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By Luz Wendy T. Noble, Reporter
PHILIPPINE BANKS saw an uptick in bad loans in February, reflecting the challenges that many borrowers still face in repaying their debt despite the gradual reopening of the economy.
Latest data from the Bangko Sentral ng Pilipinas (BSP) showed the gross nonperforming loan (NPL) ratio of the Philippine banking industry increased to 4.24% in February from 4.14% in January.
The NPL ratio also picked up from the 4.08% a year earlier and is the highest since the 4.35% seen in November.
Bad loans in February increased by 2.38% to P472.664 billion from P461.66 billion in January. This was also 9.6% higher than the P431.266 billion worth of bad loans a year earlier.
In February, banks’ gross loan portfolio rose by 5.4% to P11.15 trillion from P10.579 trillion in the same month a year ago. It inched up by 0.07% from the P11.142 trillion in January.
“The recent pickup in NPL ratio underscores the challenges faced by the economy despite the progressive reopening of the economy,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in an e-mail.
Metro Manila and some provinces were placed under Alert Level 3 in January due to the Omicron-driven surge in coronavirus disease 2019 (COVID-19) infections. Restrictions have since been relaxed to the most lenient Alert Level 1 as the number of COVID-19 cases dropped.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort in a Viber message said corporate borrowers as well as consumers are likely already feeling the pinch as borrowing costs rose in recent months.
“[This] further impaired the ability to pay of some borrowers,” he said.
Past due loans held by lenders rose by 1.17% to P557.964 billion from P551.472 billion in the same month last year. These made up 5% of borrowings, down from 5.21% a year earlier.
Meanwhile, restructured loans amounted to P344.081 billion, climbing by 71.2% year on year from P200.986 billion. This brought its ratio higher to 3.09% from 1.9%.
As bad loans piled up, banks’ allowance for credit losses expanded by 8.9% to P407.035 billion from P373.631 billion a year earlier. This is equivalent to 3.65% of the total loan portfolio, up from 3.53%.
The industry’s NPL coverage ratio stood at 86.12%, down from 86.64% in February 2021.
In the coming months, asset quality will likely be affected by borrowing costs and faster inflation, Mr. Mapa said.
“We can expect NPL ratios to remain at current levels as borrowing faces headwinds of faster inflation and rising borrowing costs, two developments that could slow overall economic activity and constrain cash flow in the near term,” he said.
Inflation in March quickened to a six-month high of 4%, already matching the upper end of the central bank’s 2-4% target. This was mainly driven by the surge in pump prices.
For his part, Mr. Ricafort said continued economic reopening and the improvement in the employment market could help to improve banks’ asset quality.
Fitch Ratings on Tuesday said higher business costs and rising inflation caused by the war in Ukraine could affect growth opportunities for businesses and consumers, but is unlikely to drive a sharp increase in loan delinquencies.
THE ASIAN Development Bank (ADB) maintained its Philippine growth forecast for 2022, as domestic investment and consumption continue to improve amid looser lockdown restrictions, but it warned of risks from the Russia-Ukraine war.
In the Asian Development Outlook 2022, the multilateral lender said the country’s gross domestic product (GDP) is projected to grow by 6% this year, unchanged from the forecast given in December. It expects GDP to expand by 6.3% in 2023.
However, these projections are below the economic managers’ 7-9% target for 2022, and 6-7% goal for 2023. In 2021, the Philippine economy grew by 5.6%.
“Nearly all indicators point to higher growth for the Philippines this year and in 2023, barring the impact of external factors from geopolitical tensions that may dampen growth globally, including in the country’s key export markets Europe and the United States,” ADB Philippines Country Director Kelly Bird said in a statement.
The government has moved to reopen the economy by loosening mobility curbs, ramping up coronavirus disease 2019 (COVID-19) vaccination, and easing international travel restrictions. Consumer and business confidence is growing as COVID-19 infections continue to decline.
At the Asian Impact Webinar on Wednesday, ADB Macroeconomic Research Division Director Abdul Abiad noted that there’s more economic activity as the government relaxed restrictions, which allowed domestic investment and consumption to rebound.
Mr. Abiad said the Philippine GDP outlook was unchanged due to the country’s relatively small trade and financial links to Russia and Ukraine.
“In terms of direct channels of impact, it’s not a lot. It will work primarily through inflation,” he said.
The ongoing Russia-Ukraine war is the biggest risk to the growth outlook, the ADB said, adding that “inflation could surge higher with second-round impacts, such as tightening credit markets and higher interest rates.”
The ADB expects inflation to quicken to 4.2% this year due to soaring global oil and commodity prices. Inflation is projected to decelerate to 3.5% in 2023.
ADB Southeast Asia Senior Regional Cooperation Officer Dulce Zara said inflation may further accelerate this year, depending on the extent of the impact of the ongoing geopolitical conflict.
“It will affect inflation in the country simply because of the rising cost of oil. We were looking at $70 per barrel in 2021, but now it’s above $100 per barrel, and that has a huge impact on the budget of the government…. The impact is affecting the most vulnerable groups, so the government has to put into place targeted fiscal response for those vulnerable groups,” she said.
The multilateral bank said the current account deficit is expected to widen to 3.2% of GDP this year, and narrow to 3.1% in 2023, as quicker economic growth boosts imports.
“Higher oil prices this year will also drive up import costs. Growth in merchandise exports will be moderate compared with imports. Rising remittances and services exports, including business processing outsourcing and tourism receipts, will help trim the current account deficit,” the ADB said.
SLOWER GROWTH IN ASIA
Meanwhile, growth in developing Asia will likely be slower this year than previously thought, the ADB said, as the war in Ukraine is expected to derail economic recovery in the region still reeling from the COVID-19 pandemic.
The bloc’s combined economy, which includes China and India, is projected to expand 5.2% this year, the ADB said, down slightly from the 5.3% forecast in December, and sharply lower than the previous year’s 6.9% growth.
For 2023, the region is forecast to grow by 5.3%.
“The Russian invasion of Ukraine has severely disrupted the outlook for developing Asia which is still contending with COVID-19,” the ADB said in its Asian Development Outlook report.
The Manila-based multilateral lender said other factors could also cloud the region’s growth outlook, including ongoing increases in commodity prices, heightened financial stability risks that may stem from aggressive interest rate hikes in the United States, and the emergence of deadlier COVID-19 variants.
China’s economy will probably grow by 5% this year, the agency said, slower than its December projection, and much weaker than its 8.1% expansion in 2021, as COVID-19 outbreaks disrupt economic activities and chill consumer spending.
Except for South Asia, all sub-regions were expected to post slower-than-expected growth this year. The ADB now sees East Asia and Southeast Asia growing by 4.7% and 4.9% respectively, instead of 5% and 5.1%.
With the sharper-than-expected increases in commodity prices, the ADB raised its inflation forecast for the region to 3.7% in 2022 from its earlier forecast of 2.7%, before easing to 3.1% in 2023. — Tobias Jared Tomas with Reuters
REAL ESTATE tycoon and former politician Manuel B. Villar, Jr. is still the richest Filipino on Forbes’ 2022 World’s Billionaires List, after his net worth jumped by 15% to $8.3 billion (around P426.6 billion).
Mr. Villar ranked 263rd out of the 2,668 billionaires on the Forbes list, climbing 89 spots from the previous year.
A former Senate president and House speaker, Mr. Villar is the founder and chairman of several listed companies including Vista Land & Lifescapes, Inc.; Vistamalls, Inc.; Golden MV Holdings, Inc.; AllHome Corp.; and AllDay Marts, Inc. His VistaREIT, Inc. is planning to conduct an initial public offering this month.
The billionaires’ list included 20 Filipinos, three more than the previous year.
Enrique K. Razon, Jr., chairman of port operator International Container Terminal Services, Inc. (ICTSI), was the second-richest Filipino on the Forbes list, ranking 369 with a net worth of $6.7 billion, up by 34% from last year.
The six children of the late Henry Sy, Sr. were all on the Forbes billionaires list. The SM Group founder was the Philippines’ richest man for 11 consecutive years before his death in 2019.
Henry T. Sy, Jr., chairman of SM Prime Holdings Corp., ranked 1,096 on the list with a net worth of $2.8 billion. His brothers Hans and Herbert were both at 1,196 with a net worth of $2.6 billion each, followed by Harley and Teresita T. Sy-Coson at the 1,292nd spot with $2.4 billion. His sister Elizabeth landed at 1,445th place with $2.1 billion.
Also ranked 1,096 on the list was Alliance Global Group, Inc. Chairman Andrew L. Tan with $2.8 billion.
Ramon S. Ang, president, chief operating officer, and vice-chairman at diversified conglomerate San Miguel Corp. (SMC), ranked 1,513th on the Forbes list with $2 billion.
JG Summit President and Chief Executive Officer (CEO) Lance Y. Gokongwei landed at the 1,818th spot with $1.6 billion, followed by Jollibee Foods Corp. founder Tony Tan Caktiong in 2,190th place with $1.3 billion.
Monde Nissin Corp. President Betty T. Ang, Converge Information and Communications Technology Solutions, Inc. President Maria Grace Y. Uy, and LT Group, Inc. Chairman and founder Lucio C. Tan shared 2,342nd place with $1.2 billion each. Ms. Ang and Ms. Uy were newcomers to the billionaires’ list.
Ms. Uy ranked higher than her husband and Converge Chief Executive Officer Dennis Anthony H. Uy, who ranked 2,578th with $1 billion.
Mr. Uy shared the spot with Alphaland Corp. Chairman Roberto V. Ongpin, Nari Genomal, Ramesh Genomal, Sunder Genomal, who all had a net worth of $1 billion each.
Sunder Genomal owns Bangalore-based Page Industries, which is described as a licensee for Jockey underwear. He and his brothers Nari and Ramesh have Philippine citizenship.
Based on records at the Philippine Securities and Exchange Commission, the Genomal-led GTVL Manufacturing Industries, Inc. saw its revenues decline by 44.1% to P324.19 million in 2020, and posted a net loss of P27.49 million. It is the sole licensee of the Jockey underwear brand in the Philippines.
The Forbes’ annual billionaires’ list included 2,668 billionaires with a combined net worth of $12.7 trillion, which is lower than last year’s $13.1 trillion. A total of 329 people dropped out of the list.
Tesla founder Elon Musk topped the billionaire list for the first time with a net worth of $219 billion, replacing last year’s top billionaire Jeff Bezos, who fell to second place with $171 billion.
“The tumultuous stock market contributed to sharp declines in the fortunes of many of the world’s richest. Still, more than 1,000 billionaires got wealthier over the past year. The top 20 richest alone are worth a combined $2 trillion, up from $1.8 trillion in 2021,” Forbes Assistant Managing Editor of Wealth Kerry A. Dolan said in a statement. — L.M.J.C. Jocson
THE BANGKO Sentral ng Pilipinas (BSP) is set to begin the pilot circulation of polymer banknotes in the 1000-piso denomination within the second quarter, with full issuance to the public targeted by 2023.
President Rodrigo R. Duterte was formally presented with the 1000-piso polymer banknotes on Wednesday night, based on a live coverage posted by the state media on Facebook.
Citing the BSP, the state media said the first batch of the polymer banknotes from Australia is scheduled to arrive in the country this month.
It said the BSP and the Reserve Bank of Australia, and its subsidiary Note Printing Australia, reached an agreement for the production of the plastic-based banknotes.
“It will begin circulating in mid-2022 together with the paper banknotes,” it added.
In its 2021 annual report, the BSP has said a memorandum of agreement was being drafted to clarify the guidelines for the trial run which will cover 10 million pieces of the polymer banknotes.
“The deal will cover matters such as polymer familiarization by client banks’ personnel and calibration of existing cash processing machines, vending machines, automated teller machines, bills acceptors, and other similar devices for compatibility with polymer banknotes,” the central bank said.
The limited circulation test will be done to assess if the benefits seen in polymer bills of other central banks will hold true in the Philippines.
“The test will help us determine the effects of polymerization on hygiene and public health, environmental sustainability, as well as the lifespan, durability, and counterfeiting rates of our money,” the BSP said.
During the trial run, the polymer bills will be circulated alongside the current notes. The public issuance of polymer banknotes in 1000-piso denomination is targeted by next year.
The polymer banknotes will bear the image of a Philippine eagle on the front side, which is a departure from the current notes that feature World War II heroes Jose Abad Santos, Vicente Lim, Josefa Llanes Escoda. When the design was unveiled in December, various organizations and lawmakers criticized the removal of national heroes from the banknotes, saying it could further deepen the historical revisionism already happening in the country.
The central bank also said it is looking at how limited testing circulation of these polymer banknotes could impact the domestic abaca industry as abaca has been used for banknotes since 2001.
Polymer bills are deemed to be more durable as they can last 2.5 to four times compared with paper money, and are also water and dirt-resistant, the central bank said.
This is the second attempt of the government to introduce bills made of plastic-based materials, which it believes could address the rapid deterioration of abaca-based bills.
The earlier attempt was set aside due to complaints that the plastic-based money looked “inauthentic”. — Luz Wendy T. Noble and Kyle Aristophere T. Atienza
PAL HOLDINGS, Inc., the listed operator of flag carrier Philippine Airlines (PAL), saw its net income improve to P60.6 billion in 2021 from a loss of P73.1 billion a year earlier, primarily due to an increase in “other income” attributable to gain from debt settlement and condonation of debt.
The company’s revenues for 2021 reached P58.7 billion, 6.2% higher than the P55.3 billion in 2020, PAL Holdings said in its annual report released on Wednesday.
“The significant increase in revenues was mainly due to the increase in cargo revenues as air cargo has been a vital partner in delivering essential goods since the [coronavirus] pandemic,” it said.
The company’s operating expenses were cut 23.3% to P62.8 billion last year from P81.84 billion previously.
“This is mainly due to expenses related to grounded aircraft which were recognized under ‘other charges,’” it said.
Flying operations expenses decreased by P15.1 billion, 31.3% lower than the previous year’s balance of P48.4 billion.
PAL Holdings attributed the decrease to “fleet costs such as depreciation expenses and lease charges related to grounded aircraft which were recorded under ‘other charges’ and fuel expenses due to decrease in number of flights operated.”
The company saw its aircraft and traffic servicing expenses fall to P6.1 billion or 14.8% lower than the P7.2 billion previously “mainly due to lower ground handling and landing and take-off charges.”
It likewise saw passenger service expenses decline 21.3% to around P4 billion from P5.1 billion, mainly “due to decrease in number of passengers which resulted in lower passenger food and inflight.”
At the same time, PAL Holdings saw its maintenance expenses decrease by more than 19% to P10.1 billion from the previous year’s P12.4 billion due to “grounded aircraft and lower utilization of aircraft.”
The company noted that reservation and sales were lower at P3.16 billion in 2021 versus the previous year’s P3.20 billion. It attributed the decline to the “significant decrease in sales due to travel restrictions.”
It said that general and administrative expenses rose to P6.2 billion, up 11.9% from the previous year’s balance of P5.5 billion, primarily because of “restructuring expenses such as legal and professional fees.”
The company also said that “other income” of P64.4 billion recognized in 2021 was “mainly attributable to gain from debt settlement and condonation of debt,” while the charges, net of P29.4 billion in 2020, were “due to the impairment loss recognized for some of the group’s operating fleets.”
PAL Holdings shares closed 0.79% lower at P6.30 apiece on Wednesday. — Arjay L. Balinbin
LINKEDIN announced this year’s top 15 companies in the Philippines for employees, led by the Pangilinan group’s Smart Communications, Inc.
In a statement on Wednesday, LinkedIn said that Smart Communications, the wireless arm of PLDT, Inc., placed first among the 15 companies, which were gauged as the best workplaces to grow an employee’s career.
The other companies in the list, ordered based on their ranking, are: Accenture Plc, Shell, Metropolitan Bank & Trust Co., Emerson, BDO Unibank, Inc., Manila Water Co., Inc., Nestle S.A., WPP Plc, Philippine General Hospital, Insular Life Assurance Co. Ltd., Robinsons Bank Corp., San Miguel Corp., DXC Technology, and Cognizant.
“These are the companies offering stability in our ever-changing world of work — the ones that are attracting employees and retaining them,” said LinkedIn, which offers business and employment-oriented online service.
According to LinkedIn, it looked at seven pillars to determine the top 15 companies, namely: ability to advance, skills growth, company stability, external opportunity, company affinity, gender diversity, and spread of educational backgrounds.
It added that some of the key trends from the top companies include the provision of flexible work, upskilling opportunities, provision of services that address mental health, and work force equality.
“During the pandemic, Metrobank developed employee wellness programs, from work-from-home policies to employee training. The company offers programs to support its employees’ emotional and mental well-being,” LinkedIn said.
“Despite the challenges and disruptions caused by the pandemic, these top companies are offering stability through upskilling opportunities that employees can count on,” it said. “Committed to the well-being of their employees, many of this year’s honorees provide services that address mental health and resilience.”
LinkedIn News Senior Managing Editor Satoshi Ebitani said employee engagement and support are more vital amid the challenging realities currently faced by society.
“Our top companies list celebrates companies invested in the growth and well-being of the most important resource in the workplace — people. With dedicated programs and initiatives to support career progression and the growing need for work-life balance, these companies are leading the charge for long-term success in the work force,” he said.
Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave
FOOD manufacturer Century Pacific Food, Inc. reported on Wednesday that its unaudited net income increased by 20% to P4.7 billion in 2021 due to robust topline performance and favorable income tax rates.
“Demand for consumer staples remained resilient in 2021. Consumers are feeling the strain from this prolonged pandemic, leading them to prioritize spending and predisposing them to gravitate towards essentials and value for money brands,” Century Pacific Chief Finance Officer Richard S. Manapat said in a statement.
“As a company focused on providing affordable food options, Century was able to cater to their needs, which in turn led to market share gains for our brands,” he added.
Mr. Manapat said that the company was able to keep a strong momentum in 2021 due to healthy operational performance and favorable tax rates from the implementation of the Corporate Recovery and Tax Incentives for Enterprises Act, which allowed them to reinvest in growth and sustainability programs.
In the fourth quarter, sales increased by 18%, while earnings grew by 14%.
Unaudited consolidated revenues last year grew 13% to P54.7 billion, driven by its tuna and coconut export sales and the strong performance of its branded segment, composed of marine, meat, milk and other emerging businesses.
Exports increased by 29% year on year while the branded segment posted P42.8 billion in revenues or up 10%, which comes after the extraordinary results in 2020 due pandemic-related spikes in demand.
Earnings before interest, taxes and depreciation (EBITDA) grew by 10%, resulting in an EBITDA margin of 13.%.
Meanwhile, gross margin dipped by 1.4 percentage points due to the general rise in input prices globally.
In 2021, the company introduced its plant-based alternatives brand unMEAT to retail channels, followed by its international rollout in the United States, United Arab Emirates, Singapore, and China.
The food maker also entered the pet food category with the launch of its own branded product line Goodest, and expanded its milk portfolio by introducing new brand Choco Hero.
In December, the company acquired the Ligo brand, known for its canned sardines and other marine products. The deal is expected to close within the first half of the year.
All of its brands using flexible packaging are now certified plastic-neutral. The company also completed the commissioning of a 5.2-megawatt solar photovoltaic plant in June.
“We’ve been graced with two consecutive years of extraordinary performance, receiving our fair share of silver linings along the way. Despite operating in a hectic and stressful environment, the company has demonstrated resilience largely due to the essentials and staples nature of our portfolio,” Executive Chairman Christopher T. Po said.
In 2022, the company reported first-quarter revenue growth at a high single-digit, driven by the branded segment, which grew by double digits year on year. It did not disclose exact figures.
“2022 is shaping up to be another challenging year with pandemic disruptions and geopolitical events resulting in a high-inflation environment. We continued to see strong revenue growth in the first quarter but significant uncertainty lies ahead. We will continue to play the long game and invest in the business. At the same time, our team has plans in place to mitigate the new risks that emerged and still aim to deliver decent business results,” Mr. Po added.
At the stock exchange, Century Pacific shares fell by 0.21% or P0.05 to P24 apiece. — Luisa Maria Jacinta C. Jocson
IT’S BEEN quite a busy month for Chele Gonzalez. Just about a week ago, Mr. Gonzalez’s Gallery by Chele landed at No. 69 on the Top 100 list of Asia’s 50 Best Restaurants for 2022. That same week, he started to helm Samira, the restaurant at Tagaytay’s quietly luxurious Anya Resort.
Mr. Gonzalez had been in talks with Anya for two years to take over the restaurant, but the Taal eruption and the pandemic lockdowns of 2020 had prevented this. But now it is up and running.
Last Saturday, BusinessWorld and a handful of media guests trooped up to Anya to see Mr. Gonzalez’s latest venture.
“It’s a shared passion, a shared passion to do great things… It’s all about what new heights you want to achieve together,” says Santi Elizalde, President of Roxaco Land and AHG Philippines (Anya Hospitality Group) about the partnership with Mr. Gonzalez in a statement.
“We wanted to level up the dining experience we offer at Samira, to match what we believe to be a great experience we offer here at Anya,” said Mikel Arriet, general manager of Anya Resort Tagaytay, speaking about the reason for the timely partnership in the same statement.
SIX DELICIOUS COURSES
The guests that Saturday sat down to a six-course preview of what the restaurant’s set menu has to offer. The meal began with starters — foie gras and mango waffle, seafood crisp rice cracker, chorizo donuts, and bulalo (bone marrow) tacos. The foie gras, the seafood crisp (like a crab salad on a brown rice cracker), and the chorizo donut were every bit a dream for aspirational ladies-who-lunch, with that luxurious country club favor one might be looking for in a place like Anya. The bulalo taco, made with shredded beef, corn puree, and pickled cabbage and onions, was a zing of genius. It was like a whole meal in a single bite, expressing both tradition and innovation, all in a nice, neat package.
Next came a Coconut Ceviche made with red snapper, Tiger’s Milk (leche de tigre; a Peruvian marinade), calamansi (a local citrus), coconut, roasted cashew, and corn and basil. A pairing with a 2020 Albarino Atlantico completed the ceviche like another dressing, and the ceviche itself had a lively flavor given even more zest with the wine pairing.
While we were given two menu choices for lunch (another menu would have included stew), we stopped reading that as soon as we saw that Grilled Octopus with Aioli, with paprika parmentier and black breadcrumbs was on the menu we picked. It was the best decision we made that day. The octopus tentacle was still as salty, as if it had been plucked out of the sea just that minute. It was perfectly tender and yielding, and the charred flavor lent it the story that it had been done on a seaside bonfire (instead of within sight by the glass-walled kitchen). It’s almost a pity to swallow, and I do remember a hint of sadness at chewing my first bite too fast, and seeing less and less of my octopus tentacle on my plate. This is really something to savor, and this by itself made the drive to Tagaytay worth it.
Next came a pan-seared salmon — that was quite tasty, but the octopus really was a difficult act to follow. No matter, a Duck with Porcini and Truffle Risotto followed, the truffle itself grated by hand by Mr. Gonzalez over our plates. It was appropriately luxurious, but definitely earthy and aggressive. A Grilled US Angus Beef Tenderloin had the same qualities, and it was really hard to refuse the vision of charred red cabbage, truffles, and mushroom jus.
The meal ended with Buko Pie in Textures, with Mr. Gonzalez reimagining the familiar Tagaytay buko (young coconut) pie as buko panna cotta, and buko flesh complimenting a latik (cooked coconut milk curd) ice cream, on a bed of breadcrumbs.
“I want to be approachable here,” said Mr. Gonzalez during an interview with BusinessWorld. “I want to try to offer something in Tagaytay that is new,” he said.
He mentioned that a Boracay restaurant is in the works.
Asked what he wants people to feel after eating his food, he said, “I want to be exciting. I want to be creative. I want to be fun. I want to be interactive.
“I think any chef wants this at the end: to make people who leave your table happy.”
AWARDS AND ACCOLADES
Asked how he felt about his consistent placement on Asia’s 50 Best list, Mr. Gonzalez said, “For me, accolades come and go.”
“Before, when I started to be a chef, I would never have thought that I’m going to be 35th best in Asia, for example (he earned that spot in 2017)… I think, right now, I’m much more relaxed in that sense,” he said. “I’m very happy to be in Asia’s 50 Best, and I will be very happy (even) if I’m not in Asia’s 50 Best.”
He explained that he had reached Nos. 35 and 39 on the list, “And then I dropped.” The list only started recognizing restaurants that ranked 51-100 last year.
“What I learned is your happiness, it cannot be because of the awards… That is what I learned: to also manage success. To have an accolade is extra. It makes me more recognized. But that is not the point to be happy, or not happy.”
The culinary scene in Manila has evolved a lot since he opened Vask almost 10 years ago in 2013, still, it has yet to catch the eye of international foodies. “The Philippines is still a little bit out of their radar. People don’t fly to eat that much here yet. There are many things that are out of our control,” he said.
“What’s happening in the Philippines right now is a revolution in terms of the restaurants, and food, and everything. We are now in a very sweet moment, and we’re going to move so much in the next years.”
BAD DAYS
Observing Mr. Gonzalez through the kitchen, one might ask if a person like him ever has a bad day at work. But he has had it tough.
“I have been trained in one of the hardest kitchens,” he said.
Mr. Gonzalez was talking about his time in El Bulli, which had been the world’s top restaurant before its 2011 closure, and was one of the pioneers of molecular gastronomy. “When I was in El Bulli, people who were in the military told us that El Bulli was even [tougher] than the army. I’m coming from a very, very intense training,” he said. With a laugh, he added: “In the kitchen.”
“What is a bad day for you in your life? The same.” — Joseph L. Garcia
GLOBE TELECOM, Inc. on Wednesday officially introduced its digital entertainment company, KROMA Entertainment, which houses its entertainment-related products and services.
Globe said KROMA is a “culmination” of its “years of groundwork to further enrich and future-proof” the group’s ecosystem.
Through KROMA, the Ayala-led telco is expanding its earlier venture into live events, production, publishing, and music.
“KROMA offers entertainment for all across screens and formats, be it… films, series, TV shows, music, digital content, or events,” the listed telecommunications services provider said in a statement.
At a briefing, KROMA Chief Executive Officer Ian Monsod said the company aims to “become the leading digital entertainment player in the Philippines.”
KROMA’s brands include Wonder, a pop culture and style platform; FreebieMNL, a food and lifestyle deals platform; NYMA, a talent agency; PIE, a multi-platform, real-time, interactive entertainment channel; UPSTREAM, a video-on-demand platform; and LIVE MNL, a full-service activation agency; among others.
KROMA is backed by the 917Ventures Retirement Fund, according to Globe.
The company is expected “to revolutionize the Philippine entertainment industry,” it noted.
Globe Telecom shares closed 0.5% higher at P2,432 apiece on Wednesday. — Arjay L. Balinbin
LONDON — Italian confectionary group Ferrero has recalled Kinder Surprise chocolate eggs from British shelves two weeks before Easter after a possible link was found to dozens of reported cases of salmonella.
The recall affects single and multipack Kinder Surprise eggs, a popular treat marketed at children containing small collectible toys inside a chocolate shell.
“We are voluntarily recalling selected batches of Kinder Surprise as a precautionary step, since we have become aware of a possible link to a number of reported cases of salmonella,” the recall notice said.
Ferrero said the affected chocolate was manufactured in Belgium and the recall may be extended to other countries.
It comes as confectionary brands battle for space on supermarkets shelves in the run up to Easter, marked by many in Britain by buying and eating chocolate eggs.
Britain’s Food Standards Agency (FSA) advised customers not to eat the affected products, which carry “Best Before” dates between July 11 and Oct. 7.
At least 63 cases of illness linked to the products have been identified, the majority of which are children under five years old, the UK Health Security Agency said.
“We know that these particular products are popular with young children, especially as Easter approaches, so we would urge parents and guardians of children to check if any products already in their home are affected by this recall,” Tina Potter, the FSA’s Head of Incidents. — Reuters
JOLLIBEE Food Corp. (JFC) announced on Wednesday that it opened its first Jollibee store on Sauchiehall St. in Glasgow, Scotland, following its debut in Edinburgh a few weeks ago.
This marks the second Jollibee store to open in Scotland and the 14th across Europe.
“We are really excited to be here in Glasgow to launch our second store in Scotland and our 11th in the UK, especially as Glasgow is such a hotspot for foodies. Seeing the enthusiasm of Glaswegians queuing outside in anticipation of the store opening is amazing, and we hope to introduce more people to the delicious flavors and diverse food we have to offer,” Adam Parkinson, business head of Jollibee Europe, said in a statement.
JFC reported that over 140 people were already in queue before the store’s opening.
The branch will serve Chickenjoy, the Jollibee Chicken Sandwich, Jolly Spaghetti, and the Yumburger, among other menu items. Like the Edinburgh store, the Glasgow restaurant will also serve halal meat.
Last month, Jollibee opened on Princes St. in Edinburgh, the restaurant chain’s first venture into Scotland.
JFC said it is continuing its plans to expand across the United Kingdom and be in every major city, as part of its large-scale European expansion plan to grow to 50 stores in 5 years.
To date, Jollibee has over 1,500 stores in 17 countries.
“Jollibee’s continuous global expansion forms part of the Jollibee Group’s vision to become one of the top five restaurant companies globally,” the company said.
JFC operates in 34 countries, with over 5,900 stores globally and branches in the Philippines, United States, Canada, the People’s Republic of China, United Kingdom, Italy, Spain, Vietnam, Brunei, Singapore, Saudi Arabia, United Arab Emirates, Qatar, Oman, Kuwait, Bahrain, Indonesia, Costa Rica, Egypt, Panama, Malaysia, South Korea, Japan, and India.
It has eight wholly owned brands, namely: Jollibee, Chowking, Greenwich, Red Ribbon, Mang Inasal, Yonghe King, Hong Zhuang Yuan, and Smashburger; six franchised brands — Burger King, Panda Express, PHO24, and Yoshinoya in the Philippines, Dunkin’ and Tim Ho Wan in some areas in China.
At the stock exchange on Wednesday, JFC shares were up by P1.80 or 0.78% to close at P231.60 apiece. — Luisa Maria Jacinta C. Jocson
