BARMM economic potential; US debt and elections

October 17, 2024 | 12:02 am

Two topics will be covered in this column so we go straight to the numbers and facts.

The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) has the smallest regional GDP size even among Mindanao’s six regions — only P292 billion in 2023 (at constant 2018 prices). The region has remained economically undeveloped even after the conclusion of the comprehensive peace agreement between the Philippine government and the Moro Islamic Liberation Front (MILF) in March 2014.

The BARMM is composed of six provinces — Lanao del Sur, Maguindanao del Norte (except Cotabato City), Maguindanao del Sur, Basilan, Tawi-Tawi, and Sulu. The regional GDP of P292 billion was only 1.4% of the total Philippine GDP of P21.05 trillion in 2023. I was expecting that during and after the peace agreement in 2014, regional growth would quickly rise but it did not. The average growth in 2013-2018 was only 5.5% compared with the national growth of 6.6% (see Table 1).

Recently the Supreme Court ruled that Sulu (with a population of 1 million according to the 2020 census) is no longer part of the BARMM, so the region now has only five provinces.

Last week I read about and saw photos of a big meeting, the 20^th meeting of the National Government — Bangsamoro Government’s Intergovernmental Relations Body (IGRB) held on Oct. 11 at Chardonnay de Astoria in Pasig City. (It is a good venue, part of the Astoria Hotels and Resorts group owned by a friend and fellow UP School of Economics alumnus, Jeffrey Ng.)

Department of Budget and Management (DBM) Secretary and IGRB Co-chair Amenah F. Pangandaman, and BARMM Minister and IGRB co-chair Mohagher M. Iqbal, led the meeting. Secretary Pangandaman is also a Muslim — her family hails from Marawi City.

Both officials emphasized the role of peace or the absence of war in the region to advance growth and prosperity. The BARMM needs to be on a fast track growth and investment expansion to catch up economically even with its neighbor regions in Mindanao.

Here are some reports this year from BusinessWorld on this topic: “Bangsamoro ecozones backed” (Jan. 14), “Gains mark BARMM’s 5^th year” (Jan. 21), “Energy dep’t, BARMM to offer areas for exploration” (Feb. 26), “Bangsamoro gov’t authorized to enter into foreign-aid deals under new ODA guidelines” (Sept. 3), “BARMM to buy DBP stake in Amanah Bank” (Sept. 9), “BARMM studying Malaysia’s programs” (Oct. 1), “Exploring land-based natural gas fields in Southern Mindanao” (Oct. 14, “Introspective” column by Dr. Ramon Clarete), “SC ruling on Sulu won’t disrupt gov’t operations — IGRB” (Oct.15).

I hope that the recent IGRB meeting and the inspirational messages of Ms. Pangandaman and Mr. Iqbal will spur the participants and their people in the region to move faster in attracting domestic and foreign investments. Especially huge funds from rich Muslim economies in the Middle East like Qatar, Kuwait, the United Arab Emirates, and Saudi Arabia.

THE US ELECTIONS
The US Presidential elections are just three weeks away, so I checked the fiscal management records of past American presidents Barrack Obama and Donald Trump, and incumbent President Joe Biden.

Since Mr. Trump had an explicit policy of “no new US war abroad” coupled with ending existing US wars, the man has actually controlled the fast expansion of US debt, with an average increase of only around $3.15 trillion over three years (2016-2019) or $1 trillion/year.

Then came the COVID-19 lockdowns and mandatory shutdown of businesses globally in 2020. US debt jumped by $4.2 trillion in a single year to $26.94 trillion by the end of Fiscal Year 2019-2020.

President Biden and Vice-President Kamala Harris backed a new US war/involvement abroad in Ukraine, sustained existing wars (US troops are still in Syria, Iraq, etc.), and are preparing for a big war vs China over Taiwan. US public debt has been increasing, from $1 trillion/year under Trump (except for 2020) to $2.13 trillion/year under Biden (see Table 2).

These public debt numbers do not include yet unfunded liabilities like pension which are in the several tens of trillion dollars.

The world has experienced 79 years of peace, with no world wars (from September 1945, when World War II ended, to October 2024). Conflicts between and among countries over territory, over natural resources and other issues were resolved via diplomacy and peaceful settlement. Yes, there were inter-country or regional wars but no world war.

We should keep peace in the world. We should have more commerce and trade, more investments and tourism, more exchange of sports, culture, and rock bands in the world. Not more missiles and bombs, more jetfighters and fighter drones.

I hope that we shall see a no new war, and see policy change on existing wars in the US again after the Nov. 5 elections.

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

minimalgovernment@gmail.com

Philippines’ Economic Freedom improved in 2022

October 17, 2024 | 12:02 am

THE PHILIPPINES’ RANKING jumped nine spots in a global index on economic freedom due to higher scores in trade freedom and property rights, according to the Canada-based think tank Fraser Institute. Read the full story.

Meralco says consumers to save P11.8B from 600-MW power supply deals

October 17, 2024 | 12:02 am

electric-meter — PHILIPPINE STAR/ERNIE PENAREDONDO

MANILA Electric Co. (Meralco) is seeking approval from the Energy Regulatory Commission (ERC) for its 600-megawatt (MW) power supply agreements (PSAs), which are projected to result in consumer savings totaling P11.76 billion.

Meralco has filed separate joint applications with San Miguel Global Power Holdings Corp.’s Masinloc Power Co. Ltd. (MPCL) and Aboitiz Power Corp.’s GNPower Dinginin Ltd. Co. (GNPD).

The power distributor secured the lowest bids from MPCL and GNPD, which offered P5.6015 per kilowatt-hour (kWh) for 500-MW capacity and P5.7392 per kWh for 100 MW, respectively.

The Bids and Awards Committee for PSA issued notices of award to MPCL and GNPD. Thereafter, Meralco signed PSAs with the two generation companies with planned effectivity on Aug. 26, 2025.

In Meralco’s joint filing with MPCL, they said that the delivered rate would be P5.0107 per kWh, inclusive of line rental and value-added tax (VAT), citing a rate impact analysis.

This is lower by about P2.2719 per kWh than the effective cost of P7.2825 per kWh if the equivalent capacity under the Meralco-MPCL PSA is sourced from the Wholesale Electricity Spot Market (WESM), the trading floor of electricity.

“In fact, by sourcing the capacity through the Meralco-MPCL PSA, Meralco’s average blended generation rate will be reduced by about P0.2508 per kWh… resulting in savings to consumers of about P9.951 billion,” the application read.

MPCL owns and operates Units 3 and 4 of the Masinloc Coal-Fired Thermal Power Plant in Brgy. Bani, Masinloc, Zambales, and capable of supplying 619.50 MW. The power plant units are undergoing construction.

Meanwhile, in Meralco’s application with GNPD, the firms said that consumers could save about P1.805 billion by sourcing the 100-MW supply requirement through the PSA instead of the spot market.

They said that the delivered rate of P5.2217 per kWh (line rental inclusive and VAT inclusive) is lower by about P2.0608 per kWh compared to the effective cost of P7.2825 per kWh if the same capacity is sourced from the WESM.

GNPD owns and operates a 1,336 MW coal-fired power plant in Brgy. Alasasin, Mariveles, Bataan.

Citing its Distribution Development Plan and Power Supply Procurement Plan approved by the Department of Energy, Meralco is seeing a baseload capacity deficit in its portfolio of 600 MW based on its power situation outlook for the third quarter of 2025.

“If this deficiency is not addressed through the grant of provisional authority or interim relief, Meralco’s customers stand to be exposed to the volatile prices of the WESM equivalent to the considerable volume of the subject Meralco-MPCL PSA,” according to one of the applications.

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

EU AI Act checker reveals Big Tech’s compliance pitfalls

October 17, 2024 | 12:02 am

LONDON — Some of the most prominent artificial intelligence (AI) models are falling short of European regulations in key areas such as cybersecurity resilience and discriminatory output, according to data seen by Reuters.

The European Union (EU) had long debated new AI regulations before OpenAI released ChatGPT to the public in late 2022. The record-breaking popularity and ensuing public debate over the supposed existential risks of such models spurred lawmakers to draw up specific rules around “general-purpose” AIs.

Now a new tool designed by Swiss startup LatticeFlow and partners, and supported by European Union officials, has tested generative AI models developed by big-tech companies like Meta and OpenAI across dozens of categories in line with the bloc’s wide-sweeping AI Act, which is coming into effect in stages over the next two years.

Awarding each model a score between 0 and 1, a leaderboard published by LatticeFlow on Wednesday showed models developed by Alibaba, Anthropic, OpenAI, Meta, and Mistral all received average scores of 0.75 or above.

However, the company’s “Large Language Model (LLM) Checker” uncovered some models’ shortcomings in key areas, spotlighting where companies may need to divert resources in order to ensure compliance.

Companies failing to comply with the AI Act will face fines of 35 million euros ($38 million) or 7% of global annual turnover.

MIXED RESULTS
At present, the EU is still trying to establish how the AI Act’s rules around generative AI tools like ChatGPT will be enforced, convening experts to craft a code of practice governing the technology by spring 2025.

But LatticeFlow’s test, developed in collaboration with researchers at Swiss university ETH Zurich and Bulgarian research institute INSAIT, offers an early indicator of specific areas where tech companies risk falling short of the law.

For example, discriminatory output has been a persistent issue in the development of generative AI models, reflecting human biases around gender, race and other areas when prompted.

When testing for discriminatory output, LatticeFlow’s LLM Checker gave OpenAI’s “GPT-3.5 Turbo” a relatively low score of 0.46. For the same category, Alibaba Cloud’s “Qwen1.5 72B Chat” model received only a 0.37.

Testing for “prompt hijacking,” a type of cyberattack in which hackers disguise a malicious prompt as legitimate to extract sensitive information, the LLM Checker awarded Meta’s “Llama 2 13B Chat” model a score of 0.42. In the same category, French startup Mistral’s” 8x7B Instruct” model received 0.38.

“Claude 3 Opus,” a model developed by Google-backed Anthropic, received the highest average score, 0.89.

The test was designed in line with the text of the AI Act, and will be extended to encompass further enforcement measures as they are introduced. LatticeFlow said the LLM Checker would be freely available for developers to test their models’ compliance online.

Petar Tsankov, the firm’s CEO and cofounder, told Reuters the test results were positive overall and offered companies a roadmap for them to fine-tune their models in line with the AI Act.

“The EU is still working out all the compliance benchmarks, but we can already see some gaps in the models,” he said. “With a greater focus on optimizing for compliance, we believe model providers can be well-prepared to meet regulatory requirements.”

Meta declined to comment. Alibaba, Anthropic, Mistral, and OpenAI did not immediately respond to requests for comment.

While the European Commission cannot verify external tools, the body has been informed throughout the LLM Checker’s development and described it as a “first step” in putting the new laws into action.

A spokesperson for the European Commission said: “The Commission welcomes this study and AI model evaluation platform as a first step in translating the EU AI Act into technical requirements.” — Reuters

Bakers brace for costly Christmas as butter prices surge

October 17, 2024 | 12:02 am

PARIS — Butter prices have rocketed in recent months, trading at record highs across Europe in bad news for bakers and pastry makers as they prepare for Christmas celebrations and already face high chocolate and sugar costs.

Strong demand for butter, tight stocks, and dairy processors’ preference to use more milk for the most profitable products such as cheese have driven the price surge, analysts say.

European butter was trading on world markets at a record $8,706 per metric ton by Sept. 29, up 83% on year, latest official European Commission data showed.

Prices were also higher year on year in Australia and New Zealand but came off summer highs.

While large food companies have covered much of their butter supplies before starting to produce Christmas cakes and ice creams, the impact for small producers will be significant with a rise in prices unavoidable, said Paul Boivin, director of the French bakers and pastry federation FEB.

Milk output declined last year in most parts of the globe including Europe, the United States, and New Zealand — the world’s largest milk and butter exporter — as low prices and high feed costs discouraged many dairy farmers.

Global milk output rebounded slightly in 2024 but remained tight compared to growing demand, prompting producers to favor allocating milk to the most competitive products like cheese instead of butter, Rabobank dairy analyst Michael Harvey said.

SPREAD OF DISEASES
EU milk production grew 0.7% between January 2023 and July 2024, the latest EU data showed. Over the same period butter output fell 1.6% with stocks at historically low levels, while cheese production gained 3.2%.

The US Department of Agriculture (USDA) this month raised its forecast for 2024 US butter prices to $3 per pound, up 15% from last year, due partly to fewer cows and less milk produced by each animal.

“Tighter milk supplies and firm demand are expected to carry the higher price outlook into 2025,” USDA said.

Revenues in the global butter market are set to reach $42 billion in 2024, up more than 8% from 2022, and the market is expected to grow annually by 7% by 2029, according to data platform Statista.

European butter prices were also somewhat supported by fears of a further decline in milk supply due to a spread of diseases in dairy cows in Western Europe, including bluetongue and Epizootic Hemorrhagic Disease (EHD), analysts said.

However, the number of outbreaks of bird flu in US dairy cows was not large enough to impact the national level of milk production, USDA economist Michael McConnell said.

Butter prices should ease from record highs as dairy producers boost output to benefit from high prices, but it could take several months to see a significant fall, said Susan Kilsby, analyst at ANZ bank in New Zealand. — Reuters

CIMB Bank PH launches savings account for OFWs

October 17, 2024 | 12:01 am

CIMB BANK Philippines, Inc. (CIMB Bank PH) has launched a savings account product for overseas Filipino workers (OFWs) as it looks to tap underserved sectors.

The bank on Wednesday launched CIMB Kababayan, which will allow OFWs to open an account via the CIMB app while abroad using an international SIM card. The savings account has no opening and maintaining balance, offers free fund transfers, and a high interest rate of 15% per annum.

The digital-only commercial bank aims to onboard half a million depositors in the next two years through CIMB Kababayan.

”This is CIMB Bank’s newest offering, especially tailored for overseas Filipino workers and their families, in line with the bank’s mission to promote financial inclusion and to serve the underserved,” CIMB Bank PH Chief Executive Officer Vijay Manoharan said in a speech at the launch event.

“With CIMB Kababayan, OFWs can gain access to a superior banking relationship, the ability to open and save in a matter of minutes anywhere in the world, gain access to financial education, financial literacy, have an account which makes them enjoy higher savings interest rates, make payments more convenient, seamless, secure and transparent, and most importantly keep their money safe and help them grow their hard-earned money,” Mr. Manoharan said.

He said the 15% savings rate offered for the product will be subject to market conditions.

“Of course we’ll adjust it from time to time, but we’ll always continue to want to give back more than what the industry is giving. We’ll always be competitive,” Mr. Manoharan said.

He added that CIMB Bank PH plans to launch more products that cater to OFWs.

“CIMB will continue to drive to bring additional offerings to the OFW proposition and in the months to come you will hear more of how we will bring more and more value to the market to help the OFWs, and we also intend to enable access to credit for these OFWs to further support their financial needs, as today, they have limited access to credit from banks,” Mr. Manoharan said.

He added that the bank is on track to reach its financial targets for the year.

CIMB Bank PH’s customer base has reached 8.5 million depositors and about 3.5 million borrowing relationships, he said, but did not provide other figures.

Mr. Manoharan previously said the bank expects “higher than single digit” net income growth this year.

It is also aiming to disburse P75 billion in loans this year and to reach a total deposit cash-in level of P500 billion. — Aaron Michael C. Sy

Meta must face US state lawsuits over teen social media addiction

October 17, 2024 | 12:01 am

FACEBOOK parent company Meta must face lawsuits by US states accusing it of fueling mental health problems among teens by making its Facebook and Instagram platforms addictive, a federal judge in California ruled on Tuesday.

Oakland-based US District Judge Yvonne Gonzalez Rogers rejected Meta’s bid to toss the claims made by the states in two separate lawsuits filed last year, one involving more than 30 states including California and New York and the other brought by Florida.

Mr. Rogers put some limits on the states’ claims, agreeing with Meta that a federal law known as Section 230 regulating online platforms partly shielded the company. However, she found that the states had put forward enough detail about allegedly misleading statements made by the company to go forward with most of their case.

The judge also rejected motions by Meta, ByteDance’s TikTok, Google parent Alphabet’s YouTube and Snap’s SnapChat to dismiss related personal injury lawsuits by individual plaintiffs. The other companies are not defendants to the states’ lawsuits.

The ruling clears the way for states and other plaintiffs to seek more evidence and potentially go to trial. It is not a final ruling on the merits of their cases.

“Meta needs to be held accountable for the very real harm it has inflicted on children here in California and across the country,” California Attorney General Rob Bonta said in a statement.

Lawyers for the personal injury plaintiffs in a joint statement called the ruling “a significant victory for young people nationwide who have been negatively impacted by addictive and harmful social media platforms.”

A Meta spokesperson says that the company disagreed with the ruling overall and that it had “developed numerous tools to support parents and teens,” including new “Teen Accounts” on Instagram with added protections.

A Google spokesperson called the allegations “simply not true” and said, “providing young people with a safer, healthier experience has always been core to our work.”

The other social media companies did not immediately respond to requests for comment.

The states are seeking court orders against Meta’s allegedly illegal business practices and are seeking unspecified monetary damages.

Hundreds of lawsuits have been filed by various plaintiffs accusing the social media companies of designing addictive algorithms that lead to anxiety, depression and body-image issues among adolescents, and failing to warn of their risks. — Reuters

What is enough?

October 17, 2024 | 12:01 am

INDIGENOUS TRIBES such as the Aetas have a developed sense of what is enough. Anthropologists cite them for understanding the true meaning of natural conservation. The fruits on trees along the way in their tribal home near the volcano are seen as there for all to share. If there is an abundance of produce, the Aeta does not pick any more than what he can personally consume for one meal. He will leave the rest for others who will pass the same way. He does not consider getting more than what he can eat, either to sell or to hoard for the following day. What he takes is just enough for himself, and taking more than that is considered a violation of nature.

In our “just in case” mentality, the concept of what is enough can become vague. Do you just take enough toilet paper at the office or mall to meet your immediate needs? Or do you roll up a bundle to take away, in case you need it afterwards? What is enough?

One rule for keeping fit and healthy requires one to limit food intake. This can mean counting calories and fat content to determine that what gets into the system is only what is needed. This dietary meaning of “enough” can vary with individuals. One may consider it enough to eat just to still the hunger pangs. (One must get up from the dining table still feeling a bit hungry.) A more generous definition may set the limit higher to when the belly is about to burst and consider a proper meal anything he can carry on a plate without needing assistance — waiter can you please carry the second plate for me.

Whether it is food, wealth, or status, “enough” is often a personally variable concept. The frontier of contentment and well-being can be a moving target. Thus, childhood ambitions like having a family, owning a house that is debt-free, sending the kids to a good school, and having a healthy bank account for retirement start to be questioned once they are achieved. Does additional wealth move the needle to what is considered enough?

The Latin word for this adjective or adverb, which means adequate for one’s wants and needs, is satis, the root word for satisfaction.

When “enough” becomes a moving goal, it can lead to frustration. (It’s no longer good enough for me.) This sense of dissatisfaction can also be a motivational tool. The feeling of not having enough is triggered by envy, comparing one’s lot with a more successful peer. Having 10 million bucks in the bank may be a basis for feeling secure and happy enough, until one meets a former classmate who has 20. Comparison may then determine what is enough. And as Soren Kierkegaard puts it, “Comparisons are odious.” (Or they should be.)

It is not only to blessings or wealth where the idea of limits applies. Violence, corruption, and the abuse of power can breach what is tolerable enough. Then “too much” becomes for the victims and former bystanders no longer acceptable. “Enough” can be a battle cry for change — we can’t take any more.

Stresses arise from a misplaced understanding of what is enough. Removing limits to what can be achieved can put one in a perpetual state of discontent. It is true that reasonable men accept things as they are. Perhaps then, only unreasonable men can effect change because they don’t accept the status quo as enough.

There is a Latin saying, “verbum sat sapienti est,” or “a word to the wise is enough.” There is no need to elaborate or explain too much when a word is enough. To soulmates too, it is enough to communicate with body language, maybe a raised eyebrow (don’t go there) or a smile (keep doing what you’re doing). The small clues are enough.

Retirement is an application of the idea of enough. The retiree, no matter his age, decides he has had enough of the routine and stress of working to decide to do something else like solving the world’s problems with friends.

But what is “enough” for him to retire on? How much money does he really need?

It is his eulogy that will decide this — yes, he has lived long enough to go the distance.

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

Auto Sales (September 2024)

October 17, 2024 | 12:01 am

PHILIPPINE AUTOMOTIVE sales growth slowed to 2.4% in September, amid flat sales of commercial vehicles, according to an industry report. Read the full story.

Bidders sought for port projects in Cagayan, Masbate

October 17, 2024 | 12:01 am

THE PHILIPPINE Ports Authority (PPA) is spending a total of P737.41 million on port projects in Cagayan and Masbate.

In separate bid notices, the port regulator is inviting interested parties for the widening and upgrade of the Port of Aparri in Cagayan for P609.35 million, and the restoration of the Port of Esperanza in Masbate for P128.06 million.

The budget for the projects will be sourced from PPA’s corporate budget for the year, the agency said, adding that any bids made in excess of the approved budget for the contract will automatically be rejected and that all bidders must have undertaken a project similar to the contract being bid out.

For the Aparri Port, PPA said the contractor must complete the project within 450 calendar days or about one year and three months, while the winning bidder for the Esperanza Port is also given the same timetable to complete the restoration works on the port.

The bids and awards committee of PPA said it will conduct a pre-bid conference for the Aparri Port project on Oct. 25, while the pre-bid conference for the Esperanza Port is scheduled for Oct. 17.

Bids from interested parties for the Aparri Port project will be accepted on or before Nov. 7, while the deadline for bid submission for the Esperanza Port is on Oct. 30, the port regulator said.

PPA said earlier that it intends to enhance, develop, and expand ports to improve their efficiency and capacity.

In the next four years, until 2028, the PPA is earmarking about P16 billion to fund its infrastructure projects, including its 14 flagship projects slated to be completed during the period. — Ashley Erika O. Jose

Dining In/Out (10/17/24)

October 17, 2024 | 12:01 am

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Richmonde unveils Halloween offers

RICHMONDE HOTELS will be celebrating Halloween with the annual kiddie party, titled “Halloween Fright Fest,” at the Eastwood Richmonde Hotel’s Ballroom on Oct. 27, from 1 to 5 p.m. The event will feature iconic Halloween characters, offering an afternoon filled with frights, entertainment, games, and various surprises for the attendees. The event is priced at P1,599 net for both children and adults, which includes a buffet featuring trick-or-treat-inspired snack items, a round of mango iced tea, magic shows, bubble performances, and access to the House of Terror, among other activities. Then for a staycation, the hotel offers low rates from Oct. 25 to Nov. 3. A snack bucket filled with kiddie treats will be given to the kids upon check-in, while families staying on Oct. 26 and 27 also get a big discount on the Halloween Fright Fest tickets. For more details, go to www.eastwoodrichmondehotel.com.ph. Meanwhile, Richmonde Hotels Ortigas’ The Exchange on Oct. 30, will host “Takipsilim,” an event inspired by Filipino folklore that will include music, food, drinks, and fun. Tickets are priced at P1,380 net per person and include bottomless local beer, featured cocktails, soda, and iced tea, with a buffet spread of unlimited bar chow, and a live performance of 1980s music by the Big Bash Band. Hotel guests checking-in on Oct. 30 get 20% off on the party rate. Doors open at 6 p.m. and offers are available until midnight. Various room packages are available from Oct. 27 to Nov. 10, with rates starting at P3,300 net for room-only accommodation and P4,300 net which includes breakfast buffet for two. The hotel also provides complimentary Wi-Fi and amenities such as access to the Health Club gym, steam and sauna rooms, and a heated indoor pool during guests’ stays. Visit www.richmondehotelortigas.com.ph for details.

Finally, the Richmonde Hotel in Iloilo’s BizBar transforms into a disco inferno complete with groovy retro beats spun by Fatboi DJs’ DJ Enze and MC Yubz. Tickets cost P950 net and include tapas, pizza, and two bottles of San Miguel Light Beer. The Halloween Disco Party starts at 8 p.m. on Oct. 31. For table reservations, call (6333) 328-7888 or (63) 917-563-3558.

Seda BGC brings Oktoberfest to the Rooftop

SEDA HOTEL in Bonifacio Global City (BGC) is celebrating Oktoberfest on Fridays and Saturdays until Oct. 31. Guests can enjoy a selection of traditional German dishes at the hotel’s rooftop restaurant. The P3,000 fee includes one round of Paulaner draft beer served in a 500 ml glass. Guests who purchase two 500 ml Paulaner draft beers, priced at P600 net per glass, will receive an additional 500 ml glass for free. The offer is valid daily from 7 to 11 p.m. and applies exclusively to 500 ml glasses of Paulaner draft beer. All three glasses must be consumed by the same guest. Visti bgc.sedahotels.com. for more information.

Marco Polo Ortigas celebrates October in pink

THE Ortigas skyline is illuminated in pink as Marco Polo Ortigas Manila marks its Pinktober campaign, dedicated to raising awareness for breast cancer. This is done in partnership with Cardinal Santos Medical Center. To support the cause, the hotel has introduced a special Pink Latte, priced at P200 per serving, available until the end of October. Guests can enjoy this unique beverage several of the hotel’s restaurants and bars — Café Pronto, Cucina, Lung Hin, and Connect Lounge — plus in-room dining. The Pinktober campaign will run until Oct. 31, with proceeds from the sales of the Pink Latte being donated to the Cardinal Medical Charities Foundation, Inc. (CMCFI), which focuses on providing quality care to underserved communities. For details, visit https://www.marcopolohotels.com/en/index.html.

A Halloween affair at Newport World Resorts

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

How PSEi member stocks performed — October 16, 2024

October 17, 2024 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Wednesday, October 16, 2024.