There is more to Jasmine than dimsum

August 31, 2023 | 12:02 am

Jasmine's Truffle duck dumpling-thumb — TRUFFLE DUCK DUMPLING

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It has added 30 dishes to its menu, plus cocktails

WHILE New World Makati Hotel’s Chinese restaurant Jasmine has been an institution for its eat-all-you-can dimsum lunch and dinner promotion, its a la carte menu is still worthy of mention. During a tasting last week, Jasmine showed off its new selections, numbering over 30.

Of course, we’re only human, so for the tasting last week, Jasmine paired down the samples to just over 13 dishes. The Filipino chefs at Jasmine pulled out all the stops with seafood and other luxurious ingredients.

The meal opened with a truffled duck dumpling, wrapped in a silky soft skin, and it was surprisingly subtle. A Soft-Shell Crab with mango salsa encased in a bao was satisfying, as was the Deep-fried Crab Claw, an easy and elegant way to eat crab claws (with the bonus of being stuffed with other seafood).

We do note that the new menu items lean towards fried dishes: there was a crispy Shrimp Ball, Deep-fried Spareribs, Crispy Stuffed Eggplant, and Deep-fried Golden Mushrooms. Of these, we’d gladly partake of the golden mushrooms and the spareribs again (and they go so well together). A rather unusual dish was the beef tenderloin in a light purple taro sauce. Though we didn’t like the taro, the rather strange sauce made a creamy counterpoint to the aggressive beef. We especially liked the Fried Prawns Peking-style, and the Scallops with Broccoli and XO sauce, because of their freshness and subtlety.

The meal ended with E-fu noodle with spicy ma po tofu and seafood and a seafood fried rice, which were certainly filling.

Other dishes to look forward to (which were not presented at the tasting) include Sichuan-style Poached Beef Tenderloin with Chinese cabbage and bok choy, Sliced Chicken Black Pepper Sauce, and Taiwanese-style Chicken in Claypot.

CHINESE-INSPIRED COCKTAILS
Now there’s something completely new on the restaurant’s menu: cocktails by Jasmine.

The normally staid restaurant is taking a walk on the wild side with Chinese-inspired cocktails. That day, they brought out of Jasmine Bloom (Christian Drouin gin, Mancino Bianco vermouth, jasmine tea, lime juice, egg white and honey), Yin Yang (Martin Miller’s gin, elderflower cordial, chili, egg white, lemon juice and rose buds tea syrup), Lapsang Cooler (Pierre Ferrand 1840 cognac, black tea, basil, ginger, lemon juice and sugar syrup), and Xiāng Máo Drop (That Boutique-y Rum Signature Blend rum, lemongrass, fresh mint, lime juice and tieguanyin tea syrup).

We tried the Yin Yang, with a single rose bud floating on top of the egg white foam. It tasted refined and delicate — until the chili touches your tongue. Then you just feel refined, delicate, and very, very awake, and the spice lingers on your lips. This will probably save you from the inevitable nap one might have to take after all that food.

For reservations, visit https://bit.ly/NWJasmineReservation, call 8811-6888 ext. 3679, e-mail fbreservations.manila@newworldhotels.com, or Viber/ Whatsapp via 0917-888-4194. — Joseph L. Garcia

Toyota output hits July record on robust demand

August 31, 2023 | 12:01 am

TOYOTA Motor Corp.’s global production rose 10% last month to a July record of 918,347 vehicles on robust demand and further easing of pandemic-related disruptions.

Worldwide sales, including subsidiaries Daihatsu Motor Co. and Hino Motors Ltd., rose 5.2% to 918,345 units on strong demand in North America, India and the Philippines, the world’s biggest automaker said Wednesday. Sales in China fell amid intense competition with local brands.

Toyota on Tuesday suspended production at all its Japanese plants after a rare system malfunction made it impossible to order parts. The plants started to gradually resume operations Wednesday, and the company said it doesn’t suspect it was the victim of a cyberattack.

Separately, Honda Motor Co. said global sales fell 1.9% from a year earlier to 314,146 units, the first decline in four months. Honda’s production slumped 19.2% due to weak output in China, although the company produced a large number of cars in the US.

Nissan Motor Co. said it produced 271,505 cars in the month — down 4.7% — for the first drop in six months. Sales dipped 0.5% to 264,894 vehicles. — Bloomberg

Fintech company Lentra looks to help Philippine banks in digital shift

August 31, 2023 | 12:01 am

FINANCIAL TECHNOLOGY (fintech) company Lentra is looking to help banks in the Philippines in their digital transformation to help serve the country’s unbanked population.

“As a SaaS (software as a service) platform, we’d look at how we can enable banks that have a large population and large customer bases to be able to transform digitally. And that’s what drives us to come into the Philippines, Indonesia, and Vietnam,” Lentra Asia-Pacifc Sales Executive Vice-President Sanjay Kao said in an interview with BusinessWorld.

“As you’ve noticed, these three markets in Southeast Asia are the most populous markets after China and India. In these markets, the demographic structure is pretty much the same as we’ve seen in India. So, we have solved those challenges,” he added.

Mr. Kao said Lentra wants to help banks in these three markets serve the unbanked population to complement their push for digitalization.

The Bangko Sentral ng Pilipinas wants to digitize 50% of the volume and value of retail transactions and to have 70% of Filipino adults as part of the formal financial system by the end of this year.

Lentra Co-Founder and Chief Product Officer Ankur Handa said the company recently received Series B Funding worth $78 million led by investors like MUFG Bank, Bessemer Venture Partners and SIG Venture Capital, and Citi Ventures.

The capital will be used for Lentra’s expansion into the three Southeast Asian countries, Mr. Handa said.

Lentra Country Manager Joel Del Valle said the company’s services can coexist with banks’ existing core systems instead of having to completely replace them, which is one of the hurdles to the industry’s digital shift.

“But the biggest problem right now is scaling up and reaching out. We’ve done this in India already. The scale there is massive,” Mr. Del Valle added.

The company aims to partner with banks and offer a faster time to market and implementation.

Mr. Del Valle said they can guarantee banks just 45 days of turnaround time in terms of implementation.

Lentra entered the Philippine market in December after it acquired TheDataTeam.

The company recently registered with the Securities and Exchange Commission to operate as Lentra Digital Solutions Pilipinas Corp., Mr. Del Valle said. — A.M.C. Sy

Dining In/Out (08/31/23)

August 31, 2023 | 12:01 am

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Disney mooncake gift box for the Mooncake Fest

HONG KONG MX is poised to launch several new products, including the new Musang King Durian Molten Mooncake and an exclusive Disney mooncake gift box, just in time for the Mooncake Festival. The Musang King Durian Molten Mooncake has creamy 100% Musang King Durian pulp from naturally ripened fruits from Malaysia. Meanwhile, in celebration of Disney’s 100th anniversary, Hong Kong MX offers an exclusive mooncake gift box featuring classic Disney characters. Inspired by a vintage vinyl record player, the music box is decorated with some of Disney’s most iconic characters and also plays the melody of “It’s a Small World.” The Disney gift box includes four Mickey Mouse-shaped White Lotus Seed Paste Mooncakes with Egg Yolk. This year Hong Kong MX also offers classic flavors for the more traditional palates, including its pioneering product, the Lava Custard Mooncake. In addition to the Lava Custard Mooncake gift box, other lava mooncake gift box options are also available, including Lava Duet Mooncake, Lava Quartet Mooncake, and Custard Duet Mooncake, all in the new artistic packaging. The Lava Mooncake Series comes in an array of flavors, including the classic Lava Custard Mooncake, Lava Caramel Macchiato Mooncake, Lava Chocolate Mooncake, and Lava Cheese Mooncake. Meanwhile, the signature best-selling White Lotus Seed Paste Mooncake with Two Egg Yolks and Lotus Seed Paste Mooncake with Two Egg Yolks has a new look that includes mythical touches in its packaging. For this Mooncake Festival, Hong Kong MX has launched a variety of gift boxes that allow buyers to enjoy these classic flavors in whichever way they like — whether it be with reduced sugar or in an assortment of classic flavors which include Red Bean Paste, Lava Chocolate, and Lava Custard variants. Hong Kong MX mooncakes are available viaFacebook (Hong Kong MX Products Philippines); Instagram (@hkmxproductsph); TikTok |(@hkmxproductsph); the official website, www.doubledownimportexportinc.com; Lazada/Shopee (Hong Kong MX Products Phils); GrabFood (Hong Kong MX Bakery at multiple locations); Pickaroo/MetroMart (Hong Kong MX at multiple locations); or by calling 0917-137-2129 or 8635-0748. Hong Kong MX also has physical stores at SM Aura Premier, V-Mall Greenhills, SM Southmall, DoubleDragon Plaza, and SM Mall of Asia. For a limited time only, customer can collect free gifts for orders of P5,000 and above. Orders worth P10,000 and above get free delivery within Metro Manila.

1800 Cristalino tequila launched in Manila

THE NEWEST player in the premium tequila market is 1800 Cristalino, which was launched on Aug. 17 at Yes Please! in Bonifacio Global City, Taguig. The tequila’s flavor is achieved by meticulously filtering an Añejo tequila through activated charcoal. This unique process gives 1800 Cristalino its fine and clear color with a full-bodied taste and a hint of fruity and floral notes. The tequila is available in all S&R Membership Shopping stores around Metro Manila and at online stores Boozy, The Booze Shop, and Singlemalt PH.

The Oriental holds motorcycle dining tour of Bataan

MOTORCYCLE aficionados can ride and dine in style and rediscover the countryside of Bataan province with the Explore Bataan promo of The Oriental Hotel and Resort in Mariveles. Riders can avail of the room rate promo of P3,888 for deluxe cellar and P4,888 for deluxe executive, which come with breakfast for two and a 10% discount at the Cocoon Restaurant and Forest Grill. They can also take a swim in the circular pool and get signature massages at the Asian-themed spa after a long ride. The Oriental’s partner tour operator, Aura Mosca has unique itineraries for guests, or customized tours which combine nature, adventure, culture, and cuisine. But for those who prefer the do-it-yourself mode, they can stop by the First Line of Defense Monument at the Layac Junction in Dinalupihan; the Bataan Tourism Center in Balanga City; the World War II Surrender Site inside the Balanga Elementary School; the City of Balanga Wetlands and Nature Park, the Dambana ng Kagitingan on top of Mt. Samat in Pila; Death March Km Zero, a memorial plaza in Mariveles; Five Fingers Cove; and the town of Morong, with its beach resorts and the conservation center for sea turtles. For more information, log on to www.bataan.theorientalhotels.com.

Tinapayan Festival offers healthy back-to-school snacks

TINAPAYAN Festival, a Manila-based best known for its soft and sweet bread, pastries, and cakes, is prepared for the school year kickoff with a wide array of healthy baked offerings, namely, their Agri-Pandesal products. These include its Squash Pandesal, crafted using real squash, and Carrot, Malunggay, Sweet Potato, and Potato Pandesal variants. These, along with its Classic Sandwich Bread, Cream Loaf (made with high protein flour, refined sugar, and powdered milk), Raisin Bread, and Wheat Bread are available at any of Tinapayan Festival’s branches. Tinapayan Festival also recently introduced two new healthy products to their lineup, Cheesy Monay and Milk Bread, which are also available in all five the branches across Metro Manila — Manila Zoo, SM North EDSA North Towers, Shoppesville Center in Greenhills, Riverbanks Mall in Marikina, and the main store on Dapitan St. corner Don Quijote, Sampaloc, Manila. For advanced bulk orders, drop by the main branch or call 8732-2188 or 0933-814-4912, or send an e-mail at sales@tinapayan@gmail.com. Tinapayan Festival is also available in GrabFood and FoodPanda.

Mang Inasal opens new stores in 2023

AS IT celebrates its 20^th year, Mang Inasal continues to expand its store network nationwide. In the first half of 2023, seven new branches have opened: Biñan, Laguna; SM City Grand Central, Caloocan; Baler, Aurora; SM City Tuguegarao; WalterMart Caloocan; WalterMart Capas Tarlac; and Polomolok, South Cotabato. Among the Mang Inasal stores set to open in the rest of the year are those in Cavite, Quezon, Leyte, Samar, Quezon City, and Marikina.

Manulife IM launches ASEAN UITF

August 31, 2023 | 12:01 am

MANULIFE INVESTMENT Management and Trust Corp. (Manulife IM Philippines) on Wednesday launched an Association of Southeast Asian (ASEAN) unit investment trust fund (UITF) that will invest 70% of its net assets in equity-related securities of listed companies in the region.

The UITF, called the Manulife ASEAN Equity Feeder Fund, provides access to investment opportunities in countries like Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam, for a minimum amount of P1,000 or $100, Manulife IM said in a statement on Wednesday.

The ASEAN Equity Feeder Fund will use “on-the-ground resources to uncover inefficiencies between company fundamentals and market perception,” it said.

“Our equity UITFs are suitable for aggressive investors looking to capture the long-term capital growth potential of professionally selected companies across the world,” Manulife IM Philippines President and Chief Executive Officer Aira Gaspar said.

Interested investors may open a UITF account online through Manulife’s digital investment platform iFUNDS, contact a Manulife Wealth Specialist, or visit manulifeim.com.ph.

“Through the Manulife ASEAN Equity Feeder Fund, we’re bringing to investors easy access to ASEAN’s robust growth potential, driven by its growing working population, the digitalization of its resilient economy, and its evolving tourism story,” Ms. Gaspar said.

Manulife IM Philippines’ parent company Manufacturers Life Insurance Co. (Phils.), Inc. recorded a premium income of P4.07 billion in the first quarter, data from the Insurance Commission showed. — AMCS

Kindly wait outside

August 31, 2023 | 12:01 am

group-people-sitting-waiting-room — PHILSTAR FILE PHOTO

IT DOESN’T HELP to hurry up a process that hasn’t quite reached its end point, whenever that may be. Even one with an appointment made two weeks ago to discuss career prospects may be told to kindly wait outside — the boss is still taking a nap. (Maybe you can just reset the meeting?)

Waiting frustrates the supplicant. He cannot just follow up with another patron to lower the boom on a reluctant, or even forgetful favor giver. (But I am supposed to be in his succession plan.)

The rule for one being told to wait is simple — don’t call them, they’ll call you. But what if they take their time? There is no use trying to pin down a schedule when a decision is likely, as one will only be given vague timelines like: when your granddaughter has grandchildren of her own.

The waiting period can be preordained, which doesn’t make it any easier to bear. In politics, for one, the delay of gratification is determined by an election schedule, even when the opening is appointive in nature. There are even times when an office seems vacant, but the occupant is designated to be just “on indefinite leave.” There’s the incumbent’s empty office with the files still not cleared away.

Here are some rules for waiting outside the loop.

Manage your expectations. You will hear from the grapevine that you are the frontrunner for the position you have been craving. You are at the top of a shortlist down to three. You may even be congratulated prematurely by people maybe expecting favors later. It’s best to temper your greed and act nonchalantly — I’m sure they are considering others, maybe even from the outside. You may even be prophetic.

Do intermediaries help shorten the waiting? It’s best to leave the process alone. Use of go-betweens can spook the process. The assigned broker may even add unsolicited comments like “this guy is really in a hurry and pressuring you to give him the position.” Such remarks can only reflect badly on your nonchalant posture (see above).

If you seem to have a lock on a position, it is best to keep quiet. For an appointive position in government, silence means not giving any comment on any issue of the day. Learn from the mistake of previous contenders who seem drawn, like moths to the flame, to any live microphone. Resist sending memos to those on top, wondering why there is no reaction or marginal notes back.

The best posture to take while waiting for that announcement is simply working hard in one’s present position, limiting comments and e-mails to one’s area of responsibility, and refraining from commenting on other subjects. When asked about plans should one get the coveted position, it’s best to just shrug and walk away. (Let’s have coffee next week.)

Names are always swirling around a vacant position. And if yours is not among the buzzed list, there’s no need to panic. A name from “left field” which has not even been mentioned before will be a surprise. It may not even be you.

Those waiting to be appointed to an important position can be allowed to fantasize about the desired position with its salary grade, perks (new hybrid car), and power. They tend to read into such things as the long gap between being called to meetings, the unexplained silence from the appointing authority, even the exclusion from an invitation to a birthday party.

The most important aspect of waiting has to do with patience. Only an expert in the game can practice restraint and let seemingly harmless opportunities for self-promotion go unexploited. Conversations with the powerful ones are off tangent. (Yes, I know that music. It’s Bach.)

Even the most astute player cannot calculate when the waiting will be over. When is the right time for taking the bull by the horns, forcing the issue, or simply writing off the possibility and submitting a letter of resignation? (Will I be requested to stay on?)

There’s no use checking the calendar too often. Just kill time and read War and Peace. Maybe you’ll even reach almost halfway to page 765… and appreciate Tolstoy’s portrayal of Napoleon as a bumbling buffoon foiled by the Russian winter. You can surely relate to such epic frustrations. And then your cell phone buzzes… with another shared joke.

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

Domestic trade in the regions: Which have (un)favorable trade balances?

August 31, 2023 | 12:00 am

THE DOMESTIC TRADE in goods declined by an annual 36.2% in the second quarter, the Philippine Statistics Authority (PSA) said on Tuesday. Read the full story.

How PSEi member stocks performed — August 30, 2023

August 31, 2023 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Wednesday, August 30, 2023.

Peso inches up on dovish Fed hopes

August 30, 2023 | 9:00 pm

THE PESO inched up against the dollar on Wednesday amid expectations of a pause by the US Federal Reserve at its September meeting after a soft US jobs report.

The local currency closed at P56.725 versus the dollar on Wednesday, rising by 2.50 centavos from Tuesday’s P56.75 finish, data from the Bankers Association of the Philippines’ website showed.

The local unit opened Wednesday’s session slightly stronger at P56.68 per dollar. Its intraday best was at P56.60, while its weakest showing was at P56.79 against the greenback.

Dollars traded went down to $1.23 billion on Wednesday from $1.28 billion on Tuesday.

“The peso strengthened as the weaker US job openings and consumer confidence reports tempered market views of a more hawkish US policy stance,” a trader said in an e-mail.

US job openings dropped to a near two-and-a-half-year low last month amid a slowing labor market, which fanned bets that the Fed would keep borrowing costs steady in September.

The Job Openings and Labor Turnover Survey released on Tuesday showed job openings dropped by 338,000 to 8.827 million on the last day of July, the lowest since March 2021.

Meanwhile, a survey from the Conference Board showed consumers’ perceptions of the labor market cooled in August.

The US central bank hiked borrowing costs by 25 basis points (bps) last month, bringing the fed funds rate to a range between 5.25% and 5.5%.

It has raised rates by a cumulative 525 bps since it began its tightening cycle in March last year.

The Fed will hold its next policy meeting on Sept. 19-20.

The peso was also supported by a weaker dollar following the release of weak US data, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For Thursday, the trader said the peso could appreciate further ahead of likely softer US private payrolls data.

The trader sees the peso moving between P56.55 and P56.80 per dollar on Thursday, while Mr. Ricafort sees it ranging from P56.60 to P56.80. — AMCS

PSEi climbs as soft US data boost Fed pause bets

August 30, 2023 | 9:00 pm

PHILIPPINE SHARES climbed on Wednesday following the release of soft US economic data, which could lead the US Federal Reserve to pause its tightening cycle again next month.

The Philippine Stock Exchange index (PSEi) went up by 70.29 points or 1.12% to close at 6,295.29 on Wednesday, while the broader all shares index rose by 27.57 points or 0.82% to end at 3,382.19.

“The PSEi continued to climb today as sentiment found a lift from the lower-than-expected US job openings and consumer confidence, reinforcing prospects of a tightening pause from the US Fed at their September meeting,” China Bank Securities Corp. Research Director Rastine Mackie D. Mercado said in an e-mail on Wednesday.

“Sentiment was buoyed by the bigger than expected drop in US job openings and consumer confidence, with investors speculating that this could ease the pressure on the Federal Reserve to hike interest rates,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet likewise said in a Viber message.

US job openings dropped to a near two-and-a-half-year low last month amid a slowing labor market, which fanned bets that the Fed would keep borrowing costs steady in September.

The Job Openings and Labor Turnover Survey released on Tuesday showed job openings dropped by 338,000 to 8.827 million on the last day of July, the lowest since March 2021.

Meanwhile, a survey from the Conference Board showed consumers’ perceptions of the labor market cooled in August.

“Despite upbeat price action over the past two trading days, we remain wary of a possible uptick in volatility and selling pressure [on Thursday] given the upcoming effectivity date of the MSCI rebalancing (Sept. 1), and likely profit taking following the oversold rally,” Mr. Mercado said.

“The PSEi may try to move above 6,300 as part of the market’s current rebound from oversold conditions, but selling pressure is expected to build as we approach the major resistance at 6,375,” Mr. Colet added.

Most sectoral indices rose on Wednesday, except for property, which dropped by 0.10 point to 2,598.27.

Meanwhile, holding firms went up by 136.22 points or 2.32% to 5,998.92; industrials increased by 107.68 points or 1.23% to 8,858.97; financials jumped by 8.20 points or 0.44% to 1,855.93; mining and oil climbed by 33.51 points or 0.33% to 10,082.30; and services rose by 2.58 points or 0.16% to 1,532.27.

Value turnover went down to P3.97 billion on Wednesday with 672.71 million shares changing hands from the P5.63 billion with 395.06 million issues seen on Tuesday.

Advancers outnumbered decliners, 90 to 82, while 62 names closed unchanged.

Net foreign selling went up to P375.70 million on Wednesday from P219.17 million on Tuesday.

For the rest of the week, Mr. Mercado put the PSEi’s support at 6,150 and resistance at 6,370. — S.J. Talavera

Palace approves three-year plan to upgrade food logistics network

August 30, 2023 | 8:30 pm

Farmers-vegetables-Benguet — PHILSTAR FILE PHOTO

PRESIDENT Ferdinand R. Marcos, Jr. has approved a three-year plan to upgrade the food distribution network, saying that the logistics industry remains hampered by the lingering impact of the pandemic.

The Three-Year Food Logistics Action Agenda seeks to “modernize” the food distribution system, reduce transport and logistics costs, increase investment in logistics infrastructure like transport and storage facilities, and address “other supply chain gaps,” the Palace said in a statement.

It said the plan also seeks to deter hoarding and smuggling, as well as food imports that are not immediately moved from the ports to the markets.

The plan calls for increased monitoring of warehouses and cold storage facilities and harnessing information and communications technology “to improve logistics performance.”

“The action plan’s general objective is to ensure the availability, accessibility, and affordability of food, and that consumers reliably get the right product at the right time,” the Palace said.

It said the Department of Trade and Industry (DTI) is currently seeking to integrate food terminals into the logistics network. It is currently building additional food hubs in Metro Manila and other parts of the country.

“By integrating food terminals, the supply chain from producers to consumers could be shortened, with standardized logistical processes and transportation system directed towards specific destinations,” the Palace said.

The food hubs would operate as central command centers to effectively maintain “balance between demand and supply.”

The Philippines ranked 60^th of the 160 countries in the World Bank’s Logistics Performance Index in 2018.

Trade Secretary Alfredo E. Pascual said in a statement that the DTI is endorsing logistics-related measures for inclusion in the priority legislative agenda, including a proposed International Maritime Competitiveness Act that would task the Maritime Industry Authority with regulating shipping lines and keeping shipping charges in check. — Kyle Aristophere T. Atienza

BCDA sees land sales of up to P1.45T if bill approved, may help fund military pensions

August 30, 2023 | 8:30 pm

THE Bases Conversion and Development Authority (BCDA) said on Wednesday that it could generate up to P1.45 trillion from land sales if House Bill (HB) 8505 is signed into law.

“The BCDA estimates that this provision will free up 1,856 hectares of land, which can potentially generate P451.26 billion up to P1.45 trillion in revenue,” the BCDA said in a statement. It added that the proceeds could go towards funding military pensions.

HB 8505 will allow the conversion of 5% of BCDA economic zones to freehold status from leasehold, freeing up the land to be sold.

The BCDA expects the prospective buyers to be residential developers, who will then offer homes for sale.

On Aug. 22, the House of Representatives approved on third reading HB 8505, which is a proposed amendment to Republic Act No. 7227 or the Bases Conversion and Development Act of 1992.

BCDA said HB 8505 will help it address obstacles to the full development of land it controls.

“The BCDA (needs) to make big, bold moves to adapt to changes (in the economic landscape) and deliver the socioeconomic transformation we envision for our development areas in Clark,” BCDA President and Chief Executive Officer Joshua M. Bingcang said.

Mr. Bingcang said that the bill will also extend the BCDA’s corporate term by another 50 years. The BCDA currently has a remaining corporate life of 19 years.

“This extension will increase the confidence of investors when transacting with the BCDA, as well as allow the BCDA to continue its support to the Armed Forces of the Philippines (AFP) Modernization Program,” it said.

The bill will also increase the authorized capital of BCDA to P400 billion from P100 billion. — Justine Irish D. Tabile