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Dining In/Out (04/21/22)

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BGC promotes urban farming

Bonifacio Global City (BGC) has launched various initiatives focusing on food sufficiency, eco-friendly practices, open spaces, circular economy and community recovery. There are the Agri-roofs and Herb Gardens, where edible greens and herbs are grown in carpark and office building roof decks and pocket herb gardens along the stretch of Bonifacio High Street Park. Agriroofs are located on the roof decks of Three Parkade, Bonifacio Technology Center, and Bonifacio High Street Park buildings; some of the crops grown are eggplants, pechay (Chinese cabbage), tomato, sweet potato, and herbs. Other properties in the area such as Horizon Homes and Shangri-La at the Fort also started mini vegetable and herb gardens together with Greenspace as their compost partner. Then there’s the newly launched BGC Urban Farm located by The Flats BGC which gives residents an opportunity to have an edible garden or volunteer to take care of the local farm. Bonifacio High Street Harvest is done every quarter, in which all the yield from its pocket herb gardens and agriroofs are given out to residents in exchange for PET bottles, which is then recycled by Project Bins, BGC’s recycling partner. BGC Urban Farm also offers pick and pay service, which allows guests and residents to harvest their weekly supply of pechay, arugula, lettuce, kangkong, and mustasa for as low as P150-200/bag. To stay updated on BGC’s sustainability efforts and to know how you can help, visit Bonifacio Global City’s Facebook page at www.facebook.com/bonifacioglobalcityph!

Johnnie Walker Blue Label has limited-edition gift box

JOHNNIE Walker Blue Label has partnered with glassmaker Riedel and urban artist Taxa to create a limited-edition gift box that creates unity between the trio’s pursuit of fine craft. The gift box houses two of Riedel’s glasses that allow the exceptionally deep whisky to be experienced in different ways — one bold, and one harmonious. The slim, flute-shaped Spirits glass is designed to bring out an elegant harmony of floral aromas and elegant sweetness of the whisky. The Neat glass is specially crafted to enhance the whisky’s rich, fiery spice and dark chocolate aromas followed by a dry, powerful finish. A highlight of gift box is the custom artwork by award-winning Japanese artist Taxa. The outline of a heart is at the center of the piece, while abstract florals and bees are visual representations of the flavors and aromas. A glimpse of wood symbolizes the casks which the whisky is aged in.

Summer treat at Araneta City

TO MAKE the most out of summer, Araneta City is giving away treats like travel packages and Coca-Cola merchandise, all for free. Araneta has teamed up with Coca-Cola for the Cool Summer Gulp promo. Customers who dine in at Food Express, Food Plaza, Food Gallery, or Dampa at Farmers Market can exchange ₱250 worth of single or accumulated receipts from any of those establishments for a 500 ml Coca-Cola Tumbler or a 220 ml ice-cold can of Coke. Receipts can be exchanged at the booths that are located at those food courts and Dampa at Farmers Market. The Cool Summer Gulp promo lasts until May 31. The Summer Travel Fun promo gives shoppers a chance to spend a few days in destinations like San Juan, La Union; Boracay; El Nido; The Farm at San Benito; and Calatagan, Batangas with a friend or loved one. Get one raffle entry by exchanging any of the following for a raffle entry: a ₱1,000 single-receipt purchase from any establishment within Araneta City; a maximum of four accumulated receipts worth P250 from any Araneta City Food Courts or Dampa at Farmers Market; four Gateway Cineplex or Ali Mall Cinema tickets, or ₱1,000 single-receipt purchase from Novotel Manila Araneta City. Receipts can be exchanged at the Gateway Mall Concierge, Gateway Mall Activity Area, Food Express, Ali Mall Concierge, and Farmers Plaza Concierge. The Summer Travel Fun promo lasts until June 22. Two winners will be drawn for each summer destination.

Diageo launches first luxury boutique in PHL

DIAGEO is expanding its presence in the Philippines starting with the launch of the Johnnie Walker Luxury Boutique in partnership with S&R. The boutique highlights Diageo’s portfolio which includes Johnnie Walker. It also hosts private mentoring where shoppers are given the opportunity to taste, view, and order a selection of the rarest whiskies. The Johnnie Walker Luxury Boutique was launched on April 1 at S&R Nuvali in Sta. Rosa, Laguna. The boutique also features a Whisky flavor map for customers to explore other flavors of Diageo luxury portfolio, as well as engraving machine where shoppers who purchase either a Johnnie Walker Blue Label or Mortlach Single Malt Scotch Whisky can customize their purchased bottles with a message or name via its in-store engraving services. The boutique also offers exclusive John Walker and Sons gift bags, and reusable gift tags for their everyday gifting needs. It will also offer tasting kits for customers who purchase more than P15,000 worth of products from the boutique, which will be available to shoppers until June 30. Diageo, Scotland’s largest exporter of Scotch whisky and other spirits, has a collection of over 200 brands enjoyed in more than 180 countries. Alongside the launch of its first luxury boutique in the country, Diageo also showcases its John Walker and Sons Collection, which is the luxury tier of Johnnie Walker. It includes the John Walker and Sons XR21 and King George V.

McDonald’s adds Double Ebi Burger to lineup

MCDONALD’S Flavors of Asia, which brings back favorite Japanese- and Korean-inspired meals, is offering an additional meal: the new and exclusive Double Ebi Burger, a leveled-up version of the Ebi Burger. The Double Ebi Burger boasts of two tempura-coated shrimp patties, topped with lettuce and McDonald’s’ tangy Thousand Island Sauce. Meanwhile, McDonald’s offers the new McSavers Mix & Match where a customer can create their own merienda combos for P75. Diners can choose a main from a range of savory options like Cheesy Burger McDo, McCrispy Chicken Fillet Sandwich, McSpaghetti, and one-pc. Mushroom Pepper Steak, then pair it with any sides, beverages, and desserts such as fries and apple pie, beverages like McCafe Premium Roast Coffee, iced tea, and pineapple juice, or sweet desserts like McFloat and Sundae. The Double Ebi Burger is now available now alongside the other Flavors of Asia offers via dine-in, take-out, drive-through, and McDelivery. The McSavers Mix & Match are available from any McDonald’s store via dine-in, take-out, and drive-through during regular hours (10:30 a.m. to 3:59 p.m.) only.

Jollibee’s Chicken Sandwich going nationwide

JOLLIBEE diners in Metro Manila have been able to dine on the Jollibee Chicken Sandwich since last November. Now the chicken sandwich is coming to more stores around the country starting this month. Select Jollibee stores in provincial Luzon started serving the sandwich beginning April 19, and it will be in stores in the Visayas, and Mindanao starting May. The Jollibee Chicken Sandwich is made with a 100% whole muscle chicken fillet marinated with select herbs and spices, that’s double hand-breaded, topped with special mayo dressing, and sandwiched between brioche buns. It’s also twice the weight of the usual chicken sandwich brand. The sandwich is available for P149 solo and P199 with fries and a drink. The list of stores selling Chicken Sandwich can be found at https://www.jollibee.com.ph/chickensandwich/.

Revel bar and s’mores back at FamilyMart

FAMILYMART Philippines brings back two of its favorite pastries — the revel bar and the s’mores — at its stores nationwide. The revel bar is composed of an oatmeal crust that intertwines with chocolate, and topped with streusel. As inspired by the campfire staple, the s’mores come in a bar with a brownie base, and topped with marshmallow. Both are moist and chewy, and best served warmed after five to 10 seconds in the microwave. The pastries are available in FamilyMart stores nationwide starting at P49 each, and will soon be available for delivery via GrabFood. Aside from the revel bar and s’mores, FamilyMart also recently introduced new items, such as the Ichigo Matcha Latte, a combination of two of its flavored drinks, as well as its own version of the twister fries, which will be made available year-round.

Gateway Gallery holds food photography workshop

ARANETA City’s Gateway Gallery will conduct its first onsite #ArtsyWorkshop for 2022 with the Delish Food Photography Workshop on April 30, 2 to 5 p.m. Veteran photographer Louie Aguinaldo will teach the principles, techniques, tools, and tips on how to capture enticing photos of food. The workshop will train participants on producing Instagram-worthy and ad-worthy food photos even with the use of a smartphone camera, whether for personal use or business purposes. Mr. Aguinaldo has been a professional photographer since 1991. He regularly does food photography for hotels and restaurants. The workshop fee is P1,500 and includes handouts and a certificate. Attendees need to bring a smartphone (with camera) or a DLSR camera. To register, call Gateway Gallery at 8588-4000 local 8300 or send an e-mail to gatewaygallery@aranetagroup.com. Interested participants can also register using the online registration form: https://forms.gle/TZtHLRCbYPE6KodC9

Robinsons Malls celebrate Earth Day

EARTH Day, an annual event held on April 22 since 1970, puts the focus on the need for a global and systemic change to foster and promote environmental protection. Robinsons Malls joins this movement through various activities to raise awareness and encourage mallgoers to heed the call to save Mother Earth. Here are the many ways that mall-goers can celebrate Earth Day in Robinsons Malls: There is the Trash to Cashback Program, done in partnership with BEST (Basic Environmental Systems and Technologies, Inc), which encourages people to segregate their trash and bring their recyclables to participating malls (Robinsons Metro East in Pasig City, Robinsons Town Mall Malabon and Robinsons Otis in Manila City). From April 22 to 23, mall-goers can exchange their trash for Environmental Points (EP), which can be used to redeem products or services from BEST partner merchants. There is the Recycling Market at Robinsons Novaliches (every last Friday and Saturday of the month), where customers can exchange various kinds of paper, plastic, metal, and glass items for cash. At Robinsons Place Naga, there is the Plastic Bank Experience Hub, on view until April 27, which showcases how plastic waste is transformed into everyday items, such as eco-bricks, raw materials for manufacturing, and fuel for powering generators. It is also open to accepting recyclable materials. Robinsons Malls is letting mall-goers hit two birds with one stone — in this case, recycling and planting, by offering free loam soil at the Fun Park at Robinsons Place Antipolo. From 3 to 5 p.m. on April 22, people can exchange used plastic bottles (1.5- or 5-liter bottles) for free loam. The Bureau of Plant Industry will also give away free seeds and seedlings in exchange for recyclable plastics. To minimize the use of plastic, participating Robinsons Malls branches are giving away free eco-bags to shoppers from April 22 to 29. Customers can also get free eco-bags when shopping through Robinsons Malls’ personal shopper service, Robbie and Rosie, for a minimum purchase.

CREIT net income surges 117% to P226 million in 2021

CITICORE Energy REIT Corp. (CREIT) posted a P226-million net income in 2021, 117% higher than the previous year, on strong electricity sales amid high demand.

The sale of electricity from the company’s Clark Solar Plant and the land lease revenues from Citicore Solar Tarlac 1 and 2 made up 95% of its audited gross revenues at P352 million, it said in a disclosure on Wednesday.

However, CREIT’s power revenue stream for 2022 will be transferred to Citicore Renewable Energy Corp. as part of its real estate investment trust (REIT) formation transaction.

This transfer will include earnings from the Clark Solar Plant service contract, which was approved by the Department of Energy.

Without electricity sales, CREIT’s revenues will now primarily consist of its guaranteed, stable lease revenues and growing variable lease revenues. 

“CREIT is well positioned to deliver a recurring lease income stream, translating to higher distributable income and dividends to our shareholders moving forward,” CREIT President and Chief Executive Officer Oliver Y. Tan was quoted as saying.

“We are proud that CREIT’s maiden offering and we are very grateful and thankful to the investing public for embracing this first of its kind REIT variety and the Year of the Tiger’s first IPO (initial public offering),” Mr. Tan added. CREIT conducted its P6.4-billion IPO in February.

CREIT shares closed unchanged at P2.60 each on Wednesday. — R.C.S. Agustin

‘Zero-day’ hacks hit record in 2021 — Google researchers

AFTER a year dominated by high-profile ransomware attacks and supply chain compromises, researchers from Alphabet, Inc.’s Google have identified another ignominious cyber milepost for 2021: a record number of “zero-day” exploits.

A zero-day exploit is a previously unknown bug which leaves software vendors exactly zero days to secure it. That makes the technology in question particularly valuable to hackers — and a nightmare for cybersecurity professionals.

Hackers exploited a total of 58 zero-day flaws impacting major software providers in 2021, according to a report published on Tuesday by Google’s Project Zero, a team of elite bug hunters. That compares to 25 flaws in 2020 and 21 in 2019.

It’s the highest number of zero-days ever recorded by Project Zero since tracking began in 2014. The trend could be due to an improvement in detection from the likes of Microsoft Corp., Apple, Inc. and Google, who now disclose their findings around zero-day issues, rather than a rise in hacks, Maddie Stone, a security researcher at Project zero, said in a blog post about the findings.

In recent years, hackers have used the attack technique to install advanced spyware on smartphones that was then used to spy on journalists, politicians, human rights activists and others. Suspected Chinese state-sponsored hackers, meanwhile, exploited such flaws last year to compromise Microsoft Exchange servers.

Google’s Ms. Stone said there were some surprises among the data. Despite the recent focus on spyware being misused, cybersecurity researchers are still struggling to find zero-days that allow hackers to take control of targets’ phones.

“We know that messaging applications like WhatsApp, Signal, Telegram, etc., are targets of interest to attackers and yet there’s only one messaging app, in this case iMessage, zero-day found this past year,” she wrote. The team has uncovered two such flaws before that: one in WhatsApp in 2019 and another in iMessage in 2021.

Ms. Stone said the “majority of people on the planet” don’t have to fear being at risk of being targeted by a zero-day attack. Still, she said such attacks end up having a broad impact.

“These zero-days tend to have an outsized impact on society so we need to continue doing whatever we can to make it harder for attackers to be successful.” —  Bloomberg

Philippines: Balance of Payments

THE Philippines’ balance of payments (BoP) position swung to a surplus in March, driven by foreign currency deposits from the National Government and the central bank’s investments abroad. Read the full story.

Philippines: Balance of Payments

How PSEi member stocks performed — April 20, 2022

Here’s a quick glance at how PSEi stocks fared on Wednesday, April 20, 2022.


Filipinos want improvements in internet to support hybrid and remote work

Majority (91%) of the Filipinos said internet services must dramatically improve in the Philippines to support employees’ switch to hybrid and remote work arrangement, survey results from the Cisco Broadband Index 2022 showed. More than 9 in 10 Filipinos said fast and reliable internet connectivity is crucial for economic growth. The infographic shows the share of workforce per region in the Philippines who expect their home internet usage to remain steady or increase in the next 12 months.

Filipinos want improvements in internet to support hybrid and remote work

Peso down as Evans signals support for 50-bp increases

BW FILE PHOTO

THE PESO weakened versus the greenback on Wednesday as another US Federal Reserve official said he supports aggressive rate hikes in their coming meetings.

The local unit closed at P52.49 per dollar on Wednesday, depreciating by three centavos from its P52.46 finish on Tuesday.

The peso opened Wednesday’s session at P52.44 against the dollar. Its weakest showing was at P52.49, while its intraday best was at P52.42 versus the greenback.

Dollars exchanged dropped to $895.8 million on Wednesday from $1.087 billion on Tuesday.

A trader in an e-mail said the peso weakened after a dovish-leaning Fed official said he supports a 50-basis-point (bp) rate hike in the US central bank’s coming meetings.

Reuters reported that Chicago Federal Reserve Bank President Charles Evans said on Tuesday he is comfortable with two 50-bp increases in order to reach a neutral policy setting by end-2022.

“We should be looking for clear progress of easing inflationary pressures or else we would need to be much more concerned about how much we will have to do,” Mr. Evans told reporters.

The Federal Open Market Committee will have its next policy review on May 3-4. In March, it raised interest rates by a quarter percentage point for the first time since 2018.

Meanwhile, Bank of the Philippine Islands Lead Economist Emilio S. Neri, Jr. said the market continued to price in data showing slower remittance growth in February.

Cash remittances rose by 1.33% to $2.509 billion in February from a year earlier, the central bank reported on Monday. This is the slowest expansion since the 1.7% fall seen in January 2021, reflecting the impact of the resurgence of infection in some host countries that necessitated the need to tighten restrictions.

The market this Thursday will wait for more policy signals from the Fed, Mr. Neri said.

“Speeches of key Federal Reserve officials may also exert upward pressure on Thursday’s trading session if the rhetoric continues to affirm that aggressive rate hikes will be carried out soon to help manage runaway US inflation,” he said in a Viber message.

For Thursday, Mr. Neri expects the local unit to move from P52.38 to P52.65 per dollar, while the trader gave a forecast range of P52.40 to P52.60. — LWTN with Reuters

Shares climb as IMF raises PHL growth forecast

SHARES climbed on Wednesday after the International Monetary Fund (IMF) raised its growth forecast for the country for this year.

The benchmark Philippine Stock Exchange index (PSEi) advanced by 104.68 points or 1.48% to close at 7,142.42 on Wednesday, while the broader all shares went up by 34.21 points or 0.91% to 3,777.13.

“The local bourse rallied this Wednesday amid optimism towards the local economy. This comes following the IMF’s upward revision of the Philippines’ 2022 economic growth forecast from 6.3% to 6.5%. The country’s sustained BBB+ credit rating with a stable outlook from Rating and Investment Information, Inc. (R&I) also gave sentiment a boost,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“The market finished higher as investors took positively to the reports that the IMF raised the country’s growth [outlook] for the year 2022,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a Viber message.

The IMF on Tuesday said it expects the Philippine economy to expand faster this year albeit below the government’s target amid the ongoing Russia-Ukraine crisis.

In its latest World Economic Outlook report, the IMF raised its 2022 growth projection for the Philippines to 6.5% from 6.3% previously, lower than the government’s 7-9% target for this year.

Last year, the Philippine economy grew by 5.7%, a turnaround from the record 9.6% contraction in 2020.

Meanwhile, R&I maintained the Philippines’ credit rating at BBB+ with a stable outlook as the economy continues to recover from the pandemic. The debt watcher last affirmed the Philippine sovereign rating in April 2021.

Majority of sectoral indices ended in the green except for mining and oil, which fell by 57.33 points or 0.45% to 12,489.67.

On the other hand, property climbed by 93.15 points or 2.87% to 3,333.31; financials went up by 20.69 points or 1.24% to 1,679.48; holding firms gained 73.41 points or 1.11% to 6,651.78; services improved by 17.23 points or 0.87% to 1,990.51; and industrials rose by 29.93 points or 0.30% to 9,718.16.

The MidCap index declined by 6.72 points or 0.57% to 1,178.02, while the Dividend Yield index added 9.91 points or 0.59% to close at 1,694.91.

Value turnover decreased to P4.82 billion with 799.64 million shares changing hands from the P5.20 billion with 988.95 million issues seen on Tuesday.

Advancers beat decliners, 98 versus 78, while 54 names were unchanged.

Foreigners turned buyers with P585.78 million in net purchases versus the P350.41 million in net selling seen the previous trading day.

For the remainder of the week, Timson Securities’ Mr. Pangan placed the PSEi’s support at 6,800 and resistance at 7,510. — Luisa Maria Jacinta C. Jocson

PEZA asks gov’t to lift freeze on economic zones in NCR

THE moratorium on new economic zones (ecozones) in the National Capital Region (NCR) needs to be lifted to better align policy with the provisions of the tax reform program, according to the Philippine Economic Zone Authority (PEZA).

PEZA Deputy Director General Tereso O. Panga said in a statement on Wednesday that Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act makes no distinction between economic zones established in the capital region or elsewhere.

“The CREATE Act… is a (more) recent law” which should take precedence, Mr. Panga said.

“CREATE… (stipulates) the criteria in setting up an information technology (IT) center in Metro Manila (and lists) IT services as an eligible activity (for incentives)… therefore, from our understanding and with our presentation to the Fiscal Incentives Review Board] (FIRB), we should already be allowing for the resumption of (registering) IT centers in Metro Manila,” Mr. Panga said.

“According to the (IT and Business Process Management Association of the Philippines), there will be an increase in uptake (for IT ecozones of) 450,000 to 650,000 seats. The more reason that we should be allowing this growth so that we can facilitate the spillover effects of the IT growth in the countryside,” he added.

Administrative Order (AO) No. 18 issued by Malacañang in June 2019 declared a moratorium on approving new ecozones in the NCR in order to distribute development more evenly to the countryside.

In March, the FIRB said it rejected a PEZA request to lift the moratorium, adding that AO No. 18 is a component of the government’s strategy for developing the countryside.

According to PEZA Director-General Charito B. Plaza, locators to the countryside must be supported by making services there more efficient.

“Our IT Parks are only located in five business districts in Metro Manila… Nine city mayors were complaining (saying) ‘Why are you putting a moratorium when we don’t even host… one IT Park?” Ms. Plaza added. — Revin Mikhael D. Ochave

Low booster rate seen endangering recovery as immunity wanes

PHILSTAR

THE slow rollout of booster shots is putting the economic recovery at risk, particularly for micro, small, and medium-sized enterprises (MSMEs), with the threat expected to be elevated when the protection provided by the first two vaccine doses starts to recede later this year, Presidential Adviser for Entrepreneurship Jose Ma. A. Concepcion III said at a Laging Handa briefing on Wednesday.

He said the prospect of further lockdowns, should coronavirus disease 2019 (COVID-19) cases surge again, would wipe out whatever momentum recovering MSMEs have built up.

“Our immunity will be waning in the coming months, especially in the second semester. It might affect businesses especially MSMEs that are recovering,” Mr. Concepcion said.

Mr. Concepcion said 74.1% of the target population has been fully vaccinated, with boosters administered to 13.7%.

“The gains… will be wasted, especially with our MSMEs. It is difficult to recover again if we are placed under Alert Level 3 or 4,” he said, referring to quarantine settings that contain comprehensive restrictions on mobility. “We will lose the momentum of this economic recovery.”

Mr. Concepcion said in a statement on Wednesday that boosters are the key to ensuring that a World Health Organization (WHO) forecast of 300,000 active COVID-19 cases by May does not come to pass.

“There are around 27 million vaccines expiring in July and 53 million more in storage. That’s more than enough for our needs,” Mr. Concepcion said.

He said the Philippines is still short of its target of 90 million people receiving two doses, with 67 million having received the two shots that the government sees as the norm for full vaccination. He estimated the population that has not received a booster dose at over 53 million, including senior citizens and youth aged 12 to 17.  

“While we have almost 80 million vaccines, we should get our booster shots. Let’s maintain the wall of immunity, and not waste the vaccines. Let’s protect ourselves and allow the economy to grow and help our citizens,” Mr. Concepcion said.  

“Cases are moving up. This may be due to waning immunity as the booster uptake remains very poor. We’re trying to prevent people from getting severely ill and overwhelming the healthcare system. We want to maintain the Alert Level 1 status, but we need people to stay healthy and keep the engines of the economy running,” he added. — Revin Mikhael D. Ochave

Cruise ship port planned for Coron

IMAGE BY GIULIANO GABELLA VIA UNSPLASH

THE government is planning to build a port to receive cruise ships in Coron, Palawan, according to the Philippine Ports Authority (PPA).

According to PPA documents posted on its website, the Coron cruise ship berth has been allocated an approved budget of P425.1 million. It will rise in Coron’s Barangay Tagumpay.

The bid deadline for the project was announced as May 11. Bids must be submitted to the Bids and Awards Committee secretariat at the PPA office in Manila on or before 9 a.m. of that date, the PPA said.

The successful bidder is required to complete the project in 540 calendar days from the receipt of the notice to proceed.

“Bidders should have completed a contract similar to the project,” the PPA said.

Last year, the Transportation department inaugurated three port projects in Palawan: the Port of San Fernando, El Nido, the Port of Bataraza in that municipality’s Barangay Buliluyan, and Borac Port in Coron.

Transportation Secretary Arthur P. Tugade said the projects “will bring convenience and comfort not only to the people of Palawan, but more importantly to the people of the Philippines and also to the people of ASEAN.”

The PPA is hoping to complete and inaugurate 31 more port projects before President Rodrigo R. Duterte’s term ends on June 30.

Since 2016, the government has completed 585 port projects, large and small, according to PPA General Manager Jay Daniel R. Santiago. — Arjay L. Balinbin

South Korea targeting Mindanao agriculture, energy, infra tie-ups

ICTSI

SOUTH KOREA is hoping to forge private sector-led partnerships in Mindanao agriculture, energy and infrastructure ventures, its embassy in Manila said, expanding on South Korean companies’ long-standing relationships in Luzon and the Visayas.

“The sessions of the meeting or forum on April 26 will consist of agriculture, energy and resources, and infrastructure,” the embassy’s First Secretary Lee Youngsin said in a Viber message to BusinessWorld.

The Republic of Korea-Mindanao Sectoral Discussions and Business to Business Meeting will be held in Davao City to help South Korean companies establish networks with the Mindanao business community.

“This visit is expected to provide an avenue for leading Korean companies to build partnerships with local entrepreneurs and explore possible business opportunities in Mindanao,” Ambassador Kim In-chul said in a statement on Wednesday, noting that his country’s private sector is keen on exploring Mindanao’s investment and business potential. 

Two South Korean government organizations and eight companies have confirmed their attendance at the meeting, Mr. Lee said.

South Korea’s footprint in Mindanao includes key development cooperation projects such as Laguindingan Airport, the Korea-Philippines Vocational Training Center, and the ongoing Panguil Bay Bridge project.

“We are more than happy to facilitate business networks between (South Korea) and Mindanao,” Mindanao Development Authority (MinDA) Secretary Maria Belen S. Acosta was quoted as saying in the statement.

Ms. Acosta added that MinDA will look into potential areas of cooperation that are aligned with the Brunei Darussalam–Indonesia–Malaysia–Philippines East ASEAN Growth Area (BIMP-EAGA) agenda. South Korea is one of BIMP-EAGA’s development partners while MinDA serves as the sub-region’s Philippine Coordinating Office. — Alyssa Nicole O. Tan