements, visit www.carmensbest.com and Instagram @carmensbest.

Australian Table Grape Association announces export season

THE AUSTRALIAN Table Grape Association (ATGA) announces the official launch of the Australian table grape export season in the Philippines, complemented by a promotional program across selected retailers throughout the country. Funded by Hort Innovation through grower levies, this initiative brings Australian table grapes to Philippine consumers. The promotional program aims to solidify the presence of Australian table grapes in the Philippine market. Through this campaign, consumers will have the chance to sample a diverse range of grape varieties from Australia, including popular favorites and new, innovative breeds that offer a unique taste experience. The promotional campaign will feature in-store tastings, educational materials about the benefits and varieties of Australian table grapes, and special promotions to celebrate the launch. Select retail partners across the country will participate in this program like Landers, Metro Supermarket, Robinsons Supermarket, S&R, Shopwise, The Marketplace as well as Dizon Farms. Jeff Scott, CEO of the Australian Table Grape Association, said, “Our growers have worked tirelessly to produce the highest quality grapes, and we are proud to share them with the Philippines consumers. This promotional program is a significant investment in connecting with our Filipino consumers and retailers, ensuring that the excellence of Australian table grapes is recognized and enjoyed across the market.” The Philippines represented almost 7% of Australian table grape exports for the 2022/23 season. The Philippines is currently the fourth largest export market for the 2023/24 season. For more information about the Australian table grape season in the Philippines and the promotional program, please visit http://www.AustralianGrapes.com.au.

BAP says selling PDS to PSE hinges on ‘right conditions’

THE Bankers Association of the Philippines (BAP) said it is open to selling the Philippine Dealing System Holdings Corp. (PDS Group) to the Philippine Stock Exchange (PSE) under the right conditions.

“We’re willing to sell at the right conditions,” BAP President Jose Teodoro K. Limcaoco told reporters on the sidelines of a media briefing last week.

“(The PSE) has given us a letter saying that they are interested, but there’s no price,” said Mr. Limcaoco, who is also the president and chief executive officer (CEO) of Ayala-led Bank of the Philippine Islands.

He noted that the BAP had engaged an adviser to assess the value of the potential sale to the PSE.

“That’s where we are. There is no result yet,” he said.

The PSE is eyeing the acquisition of up to 100% of the PDS, the operator of the Philippine Dealing & Exchange Corp. (PDEx), which caters to the fixed-income market, as part of merging the country’s capital market infrastructure.

The PSE has a 20.98% stake of the issued and outstanding capital stock of the PDS Group, while BAP members and institutions have a 21% stake.

Some of the other PDS shareholders include Singapore Exchange Ltd. (20% share), Whistler Technologies Services, Inc. (8% share), Tata Consultancy Services Asia (8% share), San Miguel Corp. (4% share), Financial Executives Institute of the Philippines Research and Development Foundation (3.08% share), and Social Security System (1.54% share).

PSE President and CEO Ramon S. Monzon said that the local bourse is hoping to finalize the planned takeover of PDS within the year.

He added that negotiations have not started because the power of attorney of the BAP has expired. The power of attorney allows BAP to decide on the merger on behalf of its member banks.

“I’m not sure if we’re waiting for a power of attorney,” Mr. Limcaoco said after being asked about the PSE’s recent statement.

He said that they want to understand the governance structure of the proposed merger.

“If we were to sell PDS, we wouldn’t understand how PDEx is governed. So we’re trying to understand how they are supposed to govern PDEx.”

In December last year, the Securities and Exchange Commission (SEC) approved the application of the PSE for exemptive relief, allowing it to exceed the mandatory ownership in PDS.

This move allows the PSE to exceed the mandatory limit of 20% on ownership and voting rights in an exchange, permitting it to own up to 100% of PDS, subject still to certain conditions.

The SEC’s move allows unified or integrated local bourses, referring to a financial market where assets like stocks and bonds are traded under a single entity as part of developing the country’s capital market.

Under the Securities Regulation Code, no industry or business group may beneficially own or control, directly or indirectly, more than 20% of the voting rights of the exchange.

In 2017, the PSE almost finished its takeover of PDS. However, the SEC blocked the transaction as it would breach the individual ownership limit under the law. — Revin Mikhael D. Ochave

Bakeries bring bread to north Gaza but hunger persists

ASMAA AL-BELBASI walks an hour to her nearest bakery each day to fetch bread for her children and other relatives in the north Gaza districts where aid agencies say famine still looms despite rising supplies.

The route can be dangerous, along streets strewn with rubble from blown-up buildings that are impassable to cars and with fighting between Hamas militants and Israeli forces still sporadically raging. Her journey shows how desperately Gazans need bread to stave off deadly hunger.

“Before they opened up the bakeries we would get corn flour, which you couldn’t knead. It was like a log and would come out like a biscuit. After a day or two it’d be difficult to eat,” she said, talking about the flour people in Gaza made from animal feed and baked on open fires.

When the first bakery opened using flour and fuel provided by the World Food Programme (WFP), unruly queues of hundreds of people crammed into nearby streets between the ruins of houses. The bakers had to employ dozens of stewards to maintain order.

A few more bakeries have now opened, some of them operating 24 hours a day, but while the queues are now smaller, Ms. Belbasi still waits at least 20 minutes each day for the two bags of flat pitta bread she needs for her large family, she says. 

Restoring Gaza’s bakeries and ensuring a regular supply of flour, water and fuel will be crucial to stopping famine spreading across the tiny, crowded enclave nearly seven months into the conflict.

Israel’s ground and air campaign was triggered when Hamas stormed border defenses on Oct. 7, killing around 1,200 people and seizing 253 more as hostages according to Israeli tallies.

The offensive has left Gaza in ruins, killing more than 34,500 people, according to health authorities in the Hamas-run enclave, and leaving nearly all the survivors homeless and destitute.

Bread has always been the main staple for people in Gaza, though before the war plenty of other food was available too, from locally grown vegetables, chickens and sheep, fresh fish from the sea and imported tinned and packaged food.

At the start of the war Israel announced a total blockade. Though it then started to let in some food, aid agencies including those run by the United Nations said it was not doing enough to facilitate supplies and their distribution.

Israel says it puts no limit on humanitarian supplies for civilians in Gaza and has blamed the United Nations for slow deliveries, saying its operations are inefficient.

But with pockets of famine emerging in Gaza, with some children dying from malnutrition and dehydration, and with people across the enclave hungry, even Israel’s closest allies have increased pressure on it to do more to let in food.

Aid started to flow in higher volumes into northern Gaza this month after Israel opened a new crossing point, and the WFP has been supplying bakeries as part of the wider effort.

But aid agencies warn it is still nowhere near enough to end a humanitarian disaster there and the WFP said last week that northern Gaza is still heading towards famine.

AID SUPPLY
The first big bakery in northern Gaza that reopened, on April 13, was one of five run by Kamel Ajour Bakeries, which now makes pitta bread and puffy sandwich loaves to sell at a subsidized rate.

“We suffered heavy damage. We have five branches and there are other selling locations and most of them were either partially or completely damaged. Thank God we were able to re-operate this place so we can make bread for people again,” said Karam Ajour, a quality control administrator at the bakery.

To reopen, the bakery workers had to salvage machinery from different branches that had been destroyed or damaged by Israel’s military campaign, moving them to the single branch they decided to reopen with WFP support.

They knead the bread into balls and flatten it into pockets that puff up as they pass through the oven to be put into large bags for collection. They are sold through windows with grills to the crowd pressing outside.

As demand for bread among the hundreds of thousands of people still living in northern Gaza was so high the Ajour owners decided to run a 24-hour operation, installing a third production line there alongside the existing two.

A steady supply of both wheat flour and fuel to operate the bakery oven are vital. Aid deliveries into northern Gaza have been far more complex than those to southern parts of the enclave nearer the crossings with Egypt.

In March, more than 100 people were killed during a botched aid delivery in the north. Earlier this month an Israeli strike killed foreign aid workers in a convoy carrying food aid into northern Gaza. Some aid convoys have been mobbed by desperate, hungry people.

Karam Ajour bakeries has employed people to handle the WFP aid deliveries into two Gaza City roundabouts and bring them safely to the bakery.

When asked how he felt about the bakery reopening, Mr. Ajour said: “I’m part of the people and I share their feelings and their need for food.” — Reuters

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