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Filinvest Development raises P10B from first tranche of bond offering

FILINVEST Development Corp. (FDC) has raised P10 billion in the first tranche of its P32-billion three-year bond program, the Gotianun-led conglomerate said on Wednesday.

In a filing, FDC reported raising P10 billion through 2.5-year peso fixed-rate bonds at a 6.3206% annual interest rate.

The first tranche included a P7 billion base offer and an option for oversubscription of up to P3 billion.

“We saw the success of the unwavering efforts of the joint lead underwriters and bookrunners with the offer achieving total bids of P31.5 billion, or 4.5 times oversubscription over the base issuance of P7 billion,” FDC President and Chief Executive Officer Rhoda A. Huang said during the listing ceremony in Makati City.

She said the net proceeds from the issuance will be used to partially finance our maturing bond redemption and capital expenditure, including financing for equity investments in renewable energy, water, hospitality, and digitalization projects.

“The overwhelming response to the first tranche of the P32-billion bond program with the P10-billion fixed-rate retail bond offer reflects investors’ confidence in our company’s growth and the country’s economic outlook,” Ms. Huang added.

Meanwhile, Securities and Exchange Commission Chairperson Emilio B. Aquino said that the reception to FDC’s bond issuance shows the conglomerate’s “steady earnings” across its portfolio, as well as the “strong financial flexibility and established brand names of its subsidiaries.”

“With these developments, we are sure to see stable investment opportunities for investors as the company expands its operations and maintains its position in the market,” he added.

FDC has diversified business interests encompassing property, banking services, sugar, and power, with subsidiaries including Filinvest Land, Inc., East West Banking Corp., Filinvest Hospitality Corp., FDC Utilities, Inc., and Pacific Sugar Holdings Corp.

For the first nine months of 2023, FDC’s attributable net income improved by 57% to P5.9 billion compared to P3.8 billion in 2022, as the conglomerate’s revenues rose by 26% to P64.6 billion.

On Wednesday, FDC shares closed unchanged at P5.50 apiece while Filinvest Land stocks dropped by one centavo or 1.47% to 67 centavos each. — Revin Mikhael D. Ochave

Capital’s office vacancy rate seen to drop to 14% by 2028

KATE SADE-UNSPLASH

THE vacancy rate of office spaces in Metro Manila is expected to decrease to 14% by 2028 due to projected demand growth, real estate consulting firm Colliers said on Wednesday.

“We see vacancy rates to gradually decrease to 14% by 2028,” Colliers Associate Director for Office Services Kevin Jara said during a briefing.

This is attributed to the “gradual growth of demand based on projections,” he said, adding that it does not include demand from Philippine offshore gaming operators (POGOs).

For 2023, the office vacancy rate increased by 19.3% to 2.7 million square meters (sq.m.) as of the end of the year due to the delivery of new office buildings and surrenders from nonrenewals and preterminations.

“We’ve had a stronger transaction activity compared to 2022 and in terms of net-office demand. Due to this, we’ve actually averted our original vacancy forecast of 20%,” Mr. Jara said.

“In the next five years, it is our hope that the trend continues, and we continually avoid that 20% mark,” he said.

The vacancy rate recorded as of 2023 was higher than the 18.8% posted in 2022.

Colliers said in a report that net take-up in 2023 reached 279,800 sq.m., more than double the amount recorded in 2022, as transactions continued to outpace lease surrenders.

Mr. Jara said that Colliers expects the demand to reach 336,000 sq.m. by the end of 2024.

“In 2023, we achieved 828,000 square meters of office space transaction, culminating three-year momentum of increase in office space transactions volume in the market,” he said.

In terms of transaction profile, traditional offices comprised the majority of office space deals, accounting for 46% of the total, including government agencies, telecommunication companies, insurance firms, and flexible workspace operators, according to the property consultancy firm.

This was followed by third-party outsourcing, which constituted 34%, comprising shared services and multinational shared service and captive firms. POGOs reportedly accounted for 20%.

“With the increasing demand forecast that we have for this year and the start of tapering of office supply by Manila’s office developers, we expect rents to marginally increase by 2.5% by yearend,” Mr. Jara said. — Sheldeen Joy Talavera

Aboitiz water unit eyes expansion of bulk water supply project

ABOITIZ InfraCapital, Inc., through its unit Apo Agua Infrastructura, Inc., is planning to expand the capacity of its P12-billion bulk water project to serve the growing demand in Davao City, the company’s president said.

“We are looking at an expansion of this to other areas of DCWD (Davao City Water District). As the DCWD expands, we will expand with them and other areas of Davao,” Sabin M. Aboitiz, president and chief executive officer of Aboitiz Equity Ventures, Inc. (AEV), told reporters on the sidelines of the project’s inauguration on Wednesday.

AEV is the listed holding company of the Aboitiz group.

The DCWD is the water utility and major piped water service provider of Davao City. It sources its supply from underground and surface water, serving around 240,000 customers in 116 barangays within its concession area.

The project which started operating in December of last year, is a public-private partnership between the Apo Agua and DCWD.

The Davao City bulk water supply project has a capacity of 300 million liters per day. Its water treatment facility is powered by a two-megawatt run-of-river hydroelectric power plant, utilizing a water-energy nexus concept.

The project taps supply from the Tamugan River, and the raw water passes through the run-of-river hydroelectric power plant which in turn generates energy.

The generated power will be used by the treatment facility to produce treated water.

Jovana Cresta Duhaylungsod, spokesperson of DCWD, said that with the operations of the bulk water project, DCWD hopes to reduce its activated deep wells.

“Right now, with the bulk water supply, we will rest the production of some wells. We will only use them for contingency if there’s a temporary shutdown of bulk water,” Ms. Duhaylungsod said, adding that 70% of DCWD’s supply will be coming from the Apo Agua bulk water.

With the operations of the project, Ms. Duhaylungsod said DCWD expects water shortage within its service area to be lessened. — Ashley Erika O. Jose

Enter the Dragon

THE PENINSULA MANILA will celebrate Chinese New Year on Feb. 10 with a Lion and Dragon Dance to spook away bad spirits, from 9:08 a.m. to 11:30 a.m. The hotel also has a limited-edition line of Lunar New Year edible fine chocolate trees, lo hei prosperity toss salad at The Lobby, and a special Lunar New Year celebration at Escolta buffet restaurant. -- THE PENINSULA MANILA

According to feng shui master Patrick Lim, this is going to be a good year

IT’S A GOOD year for most people for this Year of the Yang Wood Dragon.

On Feb. 1, BusinessWorld sat down for lunch at the New World Makati Hotel with feng shui master Patrick Lim Fernandez. He gave us a general outlook on the Lunar New Year, which starts on Feb. 10, as well as forecasts for the 12 signs of the Chinese Zodiac.

YEAR OF THE DRAGON
With a general reputation as lucky years, Mr. Fernandez says that China reports a 5% increase in the birth rates on Dragon years, due to the desire of parents for their children to bask in the Dragon’s good luck. However, that doesn’t work out for parents who were born in the Year of the Dog, it being the sign in conflict with the Dragon.

“It’s a year to showcase your talents and your strengths,” he said. “Everyone is good at something.”

The Dragon is also the sign of benevolence, so he advises people to “be generous with your talents and your strengths.”

As this year is representative of wood energy, this means growth in several areas. “There was slow stagnant growth because of the pandemic. Now, this is really a chance where we can see growth throughout the world. Take advantage of this energy: grow with the world, rather than against it.”

Industries that he sees flourishing this year include those related to knowledge (including training, publishing, and teaching), consultancy, accounting, the legal profession, and nature (environmentalism, plants and trees).

THE SIGNS
For the Rat, Mr. Fernandez sees a strong authority and leadership star, which means people will be looking to them for guidance. “With what you’re good at, try to be a leader there and try to find your unique style.” He does warn of misunderstandings and injury: “If you know something’s going to happen, try to preempt it.”

The Ox is lucky this year from a money perspective, and for them, it’s also a good year to develop multiple streams of income as well as to travel.

The Tiger also has money luck this year and will also have a good year to broaden their perspectives. On the other hand, they’ll also be more sensitive this year, and he tells people to warn others about this to reduce conflicts.

The Rabbits will surpass goals this year, though he warns about making “mountains out of molehills” and making small problems bigger. He also says that Rabbits should watch out for their health.

As for those born in the Year of the Dragon, he said, “This is your year.” It’s a time to showcase talent, and they’ll be more innovative and creative this year (it’s also a good time to brainstorm). Because a lot of things will be happening to the dragon, he says the energy can be frenetic, and he advises them to find balance.

Those born in the Year of the Snake will benefit from daylight (so he advises setting meetings for lunch), as well as luck in relationships with males (more than romantic partners, it also means luck with male family members and business partners). It’s also a good year for relationships, and energy can be found in food and celebrations.

Horses are told to be more patient and resilient; while Sheep have the chance to meet new people and expand their network — they just have to avoid being overly ambitious and spreading themselves too thin. Sheep may also be entangled in other people’s problems, and they should probably avoid gossip.

Those born in the Year of the Monkey are advised to focus on their long-term goals.

Roosters, friends of the Dragon, will benefit from this relationship, so long as they know what to prioritize. Mr. Fernandez also says that a certain star makes them more attractive — but to relationships that may not be good for them.

It’s not a good year for the Dog, in money or relationships, but they should look to rely on the people around them.

Finally, those born in the Year of the Pig can find good luck in expanding their business, and good luck in relationships both personal and professional (just be careful about losing things). — JL Garcia

Manila Water targets final testing of Calawis water project in May

MANILA Water Co., Inc. is expecting to provide 80 million liters per day (MLD) of additional treated water after the testing phase of its P8.2-billion Calawis Water Supply System Project (WSSP) in May this year, the company announced on Tuesday.

The east zone concessionaire said that the Calawis WSSP is already supplying 25 MLD to 919,784 residents of Antipolo City and nearby towns, it said in an e-mailed statement.

The project had been physically completed in June last year. It employs an 80-MLD water treatment plant, pumping stations, reservoirs, and a 21-kilometer primary transmission line.

The facility also uses Degremont compact units, which are “prefabricated, modular water and wastewater treatment plants engineered for more efficient production, transportation, and installation.”

“Under the company’s Service Improvement Plan, the Calawis WSSP aims to reduce our dependency to Angat Dam, which provides more than 90% of the water needs of Metro Manila and Rizal Province,” the company said.

Manila Water also intends to construct new water sources, adjacent infrastructure, and rehabilitation of existing facilities under the said plan.

The Calawis WSSP forms part of the company’s Wawa-Calawis Water Supply System, which would provide additional 518 MLD of water to customers in Antipolo City, Teresa and Baras in Rizal, Pasig, Taguig, Makati, and portions of Manila.

At the local bourse on Wednesday, shares of Manila Water climbed by P0.34 or 1.85% to close at P18.74 apiece.

The water concessionaire serves the east zone network of Metro Manila, covering parts of Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns in Rizal province. — Sheldeen Joy Talavera

It’s the Year of the Dragon in the Chinese zodiac — associated with good fortune, wisdom and success

Robinsons Manila’s Chinese New Year installation. The various Robinsons Malls are celebrating the occasion on Feb. 9-11 with special decorations, dragon and lion dances, feng shui forecasts, Chinese cultural performances and shows, and a Lucky Dragon Red Envelope promo. -- ROBINSONS MALLS

AMONG China’s traditional holidays and celebrations, none ranks higher in importance than the Lunar New Year . Also known as the Spring Festival , or simply Chinese New Year, it marks the beginning of the year according to the traditional lunar calendar.

The Lunar New Year usually starts sometime between late January and mid-February. In mainland China, official celebrations last for seven days as a public holiday. This Lunar New Year, which falls on Feb. 10, is the Year of the Dragon.

I’m a scholar of Chinese religious history and culture who was born in a Year of the Dragon. What fascinates me the most is how the celebrations are a reminder of the longevity and vibrancy of traditional Chinese culture.

FOOD, GIFTS AND CELEBRATIONS
At its core, the Lunar New Year is a celebration that brings the family together. Preparations start a week in advance and include cleaning and decorating the home, as well as shopping, especially for gifts and provisions, and food preparation.

A central event is the family dinner on the eve of the new year. The choice of dishes varies, reflecting family customs and local culinary traditions. Often it includes dumplings, spring rolls, cakes, fish and pork dishes. There is also a fair amount of drinking, especially traditional wines or liquor. Many of the dishes are assigned symbolic meanings. For instance, dumplings are given the shape of gold ingots to invoke good fortune.

Other customs associated with Lunar New Year celebrations include the giving of red envelopes containing money, usually by elders to younger members of the family. The red color, which is also featured prominently in Lunar New Year decorations, symbolizes prosperity and good fortune.

Traditionally, families and local communities burn firecrackers to mark the new year and ward off monsters. According to legend, the origin of the practice goes back to a story about a monster called Nian, who is believed to have been causing great harm to some villages. In response, the villagers are said to have set off explosions to scare off the monster, and the practice caught on. However, more recently the Chinese government has been cracking down on this traditional practice on the grounds of its being dangerous and polluting.

YEAR OF THE DRAGON
Traditionally, the dragon is an auspicious symbol of strength and power. It is also associated with good fortune, wisdom, success, protection and masculinity. In pre-modern China, it was associated with imperial rule and was prominently featured on the first Chinese flag, initially instituted by the Qing dynasty in 1862. To this day, a dragon image is often used to symbolize China itself.

Because of the dragon’s auspicious associations, dragon years tend to bring upticks in fertility rates. Considering China’s current shrinking population and deepening fertility crisis, some are expressing hope for a baby boom during the coming year, as certain parents may be motivated to bring dragon children into the world.

According to the Chinese zodiac signs, each year in the lunar cycle is associated with a particular animal. This is a 12-year cycle that repeats itself. Thus, there are 12 animals, each associated with a year in the cycle: rat, ox, tiger, rabbit, dragon, snake, horse, goat, monkey, rooster, dog and pig.

Among the popular myths about the origins of the Chinese zodiac is one about a great race initiated by the Jade Emperor, the ruler of heaven, in order to measure time. As the rat won the race, it came to be listed first among the 12 animals of the zodiac. The order of the other 11 animals reflected their final position in the race. Each of the 12 zodiac animals came to represent certain characteristics believed to shape the personalities of individuals born in those years, with the dragon often considered to be the most auspicious of all.

ORIGINS OF THE LUNAR CALENDAR
Traditionally, the Chinese have followed their native lunar calendar, which is based on observations and measurements of astronomical phenomena. While modern China adopted the Gregorian calendar in 1912, traditional festivals such as the Lunar New Year still follow the old lunar calendar.

The origins of the lunar calendar may go back to the dawn of Chinese civilization, traditionally associated with the legendary Xia dynasty, said to have ruled from 2070 to 1600 B.C. The origins of the Lunar New Year celebrations are also not entirely clear; some scholars believe they likely go back to the rule of the Shang dynasty, which lasted from 1600 to 1050 B.C.

RELIGIOSITY AND LUNAR NEW YEAR GALAS
While the Lunar New Year is generally centered on the theme of family bonding, religious observances are also an integral part of the festivities. These include domestic rituals associated with popular Chinese deities, such as the Kitchen God and the God of Wealth. Family members also make offerings and engage in other rituals related to ancestor worship. Commonly, these include food offerings and the burning of incense at home altars.

During this period, many people go to Buddhist or Taoist temples, as well as other places of worship. They engage in traditional forms of piety, including offering incense and praying for good luck and fortune.

A modern element in ushering in the Lunar New Year is watching the New Year’s Gala, a popular variety show that features singing, dancing, comedy and drama. It first aired in 1983, and ever since it has been broadcast countrywide by CCTV, the national TV broadcaster. It is the most-watched television program in the world, with an audience that can reach as many as 700 million viewers.

LARGEST HUMAN MIGRATION
In recent decades, China has experienced drastic demographic changes, especially the migration of large rural populations into big urban centers.

Additionally, China’s one-child policy has had far-reaching effects on family structures and, consequently, on traditional customs and observances.

Millions of rural children are living with their grandparents or relatives while their parents work in faraway cities. As a result, the Lunar New Year brings about the largest human migration in the world, as students and migrant workers do their best to get back to their families.

During this period, trains, buses and planes are packed with travelers, and tickets must be booked well in advance. That still remains the case this year, despite China’s gloomy economic outlook.

CELEBRATIONS OUTSIDE CHINA
The Lunar New Year is also celebrated in other parts of Asia, including Vietnam and Singapore, as well as in East Asian communities across the world. Usually, these celebrations have some unique features or assume local character. For instance, in Vietnam, where the festival is known as Tết, there is the preparation of various local dishes, along with parades and public performances.

In the US and Australia, where there are substantial ethnically Chinese populations, Chinese New Year festivals and parades are held each year. Some of them feature the traditional dragon dances, which highlight the communal aspect of Lunar New Year festivities.

Over the centuries, the coming together for the Lunar New Year celebration has remained an important part of the cultural heritage for Chinese families, connecting the past to the present, wherever they happen to be. — The Conversation via Reuters Connect

This is an updated version of an article first published on Feb. 1, 2022.

 

Mario Poceski is a professor of Buddhist Studies and Chinese Religions at the University of Florida.

Fruitas Holdings’ Ling Nam opens more stores in Metro Manila

FRUITAS HOLDINGS, Inc. said on Wednesday that it has expanded its presence in the capital region by launching three new locations under its Ling Nam Chinese restaurant brand.

In a regulatory filing, the multi-format food and beverage store operator said that it has opened three Ling Nam restaurants located in Quezon City, Caloocan City, and Makati City.

“It is only the beginning of our… expansion in the casual and formal dining space this year,” said Fruitas Holdings President and Chief Executive Officer Lester C. Yu.

He said the company also aims to introduce Ling Nam’s delicacies nationwide to meet anticipated demand.

Fruitas said the new Ling Nam branch in Caloocan City, which opened on Jan. 3, can accommodate 48 persons and is located at Ziti Center Mall, 7th Ave.

The new branch in Quezon City was launched on Jan. 15 and is situated at Calle Bistro, Don Antonio Road.

Meanwhile, the new store in Makati City opened on Jan. 24 and is located at The Grid Co-Living, San Antonio Village.

Fruitas, via its indirect wholly owned subsidiary Lingnam Food, Inc., completed the acquisition of the Ling Nam on March 1 last year, in a bid to tap the Asian food market.

Under the agreement, Lingnam Food, which is wholly owned by Fruitas subsidiary Soykingdom, Inc., acquired the trademark, recipes and other technical know-how, certain equipment, store improvements, and inventory from the previous owner.

As of Feb. 6, Ling Nam has 34 stores across the Philippines, consisting of seven Ling Nam since 1950, three Ling Nam Express, one Ling Nam Noodle Bar, and 23 Ling Nam Fried Siopao outlets.

Some of the brands under Fruitas include Fruitas Fresh from Babot’s Farm, Buko Loco, Buko ni Fruitas, De Original Jamaican Pattie, Johnn Lemon, Juice Avenue, Black Pearl, Friends Fries, The Mango Farm, and Sabroso Lechon.

Shares of Fruitas rose by one centavo or 1.19% to 85 centavos on Wednesday. — Revin Mikhael D. Ochave

Teas and veg and soap and refills, oh my!

Heyday, Metro Manila's newest destination for all things health and wellness, now open in Glorietta 4

New health food store wants to become an everyday destination

THERE’S a new healthy player in town, with selections from France and right at home, and it’s all in Glorietta 4.

During the grand opening of Heyday on Jan. 30, BusinessWorld went around the new store and marveled at bars of Marseille soap for P195 (which would cost a bit more online), organic vegetables (some of them at below-supermarket prices), and some meatless options that aren’t present in other stores yet (though some deli meats and dairy are also in stock).

In one corner of the store stand huge apothecary jars of tea (we got rosebuds, blue butterfly pea, and other treats for about P300 for 100 grams), and there are jars and jars of spices (we scored a jar of garam masala for less than P100). There are also scores of health supplements, imported or made by Heyday. Other sections in the store include healthy snacks, a grain and nut refilling station, an organic wine selection, and a beauty section.

REASONABLE PRICES
“We’re reasonable within the average price in the market,” said Eric Poiret, Co-Founder and President of Heyday, when we pointed out the relatively affordable selection. As for the organic produce, he said, “That’s a different process.” They buy mostly rescue crops directly from small farms, thus eliminating price inflation by middlemen. “The idea is that fruits and vegetables need to be affordable.”

Mr. Poiret had been an executive of French store chain Carrefour when it expanded into the Middle East, so he knows about setting up supermarkets.

One of his business partners in the Philippines, Ryan Tan, Co-Founder and Managing Director of Heyday, headed the company that distributes Garmin in the Philippines (which explains the prominent Garmin display in the store, showcasing their health watches and weighing scales).

A HEALTHY OUTLOOK
“We did not start naturally becoming health and wellness-oriented people, but we found our way towards health and wellness independently,” said Mr. Tan. While both profess to living a healthy lifestyle (Mr. Poiret is a fan of preventive medicine and exercise, while Mr. Tan limits his carb intake and practices eating One Meal a Day), Mr. Tan said that the idea for the healthy superstore began during the pandemic. “The spotlight was all over health. There was a global pandemic, and a lot of people were conscious about immunity, about health.

“When we talked, we both knew that we were both passionate about health and wellness. It’s a gap in the market that exists, and it seems like a need for a lot of Filipinos,” said Mr. Tan. “Heyday exists because of the clamor of a lot of Filipino middle-class who decide to be healthy but lack the knowledge how (to start).”

It seems to be another step forward for mainstreaming healthy living — of course, health food stores and the like have existed for quite some time, but only one or two would be found in malls; other small players would be found in more obscure neighborhoods and weekend markets.

On establishing their store in the capital’s financial district in Makati, he pointed to the number of busy people living and working in the city. “They put health and wellness as a lower priority. We’re here to remind them that if you put health and wellness first, it would be easier for them to achieve their goals.

“We didn’t want to be destination once a month, or once a quarter when you need to refill your vitamins, minerals, and supplements. We wanted people to come every day for the fresh (products) and to be able to have a complete shopping experience,” said Mr. Poiret. He then made examples of some loyal customers who wait for the store to open at 10 a.m. “This is happening.”

While there’s only one store so far, the founders are looking into opening two more branches soon. “We want to perfect this. We’re giving ourselves three to six months to perfect this every day,” said Mr. Poiret, and then, “We’re looking at key locations in key malls in Metro Manila.”

BRING YOUR OWN CONTAINERS
During the store tour, we were encouraged to buy jars so that we could return and refill them when our stores ran out, but one can bring their own containers to save money and to help the environment.

One can do the same for items such as olive oil, liquid detergent, fabric conditioner, and all-purpose cleaner (all those pump bottles of soap acquired then saved during the pandemic would finally find some use).

The bags in which our purchases were placed were also made of biodegradable cassava.

Asked about the thrust towards sustainability (an idea that would go hand-in-hand with healthy living), Mr. Tan said, “Wellness is not just wellness for us. We want it to be a kind of wellness that starts with you and extends to the world.”

Heyday is now open in G/F Glorietta 4, Ayala Center, Makati City. Heyday products are also available on Lazada and Shopee. — Joseph L. Garcia

 

Sekaya expands into plant-based diet supplements

SEKAYA, a brand under Synnovate, the Natural Products Division for United Laboratories, Inc. (or, as it is better known, Unilab; one of the most visible pharmaceuticals companies in the country), is going into diet supplements.

When we first encountered Sekaya last year, they talked to us about a line of teas, but on Feb. 4, during the Watsons Health and Wellness Expo in Megamall, the brand was there to promote their pea protein powder.

They did this by tapping “Astig Vegan” blog founder RG Enriquez-Diez, who made her own version of Vegan Chicken a la King using plant-based milk, tofu, nuts, vegan sausage, mushroom seasoning, and Sekaya Raw Actives Pea Protein in a cooking demo.

EASIER TO BE VEGAN NOW
Ms. Enriquez-Diez has been vegan for the past 15 years. It is much easier now than it was then, she said.

“Fifteen years ago, [going vegan was] very, very difficult. Vegan was unheard of; vegetarian, maybe. But now, especially with Sekaya for example, being a plant-based brand, it’s relatively easier than 15 years ago,” she said. For example, she uses the pea protein in her vegan version of tortang talong (eggplant omelets).

Ms. Enriquez-Diez, through her blog, has made a career of making vegan versions of Filipino favorites like kare-kare (a peanut-based stew). While many Filipino dishes are plant-forward, it can still get tricky to avoid meats and animal by-products. To get started on reducing meat consumption, she suggests substituting the meat components in a dish with tofu, mushrooms, or peas. “It keeps you full.”

HIGH PROTEIN CONTENT
Kimi Abapo, Marketing Head for Sekaya, explained how the protein powder was made and how to use it. “It’s made of peas; it’s really a clean plant-based source of protein,” she said. She described the taste as a bit savory, but said, “You can use this for anything, actually.” Her colleague uses it in vegan dumplings, while she herself uses it for smoothies and for sprinkling on fried rice.

A scoop is included in the packaging, which is used to measure the ideal serving size — 23 grams of protein. Ms. Abapo compares it to the protein content of a chicken breast which, according to the US Department of Agriculture’s Food Data Central, contains 31 grams of protein per 100 grams of meat.

In processing vegetables to turn them into protein sources, sometimes additives such as sugar and sodium are added (which then counteracts the “healthy” qualities). Addressing this concern, she said, “This one, you’ll notice, it has some sodium content, but that comes from peas. On a per serving level, it’s safe. It’s not anything harmful or alarming.”

Other similar products they now carry are beetroot powder for energy, spinach and kale powder for more nutrients, and barley grain for detoxification.

Ms. Abapo pointed out that younger generations are more geared towards preventive wellness. “Unilab is really going for giving access to Filipinos to healthcare. Part of healthcare is really pro-active wellness,” she said. “The core of Unilab is still medicine, right? Pharmaceuticals. But going into wellness, into lifestyle-based nutrition, is something that is in the interest of Unilab. This is the future.” — JL Garcia

SGV Foundation seeks nominees for EoYP 2024

THE SGV Foundation, Inc. launched the EY Entrepreneur of the Year Philippines (EoYP) 2024 program on Wednesday and is now accepting nominations.

The nominations for EY EoYP 2024, with the theme “Shaping Opportunities,” will run from February to June, with interviews scheduled from April to July, the foundation said in a statement.

Deliberations for the nominees will take place in August, and the announcement of finalists will happen in September. The awards banquet for the EY EoYP will be held in October.

“Since its inception, the EY EoYP program has acknowledged the transformative power of entrepreneurship in shaping lives and accelerating economic growth,” EoYP Program Director Henry M. Tan said during the launch event in Makati City.

“Entrepreneurs, armed with stellar ideas and passion, have the capacity to put dreams into reality. Fueled by their inventive spirit and sheer dedication, they initiate positive societal change and address challenges with new concepts and products, generating employment opportunities and enhancing the quality of life within their communities,” he added.

The theme of EY EoYP 2024 recognizes the transformative ability of Filipino entrepreneurs in reimagining and advancing economic and national development with vision, passion, and innovation, the foundation said.

It also honors the way achieving business success requires mastering the art of entrepreneurship and infusing creativity, discipline, and resourcefulness into enterprises, it added.

There will be five award categories consisting of Master Entrepreneur, Small Business Entrepreneur, Young Entrepreneur, Woman Entrepreneur, and Technology Entrepreneur.

To be eligible, a nominee should be a Filipino citizen; an owner of a privately held business that is at least two years old; primarily responsible for the company’s recent performance; and still active in top-level management if the nominee is the founder of a publicly held company.

Nominees should submit requirements such as a completed nomination form; the company’s audited financial statements for 2021, 2022, and 2023; as well as other supporting documents and essays.

“I brought home new insights and learnings from empowering your people to being able to adjust and understand the new generation,” Converge ICT Solutions, Inc. Chief Executive Officer and Co-Founder and EY EoYP 2022 Dennis Anthony H. Uy said in a recorded message.

“In Monaco, I was able to connect and network with brilliant entrepreneurs in the technology field. This has helped me guide my company… I look forward to seeing the new breed of entrepreneurs…,” he added.

Formed in 1986, the EY Entrepreneur of the Year seeks to honor entrepreneurs whose ingenuity and perseverance have created and sustained successful ventures.

The EoYP program is organized by the SGV Foundation and its co-presenters, namely: the Department of Trade and Industry, the Philippine Business for Social Progress, the Philippine Stock Exchange, the Asian Institute of Management, official media BusinessWorld and ABS-CBN News Channel. The program’s gold sponsors include SteelAsia Manufacturing Corp., Uratex, and Converge, and silver sponsors International Container Terminal Services, Inc., and Vista Land & Lifescapes, Inc.

Those interested can submit nominations by visiting eoy.ey.com. — Revin Mikhael D. Ochave

Sunshine industries

EVGENIY ALYOSHIN-UNSPLASH

The Department of Energy (DoE) recently commended the solar rooftop installation project of JG Summit in Batangas City. The company was reported to have completed in November nine roof-mounted solar power projects at its petrochemical complex in Southern Luzon, installations that are forecast to result in energy savings of 17.8 gigawatt-hours yearly for the plant.

Given the relatively lower cost of solar panels nowadays compared to several years ago, it seems to make sense for industries with large properties to embark on more rooftop solar projects to save on energy costs. In addition to home and building rooftops, solar panels are also being installed along highways as canopies in Korea, and as pavers for bicycle lanes in the Netherlands.

Solar technology is now available to everybody, from large infrastructure to mobile homes. The Koreans with their solar highway, the Dutch with their solar bike lanes, the Chinese with their solar highway and train stations, and the Indians with their solar train are all showing the way. I believe we should also line our roads, parking lots, and pedestrian walks with solar panels.

The good news is that being where it is in the globe, near the equator, the Philippines has plenty of sunshine. More important, that sunshine is free. It is only natural that we turn more to solar, and perhaps wind, as renewable sources of energy. Hydro is still an option, but is highly dependent on water supply and thus the weather. Geothermal is likewise an alternative.

But the bad news is that solar panels are “also complex pieces of technology that become big, bulky sheets of electronic waste at the end of their lives — and right now, most of the world doesn’t have a plan for dealing with that,” noted sustainability advocacy publication Grist. “The solar e-waste glut is coming,” reported Grist’s Maddie Stone.

“By 2050, the International Renewable Energy Agency projects that up to 78 million metric tons of solar panels will have reached the end of their life, and that the world will be generating about six million metric tons of new solar e-waste annually,” she wrote, adding that “standard electronics recycling methods don’t cut it for solar panels.”

And this is precisely the reason why I believe any advocacy in favor of renewable energy should also include planning and regulation for renewable energy material recycling. Any government approval, particularly for large-scale solar projects, should also require clear plans and guidelines from the proponent for end-of-life recycling or disposal.

After all, if governments will not require companies to develop proper solutions to solar panel disposal, and to comply with government policies that require proper disposal and recycling, then the renewable effort may be for naught as used or broken solar panels will end up in landfills and become solid waste pollution that can also leach toxic materials into the soil.

Currently in operation in the Philippines is a 160-hectare solar power farm in Calatagan, Batangas generating about 64 megawatts (MW) of electricity. Also, in operation are 45-MW and 80-MW solar farms in Negros Occidental and an 18-MW solar plant in Negros Oriental. Then there is a 10-kilowatt floating solar farm in Laguna Lake within Baras, Rizal. We also have a 60-MW solar farm in Zambales and a 120-MW solar farm project in Alaminos, Laguna.

There are also many homes nationwide now making use of solar panels and using solar energy in their residences. Large manufacturing complexes like that of JG Summit in Batangas City also have solar rooftop installations making use of thousands of solar panels. In many localities, streetlights are also powered through small-scale solar panel installations above lamp posts.

I am uncertain if any of these solar projects ever planned for the disposal or recycling of damaged or end-of-life solar panels in the future. I am also uncertain if government regulations are in place regarding proper disposal. Moreover, it does not seem like there are any local facilities that are into solar panel disposal and recycling.

In this line, energy policy cannot be short-sighted and should go beyond energy security. If the government offers incentives to companies that will invest in renewable energy, then it should also require them to provide technologies and facilities to recycle their own waste. Or offer incentives to companies that will go into that business. All solar panels have an end life.

There is an emerging opportunity here for more “sunshine industries.” In 2019, solar panels were said to have produced 720 terawatt-hours of energy globally, or about 3% of the world’s electricity production. But the effort produced 46 million metric tons of solar panels. An estimated 8 million metric tons of decommissioned solar panels could accumulate globally by 2030, which can hit 80 million by 2050.

Simply put, any company that goes into solar panel recycling and disposal will never run out of raw materials starting 2030, which is just six years from now. Even better, instead of buying raw materials, these companies will even be paid by other businesses to receive raw materials. While the investment in a recycling facility may be huge, I think the business will be profitable.

The Clean Water Act and government regulations required industries to clean and recycle their own wastewater. In this line, shouldn’t we also require solar and wind power installations to recycle their own used solar panels and wind turbines? These industries should not abdicate their responsibility to deal with their own waste. Landfills should not be the solution.

As I had written previously, I am all for going renewable, and I believe solar and wind are good options for the Philippines. Add to this geothermal energy. However, when the government and investors plan on these renewable energy projects, are they also planning on how to dispose or recycle damaged or end-of-life solar panels and turbine blades?

We need updated government regulations on proper disposal. We need science- and data-based policies and standards on how to “recycle” renewable energy components. And we need to incentivize investments in facilities and technologies that can put to good use the “waste” generated by the renewable energy industry. The shift to renewables should not be a solid waste management problem of the future.

 

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

matort@yahoo.com

BSP’s TDF yields rise on hawkish central bank signals from around the world

BW FILE PHOTO

By Keisha B. Ta-asan, Reporter

THE PHILIPPINE central bank’s term deposit yields rose at an auction on Wednesday as central banks around the world remained hawkish despite easing inflation.

Demand for the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) increased to P339.7 billion from P310 billion on the auction block. Last week, bids hit P257.394 billion against the same offer.

Tenders for the one-week term deposits hit P170.523 billion, above the P160-billion offer. It was also higher than last week, when bids hit P125.356 billion against the same offer.

Banks asked for yields ranging from 6.56% to 6.612%, narrower than 6.5% to 6.612% on Jan. 31. The average rate for the seven-day debt rose by 0.18 basis point (bp) to 6.5856%.

Meanwhile, the 14-day deposits attracted P169.153 billion in bids, higher than the P150 billion being sold by the central bank. Last week, tenders hit P132.038 billion against the same offer.

Accepted rates for the two-week debt ranged at 6.2% to 6.635% from 6.45% to 6.64% last week. This caused the tenor’s average rate to inch up by 0.21 bp to 6.6127%.

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

It uses term deposits and 28-day bills to mop up excess liquidity from the financial system and to better guide market rates.

TDF yields increased after US Federal Reserve Chairman Jerome H. Powell said a rate cut is unlikely in March, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message.

Last week, Mr. Powell reiterated that the Fed is unlikely to ease key rates at its meeting in March, dashing market expectations of rate cuts in the first quarter.

This was after the Fed kept interest rates steady for the fourth straight meeting last week. The target Fed fund rate is at 5.25-5.5%, after the US central bank hiked by 525 bps from March 2022 to July 2023.

TDF yields also rose after the BSP said it intends to keep its policy settings “sufficiently” tight until there is a sustained decline in inflation, Mr. Ricafort said.

Inflation slowed to 2.8% in January from 3.9% in December and 8.7% a year ago, the slowest since 2.3% in October 2020 amid a coronavirus pandemic.

January inflation was below the 3.1% median in a BusinessWorld poll last week and matched the low end of BSP’s 2.8-3.6% forecast.

“This inflation outturn is consistent with BSP expectations that inflation will likely moderate in the first quarter of 2024 due largely to negative base effects and some easing of supply constraints affecting key commodities,” the central bank said this week.

After increasing key rates by 350 bps in 2022, the Monetary Board tightened borrowing costs by another 100 bps in 2023 to tame inflation. This brought the key rate to a 16-year high of 6.5%.

“Looking ahead, the Monetary Board deems it necessary to keep monetary policy settings sufficiently tight until a sustained downtrend in inflation becomes evident,” the BSP earlier said.

It added that the board would consider the latest inflation and economic growth figures at its first policy meeting this year, set for Feb. 15.

“TDF auction yields were also slightly higher ahead of a possible large retail Treasury bond offering that could siphon off some excess liquidity from the financial system,” Mr. Ricafort said.

The government is looking at raising at least P30 billion from its first retail Treasury bond sale this year on Feb. 13

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