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Ayala group sells P5.7-B stake in Manila Water

AYALA Corp. and its subsidiary are selling common and preferred shares in Manila Water Co., Inc. worth about P5.7 billion via a buyback transaction.

“The sale is aligned with Ayala’s strategy to rationalize its portfolio and raise P50 billion in proceeds. The proceeds will be used to pare down debt and/or fund future investments,” the listed conglomerate told the stock exchange on Wednesday.

Ayala and its unit Philwater Holdings Co., Inc. will sell around 289 million common shares and 436 million participating preferred shares, respectively, to Razon-led Manila Water.

It said that once the cash transaction is completed, Ayala will retain an effective 23.5% voting stake and an effective 22.5% economic stake in Manila Water.

Ayala said the Manila Water common shares were priced at P17.1647 apiece based on a 30-day volume-weighted average price as of Oct. 10, 2023, minus a 4% block discount, “aligned with the standard deal structure of block sales.”

It added that the preferred shares were priced on a negotiated basis at P1.7165 each, “considering the participation features of such shares to dividends to common shares on a 1/10 basis.”

Separately, listed water concessionaire Manila Water said the share repurchase had been executed as a regular block sale consistent with the rules and guidelines of the stock exchange.

Manila Water 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.

The water company holds the right to provide water and used water services to the east zone under a concession agreement entered into between Manila Water and the Metropolitan Waterworks and Sewerage System in August 1997.

Manila Water’s concession was extended by another 15 years by MWSS and the government in 2009, extending the term from May 2022 to May 2037.

On Wednesday, Ayala shares closed unchanged at P615.50 apiece, while Manila Water shares rose by 1.22% or 22 centavos to close at P18.20 each. — S.J. Talavera

From clothing to ramen to sushi

TEMAKI rolls

The Farillas couple explains the similarities in their different business ventures as they open their latest, Nagi Sushi

TWO different culinary disciplines of Japan are melded by the Ramen Nagi group, with the opening of its first sushi restaurant in the Philippines (and the first outside Japan), Nagi Sushi.

While Ramen Nagi (celebrating its 10th year in the Philippines) concentrates on the rich Japanese noodle soup, Nagi Sushi will be focused on the more delicate sushi. However, in Nagi Sushi, one can also have the ramen options in case the craving for something more substantial comes.

During a tasting on Oct. 6 at its first branch in The Shops at Ayala Triangle, Makati, we did exactly that, taking the Original King ramen (with a rich pork broth), which unfortunately came before our delicate sushi rolls. But we still got to taste our sushi — just delicate slices of tuna and salmon, or with rice, or in the case of one roll, wrapped up in a cone with rice and other toppings. Besides, the best was yet to come.

During the opening, Nagi Group’s sushi chef butchered a very fresh fish in front of the gathered guests for a sushi masterclass. A knife tore through skin and flesh like paper, while bones snapped like twigs. According to the chef, one needs a special knife, one with thick edges, to do this. He said that one can learn how to cut a fish in one day, but to become an expert, one has to practice every day (he has been working with fish for 30 years). “You have to apply what you have learned,” he said through an interpreter.

Tackling the 50-kilogram tuna must have been hard, and we felt his assistant’s difficulty in cutting through the tough tail. The chef said that a good fish must be fat, with lots of fat lining the belly, and its blood should be red.

The belly and other parts were quite easy to cut however, and even then, the prized belly was ignored for something more special: the nakaochi. These are bits of flesh that cling to the spine, which are scraped and collected on a plate, and brushed lightly with soy sauce. This was extra-tender, with a very firm, very dense texture that announced itself as fish flesh. The deep ruby-red slivers literally melted in the mouth with the slightest tap of the tongue towards the palate.

PLAINS, PRINTS, AND SUSHI
Like Ramen Nagi, Nagi Sushi was also brought here by the Farillas couple who are behind the clothing company Plains and Prints. “We want to bring it here to show Filipinos that ramen and sushi really go well together,” said Roxanne Farillas, co-founder of Plains and Prints.

They first brought Ramen Nagi to the Philippines in 2013, and now have 37 branches. It’s this growth that led to the Japanese principals entrusting them with Nagi Sushi’s first store outside Japan. “We have the most branches outside of Japan,” said Ms. Farillas. Of this large number of branches, she noted that “It’s very important to be in different sites. Metro Manila has many different cities. For the prime malls, we have to position ourselves there so it’s easy access for all.”

She reminisced about the journey of bringing Ramen Nagi here with her husband, Erickson. “We travel a lot for work and leisure. We came across this hole-in-the-wall ramen place in Hong Kong. There was a long line,” she said, which attracted them. “Niligawan namin iyong (we courted) principals for quite a long time,” she remembers.

It paid off, and no’ the principals come once a month to check if their ventures’ offers are close to the taste of the original Japanese outlets. Ms. Farillas points out that all their ingredients are imported from Japan. In the case of Nagi Sushi, the Japanese chefs will stay for a few months to train everyone. “That is something we’re very proud of,” she said. Expansion plans for Ramen Nagi might include ventures outside Luzon.

What are the differences between running a clothing company and a restaurant chain? The similarities? A huge difference is in manpower, with restaurants having to have staff in the front and back of the house. “Unlike in the retail stores, [where] it’s really just about sales associates,” she said. “[Then] there’s wastage,” she noted about the food biz, unlike in clothes where they can be stocked indefinitely. Still, some values work wherever they’re used, and Ms. Farillas said, “We’re very hands-on. My husband is very hands-on with Ramen Nagi. He still is involved with Plains and Prints, but now, he’s more focused on the restaurant business.”

“Detailed with everything,” was a trait she noted about her husband. “I guess that’s the same treatment that we did with apparel and food.” — Joseph L. Garcia

Now it’s Bangkok’s fine-dining scene that’s luring tourists to Thailand

THAI fine dining establishment Le Du —FACEBOOK.COM-LEDURESTAURANT

WHEN chef Thitid Tassanakajohn first opened his Thai fine dining establishment Le Du in Bangkok in 2013, his four-course set menu was 990 baht ($28 today). It was a steal compared to fine dining establishments worldwide, but a fortune in a city where Thai cuisine had for decades been characterized as street food.

Mr. Tassanakajohn was told he’d be forced to close within months for charging so much for food made with local products. On nearby sidewalks, dishes featuring similar ingredients were available for less than a dollar.   

The chef, of course, prevailed. Le Du currently has a Michelin star, and Mr. Tassanakajohn has a second restaurant, Nusara. The classic Thai eatery — named after his grandmother and located near the royal palace — is ranked No. 3 on Asia’s 50 Best Restaurants list. 

Le Du and Nusara are two of a cluster of upscale restaurants in the Thai capital that are climbing up international and regional best restaurant lists. They’ve turned one of the planet’s foremost destinations for cheap eats into a port of call for foodies seeking a luxurious experience alongside their khao mun gai (steamed chicken on rice).

“You know street food with Bangkok, with Thailand. Everyone in the world knows,” Mr. Tassanakajohn says. “We are a new destination for more fine dining, more sophisticated bars and restaurants.”

Restaurants like his are catering to culinary-minded travelers who are increasingly important to Thailand’s tourism industry, which accounted for an estimated 11.5% of gross domestic product before the pandemic, according to S&P Global Market Intelligence. The Tourism Authority of Thailand is targeting revenue of 2.3 trillion baht this year — with 20% of that coming from food. The agency says it aims for gastronomy to account for 25% of tourist spending by 2027.   

“What we’ve seen with our travelers is that they are interested and they want to combine those fine dining experiences at the restaurants with those really top-notch local food experiences.” says Nicola Marshall, who designs and oversees culinary tours at Intrepid, an Australia-based global travel company. Clients might fly into Bangkok a day or two before a tour and book themselves into a fine-dining restaurant, she says, before embarking on a guided trip full of less-pricey eats.

“Thai politicians often say we want ‘high quality tourists,’ meaning we want tourists with high purchasing power. But do we have enough fancy places for them?” says Somprawin Manprasert, chief economist at Siam Commercial Bank, one of Thailand’s biggest lenders. “That’s why I think having more fine dining spots in Thailand — like right now — creates a good opportunity that really allows us to attract big-spender tourists.”

Today, six Bangkok restaurants that are listed by the Michelin Guide in the “special occasion” and “spare no expense” price categories have two stars each, and more than 20 spots have one star. Nine establishments appeared on the latest Asia’s 50 Best Restaurants list — compared to seven for Tokyo and five for regional finance capital Hong Kong. Le Du tops Bangkok’s entries in the overall World’s 50 Best rankings, at No. 15; the Indian-influenced hot spot Gaggan Anand comes in at No. 17.

Michelin stars are so plentiful that Mathias Sühring — one of the German twin brothers running the two-Michelin-star, contemporary German dining spot Sühring — says Bangkok chefs are now competing to see who’ll be the first to win a third.

The recognition has solidified Bangkok’s reputation as a place to indulge in expensive fare while still often paying less than at gastronomic hubs such as Hong Kong and New York. Although the meals are expensive in a city where plates of food like pork skewers (moo ping) and pad thai go for a few dollars, they can run less than at most other global capitals. A dinner at Copenhagen’s Noma, one of the world’s top-ranked eateries, costs 5,950 Danish krone ($857) per person, with wine pairings. At Gaggan Anand, it’s around $327 per person, also including beverages.

“Luxury is cheaper here, it’s more accessible and more affordable,” says Gaggan Anand, who comes from Kolkata and was one of the first international chefs to open his own, eponymous fine dining restaurant in Bangkok more than a decade ago.

Chefs keep prices down in part by taking advantage of the lower cost of setting up and operating restaurants in Southeast Asia’s second-largest economy. Bangkok is an attractive place for an ambitious chef, who might not have the financial backing to open elsewhere. The city’s high-end dining scene is also benefiting from the steady improvement of supply infrastructure over the last decade. Upscale restaurants can now access high-quality regional ingredients, from seafood to vegetables and even dairy, they might have once had to import.   

Along with the influx of international tourists, locals also have embraced the city’s new status as a fine dining hub, in part because of COVID-19: Asia had some of the world’s strictest border measures. Long closures and disruptions hit culinary capitals like Hong Kong and cities in Japan and mainland China. Prevented from traveling, Thais, like others in Asia, began exploring the dining spots near their homes.

Thailand, like many countries, is still working to recover economically from the pandemic. Tourism, especially from China, is rebounding but has yet to reach pre-pandemic levels. China contributed nearly one-third of almost 40 million tourist arrivals in 2019 and is crucial to the industry’s recovery. Boosting it is a priority for new Prime Minister Srettha Thavisin, who’s instituted some measures such as visa-free entry for Chinese travelers. Thailand now expects to attract 2.9 million arrivals and billions of dollars in revenue from an ensuing tourism boom from the mainland.

Recent political gridlock also rattled markets. Before Mr. Thavisin came to power in August, Thailand spent months under a caretaker government with limited ability to pass policies or approve spending. At the same time, competing regional culinary and tourism destinations, like Tokyo and Singapore, have reopened.   

Likewise, restaurants are still struggling to regain their pre-pandemic business. Gaggan Anand was “killing it” at 300 covers a week pre-COVID but is currently open just four days a week at about one-third of the previous capacity, its chef says.

Some operating prices have risen after COVID. Le Du’s Mr. Tassanakajohn says the cost of vegetables, meat, seafood, and cooking oil had increased at least 20% since the pandemic. Staff wages have also gone up 10% to 15%, he adds, as the country’s labor supply has dwindled. As a result, Le Du raised prices for its set menu by 25% post pandemic, to the equivalent of roughly $125, even as competition to attract tourists intensifies.

At Le Du, Thais now make up about 25% of diners. Another quarter each come from Hong Kong and Singapore, estimates  Mr. Tassanakajohn, and the rest largely from Europe and the US.

Mr. Tassanakajohn says competition will remain fierce for both Thai and foreign chefs in his city. And they could soon have more rivals. While Bangkok remains the country’s culinary hub, the 2024 edition of Michelin’s Thailand guide will widen its scope, including the tourist-friendly island of Koh Samui. — Bloomberg

Tarlac sugar mill to sell 200 hectares to Lima Land

LISTED sugar milling firm Central Azucarera de Tarlac, Inc. said on Wednesday that it had approved the sale of a 200-hectare property in Tarlac City owned by its subsidiary.

In a regulatory filing, the company said that its board of directors approved the sale by Luisita Land Corp. to Aboitiz-led Lima Land, Inc., without disclosing the price.

“The transaction requires the consent/approval of Central Azucarera de Tarlac which owns a controlling interest and more than two-thirds of the outstanding capital stock of Luisita Land,” the company said.

“[The company] is also the largest creditor of Luisita Land,” it added.

It said that the sale is still subject to certain closing conditions, which have yet to be fulfilled or satisfied.

Both parties are still discussing and finalizing some proposed transaction terms, the company added.

“A timely and appropriate disclosure will be made in the event that the closing conditions are satisfactorily fulfilled/satisfied, and definitive agreement/s are concluded,” the company said.

Central Azucarera de Tarlac’s main products are raw and refined sugar, with the mill and refinery process also producing molasses as a by-product.

It also has a 100% stake in Luisita Land, a domestic corporation engaged in developing, leasing, and selling real properties and other ancillary services.

Through Luisita Land, the company provides property management, water distribution, and wastewater treatment to locators of Luisita Industrial Park and residents of Las Haciendas de Luisita.

On Wednesday, shares in Central Azucarera de Tarlac rose by 2.42% or 22 centavos to close at P9.32 apiece. — Adrian H. Halili

Gateway gets meatier

GRILLED Barbecue Baby Back Ribs

Gateway Mall 2 in Araneta City is just about to get meatier

EARLIER this week, Wolfgang’s opened its second Wolfgang’s Steakhouse Grill concept in the country, after a first outing at City of Dreams. This new grill in Quezon City is geared towards the concert and sporting crowd at the Araneta Coliseum, so the bar and the menu will be a bit modified to accommodate that group.

Leina Bolinas, one of the managing partners of Wolfgang’s Steakhouse in the Philippines, said that in the grill concept, they’re serving more fish, poultry, and pork, as well as other steak cuts. That explains the presence of the skirt steak tacos at the tasting this week, as well as the Reuben Sandwich (corned beef and sauerkraut). Of course, Wolfgang’s isn’t Wolfgang’s without the steak, so aside from the Baby Back Ribs, we were treated to the USDA Prime Dry-Aged Porterhouse Steak, showing that unmistakable strong, beefy flavor achieved by aging.

Ms. Bolinas said that while there are Wolfgang’s Steakhouse Grills around the world, the one in the Philippines is unique as it has more items not related to steak. Ms. Bolinas said that they’re definitely opening Wolfgang’s in Boracay, and construction is about to begin. While these plans are not final yet, they’re planning to also build in Cebu and Davao.

Wolfgang’s Steakhouse was founded in 2004 by father and son duo Wolfgang and Peter ZwiAener. The senior Mr. Zwiener and Wolfgang’s namesake was the former head waiter at another famous New York steakhouse, Peter Luger. Wolfgang’s has over 30 locations worldwide, from the United States to Japan.

Asked why they chose to open in Quezon City, Ms. Bolinas said, “We’re going closer to where deals are made. Steak diplomacy.”

“Steak diplomacy” for her means that every time one closes a deal, or celebrates something, Filipinos tend to favor steak to mark the occasion. “We’re going closer to our customers,” she said, adding that the Wolfgang’s customers in the North might not be comfortable driving all the way to their branch in BGC or City of Dreams. One of those customers might include the chair of the Araneta Group (which owns the Gateway malls, along with other interests in the food industry), Jorge Araneta.

“We have full support from the Araneta team. Mr. Araneta, with the new, beautiful development of Gateway Mall 2, they were the ones who really pushed for it to be higher end,” said Ms. Bolinas. “I think it’s the wish of Mr. Araneta to have his own steakhouse here in the mall.”

Wolfgang’s Steakhouse Araneta City is open daily from 10 a.m. to 10 p.m. on non-show days and 10 a.m. to 11 p.m. on days when the coliseum has a show. — Joseph L. Garcia

SEC warns against three more unauthorized entities

THE Securities and Exchange Commission (SEC) warned the public against three entities, which it found to be soliciting investments without the proper registration.

In three separate advisories posted on its website, the SEC flagged Innov8wealth Global, Double R Aggregates, and Ayala Corp. Group, Inc. as they do not have the necessary licenses to solicit investments.

The corporate regulator said Innov8wealth Global is an entity supposedly engaged in the trading of cryptocurrency, color games, betting, and artificial intelligence-prediction bots. Investors are enticed to invest P100 to P500,000 with a promise to earn interest ranging from 10.88% to 28.56% per week depending on the investment.

Interested investors are told to register via the entity’s website while investments are to be deposited through electronic payment platforms.

In a separate advisory, the SEC said Double R Aggregates/Double R Trucking and Aggregates OPC are soliciting investments from the public via social media. The entity is allegedly involved in the quarrying business.

It reportedly promises a monthly profit ranging from 7.5% to 15% depending on the investment made by an individual.

“The investment opportunity being offered by Double R Aggregates/Double R Trucking and Aggregates OPC is a form of securities as the elements of investment contract are present in its investment offering,” the SEC said.

Meanwhile, the SEC said in a separate advisory that Ayala Corp. Group, Inc./Ayala Corp. Budgetarian Online Shop/Global Online Ayala Corp./Bellavita Ayala Corp./Ayala Corp. e-commerce are offering investments with a promise of high return.

The entities are offering part-time jobs for those placing orders online for a promise of receiving a commission, which could only be withdrawn upon payment of a supposed tax charge under a tasking and recharging scheme.

According to the SEC, the entities are not related to the publicly listed holding firm Ayala Corp.

The regulator said the tasking and recharging scheme shows an indication of a possible Ponzi scheme where money from new investors is used in paying fake profits to prior investors.

It said the scheme is designed to favor top recruiters and prior risk-takers, but detrimental to subsequent members in case of scarcity of new investors. — Revin Mikhael D. Ochave

Jollibee’s Tanmantiong is MAP Management Person of 2023

ERNESTO TANMANTIONG, the top official of Jollibee Foods Corp., has been named “Management Person of the Year 2023” by the Management Association of the Philippines (MAP).

He was chosen for “being able to accelerate Jollibee’s globalization and transform it into one of the world’s largest, fastest-growing restaurants,” according to Lilia B. de Lima, the award’s judging committee vice-chairperson.

The selection of Mr. Tanmantiong, who is the president and chief executive officer of Jollibee, was announced during MAP’s general membership meeting on Wednesday.

The businessman was commended for being able to lead Jollibee to book record-breaking system-wide sales and revenues despite just coming out of the pandemic.

He was also commended for his role in job creation and for hiring seniors and persons with disabilities in Jollibee establishments.

This year, MAP renamed the award to Management Person of the Year from Management Man of the Year.

Ms. De Lima said the award is given by MAP to individuals in business or government who have attained distinction in management and have made valuable contributions to the country.

During its almost six-decade history, the award was given only 47 times as the search for the MAP Management Person of the Year involves “a tedious process.”

According to Ms. de Lima, the award’s criteria include integrity, prestige and distinction in the business community; exceptional ability in performing management functions; and tangible contributions nationwide, among others.

She said MAP “has been at the forefront of promoting management excellence.”

“MAP has presented [this award] for almost six decades to recognize outstanding achievements of any individual in the private sector or in the government whether a MAP member or not who has exceptionally distinguished himself or herself in the practice of management,” she said. 

This year’s judging committee is composed of awardees in previous years, namely: Edgar O. Chua in 2013, Jose L. Cuisia, Jr. in 2007, Jesus P. Tambunting in 2003, Ramon R. del Rosario, Jr. in 2010, Cesar E.A. Virata in 1981, and Jesus P. Estanislao in 2009. — Justine Irish D. Tabile

Dining In/Out (10/12/23)

Coca-Cola PHL hosts their biggest salu-salo

COCA-COLA Philippines gathered over 3,000 Filipinos for a salu-salo or party, the #CokeKAINation, which transformed the Mall of Asia open grounds into a huge picnic area. Coca-Cola Philippines placed hundreds of picnic tables filled with classic and new Pinoy favorite meals and of course, glasses and glasses of the ice-cold Coca-Cola for people to enjoy. The partygoers were entertained by singers Darren Espanto, Sam Concepcion, and P-Pop girl group BINI. The event is also both a milestone and celebration of 111 years of Coca-Cola. The #CokeKAINation is part of the “Coke is Cooking” meals experience platform being rolled out globally by the beverage brand. Aiming to celebrate the rich food culture in every market and enhance people’s dining experience in different parts of the world, the global meals platform — called in the Philippines as #CokeKAINation — leverages the different passion points of consumers which includes food, music, and entertainment.

Brownies Unlimited offers anniversary promo

Brownies Unlimited marks its 35th anniversary this month by offering a box of 10 or 12 brownies for P35 off from Oct. 16 to 22.

Taco Tuesday every day in October at Taco Bell

THIS MONTH, it’s “Taco Tuesday, Every Day” at Taco Bell. Until the end of the month, Taco Bell is giving a free taco with every order of its Tex-Mex-inspired dishes. Order a single-receipt purchase worth at least P399 and get one Crunchy Taco for free. This applies to both a la carte and combo orders. This offer is available for dine-in, take-out, and delivery until Oct. 31.

Estancia opens new restaurants

ESTANCIA opened a slew of new dining outlets in May and June of this year including Locavore, ALC Bistro Paper Moon, Modern Shang, and Yalo.  Locavore Kitchen & Drinks has made a name for itself for locally grown, locally crafted, and locally produced food. Locavore serves elevated Pinoy comfort food, like their Sizzling Sinigang and Kimchinigang. The restaurant also serves dishes exclusive to Estancia, such as savory Inasalitos, a Yakitori Platter, and Bulalo Pintxos that are great for sharing over drinks, and crunchy Bagnet Chips. Locavore is located at GF East Wing. Meanwhile, ALC Bistro offers home-style meals such as its Signature Lasagna and Garden Fresh Pizza, with a side of coffee and dessert plates, like its Blueberry Cheesecake and sugar-free Frozen Brazo de Mercedes. It also hosts live music performances and open mic nights. Located at GF East Wing. Paper Moon Café is known for its mille crêpe, a French cake made of many crêpe layers. Cake flavors include salted caramel, ube, mango, mango chocolate, tiramisu, blueberry, strawberry pistachio, chocolate, matcha, red velvet and rainbow. Paper Moon also offers assorted tarts packaged in a box of three. Complementing the mille crêpes are a selection of coffee and pasta, salad, and rice bowls topped with caramelized miso salmon and chicken teriyaki among others. Paper Moon Café is located at GL East Wing. Modern Shanghai is founded on Shanghai’s most original, traditional home-cooked recipes, serving heritage cuisine in authentic but modern fashion. The restaurant’s signature bundles include the six-course Emperor’s Feast that comes with egg rice, string beans, sweet and sour fish fillet, xiao long bao, and water spinach with minced pork. One can also order the seafood hotpot, Shanghai chicken and mushroom, sweet and sour fish, beef sirloin, kung pao or orange chicken, and braised fish in black sauce. Located at GL East Wing. From the same company that brought you Razon’s of Guagua, Yalo serves a new set of cold comfort with its icy treats. They have soft serve ice cream with toppings, Rush On Halo-Halo that can be sipped through a straw, and Screamers or slushies in flavors like Benguet, Luzon, and Palawan. Yalo is located at LG East Wing.

The Bistro Group expands further

THE BISTRO Group pursues its expansion program with the opening of new stores in various locations in the metropolis. Opening this October are Texas Roadhouse branches at Venice Grand Canal, Mckinley Hill, Taguig; Glorietta in Makati; Circuit Mall, Makati; and SM BF. Meanwhile, Italianni’s will launch branches at Circuit Mall and SM BF this October. Its Chinese restaurant concept, Modern Shang, just opened a branch at Eastwood Mall. More branches will be introduced this year at SM BF, Ayala North Exchange, Vista Mall Dasmariñas, and Malolos. Meanwhile El Pollo Loco branches will open soon at Trinoma Mall this October and another at The Shops Ayala Triangle Gardens in December while The Bistro Group’s Spanish restaurant, Tomatito, will open at Estancia Mall side by side with Buffalo Wild Wings this November. Randy’s donuts will roll out in more locations. One recently opened at UP Town Center bringing the total number of branches in the country to 12. It has also secured two new locations at NAIA Terminal 2 and Arcovia in Pasig City that are set to open soon. The Bistro Group’s Japanese concept, Watami, will launch new stores at Vista Mall Dasmarinas and Malolos. For more information, follow @thebistrogroup.

M Bakery focuses on New York cheesecakes, classic pies

M BAKERY, best known for its banana pudding and cupcakes, turns the spotlight on their cheesecakes and hand-baked pies. It adds a Filipino twist to its popular Key Lime Cheesecake by using calamansi instead of the traditional key lime. Then there is the Caramel Pecan Cheesecake, a vanilla bean cheesecake atop a graham cracker crust, draped with homemade caramel sauce and toasted pecans. M Bakery takes Red Velvet Cake but makes it cheesecake. It is a rich, chocolatey, and subtly tart cheesecake resting on a chocolate cookie crumb crust, topped with a dollop of whipped cream and chocolate shavings. The three cheesecakes are available in three sizes: Individual for ₱295, six-inches for ₱1,350, and nine-inches for ₱2,800. Its traditional Blueberry Cheesecake sees its vanilla bean-infused cheesecake topped with fresh (not canned) blueberries, finished with a graham cracker crust. It’s available in three sizes: Individual (₱345), six-inches (₱1,350), and nine-inches (₱3,250). Then there is the Lotus Biscoff Cheesecake, made with Lotus Speculoos spread on a Lotus Biscoff cookie crumb crust, then finished off with yet another layer of Lotus spread and sprinkles of Lotus Biscoff crumbs. Available in three sizes: Individual (₱295), six-inches (₱1,775), and nine-inches (₱3,725). Then there are the pies. M Bakery’s Apple Crumb Pie is a single-crust pie filled with golden apples and topped with a crumbly, butter topping. It also has its iconic banana pudding remixed into Banana Cream Pie: filled with fresh bananas and vanilla pudding atop a vanilla wafer crust and piled with whipped cream. Both are available in two sizes: Mini Pie (₱450) and nine-inch pie (₱1,350). M Bakery’s Pecan Pie is loaded with pecans and enveloped in a brown sugar syrup mixture. Available in two sizes: Mini Pie (₱450) and nine-inch pie (₱1,950). The Blueberry Jamboree features a pecan shortbread crust layered with whipped cream and cream cheese filling and finished with a crown of juicy fresh blueberries (not canned blueberries). It is available in two sizes: Mini Pie (₱595) and nine-inch pie (₱2,300). These desserts are available all year long at the flagship store at Lower Ground of One Bonifacio High Street Mall, Bonifacio Global City, or call 847-9829 or 0917-633-1718 to place advance orders. M Bakery’s other stores are in Power Plant Mall in Rockwell, Makati City; SM Megamall; and Mitsukoshi BGC.

Kaminung Bakery giving away 100,000 free pan de sal

QUEZON CITY’s Kamuning Bakery marks the annual World Pandesal Day celebration on Oct. 16, starting at 10 a.m., by giving away for free 100,000 pan de sal rolls, along with cheese, sardines, hams, juices and other food. The 84-year-old Kamuning Bakery Cafe is located at Judge Jimenez St. corner K-1st St., Barangay Kamuning, Quezon City. Oct. 16 is also the United Nations’ “World Food Day” to highlight global problems of hunger and food security. The public is also invited on the eve of World Pandesal Day, Oct. 15, when a free medical and dental mission will be held at the Kamuning Bakery Cafe from 8 a.m. to noon. This free medical and dental mission is undertaken with volunteer doctors, dentists, nurses and staff of the Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. and the Chinese General Hospital. The goals of World Pandesal Day are to honor the humble pan de sal as the national bread of the Philippines and to highlight the need to solve the age-old problems of hunger and poverty.

Iconic food stores at Palenque at New Gateway Mall 2

THE ARANETA GROUP signed a contract with some of the Philippines’ most sought-after chefs and restaurateurs who will showcase their local specialties at Palenque, a new food destination that will celebrate the diversity of Pinoy cuisine at the New Gateway Mall 2. Present during the contract signing on Oct. 4 were chef Nico Bailon of Bale Datung, Miguel Moreno of Palm Grill, Albert Uy of Chicken Fandian, chef Myke “Tatung” Sarthou of Tindeli, and Araneta City VP for Leasing Lorna Fabian. Palenque is a Filipino theme-food arena with stalls that will feature iconic regional dishes courtesy of well-known restaurants across the country. Seasonal food festivities from different parts of the country will be promoted in Palenque through bazaars and fairs. Several stores will also be dedicated to regional specialties, produce, and handicrafts. Palenque will be opening soon at the Upper Ground B level of the New Gateway Mall 2 in Cubao, Quezon City.

Waterfront Manila’s initial reconstruction set for 2024

THE first phase reconstruction of the Waterfront Manila Hotel and Casino complex is projected to be done by the middle of next year, according to the property’s listed operator Acesite (Phils.) Hotel Corp. 

In a regulatory filing on Wednesday, Acesite said the tentative completion date for the initial rebuilding process is by May 2024, about six years after the complex was damaged by fire.

Acesite also disclosed that the second and third phases of the reconstruction plan are expected to be done by January 2025 and May 2025, respectively. 

Waterfront Manila, previously known as Manila Pavilion, is in UN Ave., Manila City.

In March 2018, a fire broke out at the hotel-casino complex, leaving five people dead and 20 others injured. 

Acesite is engaged in the hotel operations business. In 2004, Waterfront Philippines Inc. established its ownership and majority control over Acesite.

Waterfront Manila is part of the Waterfront chain of hotel facilities, which has a presence in Cebu City, Mactan Island, and Davao City. 

On Wednesday, Acesite shares at the local bourse increased by five centavos or 2.78% to P1.85 each. — Revin Mikhael D. Ochave

Teaching more people to fish

MAX LAROCHELLE-UNSPLASH

Not everybody can afford to go to college or university. Many cannot even go to high school. At the very least, the government should help equip people with skills good enough to land them a job even if they lack any formal education. There should be more programs for giving people employable skills to help them become productive.

I went to a technical high school. During our time, we finished high school with two diplomas: one for academic, and another for technical. The technical “diploma” was the equivalent of a TESDA (Technical Education and Skills Development Authority) certificate now, and would have allowed me or any of my fellow graduates to seek employment as a “technician” or a tradesman right after high school.

For those who cannot afford school, some form of sanctioned apprenticeship program should be made available, like those in the UK. Those aged 16 and above can get paid jobs while learning a trade or skill. They get on-the-job training and experience while learning. Meantime, they dedicate at least 20% of their working hours completing classroom-based learning with a college, university, or training provider to earn a nationally recognized qualification.

In short, rather than having to first complete a TESDA certification prior to working, they can complete training and gain experience while on the job, then secure certification when they reach a certain level of competence. This will allow particularly disadvantaged youth to start working earlier, and start contributing to the family income even while attending trade school or completing a certificate program.

More people need a variety of employable skills, rather than a university degree, to get ahead in life. There are many “unschooled” entrepreneurs particularly in the service industry — providing services such as welding and machining, air-conditioning, automotive repair, computer repair, electronics repair, electrical rewinding, etc.

On the other hand, there are many university or college graduates without jobs because they lack “skills” for jobs that are available. They are unable to find “office” work, getting left behind by their peers now working abroad as “skilled workers” and getting paid handsomely for their training, competence, and experience. IT is another industry that requires more skills and experience rather than formal education.

At the same time, a skilled worker specializing in a particular trade should not be restricted to just manual work. They can also develop design and art skills, and become artisans or craftspersons that “create” rather than just “build.” An example is sculpting, which in a sense, is mostly “manual” work. But design and artistic sense turn the “work” into a “work of art.”

However, it appears that to date, many skills training programs are still catering mainly to menfolk, as they emphasize more the “manual labor” aspect of work rather than competency in a particular skill. For instance, there seems to be a bias in favor of training and employing a male welder or a male operator of heavy equipment, when such work can be just as competently handled by women — or members of the LGBTQ community, for that matter.

Anyone can be a carpenter, mason, plumber, electrician, welder, or machine operator. Young, old, men, women, or any of the LGBTQ. And forget white collar vs blue collar. One is not better than the other. It is just a difference in skills sets. What matters is that people work, get paid fairly, and become productive members of their community.

Also, skills, more than formal education or a degree, allow the marginalized and disadvantaged sectors to access more opportunities. Older women, for instance, can still be equipped with skills that will allow them to do output-based work or offer services, or even run small businesses. It is a matter of encouraging more programs that do precisely that: identify the poor, marginalized, and most disadvantaged sectors and equipping them with “productive” skills.

Not too long, such a program just ended, but not without first benefitting over 58,000 Filipinos — including youth, women, indigenous peoples, and persons with disabilities. The program was the Skills for Prosperity Programme in the Philippines run by the International Labour Organization (ILO) and funded by the United Kingdom government from 2019 to 2023.

The program was said to have helped improve equity, quality, and relevance in the Philippines’ technical and vocational education and training (TVET) and skills systems. In its four-year run, the program was estimated to have directly benefited over 7,000 people and indirectly supported over 51,000 individuals, majority of them women.

A statement from ILO said that by collaborating with government agencies, industries, social partners, TVET institutions, and workers, the Skills for Prosperity Programme “successfully elevated their caliber, rendering the country’s TVET and skills systems more inclusive, relevant, and future-ready.”

The skills program also conducted pilot initiatives aimed at enhancing the skills of trainers, students, and workers in provinces of the Visayas. “If adopted on a larger scale, this could lead to a trickle-down effect, positively impacting the lives of more Filipinos, particularly those from vulnerable demographics,” ILO said.

Khalid Hassan, Director of the ILO Country Office for the Philippines, added, “We need to ensure that national TVET and skills systems are inclusive and responsive to industry needs. We need to equip workers with the right skills set so they can enjoy better job prospects.”

Beneficiaries of the program include abaca farmers and processors from Aklan, and root crop farmers from Iloilo. In Samar, women tikog and buri weavers and dyers were trained, while in Cebu, Lapu-Lapu, and Mandaue, construction workers were mentored by the Cebu Contractors’ Association. The skills program was made possible by funding from the UK government, which went a step further by also supporting a new ASEAN program for women and girls’ education.

Given the UK-ILO skills development program’s success, perhaps it can be studied and replicated to also benefit regions outside the Visayas. And, other than the UK, maybe other governments from Europe, the Americas, and Asia can perhaps be called on to lend a helping hand in funding more skills-training programs. After all, many skilled Filipinos workers end up doing work in their countries as well.

Local government also have a role to play in this, by identifying areas and people in need of skills training opportunities, and by offering to make maybe small but meaningful investments in improving the lot of these people. LGUs can then work with NGOs and groups like the ILO in identifying suitable development partners.

Having witnessed how the UK-ILO program benefitted over 58,000 people, perhaps the government can reach out to more foreign development partners to support a wider and far-reaching effort to upgrade the skills of Filipinos. As they say, if you give people fish, then you feed them for the day. But if you teach them how to fish, then you feed them for a lifetime.

 

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

matort@yahoo.com

What is the OMAD diet? Is one meal a day actually good for weight loss? And is it safe?

PIXABAY

WHAT do British Prime Minister Rishi Sunak and singer Bruce Springsteen have in common?

They’re among an ever-growing group of public figures touting the benefits of eating just one meal a day.

As a result, the one meal a day (OMAD) diet is the latest attention-grabbing weight loss trend. Advocates claim it leads to fast, long-term weight loss success and better health, including delaying the ageing process.

Like most weight-loss programs, the OMAD diet makes big and bold promises. Here’s what you need to know about eating one meal a day and what it means for weight loss.

THE OMAD DIET EXPLAINED
Essentially, the OMAD diet is a type of intermittent fasting, where you fast for 23 hours and consume all your daily calories in one meal eaten within one hour.

The OMAD diet rules are presented as simple and easy to follow:

You can eat whatever you want, provided it fits on a standard dinner plate, with no calorie restrictions or nutritional guidelines to follow.

You can drink calorie-free drinks throughout the day (water, black tea, and coffee).

You must follow a consistent meal schedule, eating your one meal around the same time each day.

Along with creating a calorie deficit, resulting in weight loss, advocates believe the OMAD diet’s extended fasting period leads to physiological changes in the body that promote better health, including boosting your metabolism by triggering a process called ketosis, where your body burns stored fat for energy instead of glucose.

WHAT DOES THE EVIDENCE SAY?
Unfortunately, research into the OMAD diet is limited. Most studies have examined its impact on animals, and the primary study with humans involved 11 lean, young people following the OMAD diet for a mere 11 days.

Claims about the OMAD diet typically rely on research into intermittent fasting, rather than on the OMAD diet itself. There is evidence backing the efficacy of intermittent fasting to achieve weight loss. However, most studies have focused on short-term results only, typically considering the results achieved across 12 weeks or less.

One longer-term study from 2022 randomly assigned 139 patients with obesity to either a calorie-restricted diet with time-restricted eating between 8 a.m. and 4 p.m. daily, or to a diet with daily calorie restriction alone for 12 months.

After 12 months, both groups had lost around the same weight and experienced similar changes in body fat, blood sugar, cholesterol, and blood pressure. This indicates long-term weight loss achieved with intermittent fasting is not superior and on a par with that achieved by traditional dieting approaches (daily calorie restriction).

SO WHAT ARE THE PROBLEMS WITH THE OMAD DIET?
1. It can cause nutritional deficiencies and health issues.

The OMAD diet’s lack of nutritional guidance on what to eat for that one meal a day raises many red flags.

The meals we eat every day should include a source of protein balanced with wholegrain carbs, vegetables, fruits, protein and good fats to support optimum health, disease prevention and weight management.

Not eating a balanced diet will result in nutritional deficiencies that can result in poor immune function, fatigue, and a decrease in bone density, leading to osteoporosis.

Fasting for 23 hours a day is also likely to lead to extreme feelings of hunger and uncontrollable cravings, which may mean you consistently eat foods that are not good for you when it’s time to eat.

2. It’s unlikely to be sustainable.

You might be able to stick with the OMAD diet initially, but it will wear thin over time.

Extreme diets — especially ones prescribing extended periods of fasting — aren’t enjoyable, leading to feelings of deprivation and social isolation during mealtimes. It’s hard enough to refuse a piece of office birthday cake at the best of times, imagine how this would feel when you haven’t eaten for 23 hours!

Restrictive eating can also lead to an unhealthy relationship with food, making it even harder to achieve and maintain a healthy weight.

3. Quick fixes don’t work.

Like other popular intermittent fasting methods, the OMAD diet appeals because it’s easy to digest, and the results appear fast.

But the OMAD diet is just another fancy way of cutting calories to achieve a quick drop on the scales.

As your weight falls, things will quickly go downhill when your body activates its defense mechanisms to defend your weight loss. In fact, it will regain weight — a response that stems from our hunter-gatherer ancestors’ need to survive periods of deprivation when food was scarce.

THE BOTTOM LINE
Despite the hype, the OMAD diet is unsustainable, and it doesn’t result in better weight-loss outcomes than its predecessors. Our old habits creep back in and we find ourselves fighting a cascade of physiological changes to ensure we regain the weight we lost.

Successfully losing weight long-term comes down to:

losing weight in small manageable chunks you can sustain, specifically periods of weight loss, followed by periods of weight maintenance, and so on, until you achieve your goal weight making gradual changes to your lifestyle to ensure you form habits that last a lifetime.

Dr. Nick Fuller is the Charles Perkins Centre Research Program Leader at the University of Sydney. He has received external funding for projects relating to the treatment of overweight and obesity. He is the author and founder of the Interval Weight Loss program.

Alternergy shareholders approve preferred shares to raise capital

ALTERNERGY HOLDINGS Corp. has obtained shareholder approval for the reclassification of its preferred shares in a move aimed at raising capital for various projects.

In a stock market disclosure on Wednesday, the listed energy company said the reclassification of about 1.48 billion preferred shares with a par value of P0.10 had been approved during a special stockholders’ meeting on Tuesday.

The shares will be subdivided into two classifications, namely: “Perpetual Preferred Shares 1” amounting to about 1.18 billion; and nonvoting “Perpetual Preferred Shares 2” for the remaining 300 million.

The 300 million shares are broken down into Series A, B, and C of 100 million perpetual preferred shares per series.

“The reclassification of [Alternergy’s] perpetual preferred shares is in anticipation of our next capital raising exercise to fund our renewable projects,” Alternergy President Gerry P. Magbanua said.

“Our Green Perpetual Preferred Shares Program will allow Alternergy to access a wider base of institutional investors to broaden our sources of capital,” he added.

At the same meeting, an increase in the number of board seats — to nine directors from seven previously — was also approved

“The increase in the number of independent directors will broaden the diversity and breadth of expertise of our Board,” Alternergy Chairman Vicente S. Pérez, Jr. said.

“Alternergy espouses a culture of diversity in terms of experience, expertise, culture, age, gender and orientation. We believe diversity creates greater value to our company’s growth,” he added.

Last week, the company announced that it had tapped three investment banks to lead in raising the P12-billion project financing for its two wind power projects.

The two projects for debt financing are Alternergy’s 55-megawatt (MW) Alabat Island wind power project in Quezon province and its 86-MW Tanay wind power project in Rizal province, which are expected to be completed by 2025.

At the local bourse on Monday, shares of the company went up by one centavo or 1.2% to P0.84 apiece. — Sheldeen Joy Talavera

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