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Now partners with German satellite firm

NOW Corp. has partnered with a German-based satellite communications company to provide a next-generation connectivity network in the country, the listed telecommunications company said on Wednesday.

In a regulatory filing, Now Corp. said it had signed a memorandum of understanding with Rivada Space Networks to tap its low-latency point-to-point connectivity network of 600 low Earth orbit or LEO satellites.

This seamless connectivity, as the company describes, will accelerate connectivity network performance while also improving security.

Headquartered in Germany, Rivada will provide Now Corp. with digital solutions for high-quality voice, video, and data solutions to enterprises to ensure secure infrastructure.

“As we aim to link and to secure critical infrastructures in the Philippines, we aim to provide the most reliable and secure connectivity to our intended market,” Henry Andrews B. Abes, president and chief executive officer of Now Corp., said in a statement.

Rivada’s low-latency connectivity network is an advanced inter-satellite laser link, harnessing onboard processing to provide routing and switching capabilities which in turn can provide wireless free-space optical communication, the company said.

At the local bourse on Wednesday, shares in the company closed six centavos or 4.76% higher at P1.32 each. — Ashley Erika O. Jose

Canon Philippines banks on business imaging solutions for firm’s growth

CANON Marketing (Philippines), Inc. (CMPI) aims to be a P5.5-billion solutions selling firm by 2026, with the expansion of its automated business imaging offerings expected to help it reach this goal, officials said.

The company is banking on business-to-business sales as it seeks to become the third-largest market player in the country, Kenichiro Kitamura, office imaging products director at CMPI, told BusinessWorld in an interview.

Canon’s business slowed significantly during the coronavirus pandemic due to its reliance on hardware products for revenue, Mr. Kitamura said.

“We cannot just focus on the printing. We have to do something different,” he said.

As more firms opted for work-from-home arrangements, Canon saw that every print product must have a digital solution, said Anuj Aggarwal, CMPI president and chief executive officer.

“When we say work-from-home, everything has to be digitized,” he said. “The traditional organizations that were believing in paper are also going for digitization.”

Each Canon business imaging product has built-in automation and fine-tuning to improve ease of doing business, alongside custom configurations and dedicated technical service engineers to assist and manage clients, the company said.

Canon’s imageRUNNER multi-function devices allow users to streamline and personalize print jobs with restrictions and authentications in place for preventive security, it said in a press release.

For large-format printing in small workspaces, its imagePROGRAF TC series lets users continuously print technical drawings, create own designs from templates, and auto-switch between papers, it added.

Meanwhile, the imagePRESS V900 series offers high-speed printing in a compact body with automated pre-run adjustment features.

Canon’s range of document readers and scanners also support precise paper feeding and fast conversion with content detection, it added. Its CR-N500 remote camera system supports a 1” sensor, 4K video resolution, and four-axis correction mechanism for video production and broadcasting.

Canon’s information management software serves as an archiving and communication ecosystem for organizations digitalizing their manual processes, the company added. — Miguel Hanz L. Antivola

Is Philippines ready for alcohol-free wine?

WINE is described as the fermented juice of grapes, with the operative word being “fermented.” Simply put, when grape juice does not go through the chemical process known as fermentation, it is simply juice.

Right now, there is a pseudo-trend going on for alcohol-free wine or non-alcoholic wine, and several wineries from top wine producing countries are already joining this band wagon. Could this be something the Philippine wine market is going to embrace moving forward?

A MORE ELABORATE PROCESS THAN REGULAR WINE
To be an alcohol-free wine, the product needs to be a wine first. This means that alcohol-free wine starts as a wine going through the traditional fermentation process before it is “re-engineered” to become alcohol-free. This is a huge challenge as alcohol is one reason why wine has inherent characteristics and texture.

There are a few methods to make this happen and it always starts with a finished wine to be “de-alcoholized” from its usual 13-14% to 0.5% or less, which, despite the presence of minimal alcohol can already be labeled as “non-alcohol” wine. The three known methods, all of which are complicated, are:

1. Vacuum Distillation — this uses heat to remove alcohol in wine in a vacuum chamber, boiling the wine to let the ethanol evaporate while keeping the wine flavors intact.

2. Spinning Cone Columns — the same concept as Vacuum Distillation but involving a few more stages of repeated low-temperature evaporation and condensation using inverted cones and centrifugal forces. Components of the wine are therefore broken apart and then put back together without the alcohol and keeping as much of the flavors of the wine as possible.

3. Reverse Osmosis — this is a high-tech molecular filtration process that allows wine to pass through with its inherent nuances, but not the alcohol in the wine.

WHY ALCOHOLIC-FREE WINE?
Health, safety, and inclusivity are the normal answers to why this product makes some sense.

As a wine lover, I can argue that wine is slightly healthier than other alcoholic beverages like beers or spirits, but the alcohol in wine has equal safety concerns as other alcoholic beverages, especially when one gets inebriated.

Taking the alcohol away from wine may be taking one reason away from not drinking, but to hardcore wine lovers like me, I like wine not for its alcohol content per se but more for its characteristics, flavors, and even compatibility with food. If indeed the flavor and nuances of the wines can be retained in alcohol-free wines, then I would not mind buying them, even if, because of the laborious process of removing alcohol, the wine will be more expensive than the regular wines.

Inclusivity in this case also means that people who, for a variety of reasons, cannot drink wine — for example Muslims and people of other religion that prohibit drinking alcohol — can now at the very least drink and taste wine. Pregnant women, designated drivers, and even heavy-equipment operators are also among the beneficiaries of this type of wine.

The big question may be on the taste of these alcohol-free wines, and whether they are like regular wines that can still pair with food and offer gastronomic sensations.

By the way, these alcohol-free wines are still not appropriate for those below 18, so read on.

WINE CATEGORY CONFUSION
“Alcohol-free” is really a misnomer. Alcohol-free wine is actually not zero alcohol — it has a minimal alcohol content at just 0.5% ABV (alcohol by volume) or below, therefore it is still not suitable for minors. This is similar to those non-alcoholic beers available in the market that also contain token alcohol. In Europe, where this trend might have started, the UK and Germany require wines with labels that say “alcohol-free” and “non-alcohol wine” to contain no more than 0.5% ABV. Anything above 0.5% ABV but below 9% is just simply low-alcohol wine.

I have yet to taste or experience these alcohol-free wines, so the jury is still out on this category. But, as some of my industry friends would blatantly say on this subject, “wine with no alcohol is like sex without orgasm.” That is a bit harsh, but we will see as I am sure these alcohol-free wines should be coming over sooner rather than later, and then we can all try them out and decide for ourselves if these wines will be here to stay or not.

Sherwin A. Lao is the first Filipino wine writer to be a 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.

Yields on term deposits climb as offer goes undersubscribed

BW FILE PHOTO

YIELD on the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) rose on Wednesday due to low demand ahead of the central bank’s policy meeting on Thursday.

Total bids for the BSP’s term deposits reached P305.484 billion, below the P400-billion offer for this week. This was also lower than P324.328 billion in tenders seen last week for a P400-billion offer.

Broken down, the seven-day papers fetched bids amounting to P179.794 billion, below the P200-billion auctioned off by the BSP and P199.395 billion in tenders logged in the previous auction for a P230-billion offer.

Banks asked for yields ranging from 6.55% to 6.7399%, a narrower margin compared with the 6.5325% to 6.7399% band seen a week ago. The average rate of the one-week paper increased by 3.32 basis points (bps) to 6.6473% from 6.6141%.

Meanwhile, demand for the 14-day term deposits amounted to P125.69 billion, lower than the P130-billion offering. Still, this was above the P124.933 billion in tenders recorded a week ago for a P170-billion offer.

Accepted rates for the papers were from 6.585% to 6.775%, a higher margin versus the 6.55% to 6.75% range seen on Nov. 8. With this, the average rate of the two-week deposit rose by 4.6 bps to 6.6699% from 6.6233% in the previous week’s auction.

The central bank has not auctioned 28-day term deposits for three years to give way to its weekly offering of securities with the same tenor.

The term deposits and the 28-day bills are used by the BSP to mop up excess liquidity in the financial system and to better guide market rates.

Yields on the BSP’s term deposits climbed as the offer was undersubscribed, BSP Deputy Governor Francisco Dakila, Jr. said in a statement on Wednesday.

This was due to banks’ servicing of loan releases and client withdrawals ahead of the central bank’s policy meeting, Mr. Dakila said.

“Nevertheless, financial system liquidity remains ample. Looking ahead, the BSP’s monetary operations will continue to be guided by its assessment of prevailing liquidity conditions and market developments,” he added.

A BusinessWorld poll conducted last week showed that 15 out of 18 analysts expect the Monetary Board to keep its key rate at a 16-year high of 6.5%.

Meanwhile, three economists said the Monetary Board may hike benchmark rates by 25 bps at Thursday’s meeting.

The BSP last month hiked its policy rate by 25 bps in an off-cycle move to help anchor inflation expectations. It has raised interest rates by 450 bps since May 2022.

Yields on the BSP’s term deposits rose “due to some seasonal window-dressing activities before the accounting yearend,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added in a Viber message. — Aaron Michael C. Sy

Half-rice order

FREEPIK

According to the United Nations Environment Program (UNEP), in its Food Waste Index Report for 2021, the world generated “around 931 million tons of food waste” in 2019, and of this, 61% came from households, 26% from food service, and 13% from retail. “This suggests that 17% of total global food production may be wasted (11% in households, 5% in food service, and 2% in retail),” it added.

The UNEP also noted in its 2021 report that “previous estimates of consumer food waste significantly underestimated its scale,” and that “food waste at consumer level (household and food service) appears to be more than twice the previous FAO [Food and Agriculture Organization] estimate.” Moreover, “household per capita food waste generation is found to be broadly similar across country income groups.”

Simply put, all countries, and all people — whether rich or poor — waste food. And most of that waste is generated in households, averaging 76 to 91 kilograms of food waste per person per year, in homes in lower middle-income to high-income countries. At a median of 83.5 kilograms, that comes out to roughly 23 grams of food per person daily. One cup of uncooked rice is estimated at 180 grams, while one cup of cooked rice is roughly 200 grams in weight. That 23 grams is equivalent to two tablespoons of cooked rice daily.

These measures are relevant given recommendations for Congress to pass a national law that will make it mandatory for restaurants to sell smaller meal sizes, in particular, a half-cup order of rice. As if “cup” size is the same for all food service establishments and that there is an actual standard in place for meal size or volume that is consistently monitored by government for compliance.

The proposed law’s primary intent is to reduce food waste. Perhaps a secondary intent is to combat obesity. In part, the latter also helps address the “silent” pandemic: diabetes. But, if global data shows that most food waste occurs in households, why should rice order sizes in restaurants be the target? Should we even regulate by law meal sizes in restaurants?

Common sense dictates that if the meal size is too big, or has too much rice, then one should not order it. One can order something smaller. It is a case of one wanting to order a meal but refusing to take responsibility for finishing it. Why should this be the establishment’s problem? And, the government solution to this problem is to dictate by law the availability of a smaller-sized rice order? An order of half-cup rice, in particular?

Who determines “reasonable” portion size, based on science and research data? What is a half-cup? This will depend on whether one is measuring dry or wet ingredients. In the case of cooked rice, it is both wet and dry. So, what standard should be used? For water, a half-cup is an exact unit of measure equivalent to a quarter of a pint, or roughly 120 grams. For honey, it is about 170 grams. For sugar, it is about 100 grams. By some estimates, one cup of uncooked rice is 180 grams, while one cup of cooked rice is roughly 200 grams in weight.

In short, cup size can be arbitrary. Weight is a more accurate measure. In this line, perhaps we should just require food service establishments to sell meals by weight? Even rice, not by portion size, but by weight. Pay only for weight you ordered. Like buying items from the market. After all, uncooked rice is sold in the markets by weight.

So, if Congress passes a national law requiring half-cup rice orders in all restaurants, will it set the exact unit of measure? Will it set guidelines for compliance and monitoring? How will it penalize restaurants that do not conform to the standard? Will it also penalize consumers who do not finish their food? After all, the intent is to prevent food waste. Shouldn’t we also penalize customers who waste food?

Why penalize only restaurants for not serving half-cup rice but not customers who waste their food? Who generated the waste, anyway? The producer or the consumer? And who will enforce the half-cup rice law? Compliance without monitoring of waste is half-baked. If people do not finish their food, they should be penalized as well.

And while we are at it, why not require by law half-order sizes for all food and not just rice? Again, food waste is the problem that needs to be addressed, right? So, why set “standards” for cooked rice only? Perhaps the wasting of food should be included in the revised penal code as a criminal offense punishable by a jail term. Food waste is a crime against humanity. In this line, Congress should also outlaw “unlimited rice” offers by restaurants.

The fact of the matter is, because of inflation and significantly higher food prices nowadays, meal sizes have already become smaller in most restaurants. Requiring that a half-cup rice order be made available is superfluous. All set meals offered with rice will have to be customized and repriced.

Frankly, what I want to see at this point is scientific data that a national law dictating rice order size is urgently needed, and that it will effectively address the issue of food waste, and curtail excessive consumer demand for rice. As opposed to programs that encourage people to be healthy and not to waste food.

Reports indicate that 46 local governments already have local ordinances on the half-cup rice option. But do these ordinances have a basis in science and research? By now, they should have data as to how many customers opt for half-cup rather than full-cup orders. What does the data indicate? Are the local ordinances effectively reducing food waste?

A bill filed in Congress provides that establishments that fail to abide by the proposed law will be fined P10,000 for the first offense, P20,000 for the second offense, and P30,000 for the third offense. But not customers who order more than what they can eat? Food is wasted only if people do not finish what they ordered, and do not take home the leftovers. So, how then does a full-cup order of rice become food waste?

I assume the government has data on rice waste, but does it have scientific data to pinpoint the source of waste, and by how much it can be reduced by the proposed law? If most waste occurs in households rather than in restaurants, what is Congress doing about that? Nothing, obviously. And rightly so. I am averse to any “portion” mandates, whether in restaurants or at home. Government should just stay out of this. We do not need Big Brother controlling how we eat.

The bill’s explanatory note says it envisions a future where individuals are more conscious of their food choices, and establishments prioritize responsible serving practices. Its goal is a society with a sustainable and balanced approach to food consumption. And all this, it believes, can be achieved by a law penalizing restaurants for not offering half-cup rice portions. Good luck with that.

 

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

matort@yahoo.com

Cemex incurs bigger net loss 

CEMEX HOLDINGS Philippines, Inc. saw its attributable net loss for the third quarter widen to P582.57 million from P552.07 million a year ago after booking lower revenues for the period.

In a stock exchange disclosure, the listed construction company said its total revenue fell by 14.4% to P4.39 billion from P5.13 billion last year.

Its gross expense fell by 7.1% to P4.57 billion from P4.92 billion previously.

Domestic cement volume for the third quarter improved, the company said, adding that its volume for the quarter is the highest this year.

From January to September, the company recorded an attributable net loss of P1.24 billion, wider than the P818.75 million loss recorded in the same period last year.

Combined revenues for the period reached P13.48 billion, 14.7% lower compared with P15.81 billion last year.

The company attributed its lower revenues to a drop in cement volumes sold on the back of declining cement prices.

For the nine months to September, cement sales generated P13.39 billion, lower by 15% from the P15.76 billion last year.

Cemex is anticipating to complete the construction of its new Solid Cement line by the third quarter of 2024.

The listed construction firm said it had invested around $269 million since the beginning of the project’s construction. It added that it is anticipating total investments to reach up to $356 million.

At the local bourse on Wednesday, shares in the company fell by two centavos or 2.44% to end at 80 centavos apiece. — A.E.O. Jose

Dining In/Out (11/16/23)

Gourmet Giving chefs offer special dinners for charity

INSPIRED by the idea of hapag — sharing a meal with people you love — Txoko Asador Restaurante executive chef Albert Mendoza developed a special menu for “Gourmet Giving Series: A Fine Dining Thanksgiving Experience for the Hapag Movement,” which launches this month as part of a holiday fundraiser for Filipino families who have little or none to share in their own “hapag.” The special menu will include a 10-course tasting menu featuring the best of Basque and Castilian cuisine, with wine pairing to boot. Mendoza’s Txoko Asador is among 12 top restaurants taking part in the Gourmet Giving Series, being held in partnership with the 23,300-strong Fine Dining Club Philippines Facebook community. The Gourmet Giving Series will hold special dinner events from Nov. 20 to 30 in support of the Hapag Movement, a Globe-led initiative that delivers supplemental feeding and sustainable livelihood training for Filipino families experiencing involuntary hunger. Txoco Asador’s special dinner will be held on Nov. 20 at P5,500 per person. Make reservations via 0956-047-3224. Meanwhile, the three restaurants of multi-awarded Filipino-British Chef Josh Boutwood are also participating in the series, starting on Nov. 23 at the Test Kitchen, with a six-course tasting menu available at P5,800 per person (call 0977-288-5751 for reservations), followed on Nov. 24 by Ember, which is offering a six-course tasting menu at P5,800 per head (call 0916-420-1600), and Helm on Nov. 25, with an eight-course tasting menu available for P6,900 (call 0915-909-8647 for reservations). To learn more about the Hapag Movement, visit
https://www.globe.com.ph/about-us/sustainability/globe-of-good.html#gref.

Limited-time holiday dishes offered at SaladStop!

SALADSTOP! unveils two limited-time offerings for the holidays: the White Christmas Salad and the Vegan Chocolate Pudding Loaf. SaladStop! is bringing back the White Christmas salad which is a mix of romaine, kale, chicken ham, walnut snow, sweet grapes, fresh green apples, crispy croutons, and a drizzle of creamy Queso de Bola dressing. Dig into a salad or wrap (P375) or opt for a White Chistmas Party Tray (P1,200 for salad tray, P2,300 for wrap tray) for larger gatherings and holiday feasts. Meanwhile, the Vegan Chocolate Pudding Loaf is available as a full loaf (P600) or a slice (P95). These seasonal offerings are available now until Jan. 2, 2024, at all SaladStop! stores. 

BDO partners with Bistro Group for promos

BDO UNIBANK has partnered with food and beverage company Bistro Group to make restaurant dining more affordable for BDO Credit Cardholders. A 50% dining discount awaits BDO Elite, Gold, and Classic Credit Cardholders for a minimum of P2,500 and a maximum of P6,000 food and beverage spend when dining at Italianni’s, TGIFridays, Texas Roadhouse, Watami, Modern Shanghai, Denny’s, Fish & Co., Buffalo Wild Wings, Hard Rock Café, Bulgogi Brothers, and Olive Garden on Fridays to Sundays, until Nov. 26. BDO Elite and Gold Credit Cardholders can also take advantage of a 50% dining discount for a minimum of P3,000 and a maximum of P10,000 food and beverage spend when dining at Las Flores, BCN by Las Flores, Tomatito, Rambla, and Rumba on Fridays to Sundays, until Nov. 26.  BDO Elite Credit Cardholders can also avail themselves of a 50% dining discount for a minimum of P5,000 and a maximum of P10,000 food and beverage spend when dining at the restaurants of renowned chef Josh Boutwood — Ember, Savage, and The Test Kitchen — every Friday and Saturday, until Nov. 25. They can also enjoy the same discounts when dining at Helm from Tuesday to Thursday, until Nov. 30. For more information on these restaurant dining deals, visit https://www.deals.bdo.com.ph/deal-welcome/2510.

Christmas at Solaire Resort Entertainment City

VISITORS can now enjoy the merry Christmas vibes all over Solaire Resort with different festive installations found around the property such as the Cadeaux small tree animation from Louis Vuitton, a Santa photo booth at Fresh presented by Coca-Cola, a carousel situated at the Atrium, and several entertainment stages for weekend activities to be held in the Shoppes at Solaire. Enjoy a specially curated menu for Christmas and New Year at the various dining outlets including Finestra, Yakumi, Red Lantern, and Waterside. Finestra is offering a six-course menu for Christmas and New Year’s Eve which includes Slow Cooked Veal, US Striploin, Australian Rib-eye, and more in the options. At Yakumi, guests can savor various set menus which feature Sake-steamed prawn, toro and unagi sushi, US Prime beef strip loin, Duck breast sous vide and other dishes. Red Lantern’s Christmas and New Year’s Eve Dinner Set Menu includes a wide variety of dishes including Wagyu beef tenderloin with egg yolk tart, Sous-vide smoky USDA beef tenderloin, and Wok fried prawn with sweet and spicy sauce. Waterside will be serving up Braised ginger prawn, sushi, Whole roast pork lechon, Crab agnolotti, Grilled Tajima wagyu rump, and more for their Christmas Eve, Christmas Brunch and Dinner, New Year’s Eve, and New Year’s Day menu options. To complete the holiday experience at Solaire Resort, catch the scheduled performances from The Hitmakers, The Bloomfields, the Philippine Folk Orchestra, Jed Madela, Ballet Philippines, Aegis, and more artists for the entire month of December. Solaire is also offering Christmas hampers for gift giving, with a selection of six holiday hampers packed with gourmet treats. Meanwhile, British fragrance and lifestyle brand, Jo Malone London is set to open a physical Jo Malone London store at Solaire’s The Shoppes in December. To celebrate, macarons inspired by the brand’s hero fragrances have been developed. These will be presented in distinctive boxes designed exclusively for Solaire. Try the exclusive Afternoon Tea Menu offer, inspired by the fragrances of Jo Malone London, which includes savories and tea sandwiches, rosemary scones, and various sweets on the menu. Avail of Solaire’s festive room package by booking from Oct. 16 to Dec. 27 on stay dates from Dec. 1 to 29, 2023, with a blackout date of Dec. 24 included. Guests can enjoy a buffet breakfast for two persons at Fresh and in-room welcome amenities with welcome drinks and a P1,000 Solaire bonus peso. Every booking also gets an exclusive Christmas gift from Solaire such as complimentary breakfast for two kids, a complimentary upgrade to Sky Studio, or Happy Hour in Waterside for two persons. The promotion is exclusively accessible through Direct Bookings made via Room Reservations or Solaire’s official website and is valid for all days of the week. For more information and reservations, visit www.solaireresort.com/christmasmagic or call the hotline at 8888-8888.

Frotea expands with 4 new branches in Batangas, Cavite

FROTEA, the milk tea dessert brand, opened two branches in Ibaan and Rosario, Batangas last September, and will be launching two new locations in Bacoor, Cavite, in the first quarter of 2024. Frotea offers affordable milk tea flavors and desserts — like Dark Choco Ice which is Frotea’s take on the Korean dessert bingsu — for less than P100. As Frotea expands, so does its menu. Dark Choco Ice is among their newest desserts alongside fish waffles, another Korean-inspired treat, with a crunchy exterior and a sweet creamy filling; and soft-serve Panda ice cream, a velvety dessert best paired with popping bob. Guests can try a wide variety of flavors from their Classic, Cream Puff, Signature Oreo, and Ube series, or opt for a lighter treat with their Fruit Teas.

Mang Inasal offers free Chicken Inasal Pecho promo

MANG INASAL amps up its year-long 20th anniversary celebration with the #MangInasalAt20 Pecho Panalo Buy 2 Get 1 Promo. The special offer gives away free Pecho Large Solo (one rice) for every purchase of two Pecho Large Value Meals. It can be enjoyed via dine-in, takeout, or delivery on all Tuesdays, Wednesdays, and Thursdays of November at all Mang Inasal stores nationwide. Visit www.manginasal.com for the latest news, https://manginasaldelivery.com.ph for delivery deals, and follow Mang Inasal on social media for updates.

Filipino cookbook in French released

HAILING from a French-Filipino family, author Myrani Miranda-Pesquet has released Une Bouchée des Philippines, a Filipino cookbook written in French. The book contains 50 recipes for breakfast, appetizers, main courses, and desserts/snacks, with each recipe accompanied by a photo. There are also tips, anecdotes and a collection of poems about key ingredients in Philippine cuisine. The recipes were chosen based on the availability of the ingredients in France. Une Bouchée des Philippines is available on Amazon on Kindle/ebook and paperback format, and at the Dédicaces bookstore in Paris, France.

Jollibee stores light up the holiday season

JOLLIBEE opened their nationwide Joyful Christmas Stores on Nov. 9 with simultaneous events in Manila at Jollibee Bonifacio Global City (BGC) Triangle Drive, in Davao at Jollibee Quimpo, and in Cebu at Jollibee General Maxilom through a ceremonial lighting of the stores with a giant socket and plug. This officially commenced the lighting of 10 flagship Jollibee stores across the country, with another 100 stores with their own merry light displays. For Luzon and Visayas stores, the brand partnered with Coca Cola Philippines. Drop by any of these branches to experience the magic of a Jollibee Christmas: BGC Triangle Drive, Madrigal, North Fairview, Baras, Katipunan, and 9th Ave., all in Mega Manila; Binalonan, Pangasinan; Tagaytay Rotonda; General Maxilom DT Cebu; and Davao Quimpo DT.

Tonik expands partnership with Genesys

TONIK DIGITAL Bank, Inc. (Tonik) has expanded its partnership with global cloud and artificial intelligence (AI) services provider Genesys to improve its customer service.

Under the partnership, Tonik will use Genesys’ Cloud CX platform to connect with customers across multiple channels, use AI for product inquiries, and improve security and product marketability, the digital lender said in a statement on Tuesday.   

“Our values are aligned with Genesys — it is about customer centricity and providing empathetic experience across all customer touchpoints. Our quest to build the next-generation financial platform and bring about an innovative culture to the banking system has made remarkable progress. The Tonik-Genesys partnership will continue to explore more automation opportunities to enable us to deliver exceptional customer, employee experience, and drive efficiencies,” Tonik Group Chief Operations Officer Tomasz Borowski said.

The partnership will help Tonik achieve its aim of expanding its loan portfolio for 2024 through creating “an all-digital touchpoint process” through its mobile app, the online bank said.

The digital lender and Genesys are planning the implementation of voicebots and unified bots for phones, web chat, mobile messaging, and smart speakers.   

“Our partnership with Tonik demonstrates our commitment to helping organizations scale personalized, end-to-end experiences through our Genesys Cloud CX platform. Beyond offering quality products and solutions, enhanced customer experience is a key differentiator in the digital financial servicing business,” Genesys Vice-President and Asia General Manager Simhua Lui said.

Tonik previously used Cloud CX to adjust to a hybrid work setup, using the Genesys Workforce Engagement Management tool to give employees a single platform and performance dashboards for training, educational resources, and other activities, it said.

“Furthermore, the platform also made it easier for Tonik to automate and scale within minutes, even without IT support,” it added.

There was a 60% decrease in customer wait time when they used Genesys’ platform, as well as zero downtime and disruption, Tonik said.

Tonik is one of the six Bangko Sentral ng Pilipinas-licensed digital banks in the country. — AMCS

As inflation cools, Fed seen cutting rates in May

REUTERS

COOLING INFLATION will allow the US Federal Reserve to forgo any more interest rate hikes and indeed to start cutting rates by May, traders bet on Tuesday, after a US government report showed consumer prices for October were unchanged compared with the prior month.

The report, which showed the consumer price index (CPI) rose just 3.2% from a year earlier, after rising 3.7% in September, “looked pretty good,” Chicago Federal Reserve Bank President Austan Goolsbee said at the Detroit Economic Club.

And while he said he wants to see further progress, particularly on housing inflation, the drop in CPI inflation from around 6.3% in January looks on track to be the fastest one-year peacetime decline in more than 40 years, he said.

Mr. Goolsbee didn’t update his view on the appropriate rate path on Tuesday, though even before Tuesday’s data he was not among Fed policy makers advocating for further policy tightening.

Prices of futures contracts that settle to the Fed’s target rate were pricing in only about a 5% chance the Fed will raise its policy rate any higher than the current 5.25% to 5.5% range, down from 28% prior to the Labor department report.

Core inflation, which excludes energy and food, rose 4% from a year earlier, the slowest pace in more than two years, the report showed. While still well above the Fed’s 2% target, the trend downward may give Fed policy makers more confidence that policy is tight enough to do the job.

“You can say goodbye to the rate hiking era,” said Brian Jacobsen, chief economist at Annex Wealth Management.

JPMorgan economist Michael Feroli, in a note to clients, said already low odds of a December rate hike have been further diminished by the CPI data, and he noted the numbers could also affect central bank forecasts due for release at the next Federal Open Market Committee (FOMC) meeting.

Mr. Feroli said with data pointing to fourth-quarter inflation moving under where the Fed thought it would be at the September FOMC and unemployment a touch higher, “it may be tough for them to justify offsetting a dovish hold with more hawkish dots.”

At the September Fed meeting Fed officials had penciled in one more increase in the federal funds rate, an increase they are now quite unlikely to deliver.

Meanwhile, the Fed is now seen as more likely than not to deliver its first rate cut in May, and end 2024 with the short-term benchmark rate a full percentage point lower than today, based on rate futures pricing.

The Fed last raised rates in July, but Fed Chair Jerome H. Powell as recently as last week said he would not hesitate to raise rates further should it be needed to beat inflation back.

Tuesday’s data lessens the pressure for further tightening, but US central bankers aren’t likely to take a victory lap yet, according to Nationwide Chief Economist Kathy Bostjancic.

“The Fed for now will maintain its tightening bias, erring on the side of caution,” she wrote. — Reuters

Repower Energy launches 8th run-of-river hydropower plant

Repower Energy Development Corp. (REDC) has started the commissioning phase of its 1.4-megawatt (MW) run-of-river hydropower plant in Quezon province, the company said on Wednesday.

In a media release on Wednesday, REDC, the pure hydropower subsidiary of Pure Energy Holdings Corp., said its newest hydropower plant is expected to have an annual generation of 8 gigawatts-hour.

The plant is operated by an affiliate, Blue Energy Holdings and Management Corp.

“We are proud to have finally completed this meaningful project that certainly benefits our stakeholders, despite the challenges encountered. We thank our many partners for the support in making this project a reality,” Blue Energy President and Chief  Executive Officer Christopher John A.D. Tiu said.

The hydropower plant is the company’s eighth run-of-river hydropower plant. It is located between the operating Upper Labayat and Tibag plants.

The three hydropower plants are connected via a 69-kilovolt transmission line, which is in turn linked to the power grid operated by the National Grid Corp. of the Philippines.

REDC President Eric Peter Y. Roxas said 2023 “has been truly a period of aggressive expansion to provide clean energy to under-electrified communities in provinces.”

He said the hydropower plant in Brgy. Labayat “is a testament to the success we are currently experiencing.”

“We look forward to continuing enhancing our services to the key markets we operate in so that we can uplift our stakeholders’ standards of living,” he added.

In June, REDC commissioned its 5.8-MW Tibag project, which is the seventh run-of-river hydropower plant in its portfolio.

REDC is currently constructing a 4.5 MW hydropower plant in Quezon and a 20 MW plant in Bukidnon. Both plants are targeted to start operations by the fourth quarter of 2025.

The company said that it has three more hydropower projects in the pipeline located in Northern Luzon that will start construction in 2024. — Sheldeen Joy Talavera

Robinsons Antipolo’s extension means more eats

SITUATED along Antipolo’s sweeping Sumulong Highway, Robinsons Antipolo has stood in its spot since 2014. Last year, it doubled its retail space by adding an extension. Last week, it threw a lunch with over 20 of its participating restaurant tenants stuffing media guests full.

On Nov. 9, Robinsons Antipolo took offerings from each of its tenants and served it at the Buffeast, a massive buffet set up by the mall’s Christmas tree. Participating vendors included familiar favorites like Nono’s, Manam, Tong Yang, Botejyu, Ramen Nagi, Prime Steakhouse, BLK 513, JCO, Tiger Sugar, Serenitea, Mary Grace, Teresita’s by Razon’s, Shakey’s, Peri Peri, Hapchan, Ineng’s BBQ, Gerry’s Grill, and Classic Savory. Noticeable among these tenants were local Antipolo haunts that have found new homes in the mall: these include Theo and Miguel (serving Asian fusion), Marisons (modern Filipino), and Romeo’s (classic Filipino; we recommend their callos).

Roseann Villegas, Robinsons Land Corp. Director for Corporate Public Relations, discussed the mall’s architecture with BusinessWorld. Asked if each mall’s design is specific to its location, Ms. Villegas said, “We try to blend where we are. If you notice, there’s a lot of open spaces, and you can see the (greenery) from inside.”

The mix of tenants for the Buffeast (as in the eastern part of Luzon where Rizal province is) is to emphasize the stores in the extension, she said. With the extension, there are now over 400 partners within the mall, including the cinema and the food courts at the top level. Of note is the presence of local businesses in the mall, giving a boost to micro, small, medium enterprises  (MSMEs) in the area. Ms. Villegas said, however, “We’re here to help regardless if it’s small, medium, or national brands. We’re here to serve our mallers, and that’s the best way to keep them happy.” She also pointed out the fact that the mall is pet-friendly, noting that they were one of the first malls to implement pet-friendly policies (and we saw at least three dogs during the mall walkthrough).

Robinsons Antipolo is being billed as a foodie destination, as implied in the event’s name. But that is not unusual — “Robinsons Malls are really known to be foodie malls,” said Ms. Villegas, citing the restaurants in Robinsons Magnolia and Galleria as examples. “We’d like to be remembered for celebrations, for gatherings.” — Joseph L. Garcia

Philippines improves in Anti-Money Laundering Index

The Philippines placed 53rd out of 152 jurisdictions with an overall score of 5.64 (out of 10) in the 2023 edition of the Basel Anti-Money Laundering (AML) Index by nonprofit organization Basel Institute on Governance. The index ranks a jurisdiction based on its risks of money laundering and terrorist financing (ML/TF) and its capacity to counter them. The Philippines’ ranking improved from the 2022 index where it ranked 45th out of 128 jurisdictions. Its score was above the 5.31 global average and the 5.47 average in East Asia and the Pacific.

PHL improves in Anti-Money Laundering Index

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