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PHL eyes $800-M loan from AIIB, ADB

Job seekers fill up documents during a job fair in Manila, June 20. — PHILIPPINE STAR/KRIZ JOHN ROSALES

THE PHILIPPINES is eyeing two loans from the Asian Infrastructure Investment Bank (AIIB) and Asian Development Bank (ADB) worth a combined $800 million next year to fund the government’s post-pandemic business and employment recovery program.

The AIIB and ADB will co-finance the program, which is aimed at sustaining the business and job market recovery from the coronavirus pandemic. Each multilateral lender will provide a $400-million loan to the Philippines.

“The pandemic shock to the Philippines’ economy created a longer-lasting negative impact on private sector employment in the country and has persisted even after the economy has started to recover. Working-age population and elders, especially women, have been the most negatively affected,” the AIIB said.

The annual unemployment rate reached a record-high 10.3% in 2020, reflecting the impact of the strict lockdowns to curb the spread of COVID-19. As the economy continued to reopen, the jobless rate dropped to 6% in June 2022.

The proposed Post-COVID-19 Business and Employment Recovery Program is based on the National Employment Recovery Strategy, which incorporates business, skill development and employment-related reforms.

“The expected outcome will be to enhance the business environment and increase access to formal employment in the private sector. The proposed program will lead to an increase in wage and salary employment in the private sector by an average of 600,000 to 700,000 jobs per year, with the share of such employment in total employment increased to 53% by 2025,” the AIIB said.

The program seeks to liberalize the post pandemic business and investment framework, address “pandemic-induced skills mismatch,” and implement labor market programs.

Vulnerable or informal workers, especially women, are expected to benefit from the training, reskilling, and upskilling programs.

“A jobs transition program tailor-made for the needs of women will be piloted, including skills training, livelihood grants and childcare assistance,” the AIIB said.

It said the estimated date of financing approval is in November, while the loan closing will be in December 2023.

Program loans account for 39.6% of the country’s proposed total gross external borrowings for 2023. The rest is composed of project loans, as well as bonds and other inflows, which account for 12.5% and 47.9%, respectively.

The government will borrow from local and external sources to help fund a budget deficit capped at P1.45 trillion next year, equivalent to 6.1% of gross domestic product. As a lower middle-income economy this year, the country has access to concessional loans of its development partners. — Diego Gabriel C. Robles

Singapore food pop-ups offer culinary experiences in Makati

POPCORN chicken with salted egg sauce and garlic rice

By Brontë H. Lacsamana, Reporter

TO CELEBRATE Singaporean cuisine, the 29th iteration of the Singapore Food Festival is bringing a selection of hit restaurants to the Philippines until Sept. 25.

The restaurant pop-ups at The Grid in Powerplant Mall, Makati, organized by the Singapore Tourism Board (STB), will each have their own time in the spotlight.

“What Singapore and the Philippines have in common is communal dining, a family sharing a massive spread of different flavors,” said Paul Liew, owner of the Michelin-Plated restaurant Keng Eng Kee Seafood, which is one of the participating establishments in the festival.

Keng Eng Kee Seafood began as a hawker stall on Old Havelock Road in the 1970s. Its specialty is Zi Char cuisine, which refers to the “cook and fry” style in Singapore inspired by homecooked food.

“We have our own spices, our own culture, but the love for food is almost the same,” he said at the media launch of the month-long festival where he cooked up some of their specialties at the event: soft shell crab with chili sauce, popcorn chicken with salted egg sauce, and coffee pork ribs.

While the Keng Eng Kee Seafood pop-up had a very short run — just from Sept. 2 to 4 — the rest of the festival line-up features both traditional favorites and more modern cuisine, including a “culture-forward” cocktail bar. Filipino foodies can check out the following restaurants:

The Elephant Room (Sept. 2 to 30)

This cocktail bar is inspired by the culture, trade, people, and history of Singapore’s Little India, making it culture-forward. With ingredients sourced in and around the Tekka Market, its goal is to share the richness and color of an underrated culture through spirits.

Its concoctions include Jothi’s Flower Shop (gin, jasmine flowers, lime, honey); Tekka (coconut rum, fermented banana, jaggery); and Chai (rum, tea, fermented pineapple).

Yugnes Susela, founder of The Elephant Room, told BusinessWorld that showcasing unique flavors to the world must also come hand in hand with pushing boundaries.

The Coconut Club (Sept. 9 to 11)

One of Singapore’s best known dishes, Nasi Lemak, is The Coconut Club’s signature. Their version of the dish features organic chicken marinated for 12 hours in a blend of spices, paired with coconut-infused steamed Jasmine rice and aromatic sambal sauce.

Blue Smoke (Sept. 16 to 18)

The smokehouse Blue Smoke serves modern Singapore-style barbecue. As part of the “Mod-Sin” culinary movement, their offerings utilize local flavors. One example is the Rendang Wagyu Brisket, where the barbecue is slow-smoked for 18 hours and charcoal-grilled over lychee wood.

New Ubin Seafood (Sept. 23 to 25)

When it comes to Zi Char, fast dining concept New Ubin Seafood gives a new, hearty spin on the well-loved cuisine. Its signature meals are Heart Attack Fried Rice — fried rice cooked with beef fat and drippings — and Boss Bee Hoon — rice vermicelli noodles cooked with egg and fish cakes.

LOCAL TAKES ON SINGAPOREAN FOOD
The establishments from Singapore will be accompanied by this selection of local restaurants that also offer cuisine inspired by the Lion City:

• China Mommy (Sept. 12 to 14)

• BYRD Tubs — Noodles (Sept. 19 to 21)

• Your Local (Sept. 26 to 30)

“From heritage Singaporean cuisine to contemporary and innovative dishes that reimagine Singaporean food, we look forward to this diverse, eclectic mix whetting the appetites of Filipino foodies and enticing them to visit Singapore to experience more,” said Ruby Liu, STB’s Philippines area director, in a statement.

For updates on the Singapore Food Festival and more information on the visiting chefs and partner establishments, go to http://www.facebook.com/VisitSingaporePH.

SEC approves ACEN’s P30-billion green bond issue

BW FILE PHOTO

THE Securities and Exchange Commission (SEC) has approved the shelf registration of ACEN Corp. for ASEAN green bonds worth P30 billion, the regulator announced on Wednesday.

The commission en banc decided during its meeting on Sept. 6 to “render effective the registration statement of ACEN covering up to P30 billion of ASEAN green bonds, subject to the company’s compliance with certain remaining requirements,” the SEC said in a statement.

ASEAN green bonds are bonds that adhere to the ASEAN green bonds standards and whose proceeds are used exclusively to finance or refinance eligible green projects.

“Eligible green projects include those for renewable energy, energy efficiency, pollution prevention and control, environmentally sustainable management of living natural resources and land use, clean transportation, climate change adaptation, and green buildings,” the commission said.

The company may offer the bonds in tranches over a period of three years, with the initial tranche consisting of up to P10 billion in green bonds maturing in 2027.

ACEN will use the proceeds from the P10-billion first tranche to fund its three solar projects with a combined capacity of 458 megawatts (MW).

The three solar projects include the additional 42 MW in its 72-MW Arayat-Mexico, Pampanga solar farm; the first phase 133-MW solar farm in Lal-lo, Cagayan; and the first phase 283-MW solar farm in San Marcelino, Zambales.

ACEN tapped BDO Capital and Investment Corp. and BPI Capital Corp. as joint issue managers, while RCBC Capital Corp. and SB Capital Investment Corp. were tapped as joint lead underwriters and book-runners.

The energy company aims to expand its renewable energy capacity to 20 gigawatts (GW) by 2030. It currently has 3.4 GW of renewables.

ACEN targets to transition its power generation portfolio to 100% renewables by 2025 and retire its remaining coal plant by 2040.

The company’s second-quarter net income attributable to parent firm equity holders picked up by 25.4% to P1.78 billion from P1.42 billion in the same quarter a year ago. After-tax income went up by 0.9% P2.2 billion from P2.18 billion.

For the six months to June, its attributable income was down by nearly 19% to P2.18 billion from P2.69 billion a year ago.

Its income after tax for the first semester declined by 28.4% to P2.95 billion from P4.12 billion a year earlier.

ACEN closed 3.70% lower at P7.03 apiece on Wednesday. — Justine Irish D. Tabile

Noodles untouched by human hands

Lucky Me factory tour provides opportunity to learn about instant noodles

IT FELT as if we won a Golden Ticket —  just like in Charlie and the Chocolate Factory —  when we got an invitation to tour the new Lucky Me instant noodle plant in Malvar, Batangas. We also tried to do a song number, but no Oompa-Loompas were present to sing with us.

Media guests were taken to the new plant in Batangas on Aug. 31 to see the new facilities, which started operations in August 2021. The Malvar plant sits on eight hectares of land, and is capable of producing around one million packs of instant noodles a day. A tour video (narrated by Lucky Me’s mascot, Lucky M, a giant noodle cake), said that the packing machines can process two packs of noodles “in a blink of an eye,” translating to 250 packs of noodles per minute.

Lucky Me is one of the brands under the Monde Nissin Corp. umbrella, specializing in several food brands. These include biscuit brands SkyFlakes and Fita, Nissin wafers and cookies, and around the world, the meat analogue Quorn. Lucky Me, in turn, produces instant noodles as soup (Lucky Me Instant Mami) and dry noodles (pancit canton). The company has the distinction of making the first instant dry noodle in the country. The company was founded in 1979 by the late Hidajat Darmono. Betty Ang, Mr. Darmono’s daughter-in-law (through his son Hoediono Kweefanus) and Monde Nissin president and co-founder, is listed as No. 20 on the Philippines 50 Richest for 2022 list by Forbes, with an estimated net worth of $1.2B.

UNTOUCHED BY HUMAN HANDS
After watching the introductory video, guests were taken up to a viewing deck (with the walls and floors appropriately painted in yellow) where we could see the process of making the noodles. These include mixing, flattening, curling, steaming, cutting, frying, cooling, and packing.

The plant mills the flour itself (from wheat kernels imported from the USA, Canada, and Australia). The flour is mixed with water and other ingredients in a great mixer, after which the dough rests and is flattened. Noodles are cut to the right size, then the strands are curled. The curling of the noodles allows them to cook quicker, because steam settles into the tight spaces made by the curled noodles. They are then steamed, cut and folded into shape, then fried (to make them shelf-stable; also to dry them), then dried with cool air.

The noodles come in two different shapes: those for Lucky Me Instant Mami (noodle soup) are made in squares, while the Pancit Canton (stir-fried dry noodles) are made round. The tour guides said that this helps in differentiation, especially since the pancit canton noodles undergo another water-dipping process to make them firmer. The noodles are then packed by a machine, then transported to a warehouse where robots stack them on shelves the size of small houses.

It was emphasized during the tour that no human hands ever touch the product in the process: we watched workers do everything with a series of buttons and iPads.

NEW VARIETIES
During the tour, the company also introduced guests to new varieties. These include the limited-edition Sweet Spicy Mansi and Extra Chiliman Hot pancit canton varieties, (combining two flavors in one pack), and the Lucky Me Milky Me noodle soup (in chicken, and corn).

In an e-mail to BusinessWorld, Mark Tiangco, Corporate Communications Head of Monde Nissin Corp., told us how they come up with the flavors. “We listen to our consumers and that’s where a lot of ideas come from. We also look at trends in the general food industry, not just in noodles for inspiration. From there we have a R&D team that develops the flavors and ingredients into candidate products that go through rounds of tasting and evaluation internally and with consumers. At the same time they work with the manufacturing and QA (quality assurance) team to make sure that these new products can be produced consistently at the best quality.”

These noodles are also part of a new generation of noodles that are healthier (instant food does get a bad rap). They add no artificial preservatives (instead they use green tea extract) to all the noodles, and the noodles are fortified with iron and Vit. A. They’ve also reduced sodium content by 25% (this is specific to Lucky Me noodles).

“We have continually been improving our products to make them better. Some we have communicated such as the fortification of noodles by adding vitamins and minerals and our shift to natural preservatives in our NAPA (no artificial preservatives added) campaign. Other changes are more subtle such as the gradual reduction of sodium over time and the application of our newest High-speed Airflow technology to reduce the saturated fat in noodles by 50%. These changes are constantly being made to make Lucky Me! better for you without sacrificing the taste and enjoyment of consumers,” said Mr. Tiangco.

CONTROVERSY AND THE FUTURE
Earlier this year, Monde Nissin faced a recall in Europe due to their products testing positive for traces of the chemical ethylene oxide (used in medical and agricultural applications to kill bacteria and viruses, and also a potential carcinogenic). Lucky Me addressed this by showing the tour group a video (it’s less cheerful in tone than the one narrated by Lucky M). The video explained that the tests measure for the presence of ethylene oxide byproduct 2-chloroeathanol (which can be naturally occurring in certain foods).

“There’s no ethylene oxide in finished products because it dissipates quickly,” the video said, adding that ethylene oxide boils quickly at a temperature of 10.7° Celsius. It further reiterates that, “It is more a regulatory issue rather than a safety issue,” since the allowable limit of ethylene oxide in the European Union is much lower than that allowed in other countries (0.02 mg/kg, according to the Food and Drug Administration of the Philippines).

In any case, Mr. Tiangco also told BusinessWorld about their sustainability plans, moving forward, including using renewable energy and minimizing plastic packaging

“Monde Nissin has just signed an agreement to power nearly all of its facilities including Malvar with 100% renewable energy,” he told BusinessWorld.

“While packaging is essential in delivering quality products to our customers, we are working towards minimizing our plastic packaging footprint. We have implemented design solutions to downsize the usage of packaging materials without compromising the quality of its products. Further, we are making the plastics we use recycle-ready, using mono-materials that are easy to reprocess and convert to other usable items,” he said, addressing Lucky Me’s use of single-use plastic.

“We are working on improving our waste management practices by aiming to take the measures and process improvements necessary to achieve zero waste to landfill from our manufacturing operations by 2025,” he said.

“We recognize that we need help in addressing plastic pollution. We are working with other stakeholders to be part of a circular economy, recovering the value in plastic waste rather than letting it leak into the environment. We work with researchers and packaging suppliers to seek alternative materials, and finally with consumers to help communicate the proper way of disposing of waste so that it can be captured and reprocessed,” he said.

“We aspire to improve the well-being of not just people but the planet as well,” he said. — Joseph L. Garcia

Megaworld to open 20-storey Belmont Hotel Mactan in Q4

PROPERTY developer Megaworld Corp. is set to open a Belmont Hotel inside its 30-hectare Mactan Newtown in Lapu-Lapu City, Cebu, by the fourth quarter (Q4), a company official said on Wednesday.

“Belmont Hotel Mactan will be our third Belmont Hotel property in the country,” Megaworld Hotels & Resorts Managing Director Cleofe C. Albiso said in a statement.

According to the company, this will be the 12th hotel property of Megaworld Hotels & Resorts.

The property is about 15 minutes away from the Mactan-Cebu International Airport, she noted.

The company hopes to offer a “unique opportunity” for families and travelers visiting Cebu for either business or pleasure.

The hotel will have 20 floors and 550 rooms composed of a mix of twin suites, queen suites, junior suites, executive suites, and specially-abled suites.

“All rooms will be fully equipped with essential amenities, in-room electronic safety box, wall-mounted TV, tea and coffee-making facilities, a minibar, and wireless Internet connection,” the company said.

It is located adjacent to the Savoy Hotel Mactan along Newtown Boulevard, within a few minute-walk from Mactan Newtown Beach and the soon-to-rise Mactan Newtown Beach Walk Mall.

“Once opened, we will be the largest hotel operator in the whole of Cebu Province in terms of the number of hotel keys,” Ms. Albiso added.

Belmont Hotel intends to offer an opening room rate of P3,800 per night, which will be inclusive of breakfast for two and access to its facilities.

Megaworld Hotels & Resorts currently has 11 hotel properties under six homegrown brands with around 4,000 hotel keys. These are Richmonde Hotel in Ortigas, Eastwood City, and Iloilo; Belmont Hotels in Newport City and Boracay; Savoy Hotels in Newport City, Boracay, Cebu; Twin Lakes Hotel in Tagaytay; Hotel Lucky Chinatown in Binondo, Manila; and Kingsford Hotel in Parañaque City.

Megaworld has 28 master-planned integrated urban townships, integrated lifestyle communities, and lifestyle estates across the country.

In the first half, Megaworld’s attributable net income rose to P5.88 billion, a 17.5% increase from last year’s P5.01 billion.

The company’s topline climbed by 22.6% to P27.45 billion in the semester, from the P22.4 billion in the same period a year ago in which hotel segments contributed P1.08 billion. — Justine Irish D. Tabile

How to get picky eaters to eat their vegetables

SHARON PITTAWAY-UNSPLASH

HOW to get kids to eat more vegetables is a problem that has bothered parents and guardians since mealtimes were invented. A nutritionist and dietitian provided some answers in a webinar from seasonings brand Ajinomoto.

In a webinar by Cookmunity by Ajinomoto Philippines titled “Sustansarap, Sustansaya: Be a Gulay Lover!,” registered nutritionist and dietitian Paul Bagabaldo from the Institute of Human Nutrition and Food of the University of the Philippines – Los Baños, gave a few pointers on strengthening the immune system, especially because of the ongoing pandemic. This includes eating a balanced diet rich in vitamins A, C, D, and E; and the minerals selenium, zinc, and iron.

“As much as possible, we’re recommending a variety of food,” he said in Filipino. A balanced diet should have a varied stream of nutrition sources, and to know, one has to use their eyes: “Dapat makulay sa inyong plato (your plate should be colorful).”

To get children to eat more vegetables, he suggests maintaining a routine schedule for feeding, and to remove distractions while eating (such as the television, or gadgets).

He also said to avoid using processed foods like cookies and sweets as rewards —  but also not to force children to eat things they don’t like. “This could cause negative experiences that they will bring until they grow up,” he said in Filipino.

One can introduce vegetables in small portions, or even grate, puree, or mash them to “conceal” the vegetable. However, he emphasizes that children should know what a real vegetable looks like eventually.

One can also serve vegetables with their favorite dips or sauces, or, better yet, involve children in the preparation of the meal.

One can also resort to attractive presentation (Ms. Bagabaldo suggests character bento boxes). He also suggests using “food bridges” — food that is similar in texture, color, or taste of the last vegetable they liked.

Peers also come into play.

“Ipakita rin natin na ikaw, ako, saka iyong buong pamilya ay nag-eenjoy sa pagkain ng gulay (let’s show that you, me, and the whole family enjoy eating vegetables,” he said. One can also invite friends and classmates who eat vegetables for meals. “May mga pagkakataon kasi na mas mataas o mas malaki iyong impluwensiya ng kanilang mga kaibigan (there are times when their friends enjoy greater influence over them),” he said.

But then, children aren’t the only picky eaters at home. Adults already have their own purchasing power and their own will, and do make choices about what they eat. For adults, Mr. Bagabaldo says, “Ang talagang ginagawang strategy namin, is for them to realize kung ano iyong importance ng vegetables sa kanila (The strategy that we really use is to make them realize how important vegetables are for them).” — JL Garcia

Jollibee, DA partner to train small farmers on entrepreneurship

BW FILE PHOTO

JOLLIBEE Foods Corp. (JFC) and the Department of Agriculture (DA) have signed a partnership to train smallholder farmers on business and entrepreneurship.

Under the partnership, fifteen DA regional field offices will receive agro-enterprise facilitators provided by JFC’s social responsibility arm, the Jollibee Group Foundation (JGF).

“Our partnership with DA is a way to help more smallholder farmers become agro-entrepreneurs and boost their economic activities,” JGF Executive Director Gisela H. Tiongson said in a statement.

The program will teach smallholder farmers to “shift their mindset and practice from being individual producers to entrepreneurs in a strong cluster linked by a common business activity.”

Course topics include production modules, supply plans, and the buyer’s comparison matrix, among others.

Since 2008, JGF’s farmer entrepreneurship program has trained over 3,000 farmers and helped 17 farmer groups become accredited suppliers of JFC.

A total of 167 agro-enterprise facilitators from 84 organizations have completed the introductory course since its rollout.

In July, JGF also launched an intermediate agro-entrepreneurship course.

“At the end of this course, participants are expected to learn how to develop an agro-enterprise plan, explore production technology vis-a-vis crop production cycle, and prepare for test marketing,” it noted.

In the second quarter, JFC’s attributable net income almost tripled to P2.79 billion from last year’s P976.71 million, driven by higher sales.

At the stock market on Wednesday, JFC shares declined by 1.29% or P3.20 to close at P244.40. — Luisa Maria Jacinta C. Jocson

Dining In/Out (09/08/22)

CRISPY Wasabi Prawns with Toasted Sesame and Slow Roasted Almond Nuts

Crystal Dragon highlights Mid-Autumn Festival menu

THE CITY of Dreams Manila ushers in the Mid-Autumn Festival on Sept. 10 with an auspicious a la carte menu at Crystal Dragon, the integrated resort’s award-winning restaurant known for its Cantonese and regional Chinese specialties. Exclusively available until Sept. 10, the menu consists of: Crispy dried scallop with crab meat and snow egg yolk; Double-boiled herbal chicken soup, sea cucumber, black garlic and cordyceps flower; Roasted duck meat with Grand Marnier herb reduction; Golden crispy crab claw coated with potato noodles; and, Crispy wasabi prawns with toasted sesame and slow roasted almond nuts. As eating mooncakes, the symbol of the holiday signifying togetherness and harmony, is a not-to-be-missed tradition, Crystal Dragon offers the pastry as part of a dessert trio: Homemade coconut pandan mooncake, Crispy avocado kataifi roll with fragrant mango, and Pomelo with sago pearls for dessert. For inquiries and reservations, call 8800-8080 or e-mail guestservices@cod-manila.com. For more information, visit www.cityofdreamsmanila.com.

Kenny Rogers Roasters and Beyond Meat join forces

PLANT-based products and proteins are given a new spin as Kenny Rogers Roasters introduces new hearty and healthy dishes, thanks to its partnership with Beyond Meat, a brand that offers plant-based “meat.” First launched in July 2021, Kenny Rogers Roasters’ plant-based menu is growing with the addition of Kenny’s Beyond Basil Bowl (P270), a savory umami Beyond Meat plant-based protein mixed with sweet basil and a hint of chili served over rice, and Kenny’s Beyond Bolognese. Kenny’s Beyond Basil Bowl (P220), al dente spaghetti noodles tossed in a rich and savory tomato sauce and Beyond Meat plant-based protein. Already on the menu is the best-selling Kenny’s Beyond Burger (P295), a classic quarter pound burger with lettuce, tomato, cheese and mayo sandwiched in between soft wheat buns, which is made with Beyond Meat plant-based burger patties. These dishes are available in all Kenny Rogers Roasters stores nationwide for a limited time only, via dine-in, takeout, or delivery through www.kennyrogersdelivery.com.ph, hotline: 8-555-9000, or via Grab Food and Food Panda.

Grandparents get a treat from Mang Inasal

MANG Inasal celebrates Grandparent’s Day from Sept. 5 to 11 at Mang Inasal stores nationwide. Dine-in customers can treat grandparents to either two small Extra Creamy Halo-Halos or two Palabok solos for P99 per order, saving P31 savings in this dine-in only promo.

Panda Express marks dish’s anniversary with deals, promos

PANDA Express’ Original Orange Chicken is celebrating its 35th anniversary this year, and the restaurant chain is marking the occasion with special deals and other surprises on dine-in, web app, and delivery purchases until Sept. 30. The Original Orange Chicken is Panda’s most popular dish and represents about a third of the entire business. In 2021, Panda Express served over 117 million pounds of Orange Chicken worldwide. Until Sept. 30, dine-in guests may enjoy P35 off coupons for their Original Orange Chicken bowl, plate, and bigger plate orders. For those who are using the web app to purchase their Panda favorites, there will be a free medium pail of Orange Chicken on a minimum order value of P750. For more information about the offers, visit order.pandaexpress.com.ph; offers cannot be combined with other promotions and discounts. Meanwhile, take P135 off on Original Orange Chicken large ala carte orders via GrabFood available until Sept. 30. Panda Express has 11 stores in Metro Manila that are open for dine-in, take-out, and delivery through order.pandaexpress.com.ph, GrabFood, and foodpanda. Delivery locations include select areas in Manila, Pasay, Makati, and Quezon City. These stores are located in Don Antonio, Quezon City; SM Megamall; SM North EDSA; SM Grand Central; SM Southmall; Robinsons Place Manila; Shell SLT, SLEX Southbound; Double Dragon Meridian Park; SM Mall of Asia; Greenmeadows and Betterliving, Parañaque.

New Heineken Silver hits shelves this month

HEINEKEN has launched its latest brewing innovation, Heineken Silver, a smooth, easy to drink and accessible tasting beer. Now available at leading retail outlets and dining and entertainment establishments, Heineken Silver is brewed by seasoned master brewers using simple, natural ingredients, including Heineken’s A-yeast and quality pure malt, as well as sustainably sourced barley that supports Heineken’s wider commitments to “Brew a Better World.” Heineken Silver is available for purchase for 18 years old and up in both on and off-trade retail channels. It comes in 330ml cans and bottles as well as 500ml cans.

Nespresso opens shop at One Bonifacio High Street

NESPRESSO has opened a boutique at One Bonifacio High Street mall in BGC, Taguig. It features an immersive space that will help patrons better understand the brand and its offerings. The boutique boasts locally inspired designs including a seagrass wall mural to give guests a Pearl of the Orient feel. The boutique’s seagrass wall art is made by Rolyolikha at iba pa Handicrafts, a social enterprise that creates a sustainable, feasible, and viable livelihood for communities. The boutique has a window-to-farm feature that gives a virtual view of coffee farms with the aim of bringing customers closer to the natural origin of the coffee, and a greenery wall that symbolizes the local coffee plantations where the coffee beans are sustainably sourced. There is also an Atelier table where a coffee specialist will answer all Nespresso coffee-related questions, explaining the specifics of Nespresso’s coffee selections, and providing recommendations to help guests find the perfect coffee that suits their palate. The brand further solidifies its commitment to sustainable business practices by incorporating a recycling corner at the shop, encouraging patrons to drop off their used Nespresso aluminum capsules at the store to be repurposed later on into common household items. A new element that patrons can look forward to at the fourth boutique is the AAA dashboard, a new feature from Nespresso which shows the company’s sustainability program all over the world. The boutique is open from 11 a.m. to 9 p.m. Follow @nespresso.ph on Instagram and @nespresso.phl on Facebook for updates, or visit www.nespresso.ph.

Goldilocks offers back to school promo

GOLDILOCKS bakeshop has a back-to-school promo with the new Goldilocks Bitbit Packs. Get bigger savings by buying a bag of Fluffy Mamon, Assorted Cake Slices and Cheesy Ensaymada. A six-pack of Fluffy Mamon is available for P140, a six-pack of Assorted Cake Slices for P160, and a six-pack of Cheesy Ensaymada for P170 until Sept. 20.

7-Eleven brings back running event

AFTER two years of running virtually, the 7-Eleven Run Series is finally back on the road. The convenience store is bringing its 10th installment and 5th simultaneous event in Manila, Cebu, and Davao. To celebrate the comeback of the two-day physical event from Sept. 24 to 25, 7-Eleven is preparing cash prizes, major freebies from sponsor brands, and a chance to run in an international competition. There are nine distance categories to choose from: 3KM, 5KM, 5KM Buddy, 10KM, 10KM Buddy, 16KM, 21KM, 32KM, and 42KM, with medals and cash prizes ranging from P2,000 to P25,000. The top three male and female Filipino winners in the 21KM, 32KM, and 42KM races will get a chance to represent the country in an international marathon competition. Participants can do a quick grocery run with the amount of freebies they can grab from over 30 sampling booths courtesy of 7-Eleven’s brand partners. On the two-day simultaneous event, (in Filinvest, Alabang for the Manila leg, Cebu Business Park, Ayala Center for the Cebu leg, and SM City Davao Ecoland, Davao City for the Davao leg) partner brands will offer snacks, drinks, daily essentials, and more for free. Participants can register to join by collecting 15 e-stamps through the CLiQQ App to redeem one registration code for their chosen category; 30 e-stamps are required to redeem a registration code for each buddy run category. A P100 minimum purchase of participating items is needed to get one (1) e-stamp. This also entitles the customer to one e-raffle entry per e-stamp, for a chance to be one of the 3,000 winners of products from the run’s major sponsors. Participants can also opt to register by paying the corresponding fee per run category starting at P500 each. Once paid or the required number of e-stamps are collected, the participant can claim their Race Kit at the nearest 7-Eleven store. Registration is until Sept.13 only. Go to the nearest 7-Eleven store or register online at www.run711.com to join.

Landers Superstore opens UP Town Center branch

MEMBERSHIP shopping store Landers Superstore has opened its 7th branch in UP Town Center, along Katipunan Ave., Quezon City, making it the first Landers Superstore in an Ayala Mall. Landers’ 7th store offers members the convenience of shopping within a mall setting, complemented by Instagrammable interiors, an expansive retail area, a relaxing dining space, and a vast array of imported and local merchandise that include exclusive products and in-house food specialties. Members may also enjoy food options from Landers Central and Doppio, as well as low-priced medicines from Capital Care Pharmacy, and free haircut or blow dry from Federal Barbers. Shoppers also get exclusive fuel discounts at any Landers Caltex Gas Station when they sign up for a Landers membership. Landers UP Town Center is at Phase 1B UP Town Center, Katipunan Avenue, UP Campus, Quezon City. For more information, visit the Landers Superstore Facebook Page.

First Gen unit’s LNG project in Batangas seen operational next year 

LOPEZ-LED energy company First Gen Corp. said its unit’s liquefied natural gas (LNG) terminal in Batangas is expected to be completed by the first quarter of next year.

First Gen’s subsidiary FGEN LNG Corp. intends to complete the project by the first quarter, the listed company told the stock exchange on Wednesday.

FGEN LNG and BW LNG, a floating gas infrastructure developer, also seek to rename their floating storage regasification unit project from BW Paris to BW Batangas.

The BW Batangas will provide LNG storage and regasification services to First Gen’s existing and planned gas-fired power plants and other third-party terminal users.

BW LNG is part of BW Group, a global maritime company involved in shipping, floating infrastructure, deep-water oil and gas production, and new sustainable technologies.

“This change is intended to acknowledge the historical, current, and future support given by the Province of Batangas and by our hosts Batangas City and to underscore our commitment to supporting the energy security of the Philippines,” said Jonathan Charles Russell, executive vice-president and chief commercial officer of First Gen.

FGEN LNG said the project will help ensure the energy security of the Luzon grid and the Philippines, “as the indigenous Malampaya natural gas resource continues to decline.”

According to a report from the Department of Energy (DoE), FGEN LNG’s terminal has a total capacity of 5.26 million tons per annum and an estimated construction cost of P13 billion.

The DoE said that 20% of the Philippines’ total power requirements, together with 27% of the Luzon grid, is provided by the Malampaya gas field. However, the Malampaya concession will expire in 2024, with its supply expected to reduce starting this year.

First Gen shares closed 1.16% higher at P17.50 apiece on Wednesday. — Ashley Erika O. Jose

Yields on BSP’s term deposits rise on rate hike expectations

BW FILE PHOTO
YIELDS on the Bangko Sentral ng Pilipinas’ term deposits continued to rise on Wednesday amid rate hike bets. — BW FILE PHOTO

TERM DEPOSIT yields climbed on Wednesday as the peso’s continued depreciation could prompt the Bangko Sentral ng Pilipinas (BSP) to hike interest rates further.

Demand for the BSP’s term deposit facility (TDF) totaled P242.146 billion on Wednesday, higher than the P200 billion on the auction block. This was below the P317.604 billion in bids logged last week for a P240-billion offer.

Broken down, the seven-day term deposits attracted tenders amounting to P126.957 billion, above the BSP’s P120-billion offering. However, this was below the P195.304 billion in bids for a P140-billion offer seen the prior week.

Rates accepted by the central bank for the seven-day papers ranged from 3.7345% to 3.9999%, wider and higher than the 3.7% to 3.85% range logged the previous week. This brought the average rate for the tenor to 3.8357%, up by 3.06 basis points (bps) from the 3.8051% seen on Aug. 31.

For the 14-day deposits, bids hit P115.189 billion, surpassing the P80 billion on the auction block. However, this was lower than the P122.30 billion in demand for the P100-billion offering seen a week ago.

Accepted yields were from 3.75% to 3.8699%, narrower compared with the 3.7% to 3.9% margin recorded the previous week. This brought the average rate of the two-week deposit to 3.8465%, inching up by 0.11 bp from the 3.8454% recorded the prior week.

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

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

Yields on the BSP’s term deposits were higher as the peso’s continued descent to record-low levels could give the central bank a reason to hike borrowing costs further, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The peso on Wednesday logged a new all-time low versus the dollar for a fourth straight session, closing at P57.135, depreciating by 13.5 centavos from its P57 finish on Tuesday, Bankers Association of the Philippines data showed.

The local unit tested fresh lows throughout the day, with its intraday worst at P57.33 and its strongest showing at just P57.

Year to date, the peso has weakened by 12.02% or P6.135 from its P51-per-dollar close on Dec. 31, 2021, putting it among Asia’s worst performers, along with the Japanese yen, South Korean won and Taiwanese dollar.

BSP Governor Felipe M. Medalla said in an economic briefing in Singapore on Wednesday that the central bank could hike rates further as the US Federal Reserve continues to tighten policy aggressively, which has propped up the dollar.

The BSP on Aug. 18 raised benchmark interest rates by 50 bps and signaled it has room for more hikes as it battles high inflation. The Monetary Board has increased rates by a total of 175 bps since May.

For its part, the Fed has hiked borrowing costs by 225 bps since March, including two 75-bp increases in June and July.

“We are confident we have enough room. The economy’s strong enough, the banking system is strong enough and the payment system is also improving very fast,” Mr. Medalla said. “Whatever happens we have the capacity to make sure that we will have…a target consistent inflation path.” — K.B. Ta-asan

Justin Bieber suspends tour dates to prioritize health

JUSTINBIEBERMUSIC.COM/ CRED MIKE ROSENTHAL

POP SINGER Justin Bieber said Tuesday he would take a break from his rescheduled Justice World Tour due to mental and physical health issues.

The musician posted the announcement on Instagram, saying that performing six live shows following his Ramsay Hunt syndrome diagnosis earlier this year, “took a real toll.”

“This past weekend, I performed at Rock in Rio and I gave everything I have to the people in Brazil,” Mr. Bieber said. Exhaustion “overtook” him, he said. After following up with his doctors, family, and team, the singer said he decided to make his health a priority over his tour.

“I’m going to take a break from touring for the time being. I’m going to be okay, but I need time to rest and get better,” he said. “I’ve been so proud to bring this show and our message of Justice to the world.”

He thanked fans for support and prayers and closed the announcement writing, “I love you all passionately!”

Already postponed earlier this year due to Mr. Bieber and members of his team testing positive for COVID-19, the world tour finally launched in March.

He had 70 shows set to run until March 2023 in South America, Asia, Australia, New Zealand, and Europe.

Mr. Bieber did not say when he might return to the stage, and his publicists did not immediately respond to a request for comment.

In June, the Canadian singer disclosed that he was diagnosed with Ramsay Hunt Syndrome, which left half of his face paralyzed, forcing him to cancel performances in order to recover. He posted a video on Instagram explaining to viewers that he could not smile on one side of his face, but assured fans that he just needed time to recover.

At 13 years old, Mr. Bieber became a global pop star with songs like “Baby” gaining him instant fame. — Reuters

Filipinos aware of cyberthreats but don’t protect themselves

By Norman P. Aquino, Special Reports Editor

PHUKET, THAILAND — Filipinos are largely aware of cybersecurity threats while paying for stuff online, but rarely protect themselves by installing anti-virus software on their phones, according to Kaspersky.

Most Filipinos or 97% are aware of threats against digital payment methods, Suguru Ishimaru, Kaspersky’ senior malware researcher in the Asia-Pacific (APAC) region, said in an interview on the sidelines of an annual conference organized by the global cybersecurity company last month.

“About 89% of Filipinos use a digital payment system and there is awareness about threats among 97% of them,” he said, adding that 67% of Filipinos know about the importance of installing anti-virus software.

But only two of 10 Filipinos have actually installed security solutions on their devices, Mr. Ishimaru said.

Thailand and Vietnam tied at 94% on mobile phone use for digital payments, Malaysia had 86%, Singapore 85% and Indonesia 84%.

The Philippines tied with Vietnam, Thailand and Singapore for awareness about digital payment threats, while Malaysia had 98% awareness and Indonesia had 96%, Mr. Ishimaru said.

But only a little over a quarter (26%) of Southeast Asians have actually installed anti-virus software on their devices regardless of whether they were infected, the Kaspersky researcher said.

Vietnam was the leader with 40%, followed by Indonesia with 32%, Thailand with 26%, the Philippines with 21% and Malaysia with 19%. Singapore was at the bottom of the list, with only 16% of its citizens having installed security solutions on their devices.

Kaspersky last month warned of more cybersecurity attacks against Android and iOS devices, with the notorious Anubis Trojan now targeting smartphones using its banking Trojan with ransomware functionalities.

The company detected 11.5 million malicious installation packages in the Asia-Pacific (APAC) region in the first half, more than three times the level for the entire 2021.

“Anubis is known for compromising hundreds of bank customers per campaign, proving that it’ among the most active malware targeting Android users right now,” Mr. Ishimaru said. “Our recent findings show that the cybercriminals behind this threat have started implementing ransom functionalities.”

Other malicious groups are expected to copy the same technique of stealing data and holding devices hostage, Mr. Ishimaru said. “I expect to see more of such attacks in APAC due to cybercriminals’ strong financial motivation.”

Mobile banking Trojans are one of the most dangerous species in the malware world, stealing money from mobile users’ bank accounts usually by disguising the Trojans as legitimate apps to lure people into installing the malware.

Mr. Ishimaru earlier said there are 6.6 billion smartphone users globally. Anubis has targeted Android phone users since 2017, mostly in Russia, Turkey, India, China, Colombia, France, Germany, the US, Denmark and Vietnam.

Another prolific threat actor targeting mobile banking users globally and in the region is Roaming Mantis. The group carries out malicious campaigns that target Android devices and spreads mobile malware initially via DNS hijacking and through smishing.

While the cybercriminal group is known for targeting Android devices, Roaming Mantis’ recent campaign has shown interest in iOS users, Mr. Ishimaru said at the Kaspersky conference.

Digital payment users should keep their phones updated and reboot daily as a basic security measure, the Japanese researcher said. They should also not trust third-party apps and “mobileconfig” files, which load settings and authorization information onto Apple devices.

“Never click on links sent through SMS and always install a security solution such as Kaspersky Total Security,” Mr. Ishimaru said.

For advanced protection, users can use a virtual private network (VPN), check live network traffic using live indicators of compromise — forensic evidence of discrepancies or unusual activities on the network that help identify security threats and data breaches before any harm occurs.

“Use Lockdown Mode for iOS 16 users,” Mr. Ishimaru said, referring to Apple’ latest security measure that severely restricts activity allowed on your device, the logic being that the damage will be limited if an intruder has gained access.

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