Gen Z goes retro: Why the generation is ditching smartphones for ‘dumb phones’

May 11, 2023 | 12:02 am

There is a growing movement among Gen Z to do away with smartphones and revert back to “less smart” phones like old-school flip and slide phones. Flip phones were popular in the mid-1990s and 2000s, but now seem to be making a comeback among younger people.

While this may seem like a counter-intuitive trend in our technology-reliant society, a Reddit forum dedicated to “dumb phones” is steadily gaining in popularity. According to a CNBC new report, flip phones sales are on the rise in the US.

Gen Z’s interest in flip phones is the latest in a series of obsessions young people are having with the aesthetic of the 1990s and 2000s. Y2K fashion has been steadily making a comeback over the past few years and the use of vintage technology, like disposable cameras, is on the rise.

There are a few reasons why, including nostalgia and yearning for an idealized version of the past, doing a “digital detox” and increasing privacy concerns.

Nostalgia is a complex emotion that involves reconnecting with the happy emotions of an idealized past by recalling positive memories.

Over the years, marketers have realized that nostalgia is a powerful way to evoke positive emotions — so much so that nostalgia marketing has become a recognized marketing strategy. It leverages positive memories and feelings associated with the past to create an emotional connection with consumers.

A wealth of research shows that nostalgia can result in consumers being willing to pay more, enhanced brand ties, increased purchase intention, and increase ddigital brand engagement.

Nostalgia may be a driving factor behind people purchasing flip phones because they evoke memories of a previous era in mobile communication.

But nostalgia marketing doesn’t just target the younger generation — it’s also a powerful tool for advertising to those who grew up using older mobile devices. Nokia is an example of a company that understands this well.

A YouTube advertisement for Nokia’s 2720 V Flip shows how brands can use nostalgia marketing to appeal to customers and drive product sales.

When older generations speak about objects from the past, they usually hearken back to “the golden era” or “golden time.” The comment section of the Nokia video showcases this kind of thinking.

One comment reads: “My first phone was a Nokia 2760! It was also a flip phone. This brings back good memories.” Another says: “I am definitely getting this just for good old memories. When life was easy.”

Another reason why people might be purchasing flip phones is to do a digital detox and cut down on screen time. A digital detox refers to a period of time when a person refrains from using their electronic devices, like smartphones, to focus on social connections in the physical world and reduce stress.

In 2022, people in the US spent more than 4.5 hours daily on their mobile devices. In Canada, adults self-reported spending about 3.2 hours per day in front of screens in 2022. Children and youth had about three hours of screen time per day in 2016 and 2017.

Excessive smartphone usage can result in a number of harmful side effects, such as sleep disruption. Just over 50% of Canadians check their smartphones before they go to sleep.

The blue light emitted from smartphones may suppress melatonin production, making it harder to sleep and causing physiological issues including reduced glucose tolerance, increased blood pressure, and increased inflammatory markers.

The increased level of digital connectivity and the pressure to respond instantly, especially in a post-pandemic world where many people work remotely, can lead to increased levels of anxiety and stress. Being constantly online can also lead to reduced social connectivity and can negatively impact personal relationships and social skills.

The constant digital noise and multitasking nature of smartphones and apps like TikTok can lead to decreased attention spans. From my personal observations in the classroom, I’ve noticed students find it difficult to concentrate for prolonged periods of time.

A condition known as text neck can also occur when a person spends extended periods of time looking down at an electronic device. The repetitive strain of holding the head forward and down can cause discomfort and pain in the neck.

As people become more aware of the potential side effects of excessive screen time and constant digital connectivity, some are choosing to digitally detox. Flip phones are a way people can limit their exposure to digital noise and build a healthier relationship with technology.

Smartphones have a long list of advanced features such as cameras, GPS, and tons of mobile applications — all of which can store and access a significant list of personal data.

In some cases, personal data can be used for targeted advertisements, but in worst cases that information can be leaked as part of a data breach. More and more people are growing concerned with how their data is being collected, shared and used by companies and online platforms.

It’s natural to feel worried about the potential misuse of our personal information. That’s why some people are taking matters into their own hands and seeking out creative ways to limit the amount of data being collected about them.

Old-fashioned flip phones generally have fewer features that collect and store personal data compared to smartphones. That can make them a more attractive option for people concerned with privacy, data breaches, or surveillance.

But this trend doesn’t mean smartphones are going out of style. There are still millions of smartphones being shipped worldwide every year. The trend may result in users opting to own both a smartphone and a flip phone, allowing users to digitally detox and reduce screen time without sacrificing the benefits of social media. — The Conversation via Reuters

Performance of Philippine agriculture

May 11, 2023 | 12:02 am

PHILIPPINE AGRICULTURAL production posted a surprise 2.1% growth in the first quarter, the Philippine Statistics Authority (PSA) said on Wednesday. Read the full story.

Federal Land launches second tower of Ortigas property

May 11, 2023 | 12:01 am

FEDERAL LAND, Inc. on Wednesday launched the second tower of its Japanese-themed residential project, The Grand Midori Ortigas in Pasig City.

“The Grand Midori Ortigas is conveniently located at the true mid-point of Metro Manila, Ortigas Center,” the company said in a statement

“Those who will choose to call this home will enjoy the convenience of living close to comfortable lifestyle choices such as shopping malls and leisure spaces, restaurants and coffee shops, as well as exclusive schools and hospitals,” it added.

The new tower will contain about 494 residential units ranging from 35 square meters (sq.m.) to 107 sq.m. spread across 36 floors.

The new building will offer a variety of unit types from a studio apartment ranging from 35.5 sq.m. to 38 sq.m.; a one-bedroom unit from 48 sq.m. to 64 sq.m.; and a two-bedroom unit from 69 sq.m. to 107 sq.m.

Federal Land tapped the Tokyo-based architecture firm Tange Associates as the project’s design consultant, “to forge the authentic infusion of Japanese design and innovation into the building’s architecture”

“All units are built in consideration of creative and practical space planning to provide homeowners the leeway for personal design and comfort,” it added.

Additionally, it will offer a flexible unit option to cover the “distinct needs” of its homeowners — the “Flex Suite” a 64 sq.m. one-bedroom unit with a 30 sq.m. multipurpose area.

Federal Land expects to complete the construction of the property by the first quarter of 2026.

GT Capital Holdings, Inc. is the parent company of Federal Land. It reported a net income of P4.5 billion in 2022, more than four times higher than the P1 billion reported the prior year, driven by stronger reservation sales and a gain on its investment in Federal Land NRE Global Inc. — Adrian H. Halili

UnionBank expects strong loan growth amid boost from Citi acquisition

May 11, 2023 | 12:01 am

Union Bank-UB — PHILIPPINE STAR/KRIZ JOHN ROSALES

UNION BANK of the Philippines, Inc. (UnionBank) expects its loans to post strong growth, driven by its recent acquisition of Citigroup Inc.’s local consumer unit and the growth of its digital bank.

UnionBank President and Chief Executive Officer Edwin R. Bautista told reporters on the sidelines of the Aboitiz Data Innovation’s AI Summit that they expect their loans to grow by thrice as much as the expansion in the market.

“Citibank is growing at 30-50% year on year since its acquisition. It’s phenomenal. Citi was more conservative in who they wanted to get as customers. It had a very high threshold on who can because they don’t have the products to sell to the lower end to make it profitable, whereas we do. That’s the difference,” Mr. Bautista said.

UnionBank’s acquisition of Citi’s Philippine consumer banking business was completed in August 2022.

The transaction, valued at P55 billion, covers Citi’s credit card, unsecured lending, deposit and investment businesses, as well as Citicorp Financial Services and Insurance Brokerage Philippines, Inc., which provides insurance and investment products and services to its retail clients.

Mr. Bautista said getting Citi’s one million customers allowed UnionBank to offer mortgages and auto loans to a new market.

Citi’s card products also boosted its variety of offerings, as Citi cards have features that UnionBank did not have previously, he said.

Mr. Bautista added that UnionDigital Bank is seen to grow by high double digits as its consumer loans have yet to peak.

The digital lender’s strategy of prioritizing loans instead of deposits was key to making it profitable within less than a year of operating, he said.

“Our approach is different. We lead with loans, and we only get deposits to the extent that we need it to fund the loans,” Mr. Bautista said.

UnionDigital was granted a digital banking license by the Bangko Sentral ng Pilipinas in July 2021. It began operating in July 2022.

Mr. Bautista said UnionDigital disbursed P3 billion in consumer loans at end-April, up from P2.8 billion as of March and P2.5 billion at end-February.

UnionDigital Bank Chief Commercial and Revenue Officer Mike Singh said the digital bank is looking to use the Aboitiz ecosystem and strategic partnerships to expand its customer base.

“Our scalability is much more significant compared to traditional neobank that’s going after one customer at a time through Facebook or Google ads,” Mr. Singh told BusinessWorld at the sidelines of the same event.

“We’re looking at the second half of the year to launch these partnerships. Right now, we’re doing small pilots because the products are not fully built,” he added.

UnionBank’s net income went up 30% year on year in the first quarter to P3.4 billion amid gains from its acquisition of Citi’s consumer business in the country.

The bank’s shares closed at P79.65 apiece on Wednesday, up by 45 centavos or 0.57%. — AMCS

Reimagining Financial Services via Data-Driven Processes

May 11, 2023 | 12:01 am

Today, the only constant in the Asia Pacific’s financial services market is constant evolution. The hypercompetitive landscape is keeping providers on their toes, especially in terms of driving digital customer experience and satisfaction. In Singapore for instance, a Finder.com survey reveals that 21 percent of adults in the country have a digital bank account, with that figure expected to jump to 30% by year-end. For traditional financial services players, staying relevant in the age of changing consumer behavior and digital-native new entrants to the market can seem daunting. However, striving to understand your customers deeply can turn the tables and provide new impetus to stay relevant.

The substance of financial services providers’ relationship with their customers remains trust, ease of use and personalized, nuanced offerings. However, what has changed, is how they interact through the new channels opened up by digital banking. The fact is that banks actually sit on a veritable gold mine, by way of the sheer volume of data they sit on. This offers real avenues to tailor services and generate added value, but rests on data being managed strategically, handled securely, interpreted correctly, and finally used to execute fresh offerings.

CONVERTING CHALLENGES INTO OPPORTUNITIES
While financial services have been striving to improve processes in a bid to comply with a changing regulatory landscape, the need to increase customer value should now likewise be central in efforts to refine workflows. Big Data is key to this, and its growth has led to an explosion of opportunities for the industry to deepen their knowledge of target audiences. Containing information on preferences, needs, and buying patterns, Big Data can be leveraged to deliver new digital products and services tailored to customers at the point of need.

To meet these ever-growing demands, the approach must be to move away from target group management in favor of targeted expectation management. This hinges on holistically managing all information at the business’ fingertips, with a unique approach that integrates state-of-the-art methodologies and technologies. Financial service providers that implement modern tech stacks will be in a position to leverage data analytics from datasets and gain a more comprehensive understanding of their customers.

But while digital transformation grows apace, data centricity remains a challenge. An EY report notes that though data and analytics constitute the second-highest investment area for the region’s financial services industry, a mere 8% describe themselves as data-centric.

THE IMPORTANCE OF GENERATING CONTINUOUS VALUE
For the typical financial services executive across Asia Pacific, the importance of Customer Lifetime Value is not uncharted waters. Customers’ financial needs change and evolve over the span of their lives. The imperative for providers is to meet these needs better and faster than competitors. But meeting these continuously changing needs quickly, responsively, and helpfully is an entirely different kettle of fish.

The first step, really, is to recognize that obtaining a full and rich view of their customers provides pathways to deliver the desired services quickly. Then, to realize the added value for their customers and themselves, providers need to create an ecosystem that enables close collaboration and seamless data sharing across all departments. This is critical to catering for the operational and analytical mapping needed to solve the complexities around customer processes. To start with, businesses need to review their technology stack; investing in modern CRM systems is one thing, but process management and application integration should not be sidelined. Failing to account for integration can result in an environment fraught with disparate applications unable to work at its optimal level.

Here is where an integration-platform-as-a-service (iPaaS) offers financial services players the ability to glue together the different departments and systems and bring together the organization’s applications and data sources.

MODERNIZE AND INNOVATE WITH INTEGRATION
With an iPaaS, financial services providers can easily and quickly build interoperability across legacy environments and cloud applications. The boost in flexibility will position the business to meet even the most acute challenges. Through a cloud-native integration platform, financial services institutions can unify data for analyzing profitability, managing risk, and providing exceptional customer service. At the same time, this will allow legacy infrastructure to be modernized.

The value of this was noted by an EY report, which found that, out of all sectors in Asia Pacific, financial services struggles the most with migrating legacy architecture and integrating multiple systems. This fact offers those quick enough to leverage iPaaS to differentiate by stitching together new and old systems at a fraction of the time and cost of traditional integration.

With modern middleware designed to raise agility and make the business more lean, Asia Pacific’s financial services industry can adapt at unprecedented speed to meet customers where they are. Armed with the decisive added value this creates, providers across the region can thrive by staying competitive and giving their customers what they need as their own financial needs shift and change.

Dining In/Out (05/11/23)

May 11, 2023 | 12:01 am

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The Pen’s Tiffany & Co. weekend staycation

This Mother’s Day Weekend – May 13 and 14 – The Peninsula Manila is bringing the spirit of the iconic New York jeweler Tiffany & Co. to its suites for the ultimate in luxurious getaways with the Mom’s Tiffany Suite Experience room package. It includes a one-night suite stay, complimentary bottle of Champagne, a Tiffany’s boxed flower wreath, an invitation to a bespoke private shopping experience at the Tiffany & Co. flagship store in Greenbelt (available by appointment until May 21), exclusive access to The Gallery Club and its accompanying benefits, including complimentary breakfast, Peninsula Afternoon Tea, and evening cocktails. The Mom’s Tiffany Suite Experience stay is available on May 13 and 14, with the bespoke private shopping experience available until May 21. Rates start at P20,900 for a Premier Suite (exclusive of taxes). Old Manila will celebrate with a Mother’s Day lunch from 11:30 a.m. to 2 p.m. with a four-course French Bistronomy-inspired Set Menu for P6,888++ (adults and children). There will be merienda and teatime favorites – old and new – at The Upper Lobby during Mother’s Day weekend, from 2:30 to 5 p.m., which includes being serenaded by the Peninsula Strings. P3,888 (adults with a flute of Champagne). The merienda and tea buffet is P2,888++ for adults and P1,400++ for children under 12. Celebrate Mother’s Day at Escolta Restaurant’s lavish Sunday Brunch Buffet from noon to 3 p.m. The brunch buffet is P3,888++ for adults (P6,388++ with free-flowing Champagne) and P1,900++ for children under 12. For inquiries on Old Manila Mother’s Day Specials, Escolta Mother’s Day Feast, and Mother’s Day Merienda Buffet at The Upper Lobby, call 8887-2888 ext. 6694 (Restaurant Reservations), e-mail DiningPMN@peninsula.com, or visit the website peninsula.com/Manila. For inquiries on the Tiffany Suite Experience room package, call 8887-2888 ext. 6630 (Rooms Reservations) or e-mail ReservationPMN@peninsula.com or visit or visit the website peninsula.com/Manila.

Richmonde Hotel honors moms in May

IT’S ALL about mom the whole month of May at the Richmonde Hotels in Ortigas, Eastwood, and Iloilo, with everything from relaxing hotel stays to gastronomic feasts. Richmonde Hotel Ortigas has packages which start at P 3,500 net (room only) and P4,300 net (with breakfast buffet for two). All rates include 15% discount on dine-in a la carte orders at Richmonde Café and from Room Service, welcome drinks, Wi-Fi access, and use of the Health Club, and are available until May 31. On May 14, the Richmonde Café serves up Summer Fresh Picks for Mom at the Mother’s Day lunch buffet, consisting of Do-It-Yourself starters at the salad and sandwich bars and shabu-shabu station, plus other buffet offerings include salmon coulibiac, beef teppanyaki, grilled mahi-mahi, crepes samurai. The Mother’s Day Lunch buffet is served from 11:30 a.m. to 2:30 p.m. and is priced at P1,888 net, inclusive of a round of mimosa. Groups of five or more can avail of the 4+1 deal where for every four persons paying the full rate, another person eats for free. Eastwood Richmonde Hotel’s Mother’s Day Room Package includes a stay in its newly renovated rooms, breakfast buffet for two, free facial or foot massage at Lumiere Skin & Spa, and use of the hotel’s gym and pool. Mom can also enjoy perks like 20% discount on food and beverage orders at Eastwood Café+Bar and from Room Service, and 15% discount on all services at Lumiere. Package rates start at P5,900 net and are available all days of May. Meanwhile, the Eastwood Café+Bar will have international lunch and dinner buffets in honor of mom on Mother’s Day priced at P1,799 nett inclusive of bottomless iced tea, coffee, or tea, and live musical entertainment. Children six to 12 years old get a 50% discount and children five years old and below eat for free. Or book an Iloilo summer getaway at Richmonde Hotel Iloilo with rates starting at P5,300 net good for two people. Mothers can take advantage of exclusive perks like 10% off on food and beverage orders at BizBar and Zabana Bar, a 15% discount on massage services, and a 15% discount on organized city excursions (e.g., heritage, culinary, countryside, and pilgrimage) and island tours (Guimaras, Isla de Gigantes, and Sicogon). Rates are valid until June 15. The Granary at the hotel will offer the Mother’s Day Banchetto on May 14, 6-10 p.m., for P1,500 net, with a glass of wine for mom. Children six to 12 years old get 50% off and those five years and below eat free. For details contact Richmonde Hotel Ortigas via 8638-7777, 0917-859-7914 or e-mail stay@richmondeortigas.com; Eastwood Richmonde Hotel at 8570-7777 or 0917-521-6867 or e-mail stay@eastwoodrichmonde.com; and Richmonde Hotel Iloilo at (6333) 328-7888 or (63) 917-563-3558 or e-mail stay@richmondeiloilo.com.

Dining offers, candle-making class at New World Makati

AS MOTHER’S DAY approaches, New World Makati Hotel offers a fun activity for those who book their Mother’s Day package — a scented candle-making class for two — complemented by an array of dining options at Jasmine and Café 1228, as well as a sweet treat at The Shop. From May 12 to 14, guests can book the Mother’s Day Stay room package in a Deluxe room at P8,500++ that includes a buffet breakfast at Cafe 1228, or a Residence Club Deluxe room at P11,500++ with exclusive access to the 24^th floor Living Room. Both room packages come with two scented candle-making kits. In addition, the room package includes breakfast for two adults and two kids 11 years old and below. To book, visit: https://bit.ly/NWMMothersDay2023. On May 13, guests who book the room package can join a 45-minute scented candle-making class anytime between 2 to 5 p.m. They will also be able to bring home the candles as a keepsake. Guests can also treat their mothers to an all-you-can-eat dim sum lunch or dinner at Jasmine, priced at P2,488 net on May 14. To book, they can visit: https://www.sevenrooms.com/reservations/jasmine/offers-dir. Moms can also enjoy a hearty buffet at Cafe 1228, priced at P3,000 net for lunch and P4,000 net for dinner on May 14. Highlights include Roasted marinated rib eye, Louisiana seafood bag, native lechon, and an array of sweet treats. To book, they can visit: https://www.sevenrooms.com/reservations/cafe1228/offers-dir. The hotel is offering a decadent Buttercream Berry Blooms cake — a chocolate Chantilly cake layered with berries and sponge, a red velvet coating, topped with buttercream edible flowers — for P1,300 net. For orders, call or message 0917-8884194 on mobile, Viber or Whatsapp.

Deals and more at Newport World Resorts

NEWPORT World Resorts makes Mother’s Day special through deals and treats from international hotel brands and signature restaurants. Sheraton Manila Hotel has the Mom’s Getaway Room Package, available from May 7 to 14, which comes with an overnight stay in a Deluxe room with a buffet breakfast at S Kitchen and a full body massage at Shine Spa for two adults. Have a Mother’s Day dinner at the hotel’s luxury outdoor pod S Vubble. Couples or a family of four can enjoy a three-course set menu, from a roasted beet and carrot salad with fillet mignon to a special Mother’s Day Cake for P5,000 net. Prior reservation is required when availing the amenities at Shine Spa and S Vubble. Book Mom’s Getaway Room Package online at www.sheratonmanila.com/moms-getwaway-room-package. Holiday Inn Express Manila Newport City offers an overnight stay in a Standard room for P6,888 which includes a hotel breakfast buffet and a special Mother’s Day Afternoon Tea over at the Garden Wing Cafe for two. Book from May 12 to 31 with a stay period starting May 12 until June 1. Hotel Okura Manila offers a zen staycation with the One in Harmony Room Packages which starts at P15,000 net per night, and include a deluxe welcome amenity, daily breakfast for two adults and two kids, afternoon tea for two adults, and P2,000 worth of food and beverage credits at Yamazato. On May 14, have lunch or dinner at Yawaragi’s Mother’s Day Buffet. Full paying mom guests will receive P500 dining voucher for the next time dines, valid from June until September. At the Hilton Manila, moms are treated to a Queen’s Day Out for lunch at Kusina Sea Kitchens for P3,500++ per person. All moms will bring home a special gift set. Madison Bar & Lounge will hold A Tribute to Mom on May 14, with a Flower Mini Cake for P350++, Mini Cake for P375++, and Earl Grey Whole Cake for P1,900++, a Charcuterie Board for P5,000++ and a Grilled Salmon Set for P4,500++. From May 10 to 15 at the Manila Marriott Hotel, enjoy rose-shaped chicken dumplings from the Chinese restaurant Man Ho at P988 for dine-in and P1,288 for hotbox takeaway. There will be a Mother’s Day Buffet at The Marriott Cafe for P3,888. Meanwhile, The Marriott Cafe Bakery offers an assortment of cookies and chocolates, starting at P200, including an edible frosting sheet of Mom’s best photo framed in chocolate, only from May 1 to 15. For Mother’s Day at Cru Steakhouse, moms get to savor an exclusive amuse bouche and shortened menu together with a special Mother’s Day giveaway. Have an Afternoon Tea at the Garden Wing Cafe for P888 net. Further celebrate the occasion with glasses of Mother’s Day Bubble Milkshake and Kitkat Caramel Bubble Milkshake, each for P250 net, from Victoria Harbour Cafe. Casa Buenas offers Comida Y Vino of tapas in tabla, grilled prime beef tenderloin, seared scallops with adlai risotto paired with wine for P2,800 net, available from May 1 to 31. Kao, the day and night club at the Garden Wing plaza, which has a Mother’s Day Set Menu for P3,488 net for a group of four. On May 14, treat Mom to an exclusive dining experience and reserve a table at https://bit.ly/MothersDayCelebrationatKAO. For more information on Mother’s Day Treats, visit www.newportworldresorts.com .

Conrad Manila celebrates Mother’s Day with floral cakes

CONRAD Manila marks Mother’s Day with feasts and floral cakes. Bru Coffee Bar has three charming floral cake options, each cake adorned with delicate sugar flowers and intricate detailing. The Rainbow Cake, Strawberry Shortcake, and Mango Cheesecake options are available in regular and mini cakes sizes, starting at P400 net. Brasserie on 3 will have a Mother’s Day Extravaganza feast offering a blend of Indian and Western signature dishes. On May 13 and 14, moms dine for free in every group of four, with prices starting at 3,500 net per person. China Blue celebrates with a special menu, and guests can get a special gift for mom with every purchase of the set menu. The set menu starts at 49,880 net, serving 10 guests. C Lounge has a Mother’s Day Tea Party with strawberry panna cotta, chocolate tart, strawberry pavlova, carrot cake, and macarons. Rates start at P2,688++, with a selection of tea, coffee, or sparkling wine, available from May 8 to May 14, 2-4 p.m. For more information visit EatDrinkHilton.com and www.conradhotels.com/manila for more details. You may also call +63 2 8833 9999 to learn more about their Mother’s Day offerings. Stay connected by following them on their social media pages at www.facebook.com/ConradManilaPh and www.instagram.com/ConradManila

City of Dreams’ Mother’s Day weekend

NOBU Manila will have a special Sunday Brunch at P4,388 net per person for Mother’s Day. For dinner, Nobu Manila entices with an eight-course tasting menu (P8,871.42) net per person. Have mom ease into the Mother’s Day weekend at Nobu Manila’s “Friday Chill Out” with a summer sundown special, and DJ tracks complementing Nobu’s new-style Japanese cuisine and drinks. Nobu Manila’s Friday Chill-Out happens every Friday, 6 to 10 p.m. until May 26. Crystal Dragon whips up a celebratory a la carte menu available from May 8 to 15, noon to 11 p.m. Meanwhile, Café Society provides thoughtful gift ideas with numerous Mother’s Day-themed goodies available from May 12 to 14, ranging from Chocol8’s handcrafted artisanal chocolates to Red Velvet croissant, Mango Danish pastry, and other confectionery. For a more indulgent option, the café offers Ruby Buttercream Cake and Triple Cheesecake for the occasion. DreamPlay is staging a special activity on Mother’s Day, where kids with participating tickets can unleash their creativity and craft a dedication card for their moms at The Dream Tales Library; or gift moms with gingerbread cookies they baked at Cooking with Gingy. Mothers booked on any day from May 12 to 14 at any of the three Forbes Travel Guide-rated hotels Nüwa Manila, Nobu Hotel, and Hyatt Regency Manila, will be treated to a special welcome gift of handcrafted chocolate from Chocol8. The Mother’s Day welcome amenity is available for bookings made via direct channels and on applicable Best Available rates, or Rack rates. Terms and conditions apply. For inquiries, call 8800-8080 or e-mail guestservices@cod-manila.com or visit www.cityofdreamsmanila.com.

Tatatito announces menu additions for Mother’s Day

TATATITO has added new dishes for Mother’s Day. Starting May 10, diners can enjoy new dishes showcasing Tatatito’s interpretation of Filipino food from the regions. They are Prawn Randang from Mindanao, made with large prawns stewed in coconut cream and secret spices; and Baked Tanigue in Kamias, Tatatito’s version of Sinaing na Tanigue. There is also a new dessert, Maja Brûlée, which combines a classic Filipino dessert and the French Crème brûlée. Maja Brûlée is a blend of coconut and corn pudding with a crisp layer of caramelized sugar crust, slightly burnt for added flavor and crunch. Tatatito is at the ground floor of the OPL Bldg., 100 Don Carlos Palanca St., Legaspi Village, Makati City. It is open daily from Monday to Thursday, 8:30 a.m. to 10 p.m.; Fridays from 8:30 a.m. to 11 p.m.; and Saturdays to Sundays from 8 a.m. to 9 p.m. Call 0991-300-5000 for online orders or order through GrabFood and FoodPanda (available in select locations).

Mother’s Day set meals at Tokyo Bubble Tea

TOKYO Bubble Tea has created set meals for Mother’s Day. These set meals are available from May 5 to 28. Meanwhile, diners in Metro Manila can go on a Tokyo Bubble Tea Mother’s Day date for P899, with three sets to choose from. The Ebi Tempura Meal Sets come with three pieces of lightly battered and fried ebi tempura, partnered with two signature Tokyo Bubble Tea dishes, and two large bubbly drinks of their choice. For an additional P150, add a Japanese Caesar Salad. Set A is made up of ebi tempura, teriyaki chicken don, gyudon, and two large drinks. Set B is made up of ebi tempura, bibimbop, black pepper chicken with kimchi rice, and two large drinks. Set C has ebi tempura, tonkatsu curry, chicken katsu omurice, and two large drinks. Tokyo Bubble Tea branches in Metro Manila are located at Banawe, Greenhills, SM Megamall, and Bonifacio Global City. Meanwhile, Tokyo Bubble Tea branches in Cagayan de Oro (Centrio Mall and SM CDO Downtown Premier) also have special Mother’s Day set meals to choose from. Each one is P650. Set A has ebi tempura, teriyaki chicken don, gyudon, and two large drinks. Set B has ebi tempura, bibimbop, sizzling chicken with black pepper sauce, and two large drinks. Set C is ebi tempura, omurice classic, Japanese curry tonkatsu, and two large drinks. These meals are available via www.tokyobubbletea.com, and delivery apps.

Gringo Launches the Wing Mom Pack for Mother’s Day

GRINGO has come out with a new Wing Mom Pack, featuring a new dish paired with classic favorites. It has the new Cerveza Wings, flavored with beer. The Wing Mom Pack features eight Cerveza Wings and three Quarters Smokehouse Barbecue Ribs, plus a large Cuban Rice or Mashed Potato, a Bacon Cream Fusilli, and two new desserts — Lemon Tres Leches and Ube Tres Leches. This limited offer for P1,899 is available in all Gringo branches. Gringo Chicken and Ribs also delivers via gringo.ph, GrabFood and Foodpanda.

Mom’s day bundles from Taco Bell

TACO BELL has cooked up two Mother’s Day bundles, available from May 1 to 31 only. There is the Mother’s Day Bundle For 2, which starts at P419 per set. Choose between two Crunchy Beef Tacos or two Soft Beef Tacos, complete with two servings of Nachos Sprinkles, two 12 oz servings of soda, and one Oreo Chocodilla. The Mother’s Day Bundle For 4, which starts at P799 per set, includes two Crunchy Beef Tacos and two Soft Beef Tacos together with one Cheese Quesadilla, one Oreo Chocodilla, two servings of Chili Lime Twists, and four 12 oz servings of soda. They are available for dine-in and take-out, or get them delivered by calling the 8911-1111 hotline, GrabFood, foodpanda, and Pickaroo.

Greenwich offers Mother’s Day bundle

BECAUSE moms deserve to be celebrated, Greenwich offers a special Mother’s Day Bundle that includes its new Roast Beef & Cream Cheese Overload Pizza. This is the newest item on Greenwich’s Overload Creations pizza line, starting at P345. The bundle includes one Double Size 9-inch Roast Beef & Cream Cheese Overload Pizza with three Lasagna Supreme Chicken Combo for P699. The Roast Beef & Cream Cheese Overload Pizza is filled with cream cheese, topped with roast beef complemented with sauteed onions and mushrooms. It will be offered in two sizes — Double (P345) and Barkada (P585). The Mother’s Day Bundle will be available in all Greenwich branches nationwide for dine-in and take-out only, starting May 8. Meanwhile, Roast Beef & Cream Cheese Overload Pizza is also available for dine-in, take-out, online at www.greenwichdelivery.com or via GrabFood and foodpanda.

Mang Inasal offers Mother’s Day treats

MANG INASAL, the country’s Grill Expert, continues its year-long 20th anniversary celebration by giving moms back-to-back treats this Mother’s Day. From May 8 to 14, moms will get free extra scoop of Selecta Ube Ice Cream for every purchase of Extra Creamy Halo-Halo Regular via dine-in, takeout, and delivery. Making the season extra special is the launch of the Mang Inasal Palabok Fiesta Size, a big serving of the noodle dish perfect for a group of 10. The Palabok Fiesta will complete any Mother’s Day get-together especially when partnered with the bundled group meals, Mang Inasal Family Fiesta (good for four to six people) and Buddy Fiesta (good for two to three people), which are both bilaos of Ihaw-Sarap Chicken and Pork Inasal favorites with a platter of Java Rice. Also running for the whole month of May is the free delivery promo for a minimum spend of ₱600 when customers order via Mang Inasal Delivery App or https://manginasaldelivery.com.ph.

Goldilocks has two cakes for Mother’s Day

GOLDILOCKS has two cakes for Mother Day: the new Mango Dream (P690), a triple layered chiffon cake filled with buttercream and fresh mangoes, topped with mango icing; and Mom’s Choco Cake (P690), a Mother’s Twist to the classic Goldilocks dedication cake, an 8×12 chocolate chiffon dedication cake with chocolate icing, big enough to serve an extended family of 18. It is topped with pastel flower designs with space for icing lettering of a message for mom on top. There is also the Mom’s Bundle (P1,200) which includes a Baked Lasagna and Mom’s Choco Cake (9” round). Goldilocks’ Mango Dream, Mom’s Choco Cake, and Mom’s Bundle, are now available.

Stay, dine, and shop at Belmont Hotel Manila

Belmont Hotel Manila is honoring moms by way of a special room package, a Sunday lunch buffet at Café Belmont on May 14, and pop-up shops on May 13 and 14 featuring Candy Corner, Twinings, Lush Mint, and For Keeps Clean Beauty. For an overnight stay that is inclusive of a lunch or dinner buffet, book the Mom’s Time Out Room Package. Rates starts at P7,500, inclusive of buffet breakfast for two, a weekend dinner buffet on Friday or Saturday or a Sunday lunch buffet on May 14 (depending on the date of stay), a one-hour Signature Massage for one person, Pinoy Pop Coolers for two at Café Belmont or Rooftop 11, and a 15% discount on F&B and in-room massages. This package is valid every Friday and Saturday of May including May 14 (Sunday). Meanwhile, Café Belmont is holding a Date with Mom Sunday lunch buffet on May 14 from noon to 2 p.m. for P1,600/person. The carving station will offer prime rib and Cebu lechon along with other stations such as Pizza, Hot Pot, Pasta, Salad, and Japanese. The hotel is holding a Weekend Pop-Up Shop featuring products for wellness and beauty at the hotel lobby. All moms partaking of the Sunday Lunch Buffet on May 14 will receive special gifts from all four stores. For reservations, call 5318-8888 or e-mail stay@belmontmanila.com (for rooms) or dine@belmontmanila.com (for restaurants).

Net foreign direct investment

May 11, 2023 | 12:01 am

FOREIGN DIRECT INVESTMENT (FDI) net inflows rose by 13% in February to its highest level in 14 months, amid improving investor sentiment towards the Philippines. Read the full story.

BSP tells GCash to resolve fund deductions

May 11, 2023 | 12:00 am

THE Bangko Sentral ng Pilipinas (BSP) has told GCash operator G-Xchange, Inc. (GXI) to “swiftly resolve” the fund deductions that occurred on the platform on Tuesday, it said on Wednesday.

GXI was also instructed to submit the required regulatory report, the BSP said in a statement.

“In response, GXI has expressed its commitment to make the necessary adjustments in the affected accounts,” it said.

“The BSP is also actively engaging with the affected BSP-supervised financial institutions to mitigate the impact of the GXI incident,” the central bank added.

Asia United Bank Corp. (AUB) and East West Banking Corp. (EastWest Bank) have said they will cooperate in the investigation into the incident.

Funds from GCash customers were said to have been transferred to AUB and EastWest Bank accounts via InstaPay.

AUB said on Tuesday that it put the suspected account on hold after it was alerted by GCash about the transactions.

For its part, EastWest Bank said it is launching an internal investigation after being made aware of the fund transfers.

GCash on Tuesday said it did not find any evidence of hacking involved in the e-wallet deductions.

The e-wallet platform became operational at 4 p.m. on Tuesday, GCash said. It assured that no funds had been lost and that the e-wallet can be safely used again. — AMCS

How PSEi member stocks performed — May 10, 2023

May 11, 2023 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Wednesday, May 10, 2023.

Peso rebounds as market expects BSP to pause hikes

May 10, 2023 | 9:00 pm

THE PESO strengthened against the dollar on Wednesday amid bets that the central bank could pause its tightening cycle after headline inflation eased in April.

The local currency closed at P55.67 versus the dollar on Wednesday, appreciating by nine centavos from Tuesday’s P55.76 finish, data from the Bankers Association of the Philippines’ website showed.

The local unit opened Wednesday’s session at P55.72 per dollar. Its worst showing for the day was at P55.88, while its intraday best was its close of P55.67 versus the greenback.

Dollars traded went down to $1.41 billion on Wednesday from the $1.659 billion recorded on Tuesday.

“The peso appreciated amid growing views that the BSP (Bangko Sentral ng Pilipinas) might consider pausing interest rate hikes at its May policy meeting,” a trader said in an e-mail.

BSP Governor Felipe M. Medalla last month said the Monetary Board could consider holding rates steady at their May 18 meeting if inflation eased further in April.

The BSP has raised benchmark interest rates by 425 basis points since May 2022 to help bring down elevated inflation, with its policy rate now at a 16-year high of 6.25%.

Headline inflation eased to 6.6% in April, the slowest in eight months or since the 6.3% print in August 2022, data from the Philippine Statistics Authority showed.

This was slower than the 7.6% in March and the 7% median estimate in a BusinessWorld poll. It was within the central bank’s 6.3-7.1% forecast range for the month.

For the first four months, inflation averaged at 7.9%, still above the BSP’s 2-4% target and 6% forecast for the year.

The peso also appreciated after New York Federal Reserve President John Williams said on Tuesday that it was too soon for the US central bank to stop raising rates, Mr. Ricafort said.

“We haven’t said we are done raising rates” and Fed officials have not yet decided what lies ahead with possible increases in short-term borrowing costs, Mr. Williams said at an Economic Club of New York gathering, Reuters reported.

“We’ve made incredible progress” in taking action to lower overly high levels of inflation, but “if additional policy firming is appropriate, we’ll do that,” he added.

For Thursday, the trader said the peso could strengthen ahead of a potentially upbeat Philippine gross domestic product report.

The trader expects the peso to trade between P55.50 and P55.75 against the dollar, while Mr. Ricafort sees it moving from P55.60 to P55.80. — AMCS with Reuters

PHL shares rise further on firms’ strong Q1 results

May 10, 2023 | 9:00 pm

SHARES rose further on Wednesday amid strong corporate earnings and ahead of the release of April US consumer inflation data.

The benchmark Philippine Stock Exchange index (PSEi) gained 35.98 points or 0.54% to close at 6,658.59 on Wednesday, while the broader all shares index went up by 13.77 points or 0.39% to 3,546.10.

“The local bourse extended its gains, up by 35.98 points (0.54%) to 6,658.59, thanks to the first quarter earnings results,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

Ms. Alviar said trading volume was weak as investors awaited the release of the US consumer price index (CPI) report overnight and first-quarter Philippine gross domestic product (GDP) data on Thursday.

“The local shares continued to rebound… as investors digest more first quarter earnings reports,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“Meanwhile, in the US, market players ponder on the April inflation readout which will be released later,” Mr. Limlingan added.

Two of the biggest local conglomerates reported their financial results on Wednesday, with both reporting double-digit profit growth in the first quarter (Q1).

Ayala Corp.’s attributable net income rose by 30.86% to P10.22 billion in the first quarter as most of its key businesses reported higher earnings.

Its shares went up by 0.76% or P5 to end at P666.50 apiece.

For its part, SM Investments Corp. booked a consolidated net income of P17.3 billion in the first quarter, up 33% year on year.

Its shares closed at P943 each on Wednesday, rising by 0.86% or P8.

Meanwhile, the US CPI climbed 0.1% in March after advancing 0.4% in February. In the 12 months through March, the CPI increased 5%, down from 6% in February.

On the other hand, a BusinessWorld poll of 23 economists conducted last week yielded a median estimate of 6.1% for first-quarter GDP growth. This would be slower than the revised 7.1% growth in the fourth quarter of 2022, and the 8% expansion recorded in the same period last year.

The government targets 6-7% GDP growth for this year.

The majority of sectoral indices closed higher on Wednesday, except for mining and oil, which fell by 81.67 points or 0.77% to 10,529.84.

Meanwhile, holding firms rose by 77.76 points or 1.19% to 6,613.42; services gained 6.86 points or 0.43% to end at 1,577.31; financials went up by 7.09 points or 0.38% to 1,868.19; property climbed by 5.55 points or 0.2% to 2,746.21; and industrials added 7.27 points or 0.07% to end at 9,583.29.

Value turnover increased to P4.64 billion on Wednesday with 721.31 million shares changing hands from the P4.18 billion with 325.79 million issues traded on Tuesday.

Decliners outnumbered advancers, 105 versus 73, while 57 names closed unchanged.

Net foreign buying fell to P64.86 million on Wednesday from P110.95 million on Tuesday. — AHH

DoTr still open to solicited proposals for NAIA O&M

May 10, 2023 | 8:24 pm

THE Department of Transportation (DoTr) will still consider solicited proposals for the operations and maintenance (O&M) of Ninoy Aquino International Airport (NAIA), in parallel with the unsolicited proposal submitted by a consortium of conglomerates.

“We are also open to a solicited proposal. The original plan is to have a solicited proposal, which the Asian Development Bank (ADB) is helping us with. But since the conglomerates submitted their proposal, we have to work on it,” Transportation Secretary Jaime J. Bautista said during the Makati Business Club F2F with Cabinet Secretaries session on Wednesday.

On April 27, the DoTr said it received an unsolicited proposal worth P100 billion for the NAIA O&M from the Manila International Airport Consortium.

The consortium members are Aboitiz InfraCapital, Inc., AC Infrastructure Holdings Corp., Asia’s Emerging Dragon Corp., Alliance Global – Infracorp Development, Inc., Filinvest Development Corp., JG Summit Infrastructure Holdings Corp., alongside — US fund manager Global Infrastructure Partners.

The DoTr and Manila International Airport Authority said they will review the proposal in accordance with the build-operate-transfer law and its implementing rules and regulations.

The unsolicited proposal’s valuation of the project includes the upfront payment to the government and committed investments in new airport facilities and technology.

The expansion and modernization of the airport is one of the priority projects of the DoTr with the ADB serving as advisor, according to Mr. Bautista.

“I have formed a dedicated team to work on this because I think this is a priority project,” said Mr. Bautista. “ADB will make the recommendation. But it is really the DoTr who will finalize the terms of reference. ADB will make recommendations as they are our advisors.”

According to Mr. Bautista, the DoTr has 35 days to check the completeness of the consortium’s submission, and expects the review to finish by June.

“It does not mean that what was submitted by the consortium is what we will accept. There will be negotiations on the terms,” he said.

“We can also consider the recommendation of ADB. … But I’m sure that we will be able to use the recommendations of ADB in evaluating the proposal of the consortium,” he added.

Aside from the unsolicited proposal for NAIA, Mr. Bautista said the department is also meeting with potential project proponents for other airports. — Justine Irish D. Tabile