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The Big Dome gets bigger

Restaurants, shoe stores and a lot more opening in the new Gateway 2 mall

THE BIG Dome just got a little bit bigger with the addition of Gateway Mall 2 in Quezon City.

Gateway Mall 2 is Araneta City’s newest mall, connected to the Araneta Coliseum and Gateway Mall 1 (and its adjoining tower). It boasts of eight levels (three of them for parking) and more than 200,000 sqm. of retail space.

Other features of the mall include a church (which seats around 1,000) on the roof deck, a bowling alley with more than 20 lanes, 18 cinemas, and access to Araneta Coliseum. Of the church, Lorna Fabian, Vice-President for Leasing of the Araneta Group said that its design is inspired by the papal tiara. The church is located beside the Ibis Styles hotel, which has some of its floors adjoining the top of the mall.

The Araneta family developed the 35-hectare property in Cubao, Quezon City in the 1950s. Patriarch J. Amado Araneta’s vision led to the Araneta Coliseum, which once had the distinction of being the largest covered coliseum in the world. Other developments in the property — formerly called Araneta Center and renamed Araneta City a few years back — include Ali Mall, recognized as the country’s first modern shopping mall. The group has other interests in food franchising (holding the local franchises for Pizza Hut, Taco Bell, and Dairy Queen).

The branch of the Araneta family that developed Araneta Center has representation in various fields: Politician Manuel “Mar” Araneta Roxas II is a nephew of Araneta Group chair Jorge Araneta (through his sister Judy), while Asia’s Best Female Chef for 2016 and restaurateur Margarita “Gaita” Araneta Fores is his niece through his late sister, Maria Lourdes “Baby” Fores.

Speaking of Gaita Fores, a whole block at one of the new mall’s floors will be occupied by restaurants of the Fores family. These include Ms. Fores’ own Grace Park, her son Amado’s a mano (which opened this week), and Malou Fores’ Mamou. Other upscale restaurants to open (on another floor) include Wolfgang’s and Tung Lok Seafood. The same floor occupied by Wolfgang’s may also host luxury retail shops soon, according to Ms. Fabian during a briefing and mall tour on Aug. 16.

A slew of athletic shoe stores has already opened on one of the floors, including Anta and Foot Locker (it’s no coincidence that they’re located near one of the access gates to the Araneta Coliseum, host as it is of various basketball games). The mall has space for 400 stores.

During the tour, we saw the 700-sqm. LED ceiling called the Quantum Skyview — which can be leased — flashing images of a cat. Araneta Group chair Mr. Araneta was also spotted during the tour, making a personal inspection of the mall. Another feature is a “lagoon” (actually a rectangular fountain) that could be covered up to become a stage or a runway which is not a surprising ability as the Araneta Group also holds the local franchise of Miss International and the local Bb. Pilipinas pageant (Mr. Araneta’s spouse is Stella Marquez Araneta, the world’s first Miss International).

Other restaurants that have opened in Gateway 2 include New York favorite Shake Shack, right outside the mall at the Coliseum Plaza, where it is accompanied by other restaurants. “The challenge for these restaurants is to offer wine, beer; so people can stay longer, up to 2 o’clock in the morning,” said Ms. Fabian. The plans are for the restaurants in the Coliseum Plaza to be open past mall hours, to accommodate Coliseum audiences.

Touch-ups to Gateway Mall 1 and nearby Farmer’s Market are also in the pipeline. Speaking of Farmer’s Market and Plaza, Ms. Fabian quipped, “Magmumukha naman siyang kawawa kaharap ng Gateway Mall 2.” — Joseph L. Garcia

Holcim’s Davao City plant files strike notice amid stalled talks

HOLCIM PHILIPPINES FACEBOOK PAGE

LISTED cement manufacturer Holcim Philippines, Inc. said workers in its Davao City plant could go on strike following a deadlock in collective bargaining agreement (CBA) negotiations. 

In a stock exchange disclosure on Wednesday, Holcim Philippines said the associate union in its Davao City plant — Davao Holcim Employees and Workers Union (DAHEWU)-SENTRO — filed a notice of strike on Aug. 25 amid issues on the CBA talks.   

According to the company, the notice signifies DAHEWU-SENTRO’s plan to go on strike but does not necessarily imply that the strike will officially push through as there is still a period for further negotiations, which are ongoing.

“The company is exerting efforts to resolve this issue in coordination with the Labor authorities,” Holcim Philippines said. 

The filing of the notice of strike in its Davao plant has no “material impact” on the company, it added.

Aside from its Davao plant, Holcim Philippines has cement manufacturing facilities in La Union, Bulacan, and Misamis Oriental, as well as aggregates and dry mix business and technical support facilities for building solutions.

In the first half, Holcim Philippines posted a 26.3% increase in its attributable net income to P834.72 million compared with P661.05 million a year ago. 

The company’s gross revenues for the first six months climbed by 6% to P12.9 billion versus P12.17 billion in the same period last year.

Trading of Holcim Philippines shares had been suspended by the Philippine Stock Exchange after its noncompliance with the required public ownership under the regulator’s existing rules and guidelines. — Revin Mikhael D. Ochave

Apple to host fall event on Sept. 12 for new iPhones

STOCK PHOTO | Image by matcuz from Pixabay

APPLE said on Tuesday it would host its fall event on Sept. 12, setting the stage for what analysts believe will be the unveiling of a new line of iPhones and smartwatches.

The event will be hosted at the Steve Jobs Theater at its headquarters in Cupertino, California, according to invites from the world’s most valuable company.

Wall Street analysts have said Apple will try to entice shoppers with a range of new features for its flagship device, as the launch comes against the backdrop of a slump in smartphone demand globally.

Apple posted a 2.4% decline in iPhone sales for its fiscal third quarter — a rare drop for the product that has for years powered the company’s growth.

The most expensive variant of the new generation iPhone will have a periscope camera that could improve zoom capacity by five times or more, according TF International Securities analyst Ming-Chi Kuo.

The expected watch lineup may feature a new processor based on Apple’s A15 Bionic chip, already used in previous iPhone models, and will boost performance, according to a Bloomberg News report. — Reuters

IC places CAP Pension under receivership

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THE INSURANCE Commission (IC) has placed Comprehensive Annuity Plans and Pension Corp. (CAP Pension) under receivership effective Aug. 23, it said in a notice.

Richie Q. Caranto was appointed as the receiver of CAP Pension, the IC said in a notice posted on its website.

“Based on the evaluation of the company’s liquidity and solvency by Atty. Caranto, CAP Pension is, at this moment, not financially capable to pay in ordinary course of business its liabilities as they become due,” it said.

The regulator has issued a stay order, which means all payments of claims effective Aug. 23 are suspended until further notice.

These include “actions or proceedings, in court or otherwise, including those through the Claims Adjudication Division (CAD) of the Insurance Commission, for the enforcement of all claims, whether for money or otherwise, against CAP Pension,” the IC said.

“All actions to enforce any judgment, attachment, or other provisional remedies against CAP Pension, including judgments of the CAD, shall likewise be suspended,” it added.

The pre-need firm is also prohibited from “selling, encumbering, transferring or disposing in any manner whatsoever any of its properties except in the ordinary course of business and/or upon the favorable recommendation of the appointed Receiver of the company…,” it said.

CAP Pension is likewise not allowed to pay its liabilities as of Aug. 23, except for administrative expenses or those if approved by its appointed receiver and the IC.

“The duration of the Stay Order shall be temporary and may be revoked by the Insurance Commission as soon as CAP Pension is restored to a state wherein it is liquid and has sufficient assets, properties and/or means to satisfy the claims of its policyholders, planholders and creditors; or it goes into liquidation, as the case may be,” the IC said.

CAP Pension is a subsidiary of College Assurance Plans Philippines, Inc. (CAPPI).

The IC first placed CAP Pension under conservatorship in 2010 due to capital impairment and trust fund deficiencies, but this became the subject of cases as CAPPI wanted to include CAP Pension’s properties in its corporate rehabilitation proceedings.

In 2021, the Supreme Court allowed the IC to proceed with CAP Pension’s conservatorship after it ruled that CAP Pension is not liable for the obligations of CAPPI.

Embracing digital transformation

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In an era characterized by the omnipresence of technology, which has transcended its role as a mere tool to become a driving force of unprecedented change, the imperative for organizations to undergo digital transformation has become indisputable. This profound shift, instigated by the convergence of digital technologies, has not only revolutionized industries but also disrupted conventional business models and redefined the contours of competition. This transformation is particularly salient in Southeast Asia, where nations like the Philippines grapple with the multifaceted interplay of opportunities and challenges presented by the digital revolution.

Digital transformation entails more than a superficial overhaul of an organization’s technological infrastructure; it represents a comprehensive metamorphosis that permeates every facet of its operations, culture, and interactions with customers. At its essence, digital transformation empowers organizations to leverage the potential of technology to augment efficiency, agility, and innovation. This crucial imperative resonates across diverse sectors, encompassing fields ranging from manufacturing and finance to healthcare and retail. The fundamental objective is to ensure continued relevance and competitiveness within a swiftly evolving digital landscape.

In Southeast Asia, a region characterized by its diverse economies and cultures, the journey of digital transformation epitomizes a microcosm of the broader global narrative. Governments and enterprises within this region have come to recognize the transformative potency of technology, harnessing it as a driving force to foster growth, optimize services, and unlock novel prospects. The Philippines, an integral player within this dynamic landscape, serves as a compelling testament to the challenges encountered and victories achieved as it navigates through this epochal digital transformation.

NOT A LUXURY, BUT A NECESSITY
In the Philippines, the embrace of digital transformation extends beyond a strategic choice; it has emerged as an indispensable lifeline. The nation’s unique geographical landscape underscores the necessity for innovative solutions that bridge connectivity gaps and deliver essential services to remote areas.

The introduction of digital financial services, including mobile banking and e-wallets, has proven transformative for millions of previously unbanked Filipinos. These innovations have unlocked access to financial resources, transforming economic prospects in regions where traditional banking infrastructure remains constrained by geographical limitations. The adoption of mobile banking and electronic wallets underscores the empowering potential of digital transformation.

By facilitating financial transactions, these tools contribute to the progress towards Sustainable Development Goal 1 (No Poverty) and Sustainable Development Goal 8 (Decent Work and Economic Growth), ensuring that economic opportunities extend beyond urban centers to encompass even the most marginalized corners of the nation.

Moreover, the Philippines’ robust Business Process Outsourcing (BPO) industry, a longstanding linchpin of its economy, stands as a vanguard of the nation’s digital transformation. Utilizing AI-driven chatbots, robotic process automation (RPA), and advanced analytics, the industry enhances the capabilities of its Filipino workforce. This fusion of human expertise and technological innovation is not synonymous with job displacement; instead, it propels the workforce to engage with tasks that demand higher-order skills, such as creativity, empathy, and critical thinking. By recalibrating its service offerings for the digital age, the BPO sector not only solidifies its global position as a provider of value-added services but also embraces the shifting landscape of employment in the digital era.

The healthcare landscape in the Philippines has also undergone a remarkable shift, with digital innovation steering it towards a future characterized by inclusivity and accessibility. The rise of telemedicine platforms, bolstered by artificial intelligence and mobile connectivity, transcends geographical limitations, offering remote consultations and diagnostics in areas previously bereft of adequate medical services. This innovation, aligned with the ethos of Sustainable Development Goal 3 (Good Health and Well-being), epitomizes the commitment to leave no individual behind. Across the Philippines, individuals can now access medical guidance and services, irrespective of their geographical location.

Furthermore, the amalgamation of technology within healthcare augments data-driven decision-making, an essential component of Sustainable Development Goal 9 (Industry, Innovation, and Infrastructure). The digitalization of health records, data analytics, and AI-assisted diagnostics streamlines medical processes while concurrently enhancing the quality of care. By harnessing the capabilities of technology to improve healthcare delivery, the Philippines paves the way for other nations striving to achieve universal health coverage.

Education, a cornerstone of societal development, occupies a pivotal position in the Philippines’ digital transformation journey. The rapid transition to online learning catalyzed by the COVID-19 pandemic accelerated the integration of digital tools and platforms into the education ecosystem. This swift pivot heralded an era of accessible and personalized education. The fusion of education and technology, consonant with Sustainable Development Goal 4 (Quality Education), extends educational opportunities beyond the confines of physical classrooms. As a result, learning remains uninterrupted even in the face of adversity.

E-learning platforms, imbued with artificial intelligence and data analytics, cater to diverse learning styles, enabling students to engage with educational content at their own pace. Adaptive learning algorithms identify areas where students require support, facilitating targeted interventions and personalized learning experiences. Such an approach not only augments educational outcomes but also imparts students with the critical thinking and digital skills essential for navigating a world characterized by rapid evolution.

DELICATE BALANCE BETWEEN GROWTH AND SUSTAINABILITY
As the Philippines embarks upon its journey of digital transformation, it does so cognizant of the imperative to maintain a delicate equilibrium between growth and sustainability. The nation’s commitment to environmental stewardship finds expression in its pursuit of Sustainable Development Goal 7 (Affordable and Clean Energy) and Sustainable Development Goal 13 (Climate Action). The integration of renewable energy sources, such as solar and wind power, within the energy matrix underscores this dedication. Digital technology-enabled smart grids optimize energy distribution, curbing wastage and contributing to a more sustainable and resilient energy ecosystem.

Furthermore, the Philippines’ initiatives to digitize agriculture harmonize with Sustainable Development Goal 2 (Zero Hunger) and Sustainable Development Goal 15 (Life on Land). Precision agriculture, propelled by the Internet of Things (IoT) devices and data analytics, amplifies crop management efficiency, minimizes resource consumption, and advances responsible land use. This paradigm shift not only enhances food security but also mitigates the environmental footprint of agricultural practices, thus fostering a more balanced ecological landscape.

The Philippines’ odyssey of digital transformation serves as a testament to the nation’s ingenuity, resilience, and commitment to sustainable development. By harnessing the potential of technology to reshape industries, enhance social inclusivity, and promote environmental stewardship, the Philippines stands as an exemplar for nations navigating uncharted territories in the digital age.

As the nation charts its course, it exemplifies the essence of the Sustainable Development Goals — global aspirations that transcend geographical, cultural, and socioeconomic boundaries. Through the purpose-driven embrace of digital transformation, synchronized with these objectives, the Philippines articulates a roadmap for sustainable progress that other nations can heed.

In its pursuit of this trajectory, the Philippines showcases the essence of holistic progress — an approach that encompasses people, planet, and prosperity. Amidst this journey, the Philippines does not merely adapt to change; it crafts a narrative that underscores the boundless potential stemming from the synergy between human ingenuity and the capabilities of technology.

 

Ron F. Jabal, DBA, APR, is the chairman and CEO of PAGEONE Group (www.pageonegroup.ph) and founder of Advocacy Partners Asia (www.advocacy.ph).

ron.jabal@pageone.ph

rfjabal@gmail.com

PLDT partners with Cartrack Technologies for IoP platform

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PLDT Inc., through its business-to-business arm PLDT Enterprise, has partnered with Cartrack Technologies Philippines, Inc. to provide the latter with its Internet of Possibilities (IoP) platform to help in fleet management.

The IoP platform of PLDT and Smart Communications, Inc. is a unified management of connectivity and usage of connected Internet of Things (IoT) devices within enterprises.

“With the IoP platform in place, Cartrack can leverage thousands of IoT sims for its asset and vehicle tracking business, increasing the reliability of its customers to efficiently manage their fleets and monitor their vehicles digitally through strong data connectivity,” PLDT said.

According to its website, Cartrack is a global provider of vehicle telematics, which is a combined GPS system, onboard vehicle diagnostics, and black box technologies.

“With the IoT Portal, we are able to manage and monitor hundreds to thousands of our assets in real time, gather data-based insights to optimize fleet operations, and provide real-time security to our assets and vehicles remotely,” Matthew Barry, country manager of Cartrack in the Philippines, said in a media release.

PLDT said this technology will help advance Cartrack’s deployment and troubleshooting of its IoT devices on vehicles while also allowing it to expand its reach.

“The IoP platform plays a vital role in empowering our customers to effectively manage their mobile assets, make informed decisions, and stay at the forefront of the IoT ecosystem. Its Troubleshooting capabilities offer scalability, flexibility, and enhanced decision-making capabilities to Cartrack,” Smart Internet of Things Category Head at PLDT Enterprise Jay Sumulong said.

At the local bourse on Wednesday, shares in the company gained P21 or 1.78% to end at P1,203 apiece.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

Google announces enterprise AI tools, new custom AI chip

REUTERS

SAN FRANCISCO — Google unveiled a swath of fresh artificial intelligence (AI) technology and partnerships on Tuesday that were geared toward bringing more of the growing technology to large businesses.

The batch of announcements from its Google Next conference in San Francisco included new customers for its cloud software such as General Motors and Estée Lauder Companies.

The Alphabet subsidiary made public a new version of its custom-built AI chips, unveiled an enterprise-scale tool to watermark and identify images generated with AI — plus tools for security and its office suite.

The flurry of announcements is part of Google’s recent effort to showcase its AI plans, after Microsoft caught the company off guard with an ambitious AI strategy it has been rolling out since last year.

But its big business customers need to be deliberate and move at a different pace, Google Cloud chief Thomas Kurian said in an interview with Reuters.

“We’ve generally told enterprise customers, ‘Go slowly and methodically because it’s important that you treat this as a strategic software development,’” he said. “There’s been this sort of FOMO of, ‘I need to be in generative AI for generative AI’s sake.’”

FOMO refers to fear of missing out, a common refrain in AI in recent months.

To bolster Google’s enterprise cloud service it added 20 AI models to its collection, bringing the total to 100. The AI infrastructure includes deals to bring Google Cloud customers access to Meta Platforms’ AI model LLaMa 2, and to the startup Anthropic’s Claude 2.

Google announced new versions of its own foundation AI infrastructure that improve performance and add features. The new version of its text model called PaLM, for example, increased the amount of text users can input to make it easier to process longer documents such as legal briefs and books.

Google discussed a tool that adds the capability to watermark AI-generated images. Called SynthID, the technology alters a digital image file in a way invisible to human eyes. It is designed to remain intact after an image is altered or tampered with.

Google also rolled out AI updates to its suite of office software and security tools. The company unveiled an AI-powered tool that can port databases from Oracle to an open-source version, a notoriously difficult task.

CUSTOM AI CHIPS
Ahead of the announcement of its full-fledged fifth-generation tensor processing unit (TPU), Google has opened access to a version that is optimized for genAI and large language models.

The new chip, called TPU v5e, is designed to train large models but also efficiently serve content from those models. It is not as powerful as the as yet unlaunched flagship fifth AI generation chip.

Google has stitched together the TPU v5e chips into batches of 256 that it describes as a “supercomputer.” Cloud customers can connect several pods together in order to tackle more complex computing problems. — Reuters

BSP looks to expand banks’ credit reporting

THE CENTRAL BANK is looking to implement the Comprehensive Credit and Equity Exposures Report (COCREE) among all lenders by next year.

The Bangko Sentral ng Pilipinas said in a proposed circular that the COCREE will cover universal and commercial banks (U/KBs), thrift banks, rural banks, cooperative banks, nonbank financial institutions with quasi-banking functions (NBQB), trust corporations, as well as digital banks.

The latest version of the reporting requirement will be referred to as COCREE 2.0. The 2021 COCREE only covered U/KBs and their subsidiaries, as well as digital banks.

The central bank is also looking to expand its data requirements to strengthen its surveillance and analysis of emerging risks in the financial system.

The draft circular will amend section 173 of the Manual of Regulations for Banks and section 172-Q of the Manual of Regulations for Non-Bank Financial Institutions.

Stakeholders are given until Sept. 19 to submit feedback on the draft circular to the BSP.

“The Comprehensive Credit and Equity Exposures Report (COCREE) is designed to capture granular borrower/counterparty information for all credit and equity exposures of BSP-Supervised Financial Institutions (BSFIs),” the central bank said.

U/KBs, their subsidiaries, and digital banks are expected to comply with the enhanced credit reporting system starting January 2024.

Standalone thrift banks, NBQBs, and trust corporations will use the COCREE 2.0 in February next year, while rural and cooperative lenders will adopt the reporting standard by March 2024.

The COCREE 2.0 will be electronically submitted by banks monthly, within 15 banking days after the end of the reference month.

“The electronic submission of the COCREE 2.0 shall conform with the prescribed submission procedures and guidelines covering the required format structure, line-item instructions, validation rules and appropriate technology for reporting, among others,” the BSP said.

The COCREE 2.0 will also be considered a category A-1 report.

The central bank said BSFIs can test the submission of the COCREE 2.0 by the fourth quarter to prepare for the live implementation in 2024.

Penalties for reporting violations will not be imposed during the pilot, but it will be strictly enforced after the grace period following the live implementation.

The 2021 COCREE will no longer be used upon live implementation of the COCREE 2.0. — K.B. Ta-asan

Financing Growth: reforms in government procurement, MUP pension, and infrastructure

(Part 2)

There were a number of important development in government fiscal reforms recently. I will focus on three areas: government procurement reforms, military and uniformed personnel (MUP) pensions, and infrastructure.

See these recent reports in BusinessWorld, mostly written by Luisa Maria Jacinta C. Jocson and Keisha B. Ta-asan:

Budget and procurement: “Easier procurement rules seen curbing underspending” (Aug. 15), “Diokno: Tuition-free college education ‘unsustainable’” (Aug. 20), “DBM chief says Q2 GDP growth would have been higher if not for gov’t underspending” (Aug. 21), “Infra law TRO ban applicable to all procurements — DBM” (Aug. 29), “DBM urged to reconsider ‘no TRO’ proposal for procurement deals” (Aug. 29).

Reforms in MUP pension: “House panel approves bill seeking to reform military pension system” (Aug. 16), “Failure to reform military pension system may hurt PHL credit rating” (Aug. 17), “Gov’t expects military pension system to be self-sustaining in 20 years” (Aug. 21), “House to accommodate DND chief’s proposals in MUP pension reform bill” (Aug. 23).

Infrastructure, fiscal balance: “PPP measure expected to clear third reading in Senate this week” (Aug. 22), “3 more added to list of flagship infrastructure projects” (Aug. 24), “Gross borrowings hit P1.4T in 1st half” (Aug. 28), “Deficit-to-GDP ratio still a concern, analysts say” (Aug. 28), “BIR surpasses July collection target by 5%” (Aug. 30), “Rules for Maharlika fund released” (Aug. 30).

During the UP School of Economics (UPSE) Program in Development Economics (PDE) alumni homecoming on Aug. 19, Budget Secretary and PDE alumna Amenah Pangandaman said during her lecture that their Department’s study showed that if the scheduled spending of P170 billion were done by agencies in the second quarter, GDP growth would have been 5.3% and not 4.3% due to multiplier effect of those programs that suffered underspending.

Finance Secretary Benjamin Diokno is correct to say that free tuition in state universities is not fiscally sustainable. I reiterate my position that tertiary education should be a parental or guardian responsibility, not a state responsibility and hence, public spending in state universities should be cut so that more resources can be allocated to public primary and secondary education.

On MUP pension reform, again I agree with Secretary Diokno and the economic team on two basic reforms that must be done: 1.) There should be a mandatory 5% contribution by active personnel in years 1-3, 7% in years 4-6, and 9% starting year 7 onwards, while new entrants will immediately contribute 9%. Contributions are based on monthly base and longevity pay, and government’s counterpart contributions will cover the balance to meet the 21% total pension premium. And, 2.) the removal of indexation for active personnel and new entrants. I reiterate my position that a third reform should be made — that MUP pension should be taxed.

I do not support Defense Secretary Gilberto Teodoro’s disagreement with the two basic reforms made by the economic team. Very likely he would also oppose my additional proposal of taxing the pension.

Our soldiers, policemen, and other MUPs indeed do some dangerous work. But they are not sent to work with just a gun or machete. They are provided by taxpayers with high powered armaments, bombs, tanks, choppers, armored boats, etc. so that they have logistical and organizational superiority over rebels and organized criminals. For the Philippine National Police (PNP) and Armed Forces of the Philippines, they even have free education, free board and lodging for four years at the PNP Academy and Philippine Military Academy.

A big drag on fast economic growth for the Philippines is the continued high budget deficit, high annual borrowings, high interest payments of P500+ billion a year excluding amortization, mainly because of high spending and obligations by the National Government (NG) like endless subsidies and MUP pension (See Table 1).

Government personnel and agencies should do their share to help unburden the taxpayers. Let it be “To serve and protect… the public and taxpayers.” And not just “To serve and protect… our superiors and our pension.”

This week, the economic and infrastructure teams of the Marcos Jr. administration were in Tokyo to convince more Japan investors to come to the Philippines and do business here. Aside from showing the numbers on the macroeconomic fundamentals of the country which are superior compared to many other Asian and European countries, the two teams also showed the administration’s important infrastructure programs and plans. From the virtual presentations, I extracted some data and compressed three sub-tables into one table for the purpose of brevity (See Table 2).

Good thing that the PPP Act will soon be passed by the Senate. It sets clear and above-board procurement processes and awarding of major infrastructure projects. Cynthia Hernandez, who is the PPP Center Executive Director and another PDE alumna, is hopeful that this new legislation will help hasten faster infrastructure development in the country.

Growth should principally come from private investments and household and corporate spending. Financing growth should principally come from private resources too, with government providing the basic infrastructure, the physical-electrical-digital highways that private investments will tap to expand their businesses and job creation. The economic team is doing well in facilitating this kind of growth financing.

 

Bienvenido S. Oplas, Jr. is the president of Bienvenido S. Oplas, Jr. Research Consultancy Services, and Minimal Government Thinkers

minimalgovernment@gmail.com

There is more to Jasmine than dimsum

TRUFFLE DUCK DUMPLING

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

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

TRUSTPAIR.COM

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

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