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Close, and with a cigar

LA CASA DEL HABANO’S walk-in humidor

WHILE La Casa del Habano may have launched a High Tea and a happy hour promo called “Indulge Twice” on Jan. 22, let’s be honest: the focus on the Ayala Triangle Gardens cigar lounge is the long and fat Cubans (cigars, that is).

Cuban cigars — so scarce and precious that rumor has it  Winston Churchill had them snuck into diplomatic bags so he could enjoy them during World War II — are the trade of La Casa del Habano. One of its partners, Javier Toledo (who is not yet 30 years old) told us that this Makati branch, which opened late in 2023, is one of about 155 branches around the world — not one of them in the United States, because of trade embargoes set against Cuba during the Cold War.

According to him, one of their partners has the sole proprietorship of the distribution of Cuban cigars in Manila, hence, “We are able to provide these cigars at a more affordable price than they normally would if you were to order them abroad,” said Mr. Toledo.

After sitting down to tea and sandwiches — their tea promo is available from 2 to 5 p.m. daily; General Manager Joy Oyson said, “Between two to five in the afternoon, no one smokes,” hence the need for the promo to fill the 200-square-meter space in these hours — Mr. Toledo gave us a short lecture about Cubans.

Are they really better, or are they really just rare? “It’s had a long-standing history for being that mild and very flavorful,” he said. “The taste that you get out of the tobacco in Cuba is mild; quite nutty in its flavor profile.”

“In Cuba, the climate that it has, for some reason… other regions around the world cannot seem to produce the same taste,” he said, citing Nicaragua, the Dominican Republic, and the Philippines’ own tobacco crop. He did say, however, that some tobacco in the Philippines came from Cuban seed.   

There’s a proper way of handling the cigar – and at P1,000 to P50,000 a pop, you better do it right.

“You’d always want to hold it [nearer] the butt [end] of the cigar,” he said. “You might deconstruct the cigar by accident,” he said, if you hold it the wrong way.

He fiddled with a faulty lighter at first, before getting a new one, a more powerful torch. Before this, he was talking about humidity (the ideal is 69% humidity, otherwise, the cigars will be too dry and will crack; or be too wet and you end up with soggy smokes). With a special clipper that leaves a diamond-shaped cut, he clipped the end, then began to light.

“You never want to burn a cigar,” he said, calling the ritual “toasting.” “You want to heat it enough to a point that the end of the cigar is red.”

As most cigar smokers know, one never inhales: “The cigar is like coffee — it’s the taste that you get out of it,” he says.

A highlight of the cigar lounge is the walk-in humidor, where members can store their Cubans (the only cigars allowed inside). This also serves as the (consumable) annual membership fee: P150,000 for the lowest tier, where one shares space with others; P300,000 for the premium tier (solo), and a bigger VIP one at a cool half-million.

“Back when I was 18, I dreamt of owning a lounge like this,” he said (and he got his dream, being a co-owner out of 11). “When I first smelled a Cuban cigar from my dad, I was just so attracted to that smell. It always made me wonder what it was like.” He asked his father when he could smoke one. His father answered, “When you can afford it.”

La Casa Del Habano Manila is located at the Shops at Ayala Triangle Gardens, Makati. High Tea is priced at P3,199 for two persons, and is available from 2 to 5 p.m. — Joseph L. Garcia

Yuka Saso and FNG: A partnership rooted in shared values

Yuka Saso

As a professional athlete competing on the global stage, Filipino-Japanese golfer Yuka Saso leads an extraordinary lifestyle. Being the youngest two-time U.S. Women’s Open champion, Saso values the importance of having a serene and comfortable space to unwind in between her rigorous training and international competitions.

Reflecting on her remarkable 2024 season, in which she secured her second U.S. Women’s Open title, Saso shared, “It was a memorable year, having another championship. Most importantly, I made a lot of memories on the LPGA Tour with my friends as we compete every week. I also visited many places around the world.”

With such a hectic schedule, finding balance is key. “It’s important for me to have a place that feels like home no matter where I am. It helps me recharge and stay focused,” she explained. To maintain both physical and mental well-being, she prioritizes rest and relaxation. “I mainly focus on avoiding injuries, so I train 3-4 times a week and not overworking. I like staying at home. Sleeping and watching shows are how I usually relax.”

This philosophy aligns seamlessly with Federal Land Nomura Real Estate (FNG), a developer that crafts modern and thoughtfully designed spaces. Just as Saso prepares meticulously for every game, showcasing her dedication to perfect her craft through consistent practice, FNG ensures their properties are carefully designed to support residents’ lifestyles.

As partners for two years and counting, Saso and FNG find themselves not only sharing similar values, but cultures as well. FNG is a collaboration between Federal Land and Japan’s Nomura Real Estate, with a vision of bringing Japanese-inspire living in the country, while still catering to the needs of Filipinos.

Another thing they share is the focus on aesthetics and functionality. Designing holistically, FNG looks at integrating open spaces, community hubs, and residential areas in its projects. Saso shared, “I look for enough space to relax and overall color and designs in a home,” Saso shared. She also appreciates the connection between home and nature, remarking, “Golf is deeply connected to nature, and having a home with a nature view and also access to outdoor spaces is something I like.”

Whether she’s competing on the green or enjoying a well-earned rest, Saso’s partnership with FNG reflects their shared belief in achieving greatness through thoughtful preparation, innovation, and the kaizen principle of continuous improvement.

Finding Home: Yuka Saso on Golf, Recovery, and Her Ideal Space

At just 22, Yuka Saso has already etched her name in golf history, securing her second U.S. Women’s Open championship and inspiring a new generation of athletes. But beyond the fairways, Saso is just like anyone else — someone who values comfort, meaningful connections, and a place to call home.

In Dec. 2024, she had a quick but packed trip back to the Philippines, whom she represented before embracing her Japanese citizenship. The Filipino-Japanese athlete, whose partnership with Federal Land and Nomura Real Estate (FNG) was renewed, not only shot a campaign with the developer but also made time for a golf clinic for young golfers when she was in the country.

In this exclusive conversation, she shares her thoughts on balancing a demanding career, the influence of her dual heritage, and what home truly means to her.

You bagged your second U.S. Women’s Open Championship in 2024! How would you sum up the year — both on and off the course?

YS: First of all, thank you for all the support! It was a memorable year, winning another championship. But more than that, I made a lot of great memories on the LPGA Tour with my friends — we compete every week, and I also got to visit so many places around the world.

Yuka, who’s had a busy year, still brought energy to the shoot. Despite her quips that she’s not a celebrity, everyone on the set only had high praises for how easy she was to work with, acing her lines and being open to try various shots.

What do you love most about golf, and how do you stay motivated? 

YS: What I love about golf is the challenge. Every week is different—the weather, the golf course, the environment — it keeps things exciting. I stay inspired by focusing on my goals and chasing my dreams. That’s what keeps me going.

Golf is a sport that’s deeply connected to nature. When it comes to a home, do you prefer one with views or access to outdoor spaces? 

YS: I actually love both! A home with a great nature view is very relaxing, but at the same time, I’d also love to have access to outdoor spaces. Being able to step outside and enjoy fresh air is important to me.

FNG — the joint venture by the Philippines’ Federal Land, Inc., a trusted real estate developer in the country, and Japan’s Nomura Real Estate Development Co. Ltd., with brands across multiple real estate business lines such as retail, residential, and offices — was awarded as Best Breakthrough Developer in the Philippines and Asia in 2024 by PropertyGuru. These are prestigious honors for the developer, which was only founded in 2022.

In 2024, it unveiled multiple projects and partnerships. Breaking ground for its inaugural residential projects, Yume at Riverpark in General Trias, Cavite, and The Observatory in Mandaluyong City, FNG is dedicated to creating Japanese-inspired homes, with dynamic, holistic spaces that support self-sufficient living.

You have many fans in both the Philippines and Japan. What values from these cultures do you carry with you every day?

YS: I’m grateful that both countries continue to support me. Growing up, I was able to experience both cultures and appreciate their differences. With the guidance of my family, I learned to respect and embrace these values.

The Philippines holds a very special place in my heart — it’s where everything started. It’s where I made my first dreams, my first friendships, and learned the importance of respecting family and friends. On the other hand, Japan taught me discipline, responsibility, and a strong work ethic. What I find similar in both cultures are respect — no matter where you are or who you meet. That’s something I carry with me every day.

As an athlete, how do you take care of your overall well-being? 

YS: I focus a lot on avoiding injuries. I train about three to four times a week, but I also make sure not to overwork myself. When I’m home, I like to rest — I sleep, watch shows, and use recovery tools like ice baths to help my body recover.

Saso’s year ahead, similar to her remarkable 2024, is already planned and full.

What qualities do you look for in a home to support that balance?

YS: A home should be a place where I can truly relax. I like having enough space, a good overall design, and I really like nice sofas! A comfortable home helps me recharge, both physically and mentally.

You travel extensively for tournaments. What does “coming home” mean to you?

YS: Coming home means being able to fully be myself and relax. After all the traveling, it’s the place where I can just slow down and feel at ease.

You inspire many young athletes and golfing fans. What’s your advice to those who look up to you?

YS: I’m still young, too, and I also get inspired by others! But one thing I try to never forget is why I started playing golf in the first place — because I love it. At the end of the day, no matter how serious or competitive things get, it’s important to remember how much fun the sport is.

Just as Saso finds balance between training and rest, FNG is committed to crafting homes that foster both energy and tranquility. FNG does this by designing with people’s wants and needs in mind — from curated amenities that enrich productivity, health, and community to open, expansive spaces to relax in.

With a shared appreciation for precision, discipline, and thoughtful design, Saso and FNG continue their partnership — one built on excellence, values, and the pursuit of greatness.

 


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PremiumLands to conduct P255.2-M tender offer for Asiabest shares

PREMIUMMEGASTRUCTURES.COM

REAL ESTATE company PremiumLands Corp. (PLC) is preparing a P255.2-million tender offer for Asiabest Group International Inc. shares as part of its planned backdoor listing.

PLC and Industrial Holdings and Development Corp. (IHDC) intend to conduct a tender offer involving up to 100 million Asiabest common shares, representing a 33.33% stake, at P2.552 per share.

The tender offer will run from March 10 to April 7, Asiabest said in a regulatory filing on Wednesday.

Asiabest cited the P510.4-million share purchase agreement between PLC and Okada-Manila operator Tiger Resort Asia Ltd. (TRAL) in December last year. The deal involved 200 million Asiabest shares, representing a 66.67% stake, priced at P2.55 per share.

In January, PLC stated that Asiabest could become an infrastructure group if its planned backdoor listing is completed.

Under the deal, Asiabest will continue to function as a holding company, while PLC aims to inject and merge interests in the infrastructure industry.

The proposed business plan includes Asiabest’s acquisition of PLC unit Kabalayan Housing Corp. and the initial infusion of several land assets across various provinces into Kabalayan for mass housing projects.

The business plan also involves a proposal to consolidate IHDC’s interests in Concrete Stone Corp., Industry Movers Corp., and a minority interest in EEI Corp. with Asiabest.

PLC is part of a consortium that includes IHDC.

Trading of Asiabest shares has been suspended since December 16 after the Philippine Stock Exchange determined that PLC’s move was covered by backdoor listing rules due to the change in control. — Revin Mikhael D. Ochave

Abangan ang susunod na kabanata

ORIGINAL PHOTOS FROM FREEPIK

One of the things I hope to see this year is a clear road map towards 2028 and progress in our approach to and relations with China.

‘Coz, clearly, our bilateral ties cannot remain where they are today. More and more analysts have been flagging the South China Sea as a potential flashpoint, and investors themselves have lately taken notice.

I prefer to see the currently poor state of our relations with China as part of a continuum that, hopefully, is on the cusp of taking the next step.

DRAWING THE RED LINE
To be sure, I am glad that our government has asserted our rights to the West Philippine Sea, as provided by the United Nations Convention on the Law of the Sea.

I had long wondered when we would stand up to the bully up north, even if not exactly as Vietnam and India had done. China, which singled us out to demonstrate its power to others in the region since we have the weakest external defense capability in much of Asia, respects only force. Like any bully, it will not respect anyone who will not defend himself.

We have Beijing to thank for our belatedly realizing that a defenseless state is one that has no clout — I blame past administrations up to 2010 for thinking that we could rely completely on the US for cover against aggressors — and thus for putting us on the road to achieving a minimum credible defense capability.

We do not have the same armed mettle as Vietnam, but what we lacked in arms we kinda made up for legally at The Hague. One fights a bully with whatever one has, and in our case, it is international law.

The question is whether we have been building on that legal victory since then. Even former President Rodrigo Duterte had said in public on more than one occasion that the arbitral ruling was already part of jurisprudence, hence, he did not have to assert it (whether that laid-back stance posed legal risks for us remains to be seen).

I recall that Mr. Duterte, in at least two televised remarks in his last year in office, could barely hide his annoyance with China’s then-unreported bullying of our troops in those waters (that was when I first sensed — well, besides the fact that only a handful of its development funding promises had materialized as his administration drew to a close — that Beijing had not been reciprocating our love language since mid-2016). Our coast guard later on confirmed that incidents with Chinese forces at sea had occurred even under Mr. Duterte, who just didn’t want to ruffle Beijing’s feathers by publicizing them.

As I have said before, I have no illusions about the designs of the other superpower, the United States of America. Remember that, as Reuters had reported, the US undertook an aggressive disinformation drive vs Chinese vaccines at the height of the COVID-19 pandemic right here in our country and Filipinos fell for that spiel hook, line, and sinker. That incident serves as a timely reality check against blindly trusting even our allies.

PUSHED TO THE WALL
But then, it not the US now that is pushing us (particularly, our subsistence fishermen) to the wall in our waters (I am saying it is “ours” liberally, because anything beyond 12 nautical miles from our baselines is not our territory, even as we do have the sole right to explore and extract resources beyond that point to within 200 nautical miles from baselines).

Hence, this issue is an existential one for affected fisherfolk and, if one remembers that the suspected oil and gas deposits under Recto/Reed Bank in the West Philippine Sea are supposed to make up for the fast-dwindling stock at the Malampaya gas field (which is expected to run dry in two years), for our entire economy as well.

China’s actions have forced us back into the US’ arms. Some quarters have scored this move but always fail to suggest a viable alternative course (as if we could defend ourselves on our own right now). Beijing’s spokesmen have long accused the Philippines of falling for Washington’s “Cold War mentality,” but the former has bared exactly that mindset by failing to acknowledge that smaller states like us have our own interests in this issue.

When Beijing speaks of the need for “peace” in the region, it is talking about Pax Sinica — “peace” on its terms which, it is turning out for some of us, would be tantamount to the peace of the grave.

There was a time in the past when I applauded any move towards China in order to balance our almost servile reliance on the United States, thinking that a neighbor would understand our needs better than anyone from across the Pacific.

Personally, I would rather that we were not put in this position — because the US has manipulated/failed/abandoned us in the past whenever doing so served its own designs — but as the adage goes: in politics, there are no permanent friends, only permanent interests.

And while Beijing wields tremendous economic and armed clout, it still has much to learn about statecraft with smaller states it could otherwise woo to its side.

CLOCK TICKING
Broadsheets reported the other week that the current government is now weighing which international panel would be the best venue for our next step after the July 2016 victory at The Hague.

Well, it’s about time.

Officials are now talking about the reportedly massive environmental damage caused by China’s island-building and harvesting of resources like clams within our exclusive economic zone (EEZ). True, Vietnam has occupied the most number of islands in the South China Sea — and presumably damaged the environment — but it does not push us around in our own waters, nor does it bar our fishermen from their traditional grounds. Hence, it is not our primary adversary on this count. In fact, we deal with Hanoi constructively despite our differences.

China may even file its own environmental complaint against us for running two ships aground (of which one remains) on Ayungin Shoal. In an interview last year with the ABS-CBN News Channel, former Associate Justice Francis H. Jardeleza welcomed that prospect, saying that the Philippines would pay much smaller damages should it lose that case anyway, compared with what China stands to be dunned for environmental damage due to its island-building and unrestricted harvesting of marine life within the Philippines’ EEZ. In terms of optics, these cases would serve to further draw international attention to the scale of the impact of China’s aggression.

The problem, Mr. Jardeleza said then, is that the current administration has not filed any such case now that it is halfway into its term. But while the current timetable is increasingly tight, it should be recalled that the administration of the late former president Benigno Simeon C. Aquino III filed its arbitration case at The Hague in January 2013 — also in midterm — and secured its legal victory in July three years later.

So long as Beijing keeps treating us the same way in those waters, this will be a logical next step, as it builds on the 2016 arbitral ruling.

LEARNING
With the return of a Duterte to Malacañang being a real prospect come 2028 for now, there are fears among some quarters of a swing back to an overly pro-Beijing stance (Beijing certainly hopes so, I’m sure, and is actively working for that — gauging from recent reports of active surveillance within our territory).

I prefer to see the changes in our policy towards Beijing and Washington as part of a continuum. From decades of allying with Washington (to the point that a Washington Post reporter told me once that it may do us some good to oppose the United States every now and then in order to gain respect), we really needed to see if hewing closer to China would serve us better. In hindsight, there was little value to that tack, except that it made folks in Washington sit up and take notice (instead of smugly assuming that the Philippines was in its pocket anyway).

Swinging all the way back into Washington’s arms, however, is not advisable either. US President Donald Trump’s move to suspend and review foreign aid is a timely reminder of just how fleeting US support can be, pronouncements of how “ironclad” it is notwithstanding.

SETTING THE STAGE
The current administration has an opportunity to strike a better balance for the rest of its term, or at least to set the stage for that after cementing our fallback to firmer international legal foundations, with alliances that serve to enforce the 2016 arbitral ruling, and stronger external defense capability.

Hopefully, we will soon find better footing (across strategic, economic, political, and other fields) in our relations with China.

We do have a bilateral consultation mechanism focused on the South China Sea which was established in May 2017, as Mr. Duterte agreed to Beijing’s demand that the Philippines limit moves to the bilateral level. Any success there has been slow in coming, with some quarters criticizing our agreement to notify China of our resupply missions as being tantamount to seeking Beijing’s permission.

Perhaps there is a need to elevate our bilateral engagement in other areas, in order to give us a strategic sense of where we can move forward. After all, both Manila and Beijing have said that maritime tensions do not constitute the totality of bilateral ties and, therefore, should not dictate progress in other fields.

Our trade with and tourism numbers from China have fallen, although it is not clear just how much of these declines can be blamed on our maritime row (what with 2024 ending with China consumer and business sentiment at an all-time low).

And so, I’m glad we still mount business missions to China. While we never get the real score on the successes of these missions (the public can be given follow-up information on this), we can push for more. True, current tensions with our northern neighbor has jolted us to the need to diversify trade partners, especially with those with whom we have less bilateral strains. But it goes without saying that we can still maximize trade and other economic relations with China, being the second-biggest economy (that’s not going away, geopolitically).

I have also always marveled at the way Indonesia’s political parties have maintained ties with the Chinese Communist Party (CPP), the formers’ anti-communist sentiments notwithstanding. While that would have been another conduit for bilateral initiatives, the Philippines may end up on the losing end here, since we do not have genuine, stable political parties that can hold their own when dealing with the CPP. We did form in 2020 a China-Philippines Political Parties Belt and Road Consultation Mechanism, but that seemed to have fizzled out with our change of administration. So, scratch that out, although there could still be regular engagement between our legislatures.

As we chart a new course, business has to be consulted more on the next steps. Every chat I have with leaders of business chambers leaves me with the impression that these folks are not consulted enough by those charting the next steps with China. That’s one policy-making blind spot that needs to be plugged. I’m sure those who have been doing business in China can offer valuable, unique insights to policy makers. And it won’t help our economy either if souring strategic relations erode their businesses.

Then we could take advantage of next year’s meetings of the Association of Southeast Asian Nations (ASEAN) which we are scheduled to chair. Initiatives could include teaming up with others with interests in or claims to parts of the South China Sea for a joint statement on this issue that is separate from the Senior Officials’ and Leaders’ statements which cap ASEAN meetings, since this regional organization has proven skittish in coming up with a more substantial common stand on this issue.

Finally, we need more updates on gains in other areas of Philippine-China engagement. The only reason we seem to be bordering lately on Sinophobia is the spate of reports of maritime clashes, Chinese drones and suspected spies that have hogged the headlines. Perhaps those in charge of the other facets of our China ties can pick up the pace here.

 

Wilfredo G. Reyes was editor-in-chief of BusinessWorld from 2020 through 2023.

Load up on salad and pizza before hitting the slots

TRATTORIA PIZZAS

PIZZAS are playing the game at Solaire Resort North’s Trattoria e Dolci. During a tasting on Jan. 24, we got a spread of their pizzas and salads — but surprisingly, zero pasta.

“We wanted to focus on pizzas and salads here,” Sandro Alessandrini, director of food and beverage for Solaire Resort North said. “As opposed to Finestra, where we have pasta, has a little bit of a broader menu.” Finestra, which is present at both Solaire Resort North and Solaire Entertainment City in Paranaque, is Trattoria e Dolci’s fancier sibling. A trattoria, by definition, is less formal than Finestra’s ristorante and is more akin to what the French call a bistro.

Well, since we didn’t have to save space for carb-heavy pasta that day, we had all the salads they could offer.

The Seared Tuna salad with artichokes, fennel, and green beans was crisp, light, and piquant, like a salad should be; while the Classic Beef Carpaccio with USDA beef tenderloin, arugula, and shaved Parmesan was surprisingly mild. The Caprese with mozzarella, cherry tomatoes, and basil tasted like it should.

As for the Calzone, we got a portion that was a bit too crusty (we were sharing with four), but that’s a problem I made for myself. The next belly-bursting serving with mozzarella, ham, olives, and mushrooms was worth it.

Mr. Alessandrini told us that their Stefano Ferrara pizza ovens come all the way from Naples (the birthplace of modern pizza). The result was a crispy crust (too crispy for our taste, but everyone else at the table disagreed) with some still-chewy spots, and the Trattoria pizza with Mortadella (pork sausage), burratta, and pistachio, was mild and satisfying. The spicier Diavola option, with spicy salami and chili flakes, might be a better crowd-pleaser.

From the restaurant’s Dolci side, we ended the meal with a thick chocolate gelato, made with milk and not cream; the traditional way, according to Mr. Alessandrini.

Most of the equipment and the ingredients in the restaurant come from Italy, down to their tomato sauce, according to Mr. Alessandrini.

“It’s a very fast-paced restaurant,” he said. “Pizza takes three, four, five minutes to prepare; and two to three minutes to cook.”

In the second quarter of 2025, Solaire Resort North is opening an “immersive” dining outlet (with performances and such), the last restaurant to be opened in the new resort.

Trattoria e Dolci is located on the Ground Floor of Solaire Resort North on EDSA, Quezon City, at Vertis North. — Joseph L. Garcia

Sunlight Air eyes bigger aircraft

SUNLIGHTAIR.PH

SUNLIGHT AIR said it plans to acquire large aircraft as the government mandates the removal of turboprop operations from Ninoy Aquino International Airport (NAIA).

“We are already starting our planning sessions for bigger-capacity aircraft. Like any company, we always think about growth. It is definitely in the pipeline,” Sunlight Air Chief Executive Officer Ryna C. Brito-Garcia said during a media event in Makati City late Tuesday.

Last month, Sunlight Air announced the acquisition of an ATR 72-600 turboprop aircraft as part of its fleet expansion. The model can seat up to 78 passengers.

The airline currently operates three ATR 72-500 planes. The recent acquisition will be added to the company’s fleet by early March.

Ms. Brito-Garcia said Sunlight Air will maximize the March 2026 deadline given to airlines for the transfer of turboprop operations out of NAIA.

In April last year, Sunlight Air relocated its hub to Clark International Airport from NAIA, citing the former’s availability of space and advanced technologies.

“There are runways in the Philippines that only allow turboprops because of the (runway) length. So, we’re going to have to figure out how to make that experience still accessible and seamless. We just have to work on the transportation between Manila and Clark,” she said.

“We’re considering offering a point-to-point transportation option from the south all the way to Clark. Sunlight Air is still operating out of Manila, even in 2025 and up to 2026,” she added.

Ms. Brito-Garcia said that Sunlight Air has flown half a million passengers since its establishment in 2019.

She added that the company is targeting a 30% increase in passengers flown this year. The airline flew around 30,000 passengers last year.

“There’s been a 30% increase already from January 2024 to January 2025. If we’re able to sustain that throughout the peak season, we should be able to see that growth as well,” she said.

In terms of new routes, Ms. Brito-Garcia said some of the locations being considered include Siquijor and Bantayan Island in Palawan.

“A lot of Filipinos are looking for island destinations that aren’t the usual island destinations,” she said.

Currently, Sunlight Air flies from Clark, Cebu, and Manila to Siargao; San Vicente, Coron, and Busuanga in Palawan; and Caticlan, Aklan; Iloilo; and Cagayan de Oro.

Also on Tuesday, Sunlight Air launched its new look and branding as part of its efforts to improve customer experience.

The airline also previewed its Sunlight Air Miles loyalty program, where passengers can earn miles for flight and non-flight benefits such as merchandise and treats from partner brands and hotels. — Revin Mikhael D. Ochave

PHL companies need to invest in risk strategies amid rising cyberattacks

PHILSTAR FILE PHOTO

PHILIPPINE COMPANIES must ramp up investments to comply with governance, risk, and compliance (GRC) strategies for data protection as cyberattacks become more advanced, according to cybersecurity firm Ampcus Cyber.

“GRC makes sure that all of the data that these big companies are using — let’s say a bank, a BPO (business process outsourcing), a service provider — stay protected,” Deep Chanda, chief executive officer at Ampcus Cyber, told BusinessWorld on the sidelines of an event last month.

“Let’s say you go to a hospital. You need to give your confidential health details. These are very confidential information, and you do not want your personal data to go out for companies, large organizations to misuse those,” he added.

Companies are working to establish and follow their own GRC frameworks amid rising cyber threats, increased regulatory compliance requirements, complexity of digital ecosystems, and data privacy concerns, Ampcus Cyber said.

For its part, CIS Bayad Center, Inc. is looking to invest in compliance tools and increasing awareness about cyber threats, according to its president and CEO Lawrence Y. Ferrer.

“We have to allocate more resources and budget to be able to support the ever-growing need to protect our customers, as well as to be able to provide operational resiliency, and last, regulatory compliance,” he said on the sidelines of the same event.

“This includes investing on AI (artificial intelligence) as well as compliance tools that our team can use to know our customers, identify threats, and provide the necessary protection.”

Carlos Tengkiat, chief information security officer at Rizal Commercial Banking Corp., said the lender wants to focus on compliance with security standards.

“Our main focus here is first, regulatory compliance, but this time, how about standards compliance? So, we’ve been doing self-assessments, but [we thought,] ‘Let’s formalize it into a system.’”

Marlon Sorongon, chief information security officer at Maybank Philippines, said they are also working to boost compliance with evolving data and AI regulations.

“There are also some regulations that will continue to shape compliance — areas like data privacy, AI frameworks — so those are the things that have to focus on as a bank,” he said. — Beatriz Marie D. Cruz

Term deposit yields slip on dovish BSP signals

BW FILE PHOTO

TERM DEPOSIT yields fell on Wednesday amid signals of further rate cuts by the Bangko Sentral ng Pilipinas (BSP), albeit smaller and fewer than initially expected.

The central bank’s term deposit facility (TDF) fetched bids amounting to P274.557 billion on Wednesday, higher than the P230-billion offering and P150.399 billion in tenders for the P240 billion auctioned off a week ago.

Broken down, tenders for the seven-day papers reached P144.992 billion, above the P120 billion auctioned off by the central bank and the P131.646 billion in bids for the same volume offered the previous week.

Banks asked for yields ranging from 5.75% to 5.789%, slightly narrower than the 5.75-5.8% band seen a week earlier. This caused the average rate of the one-week deposits to inch down by 0.47 basis point (bp) to 5.7754% from 5.7801% previously.

Meanwhile, bids for the 14-day term deposits amounted to P129.565 billion, higher than the P110-billion offering and the P118.753 billion in tenders for the P120-billion offer auctioned off a week earlier.

Accepted rates for the tenor were from 5.79% to 5.835%, slimmer than the 5.79% to 5.87% margin seen a week ago. With this, the average rate for the two-week deposits declined by 1.31 bps to 5.8143% from 5.8274% logged in the prior auction.

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

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

Term deposit yields were slightly lower after “dovish” signals from the BSP chief and bets of another rate cut as early as next week after full-year 2024 Philippine gross domestic product (GDP) growth missed the government’s target, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

BSP Governor Eli M. Remolona, Jr. last week said that a rate cut is “on the table” at the Monetary Board’s Feb. 13 policy meeting, with economic growth “a little bit below capacity.”

He said a negative output gap could prompt further monetary easing, especially if the gap widens.

Philippine GDP grew by 5.6% in 2024, falling short of the government’s 6-6.5% target.

He added that the BSP may slash benchmark interest rates by a cumulative 50 bps this year in a gradual manner as “policy insurance” against risks, saying that 75 bps or 100 bps in cuts may be “too much.”

Mr. Remolona said the reductions could be delivered in increments of 25 bps each in the first and second half of the year.

The Monetary Board has cut benchmark borrowing costs by 75 bps since kicking off its easing cycle in August last year, bringing the policy rate to 5.75%.

Benign inflation could also justify further monetary easing by the BSP, Mr. Ricafort added.

The consumer price index rose 2.9% year on year in January, steady from December but up from 2.8% in the same month in 2024, the Philippine Statistics Authority reported on Wednesday.

This was within the BSP’s 2.5%-3.3% forecast for the month but was a tad higher than the 2.8% median estimate in a BusinessWorld poll of 16 analysts. — Luisa Maria Jacinta C. Jocson

Persons With Discount

FREEPIK

I have a medical condition, but it doesn’t qualify me as a Person With Disability (PWD). Nor am I a senior citizen — although I’m getting there. Frankly, I look forward to the day I become a “dual” citizen, given all the “privileges” that come with it.

The thing is, by the time I turn 60, there may already be changes in the law governing the “discounts” currently enjoyed by seniors and PWDs. The restaurant industry is already up in arms over the widespread abuse enabled by the proliferation of fake PWD IDs.

I wouldn’t be surprised if the pharmaceutical and retail industries follow suit. They, too, are taking a hit. Seniors and PWDs enjoy discounts on public transportation and medical services, and I am certain that not all who avail themselves of these benefits are legitimately entitled to them. Even funeral services offer discounts to seniors and PWDs.

Resto PH, an association of restaurant owners in the Philippines, has publicly voiced its concern over fake PWD IDs. It’s easy enough to verify a senior citizen’s eligibility — a government-issued ID or even physical appearance can confirm whether someone is over 60. But for PWDs, verification is trickier.

Resto PH’s complaint is clear: “Many people don’t realize that it’s not the government covering the 20% discount — it’s the businesses themselves. Every fraudulent discount comes directly out of a restaurant’s pocket, cutting into already thin margins.

“For restaurants, especially small and family-run ones, this isn’t just an inconvenience — it’s a financial hit that can mean the difference between survival and closure,” it added. “This isn’t just about lost revenue; it affects employees, food quality, and even menu prices for honest customers.”

Obviously, this problem won’t be easy to solve. The issuance of PWD cards is decentralized, with over 1,600 cities and municipalities nationwide, each with its own Persons with Disability Affairs Office or Social Welfare and Development Office authorized to issue PWD IDs.

Unsurprisingly, the Bureau of Internal Revenue (BIR) has entered the fray, claiming that the use of fake PWD IDs amounts to tax evasion, leading to a revenue loss of approximately P88.2 billion in 2023. In addition to the 20% discount, purchases by PWDs are also exempt from the 12% VAT.

If my calculations are correct, the 20% discount and VAT exemption granted to seniors and PWDs are extremely generous benefits unique to the Philippines. I am not aware of any other country in the world that offers similar privileges.

Singapore has its “Pioneer Generation” card, which provides medical benefits to people born in 1949 or earlier. In the US, public transportation systems that receive federal funding offer discounted fares to those aged 65 and over and to PWDs, but only during off-peak hours. Some local governments provide property tax reductions for eligible PWD homeowners.

In the UK, the English National Concessionary Travel Scheme grants free off-peak local bus travel to older and disabled residents. PWDs can also avail themselves of council tax reductions, free prescriptions, and discounted rail travel.

During a casual conversation, a restaurant owner shared with me her struggles with fake PWD IDs. Not too long ago, she caught nine customers trying to pass off fake IDs as legitimate. She mentioned an app that allowed her to verify the authenticity of PWD IDs. However, she was uncertain if the app could access updated data.

She also revealed how some restaurant cashiers abuse the system by keeping copies of seniors’ and PWDs’ IDs on file. These unscrupulous cashiers then log regular sales as discounted sales, using details from real seniors and PWDs, and pocket the difference between the cash collection and the official sales tally.

In short, restaurant owners are fighting fraud both externally and internally. On top of that, government inspectors conduct random audits and demand up-to-date records of regular and discounted transactions. Establishments that fail to maintain proper documentation face daily fines.

Perhaps in the near future, technology will help curb these abuses. During my travels, I have seen how small businesses in other countries have leveraged technology to streamline operations and minimize fraud.

For instance, many small restaurants in Japan operate with just one cook and one server. Customers place their orders and pay using a kiosk or vending machine at the front of the store. The machine prints a ticket indicating the order, which the customer hands to the server, who then relays it to the kitchen. Cash never changes hands.

A similar system is used in convenience stores, where attendants only scan merchandise. A screen facing the customer displays the total bill and purchased items. Customers then pay directly to the machine, either in cash or electronically. The register automatically counts the cash and issues change, preventing attendants from handling money.

In the Philippines, a comparable system could be implemented. Self-service kiosks could require the serial number of a senior or PWD card, which would then be validated instantaneously through a national online database. This would automatically reject fraudulent entries and prevent abuse.

Government intervention should focus on creating and maintaining an updated national database of all senior and PWD cards issued by local governments. This database must be regularly updated and made accessible through mobile apps and online platforms, enabling establishments to verify the legitimacy of senior and PWD IDs in real time.

This initiative should be considered part of tax administration reform. An P88.2-billion tax loss in 2023 is more than enough incentive for the government to implement an efficient and effective system to monitor and verify senior and PWD cards used for discounts and tax exemptions.

Ultimately, the goal is not to remove the benefits afforded to seniors and PWDs but to ensure that they are granted only to those who truly qualify. Without proper safeguards, businesses will continue to suffer losses, tax revenues will keep dwindling, and the integrity of the system will remain compromised.

 

Marvin Tort is a former managing editor of BusinessWorld, and a former chairman of the Philippine Press Council

matort@yahoo.com

Paint the town red on Valentine’s

HERE are several ways for couples to paint the town red on Valentine’s Day, from up in the skies to next to each other, cooking together.


The Pen takes love to new heights

When was the last time you did something unexpected and spectacular for Valentine’s Day? Launch your love for each other high above the Manila skyline at The Peninsula Manila with the Old Manila x Air Taxi Fly & Dine Epic Date Helicopter Tour. This VIP-style private tour (a minimum of two guests, and a maximum of six) will take you on a romantic 15-minute helicopter journey of the iconic sites of Metro Manila where, as you fly high above the exciting landscape, you and your partner will enjoy quality time together making unforgettable memories. Upon your return, an indulgent six-course set dinner paired with a bottle of Peninsula Deutz Champagne awaits at Old Manila. To make the experience even sweeter, there will be a tin of Old Manila chocolate caviar pearls to take home. The chopper journey starts with a pre-departure at 4 p.m., departs at 4:45 p.m., then lands back for dinner at 6:30 p.m. It costs P19,880 per guest, inclusive of helicopter journey, dinner, Champagne, and taxes. A lower-priced option is at P8,200 per guest, inclusive only of dinner, a complimentary flute of Moscato d’Asti, and taxes.

On Feb. 14, from 7 to 10 p.m., The Lobby will transform into a romantic musical haven where lovers can enjoy a  four-course menu of Mosaic of Salmon and Tuna, Seafood Bisque, Grilled Angus Tenderloin or Maine Lobster, and a dessert of Rouge Craquelin. Guests booking a dinner table on Valentine’s Day will be serenaded by the acclaimed Battig Chamber Singers and Peninsula Strings. Music and Romance at The Lobby is P5,990 per guest, inclusive of taxes.

At Escolta from 6:30 to 10:30 p.m., a dinner buffet unfolds like a love letter written with Valentine-themed seasonal treasures. It’s at P4,490 per adult guest, inclusive of taxes, with an additional P1,500 when enjoying Escolta’s extensive selection of free-flowing wines (and at P2,290 per guest under 12).

Meanwhile, The Peninsula Boutique’s popping up at The Lobby with a display of chocolate hearts, love-inspired cakes, and armfuls of flowers, from 10 a.m. to 6 p.m. For inquiries or more information on dining at The Peninsula Manila on Valentine’s Day, call 8887-2888 ext. 6694, or e-mail diningPMN@peninsula.com.


Casa Buenas’ love, Filipino-style

This Valentine’s Day, Casa Buenas at Newport World Resorts invites guests to celebrate at La Serenata with a nine-course meal designed to take guests on a journey through the metaphorical stages of love, all paired with a selection of red, white, or sparkling wines.

The evening begins with Primera Vista, a story of tapas, with chorizo patatas bravas to lowa salmon. After that first interaction, delve into Tomarse Manos, a Filipino classic, kinilaw na isda (raw fish ceviche). Molo Soup, a comforting hot soup with dumplings and meat, represents the warmth and security of an embrace. The Cariño course is a tropical love affair with grilled marinated tuna and prawns, complemented by a creamy coconut and pumpkin purée, and finished with heirloom red rice. The Pasión course features wagyu beef in a Filipino-style “hotpot” served with vegetables, bone marrow, beef tenderloin, and beef jus. Other courses include a grilled pompano fillet, served with a smoky eggplant ensalada; Kare-kare (slow-roasted US beef rib-eye and braised Angus beef short ribs in a peanut sauce, paired with a pita glazed in shrimp paste), and Corazón, a hearty burnt Basque cheesecake served in a pot plant, with coffee custard, and strawberry semifreddo. Couples can reserve the Couple’s Table for P13,000 net (for two persons).

For a magical evening under the delicate wings of butterflies, the La Cupula gazebo offers a romantic setting for P52,000 net (for six persons). Or, for a grander affair, the Pamilya Table accommodates up to eight guests for P65,000 net, perfect for sharing the love with family and close friends. Singles can also enjoy the meal for P7,000 net.

For reservations and inquiries, contact 7908-8988 or 0917-878-8312, or e-mail casa.buenas@newportworldresorts.com.


Date and decorate with Honeybon

Honeybon’s Date and Decorate, scheduled for Feb. 15 at 4 p.m. at Gringo Greenhills, is a decorating workshop where you can create a cake as sweet as your love story.

For P1,430, participants will enjoy a package that includes one petite cake of one’s choice to decorate, a serving of pasta, snacks, and drinks. Participants can choose from a lineup of petite cakes: Tres Leches Cheesecake, Red Velvet Cake, or Honeybon’s new Strawberry Matcha Mousse Cake. The registration fee covers up to two participants per cake, making it ideal for couples, families, or friends. Solo participants can also enjoy this event as a chance to treat themselves.

To reserve a spot, message Honeybon on their social media accounts (@honeybonph). Gringo Greenhills is located at G/F, O Square 2, Greenhills Shopping Center, San Juan, Metro Manila.


Valentine’s cooking class through time

Guava Sketches and Robert Villarcabral of the Histolinarya Collective (the heritage cooking content creator) will collaborate on a Valentine’s Cooking Class called “For The Love of Food and Country.”

Mr. Villarcabral will guide participants in making a six-course meal, featuring Red Adobo Pate, Pan de Sal Antiguo (crusty, like your ancestors had it), Oysters Kinilaw, Pollo con Chocolate, “Rose Beef” Mechado, and Tibuk-tibok (a traditional carabao milk pudding).

Aprons and recipe booklets will be included for a fee of P5,000 per person. The cooking class will be held on Feb. 8, from 9 a.m. to 1 p.m. at Karrivin Studios, 2316 Chino Roces Ave., Makati. For inquiries, message Guava Sketches on Facebook and Instagram at Guava Sketches and @GuavaSketches, respectively.

Monica Ang-Mercado appointed CFO of SMFB

SAN MIGUEL Food and Beverage, Inc. (SMFB) has named Monica L. Ang-Mercado as its new chief finance officer (CFO), effective Wednesday.

Ms. Ang-Mercado is the daughter of tycoon Ramon S. Ang, chairman of SMFB’s parent company, San Miguel Corp. (SMC).

She succeeds Ildefonso B. Alindogan as part of “SMC’s management reorganization,” the listed food and beverage company said in a regulatory filing on Wednesday.

SMFB also appointed Emmanuel B. Macalalag as the chief operating officer of the company’s food division, replacing Francisco S. Alejo III.

Mr. Alejo will remain one of SMFB’s directors, alongside Ms. Ang-Mercado and Mr. Alindogan.

SMFB has three business groups: beer and non-alcoholic beverages, spirits, and food. Some of its subsidiaries include San Miguel Brewery, Inc., San Miguel Foods, Inc., and Ginebra San Miguel, Inc.

On Wednesday, SMFB shares fell by 0.19%, or ten centavos, to P51.20 per share, while SMC stocks rose by 6.67%, or P5, to P80 per share. — Revin Mikhael D. Ochave

Defending Philippine mobile banking apps against Trojan attacks

By Jan Sysmans

MOBILE BANKING is revolutionizing financial services in the Philippines, offering unmatched convenience and accessibility to millions of users. According to Statista, the banking market in the Philippines is projected to have reached a net interest income of $8.18 billion in 2024 amid a surge in digital banking services.

However, this rapid digital adoption brings significant risks as cybercriminals deploy increasingly sophisticated tactics to exploit vulnerabilities in mobile banking applications. The most dangerous among them are Trojans — malicious programs specifically designed to infiltrate devices, steal sensitive data, and commit fraud.

According to the National Privacy Commission, there were a total of 6.8 billion security incidents in the Philippines from 2018 to 2024, with Trojans cited as a one of the causes of data breaches.

Banking Trojans like Blankbot, Godfather, ToxicPanda, GoldPickAxe, and Sharkbot have emerged as powerful tools in the cyber criminal arsenal. This type of malware employs advanced tactics, such as overlay attacks, keylogging, and remote desktop exploits, to deceive users and compromise app security.

For instance, overlay attacks trick users into entering their credentials on fake interfaces that mimic legitimate banking apps, while keylogging records keystrokes to capture passwords and PINs. Trojans also exploit accessibility services to monitor screen activity and perform unauthorized actions, further escalating the threat.

The impact of banking Trojans can be profound in the Philippines, where mobile banking adoption is high. A 2023 report by the Bangko Sentral ng Pilipinas (BSP) on the status of digital payments in the Philippines found that the share of digital payment transactions to total monthly retail payments grew to more than 50% in 2023 from 42.1% in 2022. For consumers, the risks include drained accounts, identity theft, and loss of personal data. For banks, these attacks lead to fraud, reputational damage, and regulatory penalties.

The growing risk of banking fraud has even spurred the Philippine government to launch the Financial Services Cyber Resilience Plan, a framework to enhance cyber resilience in the sector by creating and promoting holistic cybersecurity best practices and standards, building a strong cybersecurity culture, and implementing incident response protocols.

A concerning trend in cybersecurity is the growing collaboration between banking Trojans and on-device fraud (ODF). Unlike traditional fraud tactics that rely on external systems, ODF uses compromised devices to execute fraudulent transactions directly. By bypassing traditional security measures, this partnership between Trojans and ODF creates an almost impenetrable threat, leaving software development kit-based and legacy mobile app security solutions ineffective.

COMPREHENSIVE DEFENSE
In order to effectively protect against banking trojans, banks and fintechs in the Philippines need to take a very different approach to mobile app defense. They need to leverage artificial intelligence- and machine learning-powered defense automation to protect their mobile banking apps against ever more sophisticated threats.

Key minimum protections required to offer a comprehensive defense against banking trojans include:

• RASP (runtime application self-protection) — ensures app operations remain tamper-proof, preventing Trojans from executing malicious actions during runtime;

• code obfuscation — shields app code from reverse engineering, protecting sensitive app logic from attackers;

• root detection — blocks apps from running on rooted or jailbroken devices, where security vulnerabilities are heightened;

• man-in-the-middle attack prevention — encrypts data in transit, safeguarding sensitive user information from interception;

• keylogging prevention — protects user inputs, such as credentials and PINs, from being captured by malicious programs;

• blocking overlay attacks — detects and prevents fake/malicious screen overlays from displaying on top of the app screen and concealing the legitimate app screen, which is used to trick users into revealing sensitive information or performing harmful actions inadvertently;

• blocking accessibility services malware — prevents unauthorized use of accessibility services, closing a critical attack vector for Trojans;

• preventing remote desktop exploits — secures apps against unauthorized remote access and manipulation;

• Google Play Store signature validation — ensures only authentic app versions can run, mitigating the risk of Trojan-laden impostor apps; and

• SMS, two-factor authentication, and one-time pin interception prevention — secures in-app communications and protects against the interception of authentication mechanisms.

Traditional defenses are rendered ineffective against the dynamic nature of modern banking Trojans. The Philippine banking sector needs to build a future-proof security model capable of addressing both existing and emerging threats to ensure comprehensive protection for both users and financial institutes in this ever-evolving threat landscape.

To do this, they need an advanced security platform such as Appdome that provides benefits across the board. For consumers, this means ensuring safe and fraud-free banking experiences by protecting their sensitive data and funds. For banks and fintechs, such a platform prevents account takeovers, unauthorized transactions, and large-scale fraud attempts, ultimately preserving customer trust and reducing operational risks.

As the Philippines’ mobile banking and fintech sector continues to expand, the sophistication of Trojans like Blankbot, ToxicPanda, and Godfather serves as a stark reminder of the evolving cyber threat landscape. Financial institutions need to stay ahead of these challenges, delivering the robust security needed to protect customers and their businesses.

 

Jan Sysmans is a mobile app security evangelist of Appdome.