Exhausted and struggling to pay bills, British nurses go on strike

January 19, 2023 | 11:49 am

LONDON — Tens of thousands of nurses across England walked out of hospitals on Wednesday, on strike over low pay that they say leaves them struggling to cover their bills and extreme stress at work that has pushed many to the edge.

Nurses, like ambulance workers, train drivers, teachers, postal workers and employees in many other sectors, are taking industrial action in search of better pay and conditions as inflation tops 10% while their wages rise much more slowly.

“This job is slowly killing nurses,” said David Hendy, a 34-year old nurse joining around 100 others on the picket line outside University College London Hospital.

That was one of dozens of protests taking place as part of strikes by the Royal College of Nursing — the second wave of its industrial action, having walked out en masse for the first time in its 100-year history in December.

“The nursing workforce in the last 10 years has been through hell and back. We’ve got through COVID, I’ve got colleagues who died from COVID. I myself have had it three times,” Mr. Hendy said, holding back tears. “Morale is rock bottom.”

The government has so far resisted pressure to meet nurses’ demands for a discussion about pay, insisting it will not revisit the 4%–5% it awarded in 2022/23 on the recommendation of a pay review body, and will only discuss the pay review process for 2023/24.

Health minister Steve Barclay told reporters during a visit to a hospital on Wednesday he was disappointed by the strikes and that meeting nurses’ pay demands would be unaffordable.

“We want to work constructively with the trade unions in terms of this coming year’s pay review process, recognizing the pressures of inflation and recognizing the pressures on the (National Health Service),” he said.

Others on the picket line echoed Mr. Hendy’s concerns, stressing that the dispute was about more than just pay.

“The workload is phenomenal now and our patients are more sicker than they’ve ever been,” said Victoria Banerjee, 44, a mother of two teenagers who has been a nurse for 20 years.

Nevertheless, with inflation at 10.5% according to data released on Wednesday, and food and drink prices rising at the fastest rate since 1977, pay still sits at the heart of the protest.

“We’ve been struggling over the last few years. Definitely bills are going up and our pay is not reflecting that,” said Jenny Gyertson, 42, who has worked as a nurse for two decades.

“You’re basically living month to month. If something goes wrong, like the car breaks, or the boiler breaks or there’s an unexpected bill, it’s very, very difficult and it’s very Stressful.” — Reuters

Marcos pitches wealth fund in Davos

January 19, 2023 | 12:34 am

PHILIPPINE PRESIDENT Ferdinand R. Marcos, Jr. on Wednesday pitched a still unapproved sovereign wealth fund measure to top business and world leaders at the World Economic Forum (WEF) in Davos, Switzerland, saying it would help diversify the country’s financial portfolio.

“The process of establishing our first-ever sovereign wealth fund is under way,” Mr. Marcos said at the WEF Country Strategy Dialogue in Davos, Switzerland, based on a video posted by Radio Television Malacañang.

Mr. Marcos said the proposed wealth fund is “one tool among many in our efforts” to diversify the Philippines’ financial portfolio, “which includes our existing institutions pursuing investment that will generate stable returns.

It will also have “welfare effects spanning employment creation, improvement of public service, and a decrease in costs of economic activities,” he added.

House Speaker Ferdinand Martin G. Romualdez said in a separate statement there was “huge interest” in the proposed wealth fund from WEF attendees.

The House of Representatives in December approved the bill creating the fund, but no counterpart measure has been filed in the Senate.

“It is unfortunate that the President himself talked about a fund that is yet to be deliberated by the Senate,” Enrico P. Villanueva, senior economic lecturer at the University of the Philippines Los Baños, said in a Twitter message.

Mr. Marcos’ move shows disregard for the democratic process, he added. “It will be hard to attract investors if the Executive branch cannot follow basic protocol and governance standards.”

If approved, the sovereign wealth fund named Maharlika will be used to “invest in a wide range of outlets” including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, commercial real estate, and infrastructure projects, according to the Budget department.

The $1.34-billion Maharlika Investment Fund (MIF) is expected to finance big government projects such as power grids and dams. Its main funders are government banks, after a backlash against a proposal to tap pension funds.

Maharlika Investment Corp., the state firm that will manage the fund, will be headed by the Finance secretary.

Maria Ela L. Atienza, who teaches political science at the University of the Philippines, said the premature launch of the sovereign wealth fund is a “display of power” meant to pressure senators into approving the proposed law.

“It is interesting to see how senators will respond,” she said in a Viber message. “Will they readily capitulate and therefore show publicly that the Senate is a mere rubberstamp of the president or will there be senators who, for either personal reasons and political ambitions or principles, respond in defiance?”

The proposal faced public backlash last year, with critics questioning the Philippines’ readiness for a sovereign wealth fund, which has drawn mixed results in other countries. For instance, Malaysia’s former Prime Minister Najib Razak was implicated in a multibillion-dollar graft scandal involving the 1Malaysia Development Berhad fund.

Critics of the fund have cited the government’s widening budget deficit and ballooning debt, which hit a record of P13.644 trillion at the end of November.

“Investors are no fools,” Leonardo A. Lanzona, who teaches economics at the Ateneo de Manila University, said in a Facebook Messenger chat. “They know that there is no substantial basis or source for setting up these funds.”

Mr. Lanzona said investors are aware the wealth fund is still being discussed in Congress.

The fund would boost infrastructure projects, the Palace said in a statement, citing Finance Secretary Benjamin E. Diokno.

“We have many projects that need funding such as infrastructure projects… Now, if we have such a fund, we can use it to fund these projects,” he said.

7% GROWTH THIS YEAR
Meanwhile, the Philippine economy will probably grow about 7% this year, according to Mr. Marcos. He said the nation could weather a dimmer global outlook to come up with what could be the fastest expansion in Asia.

“There is so much space, room to grow, in the sense that we are starting very many new things now,” Mr. Marcos said in an interview with Bloomberg Television’s Haslinda Amin on the sidelines of the WEF in Davos.

The economy has been “rather stable” and unemployment is continuing to decline, he said. Mr. Marcos said the domestic economy “will be able to manage at least 7% growth for last year” and expand by a similar pace in 2023.

Mr. Marcos has faced numerous economic challenges in his first six months as the country’s leader, including tight public finances and rising borrowing costs. Soaring prices of essential goods from sugar to onions have driven inflation to a 14-year high and Mr. Marcos, who heads the Agriculture department, has said farm production would be ramped up to rein imports and prices.

“The long-term solution of course will be to increase production. That is what we are working on,” the Philippine leader said. He added that his government has “started to rationalize the system because illegal imports have been a problem.”

Mr. Marcos also spoke about geopolitical tensions during interview, where he said trying to break an “impasse” with Beijing on South China Sea oil exploration talks was “a difficult thing.”

“We may find a way around that if we limit it to exploration, and hopefully, I think there’s still some give and take possible there,” the president said.

Like most in Southeast Asia, Mr. Marcos has sought to balance interests between the US and China. He has tried to cooperate with China in agriculture and infrastructure and met with President Xi Jinping earlier this month, agreeing to pursue South China Sea energy exploration talks.

Tensions between Manila and Beijing in the disputed sea have risen recently, with the Southeast Asian nation expressing “great concern” over Chinese vessels massing off its western coast. China is building up several unoccupied land features in the South China Sea, Bloomberg News reported in December.

Mr. Marcos said he would not concede the Philippines’ territorial claims in the disputed sea. “That is the red line. That’s something that will not move and it’s something that we cannot cross because it’s a very slippery road from there.”

He also said the US has committed to give security support in the South China Sea. “When there are certain reports that come in, some of the American ships come down and make their presence felt. We were hoping that we keep and maintain that at that level.” — Kyle Aristophere T. Atienza and Bloomberg

BSP to pilot test wholesale digital currency ’til 2024

January 19, 2023 | 12:33 am

Bitcoin-crypto-currency — Bitcoin cryptocurrency representation is pictured on a keyboard in front of binary code in this illustration taken Sept. 24, 2021. — REUTERS

THE BANGKO SENTRAL ng Pilipinas’ (BSP) pilot project that tests the use of wholesale central bank digital currency (CBDC) among selected financial institutions will run until 2024, an official said on Wednesday.

“This project was launched in 2022 and will run until 2024. The coverage of the pilot project is wholesale CBDC whereby the BSP will use the test and learn approach using a sandbox environment,” BSP Currency Policy and Integrity Department Director Eloisa T. Glindro said during the central bank’s 4^th Regional Macroeconomic Conference Series virtual event.

“So, this will involve transfers of large value transactions among a limited number of participating financial institutions,” Ms. Glindro said.

The BSP last year launched the CBDCPh project to better understand the opportunities and risks of wholesale CBDC, as well as address gaps in the national payment system.

The project covers areas including policy and regulatory considerations, technological infrastructure, governance and organizational requirements, legal matters, payment and settlement models, reconciliation procedures, and risk management.

“The objectives of this project are very modest. One is to build a necessary capacity within the BSP as well as with supervised financial institutions to have that hands-on knowledge on the functionality, architecture, as well as the operational and organizational requirements for CBDC,” Ms. Glindro said.

“Second is that we want to leverage from the learnings of this pilot project in defining the roadmap for future pilot projects for other use cases like cross-border payments, intraday liquidity facility, among others, and also equity settlement,” she added.

The project is led by a management team from multilateral institutions and international standard-setting bodies to ensure coverage of critical operational areas.

The BSP chose to focus on the wholesale aspect of CBDCs as it is mainly restricted to banks and other financial institutions. Retail CBDC is intended for the general public.

CROSS-BORDER PAYMENTS
“We are currently talking to other central banks in Asia to make cross-border payments more affordable and efficient,” Monetary Board Member Eli M. Remolona, Jr. said in Filipino.

The BSP earlier signed a memorandum of understanding (MoU) with other central banks in the Association of Southeast Asian Nations to strengthen collaboration on payment connectivity.

The MoU on Cooperation in Regional Payment Connectivity was signed on the sidelines of the G20 Leaders’ Summit with the Bank of Indonesia, Bank Negara Malaysia, Monetary Authority of Singapore, and Bank of Thailand on Nov. 14 in Bali, Indonesia.

The memo is expected to contribute in accelerating economic recovery and promoting growth as it aims to foster a more inclusive financial ecosystem by enabling fast, seamless, and cheaper cross-border payments across the region.

The cross-border payment connectivity will support and facilitate international trade, investment, and other economic activities, the BSP earlier said.

By this year, the central bank hopes 50% of payments, both in volume and in value, will be done online, while increasing the number of adults with bank accounts to 70%. — Keisha B. Ta-asan

Diageo’s acquisition to help Don Papa Rum reach more markets

January 19, 2023 | 12:32 am

By Justine Irish D. Tabile, Reporter

DIAGEO PLC’s acquisition of Don Papa Rum is expected to help the Philippine brand expand to more markets around the world, according to analysts.

Diageo, which owns brands such as Johnnie Walker and Smirnoff, on Tuesday announced it was acquiring Don Papa Rum, a homegrown dark rum brand, for an initial €260 million (around P15.3 billion). Depending on the brand’s performance, Diageo will pay up to €177.5 million (around P10.5 billion) through to 2028, which may bring the total deal value to €437 million (around P26 billion).

“This acquisition underpins the increasing investment appetite in the luxury or premium goods sector post-pandemic,” AP Securities, Inc. Equity Research Analyst Carlos Angelo O. Temporal said in a Viber message.

“A rationale behind this is the resiliency of demand in this sector against the backdrop of surging interest rates and inflation,” he added.

Don Papa Rum was launched in 2012 by entrepreneurs Stephen Carroll and Andrew John Garcia. The super-premium dark rum is distilled and aged in American oak barrels in Negros Occidental.

“Diageo’s acquisition of Don Papa at a hefty valuation of P26 billion… reflects the attractive growth narrative of the company and the premium derived from the brand that it was able to build through the heritage of Negros Occidental, production’s competitive edge which is its proximity to Mt. Kanlaon and the use of native sugarcanes, and superb packaging,” Mr. Temporal said.

Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said in a Viber message that Diageo’s acquisition of Don Papa Rum bodes well for the company and the brand.

Mr. Arce noted Diageo’s network and proven track record will be “a great opportunity” for Don Papa to grow and expand into more markets.

Diageo is a global leader in beverage alcohol with brands, such as Johnnie Walker, Tanqueray, Ciroc, and Guinness, that are distributed in more than 180 countries.

“Diageo has a strong track record in nurturing founder-led brands. They believe in our unique story and have genuinely embraced our brand idea. We believe this acquisition is a great opportunity to take Don Papa into the next exciting chapter of its development,” Mr. Carroll said in a statement.

Mr. Carroll will continue to be involved in Don Papa Rum, which is currently distributed in 30 countries. France, Germany and Italy are the brand’s biggest markets.

“We are excited by the opportunity to bring Don Papa into the Diageo portfolio to complement our existing rums. This acquisition is in line with our strategy to acquire high-growth brands with attractive margins that support premiumization, and enables us to participate in the fast-growing super-premium plus segment,” John Kennedy, Diageo Europe and India president, said in a statement.

Diageo said that Don Papa Rum, which registered a compound annual growth rate (CAGR) of 29% from 2016-2021, has outperformed the CAGRs of super premium rum segments in Europe and US at 18% and 27%, respectively.

“While the spirits segment in the Philippines is expected to grow at CAGR of 6% from 2023 to 2025, at par with Southeast Asian region, and 8% globally, we note that for the company, it is projected to grow at double digits given that it is still in the early stages of premiumization,” Mr. Temporal said.

He noted the valuation for Don Papa Rum also takes into account its growth potential as it expands to other markets.

Mr. Arce said the outlook for alcoholic drinks in the Philippines remains positive as sales, in total volume terms, are on track to return to pre-pandemic levels by 2024.

While the acquisition is seen to boost Diageo’s presence locally, Mr. Arce said domestic players such as Emperador, Inc., San Miguel Brewery, Inc. and Ginebra San Miguel, Inc. continue to dominate the Philippine market.

“Established brands will see greater resilience moving forward,” Mr. Arce added.

Price growth of construction materials surges to 14-year high

January 19, 2023 | 12:31 am

constuction worker-steel — A worker cuts metal in a construction area in Binondo, Manila on March 24, 2022. — PHILIPPINE STAR/RUSSELL PALMA

THE GROWTH in wholesale and retail prices of building materials accelerated to the highest level in 14 years in 2022, as construction activity picked up, according to preliminary data from the Philippine Statistics Authority (PSA).

Data from the PSA showed the construction materials wholesale price index (CMWPI) in the National Capital Region (NCR) averaged 8.3% in 2022, faster than the 3.2% seen in 2021. This was the highest pace in 14 years or since the 10.7% growth in 2008.

This despite wholesale price growth easing to 10.3% in December, from 10.4% in November. However, this was faster than 5.2% seen in December 2021.

The December print was also the slowest in four months or the 7% increase in August 2022.

“Demand for construction materials in December remained buoyant amid the reopening of the economy narrative. Consumers’ plan to remodel, renovate or build new houses continued and the further easing of restrictions has afforded these,” UnionBank Chief Economist Ruben Carlo O. Asuncion said in an e-mail.

Mr. Asuncion noted the fourth quarter was “obviously one of the more intense times for consumers to start building and constructing again.

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said wholesale prices eased month on month as construction activity may have been hurt by rising interest rates.

“Rising borrowing costs may have stunted some demand for construction activities. This in turn is helping keep the increase in construction materials in check,” Mr. Mapa said in a separate e-mail.

The central bank raised its benchmark interest rate by a total of 350 basis points (bps) in 2022 to curb inflation. Inflation quickened to a 14-year high of 8.1% in December, bringing the full-year print to 5.8%.

“The lower annual growth in CMWPI was primarily brought about by the downtrend in the heavily weighted index of reinforcing and structural steel at 12.3% during the month, from 12.7% in November 2022,” the PSA said.

Data also showed slower growth in hardware (7.6% in December from 8% in November), plywood (5.8% from 6%), plumbing fixtures (5.9% from 6.7%), and fuels and lubricants (8.6% from 12.6%).

Five commodity groups saw faster annual price growth: sand and gravel (8% in December from 7.8% in November), lumber (7.8% from 7.6%), galvanized iron sheet (17.1% from 16.7%), electrical works (8.1% from 7.8%), and painting works (12% from 11.7%).

Growth in wholesale prices for concrete products and cement was unchanged at 10.5%, along with tileworks (5.9%); glass and glass products (1.6%); doors, jambs, and steel casement (6.4%); and PVC pipes (2.7%).

“With inflation and elevated borrowing costs clouding the outlook for investment activity and sapping purchasing power, expect demand for construction to be capped and prices for materials related to such activities to moderate,” Mr. Mapa said.

RETAIL PRICES
Meanwhile, the construction materials retail price index (CMRPI) in Metro Manila averaged 5.8% in 2022, faster than the 1.6% in 2021 and the highest in 14 years or since 9.3% in 2008.

In December, retail prices of building materials eased to 5.6%, from 6.2% in November, and the slowest in nine months or since the 4.8% in March. However, it was faster than the 2.7% in the same month in 2021.

“The slowdown in the annual change of CMRPI was mainly due to the lower annual hikes in the indices of tinsmithry materials at 7% in December 2022, from 8.2% in November 2022; and miscellaneous construction materials at 8.9%, from 10.1%,” the PSA said.

Price growth slowed in carpentry materials (2.9% from 3.1%), electrical materials (3.3% from 3.7%), painting materials and related compounds (5.2% from 5.4%), plumbing materials (5% from 5.5%), and miscellaneous construction materials (8.9% from 10.1%).

Mr. Asuncion said demand for construction materials can remain “strong and stable” at least in the first quarter.

“I expect that there will be a spillover into the first quarter of high demand, but it will be difficult to say this will be true for the succeeding quarters because of the threat of a global recession that can dampen the outlook for construction materials,” he said. — Mariedel Irish U. Catilogo

Korea’s KEPCO expects to sell PHL energy assets in 1^st half

January 19, 2023 | 12:10 am

KOREA Electric Power Corp. (KEPCO) targets to finalize the sale of two energy assets in the Philippines within the first semester of this year as shortlisted bidders are set to submit their final offers for these investments, which include a stake in a 200-megawatt (MW) power plant in Cebu.

In a statement on Wednesday, the South Korean state-owned energy group said the second round of the sale process of its two “non-core” assets has started.

“Since the distribution of a teaser in October, several domestic and foreign bidders expressed high interest in the assets and subsequently submitted preliminary bids,” KEPCO said.

It said shortlisted bidders are now undergoing due diligence and site visits. They are expected to submit final offers in the first quarter. The company said it aims to enter into a sale agreement within the first half.

The energy firm said that it will still be in the Philippines as it still has an existing investment in Solar Philippines Calatagan Corp.

“As the marketing process drew more than the expected interests, the potential sale process has gained further traction towards a successful closing,” KEPCO said.

Up for the sale is its 60% stake in a thermal power plant in Cebu, KEPCO SPC Power Corp. (KSPC), and its stake in listed firm SPC Power Corp. KEPCO in June 2022 appointed Samil PwC as its financial advisor for the sale.

KSPC is a joint venture between KEPCO Philippines Holdings, Inc. and SPC Power. It owns and operates the 200-MW circulating fluidized bed coal-fired power plant in Naga, Cebu.

“Since its operation in 2011, the plant has been supplying stable and efficient power to the Visayas region,” KEPCO said.

KEPCO Philippines Holdings also directly owns a 37.96% stake in SPC Power, it said, citing regulatory filings last year.

“Despite the worldwide ESG (environmental, social, and corporate governance) movement, the country’s rising electricity demands and reliance on coal, as power source, allowed for competitive bids,” KEPCO said.

The company said a key factor for the interest in the Cebu power plant is its technology, “regarded as the environmentally optimized combustion process among coal-fired power plants.”

It said the move to place the assets on sale aims to strengthen its commitment to carbon neutrality and to completely phase out coal by 2050. SPC Power earlier expressed interest in KEPCO’s stake and assets.

Meanwhile, KEPCO said that it is looking to invest in more renewable energy (RE) projects.

In 2022, the Department of Energy opened the Philippines’ RE sector to full foreign ownership, after Energy Secretary Raphael P.M. Lotilla signed a circular amending the implementing rules and regulations of the Renewable Energy Act of 2008 to allow 100% foreign capital in RE projects. — Ashley Erika O. Jose

Macay Holdings buys RC Cola firm for $21.4 million

January 19, 2023 | 12:09 am

MACAY Holdings, Inc. has completed the acquisition of RC Global Beverages, Inc. (RCGBI) after it fulfilled the closing conditions in the two parties’ share purchase agreement, the listed firm said on Wednesday.

In a regulatory filing, the company said it now has 100% voting and controlling interest in RCGBI, the owner of the licensing rights to RC Cola and associated brands in over 100 countries, after the execution of the instrument of transfer.

The company purchased one share representing 100% voting and controlling interest of RCGBI for $21.4 million in cash.

According to Macay Holdings, the acquisition will provide the company with a global platform and foreign currency revenues as well as geographic and political risk diversification.

“The acquisition is also immediately financially accretive to MACAY and will strengthen the food & beverage investments portfolio of MACAY,” the firm said referring to its stock symbol.

The acquisition is also seen to enhance synergies between Macay Holdings, the Philippine bottler of RC Cola, and RCGBI, as “trademark owner and supplier of concentrates.”

The acquisition dates back to Oct. 28, 2022 when Macay Holdings signed a share purchase agreement with RCGBI’s sole owner, RC Global Ventures, Inc.

RCGBI is 100%-beneficially owned by Mazy’s Capital, Inc., which is also a majority shareholder in Macay Holdings. It has a wholly-owned subsidiary, Royal Crown Cola International, LLC.

In September last year, Macay Holdings President Antonio I. Panajon said the company had been looking at opportunities in the food and beverage sector to expand its portfolio, and pursue growth.

“We acquired Kitchen City in 2020 and that allowed us to enter the institutional customer space and cross-sell our other products,” he previously said.

He said the acquisition of RCGBI would allow the company to “expand geographically and provide diversification and increased opportunities.”

He described RC Cola as an iconic 117-year-old brand that would allow Macay Holdings to establish cross-border relationships with different food and beverage companies in other countries, “potentially leading to substantial opportunities in our current product offerings and offshore partnerships.”

In the third quarter of last year, Macay Holdings returned to profitability with an attributable net income of P73.93 million, turning around from a net loss of P48.62 million in the same period in 2021.

On the stock exchange on Wednesday, shares in Macay Holdings closed unchanged at P6.70 apiece. — Justine Irish D. Tabile

CATS sees local electric vehicle market to further grow

January 19, 2023 | 12:08 am

electric-car-2545290_1280 — STOCK IMAGE | Image by Sabine Kroschel from Pixabay

LUXURY vehicle distributor CATS Group of Companies is optimistic about the growth of electric vehicles (EVs) in the country, citing surging consumer demand.

“I think in certain [EV] segments, the market is very ripe. [In] the past year, we’ve been hearing a lot of demand from our own customers and we will react to that demand,” CATS Chief Operating Officer Francis Jonathan C. Ang told reporters on the sidelines of a press conference in Taguig City.

“For the upper luxury, in very specific segments, it makes the most sense for our consumers today. We think that the EVs will continue to grow over time,” he added.

According to Mr. Ang, bringing EVs into the country is a part of CATS plan moving forward.

“Affordability is one driver, climate consciousness is another for those who want to make sure that they play a part in the conservation of the planet,” Mr. Ang said.

Mr. Ang added that EV infrastructure is another factor considered by CATS in introducing EVs domestically.

“But I think especially for our segment, the luxury segment, we bear two things in mind. One is EVs is coming in with a lot more range — 500 kilometers, 700 kilometers, and Metro Manila has over 600 square kilometers of area,” Mr. Ang said.

“To get anywhere in Metro Manila, the EV range currently is enough and it looks like a lot of major cities in Asia. Home charging continues to be the key to unlock the EV market,” he added.

Meanwhile, Mr. Ang said that CATS occupied 35% of the luxury vehicle market. However, he said that CATS has lost its “market leader” status in the luxury segment due to supply issues.

“Pre-pandemic, we were number one [in the luxury vehicle market]. For Mercedes[-Benz], we’ve had a lot of supply issues these last two-three years. By far, the demand really has outstripped supply. We’ve had difficulties supplying sales to a lot of customers and we have a long waiting list,” Mr. Ang said.

“We hope to regain leadership. We can’t really control the supply situation with the principals. They are still continuing to improve back to where we were pre-pandemic. I think the expectation might be closer to 2024 when this whole situation normalizes. The various principals have various success levels of bringing supply back to normal,” he added.

On Jan. 17, global automotive distributor Inchcape announced that it took a controlling stake, or 60%, in CATS as part of a joint venture agreement between the two companies. The Ang family, founder of CATS, will retain 40% of the company.

The deal is expected to close in the second half of 2023, and is expected to add 120 million pounds to Inchcape’s revenues.

CATS is the local distributor for luxury vehicle brands such as Mercedes-Benz, Chrysler, Jeep, Dodge and Ram, Jaguar, and Land Rover. It also has dealerships for Mazda and Harley-Davidson motorcycles.

Inchcape’s brand portfolio includes Toyota, Subaru, Suzuki, Jaguar Land Rover, BMW, Chevrolet, Great Wall Motor, Peugeot Citroen, Harley-Davidson, Daimler, Hino, and other commercial vehicle partners. — Revin Mikhael D. Ochave

A Brown to invest in agricultural company

January 19, 2023 | 12:07 am

A BROWN Co., Inc., said on Wednesday that its board of directors authorized the firm to invest in Surigao Greens Agri Corp. (SGAC), which is in the process of incorporation.

In a stock market disclosure, the company said that SGAC will be its subsidiary.

A Brown said it will be subscribing to 12.50 million common shares representing 100% of SGAC’s outstanding capital stock upon its incorporation.

SGAC’s will be engaged in the business of processing, milling, and refining of palm oil to manufacture crude palm oil.

It will also be engaged in “refined beached deodorized palm oil, palm olein, and other products.”

SGAC will handle the distribution of the products on a wholesale and retail market basis, “provided that [it] shall not solicit accept or take investments/placements from the public and neither shall it issue investment contracts.”

A Brown is primarily engaged in the business of real estate development from high-end residential developments to economic and socialized housing segments.

Through its subsidiaries, it is also into power generation, manufacturing and trading of palm oil and other palm products.

At the local bourse on Wednesday, shares in A Brown closed three centavos or 4% higher to end at 78 centavos apiece. — Ashley Erika O. Jose

Since food doesn’t go out of style, backers hope food courts don’t either

January 19, 2023 | 12:07 am

1 of 3

THE WORLD is certainly opening up again after all the pandemic-related restrictions and closures. So much so that it’s even resurrecting a concept from the previous decade, the food park.

Last week, BusinessWorld went to taste around Buendia Food by the Court, which brings two pastimes together: food, and basketball. Paul Elauria, President of the Subic Bay Development and Industrial Estate Corp. that built both the food park and the basketball court back in 2017, said, “We planned on something that will be productive and income-generating,” recalling the days when the plot of land along Sen. G. Puyat Ave had been fallow. “Filipinos love to play basketball, and then they love to eat. Why don’t we combine basketball and food?”

It had been doing quite well, with lines snaking into it day and night (because of the games and the food), but pandemic restrictions in 2020 closed it down, and has just reopened in 2023.

There were only about a handful of merchants during the soft opening party, but we had gotten our fill. A lot of Asian cuisines were represented, such as Korean in Samgyup to Go, and several Filipino offerings by Kanto Pares, sharing space with sister restaurants Happon Ramen House, Chicken Stop PH, and X Rancho Grill. There’s also seafood from Above Sea Level, Japanese treats from Crazy Sushi, sandwiches from Sky317, sizzling things from Grill Fry Experience, and more chicken from MonsterWings.

We had the Bone Marrow Pares from Kanto Pares, the Tapa Wrap from X Rancho Grill, and the Curry Ramen from Happon. We were quite satisfied (friends asked to be brought to Kanto Pares after seeing a picture of the torched bone marrow), and not one of the meals cost more than P250.

The food park straddles the Makati communities of Palanan and San Isidro, which Mr. Elauria describes as middle- to upper-middle class.

In choosing the merchants, he said, “Anything attractive to this type of market. But also, we cater to the workers in the Makati CBD (Central Business District),” which is just about one kilometer away (he says that some of the office workers just walk). “After office, especially during paydays and birthdays,” he said. “Ordinary food lang naman (it’s just ordinary food).”

The food park concept really kicked off in the early 2010s, but the concept was slowly reaching the end of its rope by 2018. One might think the pandemic would see it off, but the desire for open eating spaces for safety reasons might be making food parks fashionable again. Mr. Elauria, when asked about the return of food parks, said, “We cannot tell at this time. It’s very early. The world only normalized not more than three, four months ago. We only opened it now,” he said in a mixture of English and Filipino. “Because it’s open air, maybe we have some advantage,” he noted.

“Food doesn’t go out of style. We just have to keep the quality very good.”

Buendia Food by the Court is located at 24 Sen. G Puyat Ave. corner Bautista and Finlandia Streets, and is open from 5 p.m. to midnight. — Joseph L. Garcia

Lunar New Year: Hopping and dining around the metro

January 19, 2023 | 12:06 am

Dim-Sum-Selection-2 — THE Peninsula Manila Dim Sum Selection

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THE PLACE is hopping with Water Rabbit Lunar New Year Treats from hotels around the city, with many of the dishes and the rituals promising a bit of luck for the new year.

THE PENINSULA MANILA
The Peninsula Manila is ready to unveil a wealth of experiences and treats for sharing good fortune and blessings, including a Dragon and Lion Dance at the lobby on Jan. 22 from 10:30 to 11:30 a.m. On that day as well, Escolta offers a limited-time only Sunday Champagne Lunch Buffet showcasing auspicious ingredients such as fish and oysters, believed to bring good luck, and classics including glutinous rice dumplings that symbolize reunion. This Sunday buffet costs P4,500 for adults, P7,000 for the Champagne brunch, and P2,250 for children ages six to 12, from noon to 3 p.m. For an evening of fun, check out Salon de Ning’s alternative Chinese New Year celebration with an interactive improvisational show by SPIT Manila: Shanghai Nights, From Madame Ning with Love (A Chinese New Year celebration laced with Dance, Danger, and Desire) on Friday, Jan. 20. The two-hour melodrama set in 1920s Shanghai on the eve of the Chinese New Year, will have the guests help decide the fate of lovers as they dance to the music of the Jazz Age, sip cocktails, and have their fortunes read by a three-headed oracle. There will be a special appearance by Galaw.Co Dance Theater. There will be a door charge of P888 (inclusive of taxes and one drink). Doors open at 7 p.m. and the show starts at 8 p.m. The hotel also has a special room package available on Jan. 21, which includes a stay in a Deluxe Room, buffet breakfast for two adults and two children below 12 in Escolta restaurant the next morning, and front row seats to The Lobby’s annual dragon and lion dance on Jan. 22. For inquiries and reservations, call 8887-2888 (ext. 6691 or 6694 for Restaurant Reservations), mobile +639175578014, or email diningpmn@peninsula.com.

NEW WORLD MAKATI HOTEL
The hotel has gifts and special menus for the Lunar New Year celebration. Delight those that mean most with Jasmine’s best-selling handcrafted nian gao (also known as tikoy), which come in the koi fish and classic round shapes, priced at P1,188 and P1,088 net, respectively. Bulk orders get a 20% discount with a minimum of 50 boxes, and Club Epicure members receive a 10% discount. Meanwhile, The Shop offers a tangy and sweet combination in its Mandarin Cake, consisting of vanilla cremeux white chocolate mousse cake filled with orange jelly mandarin disk and orange segments, finished in red shiny glaze. The cake costs P1,388 net. A 48-hour lead time for orders is needed. There are more gifts available, such as one of three Chinese New Year hampers. The Premium Chinese New Year hamper contains items that can be used for Chinese New Year celebrations and more, such as dried scallops, dried black mushrooms, Chinese sausage, Jasmine’s XO chili sauce, sweetened cashew nuts, salted espresso cookies, fortune cookies, and a bottle of wine (P9,888 net). Hampers with the Mandarin Cake or nian gao come with fortune cookies and wine, and go for P4,288 and P3,888 net, respectively. Meanwhile, Jasmine highlights its premium Chinese cuisine befitting the Lunar New Year celebrations with two set menus offering dishes that signify prosperity, longevity, and happiness for the coming year. Set Menu 1 starts with the Salmon Yu Sheng salad, also known as the Prosperity Salad, and includes Steamed Fish Fillet in Superior Sauce, among its many dishes, ending with Hot Cream Red Bean Soup and Lotus Seeds and Glutinous Rice Dumpling with Milk Chocolate. It comes with one box of nian gao. Set Menu 2 also begins with the Prosperity Salad and features Braised Assorted Seafood in a Fish Maw Broth, Steamed Live Garoupa in Superior Soy Sauce, among many dishes, and ends with two desserts plus one box of nian gao. An a la carte selection of best-selling items will also be available under the Chef’s Recommendations menu. Jasmine’s all-you-can-eat dim sum buffet will be on offer as well, featuring all of the restaurant’s well-loved dishes. Set Menu 1 is offered at P10,888 net per table of four guests, while Set Menu 2 is offered at P13,888 net per table of four guests. All-You-Can Eat Dim Sum is priced at P1,688 net per person. For inquiries and reservations, guests can call 8811-6888 or e-mail events.manila@newworldhotels.com.

MARCO POLO ORTIGAS
The hotel is hosting a 2023 forecast reading with Feng Shui Master Joseph Chau at noon on Jan. 20, at Lung Hin. Lung Hin is also offering a Lucky Rabbit Chinese New Year Set Menu until Jan. 22. The 10-course menu, which includes Braised Calmex Mexico Abalone and Hong Kong-Style Roasted Duck is offered at P52,888 for 10 people and P26,888 for five people. The hotel has four variants of the traditional nian gao: Double Gold Bar Nian Gao (P2,598); Double Flavored – Red Dates Sugar and Fortune Orange (P2,598); Red Dates Sugar Round Tikoy (P1,898); and Fortune Orange Round Tikoy (P1,898). Rounding up the festivities will be the grand Lion and Dragon dance on Jan. 22. For more information and updates, visit marcopolohotels.com. For reservations, call 7720-7777.

GRAND HYATT MANILA
Reunite with family and friends and indulge in an epic Chinese New Year celebration at the Grand Ballroom on Jan. 22 at 11:30 a.m. to 2:30 p.m., complete with Chinese cuisine featuring a live cooking show by Chinese master chefs, a prosperity toss, and a lion dance performance. The Chinese New Year set menu at the Grand Ballroom starts at P25,888 net for six persons. Meanwhile, savor Chinese specialties at the hotel’s restaurants: No. 8 China House, The Grand Kitchen, and The Lounge. No. 8 China House features Chinese New Year set menus starting at P14,880 net for four persons, available on Jan. 21 and 22 for lunch and dinner. The Grand Kitchen offers a special Chinese New Year buffet on the eve of Jan. 21 and for lunch on Jan. 22 at P3,488 net per person. The merienda cena at The Lounge will also serve traditional Chinese delicacies to pair with tea, coffee, or free-flowing rosé available from Jan. 20 to 22 from 2:30 to 6 p.m. at P1,950 net. Grand Hyatt Manila’s Chinese New Year specialty cake and signature nian gao in traditional brown sugar flavor are available in Florentine and through Dine at Home from Jan. 13 to 22. For inquiries and reservations, call 8838-1234 or e-mail manila.grand@hyatt.com.

SHERATON MANILA BAY
Bring luck, wealth, and prosperity to your homes with Sheraton Manila Bay’s Auspicious Chinese Hamper, priced at P3,200 net per set inclusive of a chocolate rabbit, dried fruits, peanut sesame brittle, pineapple bun, mung bean cake, and a lucky rabbit stuffed toy. There are other goodies at the Lobby Kiosk, including a chocolate rabbit box, peanut sesame brittle, pineapple bun, moon cake, mung bean cake, a set of dried fruits and Chinese chocolate coins, and tikoy box set. On Jan. 21, the hotel will hold auspicious activities including a Chinese Dragon and Lion dance and the traditional dotting of the eye ceremony to be performed at the hotel lobby from 10 a.m. to noon. Complete the tradition with a celebratory drink with family and friends at &More by Sheraton with their special Coffee of the Month, Shanghai Lungo, for P250, which is available until Jan. 31. For reservations, call 5318-0788 or e-mail reservations.manilabay@sheraton.com.

CONRAD MANILA
Conrad Manila ushers in the auspicious Chinese New Year of the Water Rabbit with indulgent offerings such as the traditional Yee Sang Prosperity Toss, nian gao, and a set menu at its award-winning restaurant, China Blue by Jereme Leung. The restaurant’s set menu features traditional favorites and signature highlights such as: Steamed live sea lapu-lapu with black garlic, Shredded assorted mushrooms in superior soy sauce; Stir-fried king prawn with creamy garlic chili sauce; and a Golden roast US duck with barbeque sauce, among others. This menu starts at P48,888 net for a table of 10 diners. Patrons may also share the blessings of the season by bringing home a box of nian gao shaped in koi fish and mini gold bars that represent good fortune and prosperity. China Blue by Jereme Leung’s Special Nian Gao Gift set is priced at P2,388 and is available until Jan. 27. For reservations and inquiries, call 8833-9999 or e-mail conradmanila@conradhotels.com.

CROWNE PLAZA MANILA GALLERIA
Crowne Plaza Manila Galleria celebrates Chinese New Year at Xin Tian Di daily until Jan. 23 with special selections in an a la carte menu and special set menu. On Jan. 22, Crowne Plaza Manila Galleria will host Dragon and Lion Dances starting from 11 a.m. onwards. This will be accompanied by the traditional eye dotting ceremony and exchange of gift ceremony. Make reservations through 98790-3100, fandb.reservations@ihg, or 0927-163-0128.

EDSA SHANGRI-LA MANILA
Edsa Shangri-La, Manila welcomes the Year of the Water Rabbit with its special nian gao collection, available daily at Summer Palace and the Lunar New Year lobby counter until Feb. 5. Choose from a selection of flavors featuring tea, taro, and radish; go big with the ninko fish-shaped nian gao; and court good fortune with a gold bar nian gao, all available in limited edition Lunar New Year gift box sets. Rates start at P1,688 net. The Bakeshop sweetens up Lunar New Year celebrations with two offerings: a Mandarin Chocolate Torte and a Water Rabbit Carrot Cake at P1,650 net per whole cake. Share the gift of prosperity with the Fortune Rabbit Prosperity hamper which include the Infinity nian gao, assorted sweets and savories, and a bottle of red wine available at P5,600 net. Enjoy flavourful reunions with a feast of Cantonese specialties with Summer Palace’s set menus for groups or families of 10 people. Guests can choose from the selection auspiciously named: Wealth Set Menu priced at P23,880++, Prosperity Set Menu at P33,880++, and Longevity Menu at P53,888++, available from Jan. 21 to Feb. 5. Summer Palace’s Lunar New Year set menus include a Prosperity Salmon Yee Sang to usher in good fortune through a flavorful toss with family. For inquiries, visit the Lunar New Year counter at the main lobby of Edsa Shangri-La, Manila, call 8633 8888 local 8803, or e-mail restaurantrsvns.esl@shangri-la.com

CITY OF DREAMS
Until Jan. 29, Crystal Dragon highlights its festive lunar new year menu which is available for lunch and dinner. For the traditional dinner table yu sheng toss ritual, the salad is offered with a twist: Prosperity Roasted Duck is included in lieu of herring or salmon, with jellyfish, crispy vegetables, and plum dressing. This is available for five people at P1,600. For more abundance, Crystal Dragon offers Steamed duo flavor live grouper with signature tofu and Roasted crispy spring chicken with supreme soy sauce, the Crispy taro and new year cake pillow. Other auspicious Crystal Dragon specialties to welcome the new year are: Buddha Jumps Over the Wall; Braised sea cucumber and pork trotter with black moss and brown sauce; Wok-tossed creamy prawns with fragrant shredded coconut; and Wok-fried fragrant glutinous rice with Guangdong cured pork. Meanwhile, Singapore’s TungLok Signatures also highlights the quintessential Chinese New Year staple fare. Tung Lok’s yu sheng salad — prepared with salmon, a medley of fresh vegetables, fruits, and other ingredients (P2,888) — is available until Jan. 24 and can be shared by a group of six to eight people. Red Ginger offers five auspicious dishes symbolizing fortune, longevity, prosperity, happiness, and harmony. The ala carte dishes are: Fortune Lao Sheng, a chicken salad with plum dressing; Longevity Noodles, consisting of egg noodles with crispy pork belly, and quail eggs; braised Prosperity Pork Knuckle with king mushrooms; Happiness Prawn and Squid, a medley stir-fried in curry XO sauce; and, for dessert, Harmony Coconut, a mix of coconut jelly and ice cream. These are available until Feb. 5. For inquiries and reservations, call 8800-8080 or e-mail guestservices@cod-manila.com. For more information, visit www.cityofdreamsmanila.com.

NEWPORT WORLD RESORTS
Grand celebrations and lavish feasts are in store to usher in the Year of the Water Rabbit with an abundance of luck and good fortune for all this January at the Newport World Resorts’ hotels and restaurants. The Happy 8 restaurant is offering the Imperial Rabbit Feast, a Chinese set menu and Yee Sang featuring wok fried lobster tail in chili sauce with crispy mantou, pan fried prime rib eye beef in red wine sauce with king oyster mushroom, and a salmon yee sang with plum sauce. For P5,088 net per person, feast with the whole family and toss the Yee Sang for prosperity. The Imperial Rabbit Feast is available from Jan. 15 to Feb. 15 at Happy 8, located at the Third Floor Gaming Area of the Newport Garden Wing. A Feast of Fortune awaits diners at the Hilton Manila’s Hua Yuan Brasserie Chinoise. Reunite with loved ones with an authentic dining experience with rates starting at P18,888++ daily until Jan. 25. Marriott Hotel Manila’s Chinese Fine Dining restaurant, Man Ho, is celebrating with a Poon Choi for Good Fortune at P29,888 net for a group of five diners, featuring abalone, prawns, roasted duck, and more. The restaurant is also serving up a Lo Hei for Prosperity with salmon, carrots, white radish, golden crackers and more, for P8,888 net for a group of five. Man Ho’s Lunar New Year offers are available until Feb 5. Sheraton Manila Hotel’s Oori Korean restaurant offers traditional new year comfort food. Tuck into a steaming bowl of Homemade Dumplings and Rice Cake Soup or Korean Clam Soup for P1,300 net and P1,250 net respectively until Jan. 31. Hotel Okura Manila’s Yamazato is serving a special Lunar New Year Bento for lunch at P2,700++ from Jan. 22 to 31. Continue the Lunar New Year celebrations with the Lunar New Year Room Packages that include daily breakfast at Yawaragi, with rates starting at P17,000 net per night, with a booking period until Jan. 31 for a stay period between Jan. 15 to Feb. 10. Meanwhile, get a personal reading from various experts at Newport World Resorts’ Psychic Fest. For P800, guests may avail of one psychic reading from a selection of experts, from tarot card readers, oracle, reiki, chakra scanning, and more. The Psychic Fest will run from Jan. 20 to 22, 4 to 8 p.m., at The Plaza. Make the most of the lucky stars this year with the Newport Mall-seum Zodiac Forecast Exhibit at The Grove which is ongoing until Jan. 31. For more information, visit www.newportworldresorts.com and follow @newportworldresorts on Facebook and Instagram, and @nwresorts on Twitter.

Ookla: Smart delivered fastest download speed in Q4; Globe ‘most consistent’

January 19, 2023 | 12:06 am

SMART Communications, Inc., the wireless arm of PLDT Inc., delivered the fastest median download speed at 32.16 megabits per second (Mbps) in the fourth quarter (Q4) of 2022, according to global benchmarking firm Ookla.

In its fourth-quarter mobile performance report for the Philippines released on Wednesday, Ookla said that Globe Telecom, Inc. had a median download speed of 21.30 Mbps for the period, followed by DITO Telecommunity Corp.’s 17.66 Mbps.

Smart also “registered the lowest median multi-server latency in the Philippines at 47 ms (milliseconds),” it added.

Ookla said its multi-server latency is “designed to represent the latency the user should expect to encounter more generally when their network is not under heavy load.”

It is computed from the multiple pings conducted during server selection. “During server selection, the application pings several on- and off-net servers, multiple times each, to determine which servers to use during the test,” Ookla said.

DITO had the second lowest median multi-server latency during the period at 48 ms, followed by Globe at 56 ms.

In terms of consistency, Ookla said that Globe had the highest consistency in the Philippines during the quarter, with 83.1% of results showing at least a 5 Mbps minimum download speed and 1 Mbps minimum upload speed.

Consistency is the metric used by Ookla to identify fixed broadband or mobile networks that provide a consistent quality of service.

“It reflects the percentage of a provider’s data samples that meet minimum thresholds for download and upload speeds, depending on the type of network. The higher a provider’s consistency, the more likely a consumer will enjoy acceptable internet performance and quality,” Ookla said.

Smart was the second most consistent mobile network provider in terms of quality during the period, with 80.8%, followed by DITO with 72.6%, according to Ookla.

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. — Arjay L. Balinbin