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By Luisa Maria Jacinta C. Jocson, Reporter
MONEY SENT HOME by overseas Filipino workers (OFWs) in March recorded its slowest pace of growth in nine months, data from the Bangko Sentral ng Pilipinas (BSP) showed.
Cash remittances — which fuels household spending — grew by 2.5% to $2.74 billion in March from $2.67 billion in the same month last year.
The growth in cash remittances eased from the 3% recorded in February. It was also the slowest pace of annual growth in nine months or since 2.1% in June 2023.
Month on month, cash remittances coursed through banks rose by 3.5% from $2.65 billion in February.
“The increase in personal remittances in March 2024 was due to remittances from land-based workers with work contracts of one year or more and sea- and land-based workers with work contracts of less than one year,” the BSP said.
Remittances from land-based workers went up by 3% to $2.15 billion in March, while money sent by sea-based workers inched up by 0.9% to $588.787 million.
“The slight dip may be attributed to foreign exchange nuances with the peso much weaker in March 2024 versus March 2023,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in a Viber message.
“Slower inflation for first quarter 2024 versus the corresponding quarter last year could also be tagged as one reason for the slight underperformance,” he added.
In March, inflation accelerated to 3.7% from 3.4% in February. However, it was much slower than the 7.6% print a year earlier.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort noted there was a seasonal increase in remittances due to the “holiday-related spending for the Holy Week in the latter part of March.”
Meanwhile, cash remittances rose by 2.7% to $8.22 billion in the first quarter from $8 billion in the same period a year ago.
“The growth in cash remittances from the United States (US), Saudi Arabia, the United Arab Emirates (UAE), and Singapore contributed mainly to the increase in remittances in Q1 2024,” the central bank said.
In the January-March period, the United States accounted for 41.2% of overall remittances. This was followed by Singapore (7.2%), Saudi Arabia (5.9%), Japan (5%), and the United Kingdom (4.4%).
Other sources of remittances were the UAE (4.3%), Canada (3.2%), Qatar (2.8%), Taiwan (2.8%) and Hong Kong (2.5%).
Meanwhile, personal remittances increased by 2.6% to $3.05 billion in March from $2.97 billion in the same month last year. In the first quarter, personal remittances jumped by 2.8% to $9.15 billion from $8.9 billion a year ago.
Mr. Ricafort said he expects modest growth in remittances in the next few months.
“For the coming months, single-digit growth in OFW remittances could still continue as OFW families still need to cope up with relatively higher prices/inflation locally that would require the sending of more remittances,” he said.
Mr. Mapa said that remittances remain a “stable and dependable source of foreign currency and peso purchasing power for the Philippine economy.”
The BSP expects cash remittances to grow by 3% this year.
LATEST INFLATION DATA and the recent peso performance will likely prompt the central bank to extend its policy pause, Finance Secretary Ralph G. Recto said.
“We’ll take a look at the data. So far, the way I see it, unless something changes between now and then, I think (it will be) more or less steady,” he told reporters late on Tuesday.
Mr. Recto is part of the seven-member Monetary Board, which is set to have its meeting today (May 16).
The BSP is widely expected to keep its benchmark rate at a 17-year high of 6.5%, according to 17 out of 19 analysts in a BusinessWorld poll last week.
From May 2022 to October 2023, the central bank raised interest rates by a total of 450 basis points (bps) to tame inflation. It last raised borrowing costs in an off-cycle rate hike in October.
“It all depends on inflation. We all go back to inflation. The expectations for inflation this year are lower than expected. But it will still be sticky. I think it will be a little higher next year also,” Mr. Recto said.
Inflation accelerated for a third straight month to 3.8% in April from 3.7% in March. It also marked the fifth straight month that inflation settled within the BSP’s 2-4% target range.
Inflation averaged 3.4% in the January-April period, below the central bank’s 3.8% full-year forecast.
Mr. Recto said that the peso’s recent performance will also be factored in the Monetary Board’s decision on Thursday.
“That’s part of it, why I think rates will stay the same,” he said.
The peso has been trading at the P57 level since mid-April.
The peso closed at P57.505 against the dollar on Wednesday, strengthening by 33.5 centavos from its P57.84 finish on Tuesday.
The Finance chief said that the Monetary Board may begin cutting rates by the fourth quarter of this year.
“Moving forward, I expect rates to go lower. Maybe not this Monetary Board (meeting), but it’s possible that within the end of the year, there could be a possible reduction in rates,” he said.
BSP Governor Eli M. Remolona, Jr. said that they could reduce rates if inflation settles firmly in the 3% area. — Luisa Maria Jacinta C. Jocson
By Kyle Aristophere T. Atienza, Reporter
THE PHILIPPINES’ ranking in a global good governance index dropped four spots to 67th out of 100 countries — its worst showing in three years — as it scored lower in several indicators including leadership and foresight.
It also fared worse in financial stewardship at 0.53 from 0.54 previously, and in global influence and reputation at 0.36 from 0.38 previously, in Chandler Institute of Governance’s Chandler Good Government Index (CGGI).
The Philippines’ score in helping people rise improved to 0.55 from 0.38, while it scored higher as an attractive marketplace to 0.56 from 0.53 last year, according to a report posted by the Chandler Institute on its website on Wednesday.
The country’s scores for strong institutions and robust laws and policies were unchanged at 0.46 and 0.47.
In Southeast Asia, there was a broad sense of progress in helping people rise from 2021 to 2024, the report said.
In the helping people rise pillar, the Philippines was recognized for efforts in health along with Malaysia and for income distribution along with Vietnam. Other indicators include education, satisfaction with public services, and personal safety.
“In other words, Southeast Asian countries have made strong progress across a number of outcome-related indicators,” the report said.
“It is possible this sense of national momentum and progress enhances citizens’ satisfaction with their country’s public services and general governance.”
Singapore topped the index, followed by Denmark (2nd), Finland (3rd), Switzerland (4th), Norway (5th), Sweden (6th), Luxembourg (7th), Germany (8th), the Netherlands (9th), and Ireland (10th).
In the East and Southeast Asia region, the Philippines lagged behind Singapore, South Korea (20th), Japan (22nd), China (37th), Malaysia (39th), Indonesia (48th), Vietnam (50th) and Thailand (54th).
The Philippines was only ahead of Mongolia (77th) and Cambodia (90th).
The Philippines’ failure to improve significantly in the index against the backdrop of poor performance in leadership and foresight reflects the country’s ‘lukewarm’ government performance,” said Emy Ruth Gianan, who teaches economics at Polytechnic University of the Philippines.
“In a sense, it has been our operation for the past decades. We rely on incremental policy development, waiting for years before more progressive and inclusive laws are in place,” she said in a Facebook Messenger chat.
She cited the country’s poor accountability measures, with many Filipinos not demanding much from their local and national leaders.
“We also cannot participate in these kinds of discourse fully because we need to meet our basic needs first,” she said. “Both challenges reinforce each other, creating that room for a mid-performance in governance.”
Ms. Gianan said the Philippines, whose score in financial stewardship saw a major decline, has yet to implement “more effective tax systems that could fund much needed welfare improvement.”
“Our economic hubs, while improving, have yet to reach the level of competitiveness of our regional neighbors,” she added.
Leonardo A. Lanzona, an economics professor at Ateneo de Manila University, said the Philippines’ worsening performance in the good governance index is a manifestation of “institutional deterioration we have been feeling since the Duterte administration.”
“As both local and global conditions change, the government has not met the growing demands of people, except to offer a helping hand during periods of crisis,” he said via Messenger chat.
President Ferdinand R. Marcos, Jr. was elected in 2022 as the country was recovering from the impact of the COVID-19 pandemic, which pushed the Philippines in 2020 to its deepest recession in postwar history.
“There is a mistaken notion that everything should be initiated by the government, resulting in an almost full acceptance of its policies,” Mr. Lanzona said.
Just like its predecessor, the current administration, despite the abundance of technocrats, has been “unable to offer much direction and solutions to current problems and to improving institutional quality,” he said.
“In the process, corruption and poor governance continued to prevail. Thus, the Filipino has never been allowed to reach his or her full potential,” he added.
“Despite having the highest growth rate in Southeast Asia (due mainly to base effects), the Philippines continues to be a laggard in the region.”
Philippine gross domestic product expanded by 5.7% in the first quarter, slightly faster than the 5.5% in the fourth quarter of 2023 but below the government’s 6-7% target.
The Philippines’ first-quarter growth is about the same as Vietnam’s 5.6% and ahead of China’s 5.3%, Indonesia’s 5.1% and Malaysia’s 3.9%.
The Philippines aims to be an upper middle-income economy by 2027.
By Beatriz Marie D. Cruz, Reporter
THE JAPAN International Cooperation Agency (JICA) is looking to fund more railway infrastructure and social development initiatives in the Philippines this year.
“For this year, actually we have many, many pipeline projects here, but it’s a little bit early for me to say the actual number because we need some more consultation with our Japanese parliament, taxpayers, and the Japanese government,” JICA Chief Representative in the Philippines Takema Sakamoto told BusinessWorld on the sidelines of an event late on Tuesday.
“Last year, size-wise, I signed roughly ¥300 billion (around P110 billion)… and I hope we can maintain the same size or level for that.”
Official development assistance (ODA) from foreign lenders helps the Philippine government fund major infrastructure and social development initiatives amid limited fiscal space.
This year, JICA will continue supporting the Philippines’ railway projects to encourage the public’s shift to mass transportation, Mr. Sakamoto said.
JICA will also continue funding the construction of roads and bridges in the country.
In March, the Philippine government and JICA signed two loan commitments totaling ¥250 billion to fund the ongoing construction of the Metro Manila Subway and a road project that involves building the longest tunnel in the country.
JICA also recently partnered with Japanese firms Sumitomo Corp. and Hankyu Corp. to support the operations and maintenance of Light Rail Transit Line 1.
For this year, the agency is looking to fund social development initiatives, particularly in health and water sanitation, Mr. Sakamoto said.
JICA is also planning to fund initiatives to promote peace in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
In particular, JICA will continue supporting BARMM’s infrastructure development, job creation, skills training, as well as governance and capacity development, Mr. Sakamoto said.
“The Bangsamoro peace process is not just for the Bangsamoro area’s development, but for the entire Philippines’ development,” he said. “A safer and secure situation in the [Bangsamoro] is a prerequisite for the invitation of more investments and so on.”
BARMM is currently preparing for its first-ever parliamentary elections next year.
Meanwhile, Mr. Sakamoto said challenges to project implementation in the Philippines include slow permitting process and delayed payments to project contractors.
“Commitment is already enough. [However], we need actual action on the ground to keep the promise, and not to change the rule in the middle,” Mr. Sakamoto said.
Government-issued orders like Executive Order (EO) No. 59 and Administrative Order (AO) No. 19 should address bottlenecks in planning for infrastructure projects and boost investor confidence in the country, he added.
President Ferdinand R. Marcos, Jr. recently issued EO 59 to fast-track the approval of key infrastructure project proposals, while an interagency committee was formed under AO 19 to streamline land acquisition for railway projects.
“As such, the government of the Philippines is doing their best to alleviate those hurdles or obstacles,” Mr. Sakamoto said. “I hope we can see a dramatic, speedier implementation on the ground this year.”
Japan was the country’s second-largest source of ODA in 2022, accounting for 30.75% or $9.96 billion of the total, according to data from the National Economic and Development Authority.
FILINVEST Development Corp. (FDC) saw a 36% rise in its first-quarter (q1) attributable net income, reaching P2.9 billion from last year’s P2.2 billion, driven by gains in the banking, power, and property sectors.
First-quarter total revenue and other income improved by 28% to P26.4 billion, FDC said in a statement to the local bourse on Wednesday.
Costs and expenses surged by 25% to P21.6 billion, it added.
Banking and financial services took up 36% of the conglomerate’s first-quarter bottom line, followed by its power subsidiary at 29%.
The property business, composed of the real estate and hospitality segments, shared 21% of overall profit, while other businesses shared the remaining 14%.
“We are pleased with the strong financial results during the first quarter. We will push to maintain the momentum as we strive towards the fulfillment of our long-term goal of sustained growth in earnings,” FDC President and Chief Executive Officer Rhoda A. Huang said.
For the banking business, East West Banking Corp. recorded a 6% increase in net income contribution to P1.2 billion. Net interest income rose by 34% to P8.2 billion, led by the 19% expansion in lending activities led by credit cards, auto, personal, and salary loans.
Consumer lending was the bank’s core product as it took up 81% of the total loan book, pushing net interest margin to 8.1%.
On the power segment, FDC Utilities, Inc. saw a 65% jump in net income to P1 billion on higher-than-expected energy sales volume and increased operational plant efficiency.
All units of its 405-megawatt Misamis Oriental plant were fully contracted, facilitated by the energization of the Mindanao-Visayas interconnection project in the second half of 2023.
For the real estate business, Filinvest Land, Inc. and Filinvest Alabang, Inc. recorded 17% increase in income contribution to P704 million as residential sales jumped by 24% to P3.6 billion.
The surge in residential sales came from accelerated construction progress of the projects and the strong performance of medium-rise condominiums. Mall and rental revenues improved by 4% to P2 billion led by higher mall occupancy and foot traffic.
Meanwhile, hotel operations under Filinvest Hospitality Corp. (FHC) contributed P37 million to the conglomerate’s first quarter net income.
FDC said that earnings came from the recovery of domestic tourism supported the increase in occupancy and room rates across operating properties such as Crimson in Alabang, Boracay, and Mactan; Quest in Cebu, Clark, and Tagaytay; and Timberland Highlands in Rizal.
FHC has approximately 1,800 rooms across seven hotels in seven cities and five regions under the Crimson and Quest brands. It also has two 18-hole golf courses situated in Mimosa, Clark.
For 2024, FDC has earmarked P25 billion as its capital expenditure budget, of which 60% will go to real estate development.
Another 15% will be used to pursue renewable energy projects, 15% for the expansion of the hospitality business, and the balance for digitalization and other businesses.
On Wednesday, FDC stocks dropped by 0.17% or one centavo to P5.79 per share. — Revin Mikhael D. Ochave
PACIFICLIGHT Power Pte. Ltd. (PLP), a subsidiary of Meralco PowerGen Corp. (MGen), will build two liquefied natural gas (LNG) generating units in Singapore, aiming to supply 100 megawatts (MW) of electricity.
This comes after the company was awarded by the Energy Market Authority (EMA) the right to build, own, and operate power generation units to provide “fast start” generation capacity by the second quarter of 2025.
Fast start is a type of power-generating capacity that allows energy to be delivered immediately to the grid.
“PLP is pleased to be awarded the 25-year Fast Start contract for a 100-MW hydrogen-ready gas turbine that can be brought from standstill to full load within 18 minutes,” PLP Chief Executive Officer (CEO) Yu Tat Ming said in a media release on Wednesday.
“This award marks a significant milestone for our company, and we are committed to delivering the project on time and reliably supporting the energy system,” he added.
MGen President and CEO Jaime T. Azurin said that the development will contribute to MGen’s drive for “more sustainable power generation as it transitions to low-carbon power generation such as LNG in the Philippines.”
“MGen is proud of the development and recognition of PLP’s capability to provide cleaner power supply to residents of Singapore,” Mr. Azurin said.
EMA Chief Executive Ngiam Shih Chun said that the fast start generating units by PLP “will bolster the reliability and security of Singapore’s power system with the potential to switch to using hydrogen instead of natural gas in the future.”
PLP is an 800-MW LNG power plant, and owned by FPM Power Holdings Ltd., a regional company that combines the joint expertise of MGen and First Pacific Co. Ltd.
MGen is the power generation arm of Manila Electric Co. (Meralco).
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera
FOR YOU, it’s instant food. To chef Myke “Tatung” Sarthou, it’s about restoring human dignity.
On April 23, in Mr. Sarthou’s restaurant Lore in Bonifacio Global City, Taguig, Maggi, under Nestlé Philippines, announced its partnership with the celebrity chef, restaurateur, and award-winning cookbook author. Under this collaboration, Mr. Sarthou will star in a new cooking show by Maggi and Nestlé Cream that will teach Filipino home cooks how to prepare homecooked meals. Beginning next month, he will host a 12-episode live cooking show on Maggi’s Facebook, YouTube, and Tiktok accounts.
Mr. Sarthou can be contradictory. On one hand, his restaurant Lore and his first prize-winning cookbook Philippine Cookery: From Heart to Platter advocate for heritage cuisine, which comes with it the idea of slow cooking and the preservation of tradition. On the other hand, his YouTube channel and subsequent cookbook series, named Simpol, advocate for easy cooking techniques that anyone can do. Mr. Sarthou, by the way, is releasing two new cookbooks this year: a new edition of Philippine Cookery, and a partnership with Maggi that might be titled Simply Simpol.
In an interview with BusinessWorld, he said, “While others may frown on the idea of me working with a company like Maggi for products such as Magic Sarap (a flavor enhancer) and all that — I really see it as an economic solution in providing families a means to feed their family healthier and more delicious food.”
While Mr. Sarthou will be cooking for Maggi, he will also help out with their Sarap Sustansya Advocacy campaign, which teaches young people in public schools about backyard and urban gardening (through a partnership with the Department of Agriculture), as well as cooking. They have also reached out to more diverse communities, such as army spouses. Raine Calma, Service Pillar Head for Nestlé Cream, Carnation and Maggi said, “If wala silang kakainin, useless din iyong brands namin (If they have nothing to eat, our brands are useless).” This year, they’re targeting to reach 3,000 schools across the nation.
When we pointed out his own heritage advocacy, he in turn pointed out the more urgent problem of hunger. According to a survey from Social Weather Stations, 14.2% of Filipino families “experienced hunger or lacked food at least once in the past three months,” even more than last quarter’s hunger incidence of 12.6%*. “Sometimes, the first thing that families kind of sacrifice is the quality of food that they eat at home,” he said.
“One of my advocacies really is about food sustainability. One thing that’s really a core of what I’m doing — that’s why I teach people how to cook ‘simpol’ — is that I think it’s (the) right of a Filipino to eat deliciously no matter what economic background you have.” — Joseph L. Garcia
*https://www.bworldonline.com/banking-finance/2024/05/03/592458/of-metrics-and-indicators/
SM Prime Holdings, Inc. said it will open SM City Caloocan on May 17, the first of four new mall openings planned for this year.
SM City Caloocan has over 94,000 square meters of gross floor area and three levels of mixed-use commercial space consisting of dining, shopping, and entertainment spots, SM Prime said in a statement to the stock exchange on Wednesday.
SM City Caloocan will be the company’s 86th mall in the Philippines. It is also the third mall in Caloocan City and the first in the northern cluster of the city.
“With the opening of SM City Caloocan, we bring to the northern part of the city the same world-class shopping experience we offer in the southern part with our SM City Grand Central, opened just over two years ago,” SM Prime President Jeffrey C. Lim said.
“We also hope to attract patrons from neighboring cities as we have more than 90,000 square meters of retail space curated to serve and cater to the demands of highly urbanized residents of these communities,” he added.
SM City Caloocan will open with over 90% of its space already lease-awarded.
Some of the brands in the mall include The SM Store, SM Supermarket, Watsons, Miniso, Surplus, Ace Hardware, SM Appliance, Crocs, Uniqlo, and BDO.
It will also have the SM Food Court, SM Cinema consisting of three regular cinemas, Wellness Space, Cyberzone, in-door amusement, and an air-conditioned Sky Plaza.
SM City Caloocan will have almost 1,200 parking slots, a public transport terminal, and an electric vehicle charging station at the third level.
For 2024, SM Prime is also scheduled to open SM City J Mall in Mandaue, Cebu; SM City San Fernando, La Union; and SM City Laoag.
SM Prime shares dropped by 0.37% or 10 centavos to P27.10 per share on Wednesday. — Revin Mikhael D. Ochave
IT HAS been estimated that vineyards existed in Japan as early as 718 AD, in Katsunuma, Yamanashi prefecture. But it was sometime in the 16th century that winemaking started with the arrival of the Jesuit missionaries from Portugal.
Among Asian countries, Japan had a head start in terms of wine assimilation, education, and even appreciation. It is therefore no surprise that even to the present, Japan has the highest per capita consumption of wine in Asia and is ranked second only to China in total wine consumption volume. China just dislodged Japan some three or four years ago, even if the Chinese population is more than 11 times that of Japan.
WINEMAKING IN JAPAN
While there has been long history and tradition of wine and vineyards in Japan, the country has not really capitalized on this much. At present only 2% of all Japanese wine consumption is of wine from a local source, with the majority (more than 70%) of local wine production coming from three prefectures: Yamanashi with 31%, Nagano with 23%, and Hokkaidō with 17%.
Koshu in Yamanashi prefecture is the main hub of Japan’s winemaking industry. The native eponymous koshu grape varietal is also the main grape in this region.
Koshu is a pink skinned grape varietal most likely imported from the Caucasus through the Silk Road around a thousand years ago. Koshu, the grape, was harvested initially as table grapes.
In 1875, a newly formed company, Dai-Nihon Yamanashi Budoshu in Katsunuma, intended to be the first real winery in the country — but they were trying to make wines from koshu grapes using mainly saké brewing equipment. Since that did not work, in 1877, the winery sent two staffers, Masanari Takano and Ryuken Tsuchiya, to the Champagne region in France to learn viticulture and enology. This was even earlier than when Masataka Taketsuru (known as the Father of Japanese Whisky), went to Scotland to learn whisky in 1918 as covered in my last column. Dai-Nihon Yamanashi Budoshu would therefore become the first winery to apply European winemaking techniques in the country, but that sadly did not last.
The company dissolved in 1886, but Kotaro Miyazaki, one of Dai-Nihon’s shareholders, decided to continue the business and took over its equipment. Miyazaki then teamed up with Ryuken Tsuchiya (one of the two men sent to study wine in France) and his younger brother Yasuyuki to form Kaisan Winery.
In 1949, Mercian was created and eventually replaced the Kaisan name, and in 1970, the word chateau was added to the name to make it Chateau Mercian.
In 2006 Chateau Mercian became a part of the large conglomerate Kirin Beer Group.
I had the pleasure of visiting Chateau Mercian in early 2018.
HOKKAIDO’S JUMP TO WINE RELEVANCY
While Hokkaido’s contribution to total domestic wine production is just 17%, this is still a huge improvement from a decade or two ago when it was barely registering its volume. Hokkaido now has a flourishing wine industry with 48 wineries currently operating in this segment.
In June of 2018, the Japanese government designated Hokkaido as a wine region with its own Geographic Indication (GI) system similar to France’s Appellation d’ Origine (AO or DO) and the US’ American Viticulture Area (AVA). A Hokkaido GI means that 100% of the wine comes from Hokkaido vineyards.
It turns out that climate change, in particular global warming, has been beneficial to Hokkaido, which is one of the coldest regions in Japan. The warming allows for reduced acidity, higher residual sugar, and more complexity in the wines. This is also the right micro-climate to produce good red wines like a Pinot Noir or Merlot.
Hokkaido’s ascension in wine relevancy may also be because the region produces more internationally appealing varietals, like Chardonnay, Gewurztraminer, and Pinot Noir as opposed to more omnipresent local varietals like Koshu and Muscat Bailey A.
Muscat Bailey is a hybrid created in Japan in 1927 by the Iwanohara Vineyard using Bailey and Muscat Hamburg grape varieties.
While Yamanashi as a wine region to me is more like a New Zealand South Island GI, in particular Nelson, Hokkaido has a more Alsace and its neighboring German wine region of Rheinhessen feel to it.
VISITING HOKKAIDO WINE CO. LTD.
Included in my last Japan trip was a visit to the Hokkaido Wine Co., probably the largest winery in the Hokkaido prefecture. The winery was founded in 1974 in Otaru City, and 2024 happens to be their 50th or Golden Anniversary.
The winery, while modest by European Union winery standards, produces around 2 million bottles of wine annually, making them easily a top five wine producer in the country. The majority of the wine production goes to the domestic market.
The winery has a beautiful cellar door that showcases all their wines for sale, and has a coin-operated Enomatic machine like-dispenser that visitors can use for small tasting portions before purchasing. The winery also holds organized-wine tours that last around 30 minutes, including a guided tour of their facilities, a view of their fermentation vats, bottling machines, storage and a dark room that has a large 3D wall for their virtual vineyard video presentation. The tour ends at the cellar door where sample wines are handed out for tasting.
TASTING NOTES
Here are my customary tasting notes from my visit in late February this year:
• Hokkaido Kerner 2021 — Kerner is a crossbred varietal created in Germany from Riesling and Trollinger varieties. I wrote: “lovely nose with longan, lychee, and very fresh, good acid backbone, tartness that is not offensive but noticeable, light, citrusy, juicy with peach and mineral notes at the end.” It was my first time to try this, and I actually enjoyed it.
• Tsurunuma Harvest Special Cuvee Pinot Blanc 2019 — Pinot Blanc is the white grape genetic mutation from the Pinot Noir. This varietal is found in Alsace, France, Germany and Alto Adige in Northern Italy. I wrote: “white peach nose, very subtle, herbaceous with hints of green apple, and quite soft, creamy with nice nutty flavors at the end.” This is my favorite wine among the three I tasted, especially given its vintage, closing in at five years old, when I have never tasted Pinot Blancs older than three years.
• Tazaki Vineyard Zweigelt 2017 — Zweigelt is an Austrian hybrid red grape varietal created in 1922 by Friedrich Zweigelt. This is Austria’s proudest red wine. I wrote: “dark-purplish color, aromatic, ripe berries, with apple-tart taste, lighter bodied than how the color projected, bitter-sweet tannins, and peppery finish.” This is probably my second time to try Zweigelt, and my first with a Japanese version. But like the Austrian version I tried earlier, it was not a memorable experience for me. It is decent, but not a wine for me. I may need more samples to appreciate this varietal.
There are a lot of upsides in Japanese wine that we can see at this present stage of development, but whether Japanese wines can go on the same trajectory as Japanese whisky remains to be seen. First, we need to see more Japanese wines produced and exported!
Sherwin A. Lao is the first Filipino wine writer member of both the 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/
A TOUR of the bones of City of Dreams Manila’s structure on April 24 revealed a lot of the property’s careful thinking about sustainability. They’re reaching for a goal, see: they plan to be carbon-neutral and zero-waste by 2030, as per instructions from the very top of its parent company, Melco Resorts & Entertainment Limited.
With several other media guests, BusinessWorld went to the back of the house, where we saw their NORDAQ water filtration and glass bottling system (which costs $370,000). Through this system, the property is able to filter, distill, and bottle the water that appears all around the site. By churning out hundreds of water bottles by the hour, as well as other sustainability initiatives, the property has reduced its use of single-use plastics and was able to divert 11.6 million single-use plastic units away from landfills.
Next on the tour was their e-bike charging stations, for use by employees, by the parking building. This is coupled with 3,120 PV solar panels that can generate 1,600 MWh annually. The number seems large, but it only powers a small percentage of the power needed for the resort. No matter: they’re diverting P30 million to add 612 more units to further increase their solar power capabilities, and as of the time of writing, they were currently being installed.
The little solar power farm on the roof deck stood next to another farm: their plant nursery and herb garden. One wonders about the number of plants that they have, but we were told that these were used for indoor decorations, and the plants take shifts: by the time one plant needs sunlight, it’s taken back to the nursery and another plant takes its place. By the plant nursery was a vermicompost facility, where the property’s food waste is taken and processed to be fed to worms, whose now-nutrient rich secretions are used to fertilize the plants. Around 145 metric tons of food waste have been processed there. The worms, in return, have produced seven metric tons and 3,300 liters of vermicast and vermitea (solid and liquid natural fertilizer), just over the year.
These are used to nurture the herb garden, used to supplement their chefs’ supplies. Here we saw thyme, basil, mint, and even microgreens. The garden can produce 276 kilograms of fresh herbs.
Then there is the property’s food waste composting machine, which harnesses microbial technology to compost food waste. The byproduct of this is an immature compost that can be used as a soil amendment in various horticulture applications, which the property gives to farmers. The property turned over about 896 kg of compost to its partner farmers last March.
All of these are part of Melco’s Above and Beyond sustainability strategy. In a video shown at the end of the tour (where guests repotted basil plants to take home, and were served dishes flavored with the herb garden’s produce), Melco’s Chair and CEO said, “Whatever we design today must be better than yesterday. Cleaner, healthier, safer, and more sustainable.”
“This is not an option, or a requirement. It’s just the way we do things, the way we look at the world, and the way we want the future to look back at us,” he said. “Above and Beyond will make sure our guests can have the time of their lives. And I can look my daughter in the eye.” — Joseph L. Garcia
CONSUNJI-LED DMCI Homes said its 37-storey Fortis Residences in Makati City is targeted for completion and turnover by December 2027.
As of April, construction of the residential tower has reached the sixth floor with an 18.32% completion rate, DMCI Homes said in a statement on Tuesday.
The mixed-use building adjacent to the property, One Fortis Plaza, which will offer office and commercial spaces, is also currently under construction.
Fortis Residences offers one-, two-, and three-bedroom units ranging from 55.50 square meters (sq.m.) to 154 sq.m., with prices starting at P13.8 million.
The project is expected to generate P12.4 billion in sales, according to DMCI.
Situated along the 5.8-kilometer Chino Roces Ave., which spans from Makati to Taguig, the development provides residents with proximity to main roads such as EDSA, Osmeña Highway, SLEX, and Skyway.
It is also close to the central business districts of Makati, Bonifacio Global City, Aseana, Entertainment City, Bay Area near Mall of Asia Complex, and Ermita Commercial District.
Amenities for open-area leisure activities include a play area, basketball court, and a fitness gym.
The condominium will also feature a sky lounge offering panoramic views of Manila Bay, Laguna de Bay, and a sky deck pool area.
DMCI said each unit will be equipped with essential appliances, including split-type air-conditioning units, cabinets, range hood, water heater for both restroom and kitchen faucet, and digital locksets. — Aubrey Rose A. Inosante
