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Dining In/Out (09/22/22)

LATTE Negroni

Negroni specials at Sheraton Manila Bay

SHERATON Manila Bay’s Unspoken Bar celebrates a decade of Negroni Week with a signature Negroni Cocktail, combo specials, taste teasers and more. Negroni Week started in 2013 as a celebration of one of the world’s great cocktails and an effort to raise money for charitable causes around the world. Since then, Negroni Week has grown from about 120 participating venues to thousands of venues around the world. To date, the initiative has raised over $3 million for charitable organizations. This year, Unspoken Bar joins by offering its Drink of the Month, the Latte Negroni that fuses the classic Negroni with hints of coffee (P390++ per order). The bar’s bespoke Negroni cocktails Paper Cut and Sbagliata will be available for complimentary samplers and mixes on Taste Teasers every Wednesday of September. For reservations call 5318-0788 or e-mail reservations.manilabay@sheraton.com.

Starbucks collaborates with FARM Rio on collection

STARBUCKS is teaming up with Brazilian fashion and lifestyle brand, FARM Rio to bring customers an exclusive collection of drinkware and lifestyle products celebrating the joy nature inspires. The bold and vibrant collection includes a tote bag, travel pouch, mug, water bottle, and tumbler, featuring five iconic patterns that represent the colors and shapes of nature in Rio. This limited-edition collaboration is available at select Starbucks stores in Australia, Hong Kong, Indonesia, Malaysia, New Zealand, the Philippines, and Singapore, while supplies last.

Happy 8 offers new crab dish

FRESH seafood can’t get any fresher than when it’s caught live and set straight to the wok as it now is at the Newport Garden Wing’s signature Chinese restaurant, Happy 8. The sweet-savory Wok-Fried Live Crab in Vietnamese sauce is available for the whole month of September for P550 net per 100 grams. For more information on Newport World Resorts offers, visit www.newportworldresorts.com.

Guevarra’s offers sweet treats

GUEVARRA’S by Chef Laudico can brighten a day with its sweet treats. There is the best-selling Brigaderos Cake (P1,080), a dark chocolate cake, frosted and filled with truffle ganache and creamy dulce de leche; the Ube Macapuno Cake (P1,199), a light and fluffy macapuno-filled chiffon cake with ube buttercream frosting; the Mango Sansrival (P1,080), made with layers of cashew meringue and buttercream topped off with fresh mangoes; and Brazo de Calamansi (P880), with its layers of cake, calamansi curd, and torched meringue frosting. For bite-sized treats, there are Kalabasa Pastillas Balls (P99 for six pieces), milk and squash candies rolled in sugar; and Butterscotch Bars (P179/12 pieces). Order these desserts and a whole lot more at www.guevarras.com. Guevarra’s by Chef Laudico is at 387 P. Guevarra corner Argonne Streets, Addition Hills, San Juan. For inquiries and reservations, call 8705-1811, 8705-1874, 0998-881-3200 or visit @guevarrasph on Facebook and Instagram.

Annual storytelling contest accepting entries

MGA Kuwentong Pagkain (MKP), an annual storytelling contest, has extended its deadline for submission of entries to Dec. 31. Launched in 2012 by the Mama Sita Foundation to celebrate Philippine culinary traditions and foodways, MKP has built a repository of gastronomic narratives from all over the country. On its 10th year, MKP is inviting even non-Filipinos to join the conversation on Filipino food. Anyone from anywhere in the world who has a Filipino food story to tell can now participate in the contest. To make room for more creativity and style in sharing food stories, separate categories have been set up for essay, photo, and video entries. Participants can win up to ₱20,000 in prizes. To join and learn more details about the contest, visit https://tinyurl.com/MKP2022Form or e-mail community@mgakuwentongpagkain.com.

Mang Inasal extends group deals this month

MANG Inasal has extended its “Ihaw-Sarap Group Deals” promo until Sept. 30. The promo includes the Chicken Inasal Family Size and Palabok Family Size combo for P585, and the Chicken Inasal Buddy Size and Pork BBQ Buddy Size with Peanut Sauce combo for P329. The “Ihaw-Sarap Group Deals” are available for takeout or delivery through http://manginasaldelivery.com.ph/, GrabFood, and foodpanda.

Bicol Express-inspired cocktail bags prize

MONIN, one of the world’s leading producers of gourmet sauces, flavored syrups, fruit smoothie and cocktail mixes, hailed the Bicol Speedster, a drink inspired by the popular Filipino dish Bicol Express, as the champion of the Monin Cup 2022. Filipino bartender Mark Defensor conceptualized and whipped up Bicol Speedster, a fusion of Tanduay Asian Gold Rum, coconut milk, Pork Fat-washed Habanero Lime Liqueur and Monin Ginger Syrup. The brew included a dash of siling labuyo (chili pepper) and black pepper. “The Bicol Speedster allows you to experience a regional Filipino dish in the form of a cocktail,” Mr. Defensor noted. “The rum compliments the coconut. And by fat washing the Habanero Lime Liqueur, you get a nice savory note to the drink while adding a kick of heat to it.” Mr. Defensor, who majored in Hospitality Management at the School of Hotel, Restaurant, and Institution Management of the De La Salle-College of Saint Benilde, was raised in the Middle East. He recalled he did not have access to pork until he tried Bicol Express when he visited the Philippines with his parents. For the Monin Cup, Mr. Defensor represented The Spirits Library, a Makati bar known for its collection of rare bottles, cocktail books, and bar paraphernalia. He was mentored by Ralph Allen Santos, the Dean of The Spirits Library. Mr. Defensor, together with Mr. Santos, will represent the Philippines in the Monin Tour in Rawang, Selangor, Malaysia. He will have a guest shift at one of the best cocktail bars in Kuala Lumpur, Malaysia.

Tatatito launches baked goods line

SINCE Tatatito Filipino Home Kitchen opened in Legazpi Village in February 2022 as the lockdowns ended and restrictions eased, diners discovered its signature dishes like Bamboo rice chicken tinola, Sarsaparilla BBQ liempo, Himalayan salt lechon kawali, 10-hour beef kansi, as well as Tuna belly inasal, Crispy binusog na pusit, and Pares-style US short ribs. Now Tatatito has launched its own line of baked goods inspired by classic Filipino breads and Western pastries. It includes several versions of the pan de sal: Classic Pan de Sal, Raisin Pan de Sal, and Malunggay Pan de Sal. It also has several doughnuts — Sugar-raised donuts, Ube-glazed donut, and Pandan-glazed donut — plus their interpretation of street-side bakery staples as croissants — Pan de pula croissant, Pan de coco croissant, and Spanish croissant. Tatatito Filipino Home Kitchen is at the ground floor of OPL Building, 100 Don Carlos Palanca St., Legaspi Village, Makati City. It is open daily (Monday to Thursday 8:30 a.m. to 10 p.m.; Friday 8:30 a.m. to 11 p.m.; Saturday and Sunday 8 a.m. to 10 p.m). For online orders, call 0917-711-3005 or order through GrabFood and FoodPanda (available in select locations).

Conti’s to open more stores this year

CONTI’s Bakeshop & Restaurant will open 12 more branches and more drive-through concept stores in Luzon this year. Opening this month is a new branch in Molino Bacoor, followed by branches in Lipa, Batangas; UN Ave., Manila; Dagupan, Pangasinan; Lucena, Quezon; and Tagaytay. To be offered are signature dishes such as the Mango Bravo cake, Baked Salmon, and savory pies. Conti’s is also available via www.contis.ph, FB messenger, hotline 8580-8888, Grabfood, and through Conti’s Delight Shoppers (bit.ly/DelightShoppers).

Wendy’s opens new branches

WENDY’s Philippines has opened new branches in Caltex EDSA Caloocan, Fisher Mall Malabon, Sierra Valley Cainta, FTI Taguig, Phoenix Tandang Sora, and Pioneer Shaw. With over 55 franchises and corporate stores across the nation, Wendy’s also has selected 24/7 stores. For delivery, Wendy’s dishes are available via www.wendys.com.ph, FB messenger, hotline 8533-3333 and major food aggregators, Grabfood, foodpanda, PickARoo and Toktok food.

Lenovo sees strong market for PHL data solutions

REUTERS

LENOVO Infrastructure Solutions Group (ISG) is hoping to offer its analytics, artificial intelligence (AI), and other solutions in the Philippines as businesses digitize, generating more demand for data centers.

Citing the growing need for businesses and public services to be customer-centric, Lenovo believes in the strength of demand for “smarter solutions through technologies like cloud computing, analytics and AI, edge computing, and infrastructure-as-a-service,” Lenovo ISG’s Asia-Pacific President Sumir Bhatia said at a recent media briefing. 

The company said its solutions are being used in the Philippines by corporations, banks, and small and medium businesses (SMBs).

One of these is TruScale, a data center solution that modernizes applications to address data storage issues.

Mr. Bhatia said: “The Philippines was one of the first countries to adopt TruScale, with our example being a local premier financial institution that upgraded their data environment.”

Lenovo Asia-Pacific said there is great interest in the service, and it plans to use it as a springboard for expanding its smart infrastructure offerings.

“We are talking to more banks and conglomerates, and the government as of now is almost on board,” said Clark Popple, Lenovo Infrastructure Solutions Group country manager.

“In fact, eight out of 10 of our customers ask about TruScale.” 

The company also sees the Philippines as an attractive market post-pandemic, especially with private and public spending on the rise.

“We’ve seen infrastructure being invested in… from tourism to the medical industry. The market is growing and that makes it very attractive. We want to make sure that we are also helping, using smarter technology to solve humanity’s greatest challenges,” Mr. Bhatia said.

Lenovo’s growth strategy includes investing more in research and development (R&D). Of the 75,000 Lenovo employees globally, one in five are R&D specialists.

Its partnerships with emergent technology companies in the region also help it get to more customers, who are now more aware of the importance of digital transformation.

Kumar Mitra, Lenovo Central & Asia-Pacific regional general manager, said: “The Philippines is such a huge opportunity market for us from a growth perspective as we think the greatest sector that will grow here will be data center reorganization. The Philippines is investing in data center modernization and edge-based computing use cases.”

On selling to Filipino businesses of all sizes, Mr. Popple added: “We approach customers directly with our partners and talk about these solutions that laymen don’t hear of.”

“There is competition but we are bullish in the market, so we’re trying to capture as many customers as we can bring into the market,” he said. — Brontë H. Lacsamana

TDF yields rise ahead of BSP meet

BW FILE PHOTO

YIELDS on the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) continued to rise on Wednesday, as the 14-day papers were undersubscribed, ahead of the Monetary Board’s policy setting on Thursday (Sept. 22).

Total bids for the central bank’s term deposits reached P293.004 billion, going above the P220-billion offer for this week. This is lower than the P306.971 billion in tenders seen last week for a P240-billion offer.

“The BSP decreased the offer volume in the TDF to P220 billion from last week’s P240-billion offering. The volume for the 7-day tenor was maintained at P140 billion while that for the 14-day tenor was adjusted to P80 billion (from P100 billion),” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement on Wednesday.

Broken down, the seven-day papers fetched bids amounting to P224.229 billion, higher than the P140-billion auctioned off by the BSP. This was lower than the P207.377 billion in tenders logged in the previous auction, where the BSP offered P120 billion.

Banks asked for yields ranging from 3.8088% to 4.22%, a higher and wider margin compared with the 3.75% to 3.8995% band seen a week ago. This caused the average rate of the one-week paper to inch up by 13.99 basis points (bps) to 3.9942% from 3.8543%.

Meanwhile, demand for the 14-day term deposits amounted to P68.775 billion, below the P80-billion offering. This was also lower than P99.594 billion in tenders recorded a week ago for a P100-billion offer.

Accepted rates for the papers were from 3.84% to 4.25%, a tad slimmer than the 3.8% to 4.25% range seen on Sept. 14. With this, the average rate of the two-week deposit rose by 21.04 bps to 4.1681% from 3.9577% in the previous week’s auction.

The central bank has not auctioned 28-day term deposits for more than a year to give way to its weekly offering of securities with the same tenor.

The term deposits and the 28-day bills are used by the BSP to mop up excess liquidity in the financial system and to better guide market rates.

“The results of the TDF auction reflect the continued preference for the shorter tenor ahead of the BSP’s policy meeting amid ample liquidity in the financial system,” Mr. Dakila said.

“Going forward, the BSP’s monetary operations will remain guided by its assessment of the latest liquidity conditions and market developments,” he added.

Yields on the BSP’s term deposits were higher ahead of the widely expected local policy rate hike on Sept. 22, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The Philippine central bank is widely expected to fire off another 50-basis-point (bp) increase on Thursday as the US Federal Reserve is also expected to further tighten policy this week.

A BusinessWorld poll last week showed 14 out of 15 analysts expect the Monetary Board to raise its benchmark interest rate at its Sept. 22 meeting.

Eleven analysts believe the central bank will deliver a hike of 50 bps, while two analysts see a 25-bp increase. One analyst expects a 75-bp hike, while another sees the BSP keeping rates unchanged.

The rate hike could help stabilize the peso and better manage both inflation and inflation expectations, Mr. Ricafort said.

Latest data from the Philippine Statistics Authority showed the consumer price index climbed 6.3% year on year in August, from the nearly four-year high of 6.4% in July. It remained significantly higher than the 4.4% seen in August 2021.

August marked the fifth consecutive month that inflation exceeded the BSP’s 2-4% target range for the year. The BSP Monetary Board on Aug. 18 raised benchmark interest rates by 50 bps and signaled it has room for more hikes as it battles high inflation. This brought cumulative increases so far to 175 bps since May.

Meanwhile, the Fed will meet to review policy on Sept. 20-21, where markets expect another aggressive hike. It has raised rates by 225 bps so far since March, including back-to-back 75-bp hikes in June and July. — Keisha B. Ta-asan

URC opens two collection sites to attain ‘plastic neutrality’ 

UNIVERSAL Robina Corp. (URC) announced on Wednesday that it opened two more collection sites as part of its recycling initiative.

The news sites located in Sambat in Balayan, Batangas, and Nagasi in La Carlota, Negros Occidental are collecting used bottles and recyclable plastic waste.

URC said that around 281 kilos of polyethylene terephthalate (PET) bottles were collected at its site in Sambat, while in Nagasi, more than 700 kilos of plastic waste were collected.

Some 1,300 pieces of PET bottles were collected at URC’s collection site in La Carlota.

URC’s recycling initiative is part of the company’s goal to achieve “plastic neutrality,” or to recover and repurpose the same amount of plastic it generated.

The company said it is also collecting plastic waste in Bagong Ilog, Pasig, and General Mariano Alvarez, Cavite in exchange for “environmental points,” which is a scheme for exchanging plastic waste for cash, or matching plastic weight for points.

URC said on its website that these environmental points can be used to redeem URC products.

Other URC collection sites are located in Robinsons Malls Galleria, Ermita, Las Pinas, Magnolia, and Starmills Pampanga, where collection booths are set up and being conducted in partnership with Robinsons Land Corp., which offers a drop-weigh-redeem scheme for clean and dry plastic waste. — Ashley Erika O. Jose

Prado lists artworks seized during Spanish Civil War, eyes restitution

Saint Augustine meditating on the Trinity by Peter Paul Rubens, is one of 25 works in the Prado Museum which were seized during the Spanish Civil War and the Franco dictatorship. — PHOTO FROM MUSEODELPRADO.ES
Saint Augustine meditating on the Trinity by Peter Paul Rubens, is one of 25 works in the Prado Museum which were seized during the Spanish Civil War and the Franco dictatorship. — PHOTO FROM MUSEODELPRADO.ES

MADRID — Spain’s Prado Museum on Tuesday published a list of 25 artworks seized during the 1936-39 civil war and under Francisco Franco’s dictatorship, and announced a research project that could lead to the works being returned to their legitimate owners.

Among the works are paintings by 17th century Flemish artist Jan Brueghel the Younger and Spanish impressionist Joaquin Sorolla, according to the list.

The two centuries-old museum said in a statement it had set up a research team to study the 25 oeuvres and determine if there are other works that were also confiscated.

“The project aims to clarify any doubts that may exist regarding the works’ history and context prior to their cession to the Prado’s collections, which, in fulfilment of all legal requirements, may result in works being returned to their legitimate owners,” it said.

The findings of the research, to be led by senior professor and expert on cultural heritage and the Civil War Arturo Colorado, are expected by early 2023.

More than half a million people died during the Spanish Civil War and an estimated 150,000 were killed later in repression by Franco’s 1939-75 dictatorship, historians estimate.

None of the works on the list are on display at the museum that is part of Madrid’s “Golden Triangle of art” along with the Reina Sofia and Thyssen galleries. One of the capital’s most famous landmarks, the Prado contains over 7,000 of the world’s finest paintings and other works of art. — Reuters

US picks team to oversee $52.7 billion in funding for building chip capacity

REUTERS

WASHINGTON — The Biden administration on Tuesday named a team of senior advisers to oversee $52.7 billion in government funding to boost semiconductor manufacturing and research.

Commerce department Chief Economist Aaron Chatterji will serve as White House Coordinator for CHIPS Implementation at the National Economic Council (NEC) and will manage the work of the CHIPS Implementation Steering Council created by President Joseph R. Biden’s chips executive order signed last month.

In August, Congress approved $52.7 billion for semiconductor manufacturing and research and a 25% investment tax credit for chip plants that is estimated to be worth $24 billion.

NEC Director Brian Deese said Mr. Chatterji “will help coordinate a unified approach to our key implementation priorities while ensuring that we have guardrails and oversight in place to responsibly spend taxpayer dollars.”

The legislation championed by Biden aims to boost efforts to make the US more competitive with China and alleviate a persistent chips shortage that has affected everything from cars to washing machines to video games and weapons.

At Commerce, Treasury official Michael Schmidt will serve as CHIPS Program Office director. Mr. Schmidt previously served as New York State Department of Taxation and Finance commissioner.

Eric Lin, director of the government’s Material Measurement Laboratory, will be interim director of the CHIPS Research and Development Office.

The chips law includes $11 billion for research spending.

Commerce Secretary Gina Raimondo said the chips team would consist of about 50 people.

“These leaders bring decades of experience in government, industry and the R&D space, with a special emphasis on standing up and implementing large-scale programs,” Ms. Raimondo said.

Also named Tuesday is Todd Fisher, a Commerce department economic official who will serve as CHIPS Program office interim senior advisor in the CHIPS Program Office.

Former Palm Computing Chief Executive Officer Donna Dubinsky is Ms. Raimondo’s senior counselor for CHIPS implementation and Commerce official J.D. Grom will serve as senior advisor on CHIPS implementation. 

Commerce hopes by February to begin seeking applications for $39 billion in semiconductor chips subsidies to build new facilities and expand US production. — Reuters

Metrobank expects 50-bp rate hike, launches financial education e-book

AN OFFICIAL from the Metropolitan Bank & Trust Co. (Metrobank) forecasts another 50-basis-point (bp) rate increase by the Philippine central bank in response to the US Federal Reserve’s aggressive monetary tightening this week.

In an interview with journalists on Wednesday, Metrobank Head of Financial Markets Sector Fernando Antonio A. Tansingco said the Bangko Sentral ng Pilipinas (BSP) will have to indirectly respond to the US central bank’s rate hike to support the peso.

“The high US interest rates [are] pushing the US dollar, weakening the peso, and the BSP has to react to that,” Mr. Tansingco said, adding that there could be inflationary effects due to the weakening of the local currency.

The local unit closed at P58 against the greenback on Wednesday, shedding 52 centavos from its P57.48 finish on Tuesday, Bankers Association of the Philippines data showed.

Year to date, the peso has weakened by 13.72% or P7 from its P51-per-dollar close on Dec. 31, 2021.

This is as investors have priced either another 75-bp or a 100-bp increase by the Federal Open Market Committee at its Sept. 20-21 policy meeting. The Fed has raised benchmark rates by 225 bps since March as it seeks to rein in rising prices.

“BSP is not really targeting the exchange rate. They’re doing inflation targeting. So, at a certain point, if the currency is too weak, then it will flow through inflation,” Mr. Tansingco said in a mix of English and Tagalog.

Latest data from the Philippine Statistics Authority showed the consumer price index climbed 6.3% year on year in August, from the nearly four-year high of 6.4% in July. It remained significantly higher than the 4.4% seen in August 2021.

August marked the fifth consecutive month that inflation exceeded the BSP’s 2-4% target range for the year.

“Inflation is still way higher than our overnight rates are now. So they really have to address it at this point in time,” Mr. Tansingco said.

The Philippine central bank is widely expected to fire off another 50-bp increase on Thursday as the US Federal Reserve is also expected to further tighten policy this week. The BSP Monetary Board on Aug. 18 raised benchmark interest rates by 50 bps, bringing cumulative increases so far to 175 bps since May.

“We’re more looking at the terminal rate rather than how many rate hikes. If the Fed goes at the 4% terminal rate, the BSP has to go up at least 5%,” Mr. Tansingco said.

“I think that’s one good thing about the BSP, they’re proactive and they’re willing to change policy or policy decisions according to the reality they see,” he added.

MONEYBILITY
Metrobank on Wednesday introduced Moneybility, a financial education e-book that aims to make Filipinos more financially resilient.

“We strive to go beyond just providing the usual banking services and aim to be the credible and reliable partner of our customers for expert financial advice,” Metrobank Chief Marketing Officer Digs A. Dimagiba said at an event on Wednesday.

“With education as our driving force, we hope to fulfill their needs while at the same time empower them to sustain a financially resilient way of living,” Mr. Dimagiba said.

Moneybility is a collection of money management topics that gets updated as market conditions change. It also has interactive features and tools that will make financial literacy more understandable.

This new platform will be useful for individuals who want to start developing smart money habits on budgeting, dealing with debt, insurance, investing, and more, the bank said.

“This advocacy of propelling financial literacy among Filipinos wherever they may be in their financial journey is consistent with our promise of keeping people in ‘good hands,’” Mr. Dimagiba said.

“Equipped with our decades-worth of experience and wisdom on banking and finance, Metrobank hopes to be the go-to-source of financial knowledge through our slate of learning tools and initiatives, starting with our flagship financial education tool, Moneybility,” he added.

Metrobank has rolled out different financial education tools over the years. Investment platform Earnest has easy-to-understand lesson cards, financial news, and simple investing explainers. It offers Metrobank My Choice Investment funds for as low as P1,000.

Moreover, the bank also launched Tara Invest, a series of bite-sized social media video explainers on the basics of investing.

“Money management is not one-size-fits-all, so we have a slew of financial education initiatives that can provide proper guidance to every Filipino. At the end of the day, we envision all of us to be financially resilient. That means we can face any financial challenge at any point of our financial journey,” Mr. Dimagiba said.

The bank saw its net profit surge by 94.5% in the second quarter on higher fee-based income, stable operational costs, and lower loan loss provisions.

The lender booked an attributable net income of P7.6 billion in the second quarter, up from the P3.907 billion it posted in the same period last year. This brought its first-half attributable net profit to P15.586 billion, 33% higher than the P11.687 billion recorded in the same period in 2021.

The bank’s shares declined by P1.85 or 3.5% to P51.05 apiece on Wednesday. — Keisha B. Ta-asan

Manila Water reduces its GHG emissions

MANILA Water Co., Inc. said it reduced its greenhouse gas (GHG) emissions by 4% in 2021 through onsite solar power generation and other renewables.

“It is imperative for Manila Water to adapt first to climate change because it is here, and its impacts are already felt. Now that a certain level of stability is achieved, then it is time to double our efforts to contribute to mitigating climate change impact through energy efficiency, renewable energy transition,” Manila Water’s Sustainability Head Sarah Monica E. Bergado said in a media release.

Manila Water claims that is the first company in the Philippines to adopt a climate change policy. Its GHG emission reduction programs include a transition to renewable energy.

The company said that it addresses raw water quality risk through nature-based solutions or natural processes to cost-effectively contribute to the improved management of water, with 2,459 hectares of watershed areas reforested with 1.2 million native trees since 2006.

Meanwhile, the International Water Association (IWA) recognized Manila Water as a climate-smart utility for its climate adaptation and mitigation policies. It is said to be the first utility company in Southeast Asia to be recognized under IWA’s Climate Smart Utilities Recognition Program. — Ashley Erika O. Jose

Elon Musk faces skeptics as Tesla gets ready to unveil ‘Optimus’ robot

REUTERS

SAN FRANCISCO — Tesla Chief Executive Elon Musk blamed overreliance on factory robots for sending the electric carmaker to “production hell” four years ago, saying humans were better at certain jobs.

My, how times have changed. Mr. Musk’s Texas company now is floating ambitious plans to deploy thousands of humanoid robots, known as “Tesla Bot” or “Optimus,” within its factories, expanding eventually to millions around the world, according to job postings.

Buzz is building within the company as Tesla is having more internal meetings on robots, a person familiar with the matter said.

Longer term, Mr. Musk said at a TED Talk robots could be used in homes, making dinner, mowing the lawn and caring for the elderly people, and even becoming a “buddy” or a “catgirl” sex partner.

The robot business eventually may be worth more than Tesla’s car revenue, according to Mr. Musk, who is now touting a vision for the company that goes well beyond making self-driving electric vehicles.

At its “AI Day” on Sept. 30, Mr. Musk said Tesla will unveil a prototype from its project Optimus, an allusion to the powerful and benevolent leader of the Autobots in the Transformers series.

Production could start next year, he said.

Tesla faces skepticism that it can show technological advances that would justify the expense of “general purpose” robots in factories, homes and elsewhere, according to robotics experts, investors and analysts.

Tesla already employs hundreds of robots designed for specific jobs for production of its cars. Humanoid robots have been in development for decades by Honda Motor Co and Hyundai Motor Co’s Boston Dynamics unit.

Like self-driving cars, the robots have trouble with unpredictable situations. “Self-driving cars weren’t really proved to be as easy as anyone thought. And it’s the same way with humanoid robots to some extent,” the lead of NASA’s Dexterous Robotics Team, Shaun Azimi, told Reuters.

“If something unexpected happens, being flexible and robust to those kinds of changes is very difficult.”

At an “Autonomy” event in 2019, Mr. Musk promised 1 million robotaxis by 2020 but has yet to deliver such a car. Mr. Musk’s robots may be able to demonstrate basic capabilities at the event, but it would be hard for them to impress public expectations of robots that are as capable as humans, experts say.

To succeed, Tesla will need to show robots doing multiple, unscripted actions, said Nancy Cooke, a professor in human systems engineering at Arizona State University. Such proof could provide a boost to Tesla stock, which is down 25% from its 2021 peak.

“If he just gets the robot to walk around, or he gets the robots to dance, that’s already been done. That’s not that impressive,” she said.

Tesla did not respond to Reuters’ request for comment, but Mr. Musk in the past proved skeptics wrong, jump-starting the electric car market and building a rocket company, SpaceX, although some product launches were behind schedule.

Initially, Optimus will perform boring or dangerous jobs, including moving parts around its factories, according to Mr. Musk.

Mr. Musk acknowledged that humanoid robots do not have enough intelligence to navigate the real world without being explicitly instructed. But he said Tesla can leverage its expertise in AI and key components to develop and produce smart, yet less expensive, humanoid robots at scale.

Tesla is on a hiring spree for people to work on humanoid bi-pedal robots, with about 20 job postings on “Tesla Bot” including jobs for designing key robot parts like actuators.

“The code you will write will at term run in millions of humanoid robots across the world, and will therefore be held to high-quality standards,” one of the job postings said.

Tesla has over 2 million vehicles on the road.

Jonathan Hurst, chief technology officer at Agility Robotics, a humanoid robot firm founded in 2015 said the technology “is right now starting to turn the corner.”

“Certainly, an important measure of success is do they make money from it,” he told Reuters, referring to Tesla’s humanoid robot efforts.

Analysts see more pageant than product. “It’s all part of distracting people and giving them the next shiny object to chase after,” Guidehouse Insights analyst Sam Abuelsamid said.

“Investors are not excited about Optimus,” said Gene Munster, managing partner at venture capital firm Loup Ventures, which holds Tesla stocks. “It’s just such a low probability that it works at scale,” he added, saying it is “infinitely harder than self-driving cars.”

And then there is Mr. Musk’s own experience with robots in the factory. During the 2018 production hell, Mr. Musk specifically noted the problems of the “fluff bot,” an assembly robot that failed to perform simple tasks that human hands can do — picking up pieces of “fluff” and placing them on batteries.

He said the cost of having technicians maintain the complicated robot far exceeded that of hiring someone to do the assembly.

The fluff bot is “a funny example but drives home the point that autonomy often doesn’t generalize well, and so handling soft fluffy material that isn’t as predictable as a rigid part was causing a huge problem,” Aaron Johnson, a mechanical engineering professor at Carnegie Mellon University, said.

“Human hands are way better at doing that,” Mr. Musk said. — Reuters

Microinsurance providers’ collection of premiums up in Q1

THE TOTAL PREMIUMS collected by microinsurance providers rose in the first quarter, the Insurance Commission (IC) reported on Wednesday.

The IC said in a statement that data from mutual benefit associations (MBAs) and life and nonlife insurance companies showed that total contributions increased year on year by 14.87% to P2.65 billion in the January-to-March period.

“It is likely that the continued relaxation of community quarantine protocols, taken together with the increasing awareness of the public of the importance of having affordable insurance products, led to the 14.87% increase in premium or contribution production,” the IC said.

“We have also observed that the lingering adverse economic impact of the pandemic at the micro level may have contributed to this increase, as those who availed microfinance or credit transactions were able to avail of the bundled microinsurance products,” it added.

Broken down, MBAs accounted for 59.20% of total premiums collected, life insurers 28.27%, and nonlife insurers 12.53%.

In real terms, these translate to P1.57 billion, P749.96 million, and P332.38 million, respectively.

In terms of premium production year-on-year growth, nonlife insurers led with 38.93%, followed by MBAs at 14.58% and life insurers at 7.22%.

The IC said that an estimated 44.81 million people availed of microinsurance in the first quarter, or a 4.6% decline from 46.97 million in the same period last year.

MBAs had a 57.45% market share or having provided microinsurance to 25.74 million, with the rest cornered by life insurers (33.36% or 14.95 million) and nonlife insurers (9.19% or 4.12 million).

Of the three, only the MBA sector experienced a decline in the number of estimated lives insured, recording an 11.99% dip from 29.25 million in the first quarter of 2021.

Meanwhile, the life insurance sector enjoyed an increase of estimated lives microinsured of 7.34% from 13.93 million, while the nonlife insurance sector posted a growth of 8.51% from 3.79 million.

As of the first quarter, 23 MBAs, 11 life insurers, and 14 nonlife insurers were actively selling microinsurance.

CARD Mutual Benefit Association, Inc. led all MBAs with the greatest number of estimated lives insured by microinsurance and in microinsurance contribution production as of the first quarter.

For life and nonlife insurers, the top three ranks for the most number of lives insured were occupied by Pioneer Life, Inc. and Pioneer Insurance & Surety Corp., respectively.

Microinsurance premium production for life and nonlife insurers were led by CLIMBS Life and General Insurance Cooperative and CARD Pioneer Microinsurance, Inc., respectively. — Diego Gabriel C. Robles

Conti’s to open more branches in Sept. 

CONTIS.PH/STORES

CONTI’s Bakeshop and Restaurant is set to open more branches and more drive-through concept stores in Luzon this year.

In a media release on Wednesday, Conti’s said it will open in Molino, Bacoor this month, and two more branches — on UN Avenue in Manila, and in Tagaytay.

“We are excited to grow our Conti’s Family and keep on strengthening Conti’s presence nationwide,” Conti’s President Joey R. Garcia said in a press release.

On Monday, Conti’s announced that it started opening stores in San Jose Del Monte, Bulacan; SM Sta. Mesa in Manila; Sto. Tomas, Batangas; SM Marilao in Bulacan; San Sebastian, Tarlac; San Fernando, Pampanga; SM City Grand Central in Caloocan; SM Trece Martires in Cavite; and Udenna Tower in Taguig.

“Our passion has always been to delight our customers with excellent food and service, which is why we continue to innovate and offer unique flavors for everyone’s palate,” Mr. Garcia said.

Conti’s has almost 70 stores in the country and is targeting to expand and add more stores.

“This year, more branches are expected to launch to cater to the increasing number of Conti’s lovers,” Mr. Garcia said in an earlier media release. — Ashley Erika O. Jose

YouTube in challenge to TikTok to give Shorts creators 45% of ad sales

CHRISTIAN WIEDIGER-UNSPLASH

LOS ANGELES — YouTube unveiled a new way for creators to make money on short-form video, as it faces intensifying competition from TikTok.

The Google-owned streaming service announced Tuesday that it would introduce advertising on its video feature Shorts and give video creators 45% of the revenue. That compares with its standard distribution of 55% for videos outside of Shorts, and TikTok’s $1 billion fund for paying creators.

Hairstylist-turned-YouTube-creator Kris Collins, who goes by Kallmekris, lauded YouTube for offering revenue-sharing for Shorts.

“Other platforms are focused on getting people their 15 seconds of fame, which is great,” she said. “But YouTube is taking a different approach. They’re helping creators make stuff in multiple formats.”

The internet’s dominant video site has struggled to compete with TikTok, the app that got its start hosting lip-sync and dance videos and has subsequently burgeoned to 1 billion monthly users.

YouTube responded in late 2020 with Shorts, minute-long videos that attract more than 1.5 billion monthly viewers.

In April, YouTube created a $100-million fund to entice creators to make the bite-sized videos in its bid to hang onto talent. The new revenue-sharing plan, first reported by the New York Times, is meant to be a bigger and more sustainable lure than the fund and something TikTok has yet to match.

YouTube is sharing a smaller proportion of sales with Shorts creators to offset its significant investment in developing the feature, Vice-President Tara Walpert Levy said.

Google generated $14.2 billion in YouTube ad sales during the first half of this year, up 9% from the same period in 2021.

But the most recent quarterly ad sales reflected the slowest growth since disclosure of that data began three years ago. Though global economic factors are at play, financial analysts have said TikTok also is a factor. — Reuters

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