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Century Pacific earnings rise 20% on strong sales

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

The octopus alone is worth the trip

GRILLED OCTOPUS

Chele Gonzalez takes over Samira in Tagaytay’s Anya Resort

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

Ayala-led Globe goes full-scale into entertainment with KROMA

Globe said that without this agreement, a warrant or subpoena issued by a law enforcement agency or court would be required to obtain information about a suspected scammer. — BW FILE PHOTO

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

Ferrero recalls UK Kinder Surprise chocolate egg over salmonella fear

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 opens branch in Glasgow, Scotland

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

Dining In/Out (04/07/22)

Bistro Group opening 17 new stores in Ayala Malls

THE BISTRO Group continues its 25-year partnership with Ayala Malls by opening 17 of its 30 target openings this year at Ayala Malls. “We have a successful relationship, notwithstanding the challenges brought about by this pandemic. In fact, now that the economy is on a rebound, we are ready to expand in different Ayala Malls with the opening of more stores in different locations,” The Bistro Group’s President Jean Paul Manuud, said in a statement. To date, the company has 18 local and foreign restaurant brands with over 100 branches nationwide under its belt. The new Ayala Triangle will be home to The Bistro Group’s high-end concepts like Rumba (a local Mediterranean Spanish restaurant whose menu was created by chef Alfredo Rodriguez); Helm (the group’s exclusive, fine dining, degustation restaurant by chef Josh Boutwood) as well as Italianni’s. Coming soon is Olive Garden, a popular restaurant chain in the US serving Italian-inspired dishes, at Glorietta 3. The Bistro Group’s corporate executive chef, Josh Boutwood, will open his new concept restaurant, Ember, at Greenbelt 3 this month. This is Boutwood’s first foray into a mainstream, high traffic mall. Plans are also afoot for the expansion of Bistro’s existing brands, including Modern Shanghai at UP Town Center (UPTC), Greenbelt and Glorietta 3; TGIFridays at UPTC; Fish & Co. at UPTC and Glorietta 3; Watami at Glorietta 3; and El Pollo Loco at Greenbelt, Ayala Town Center, UPTC, Ayala 30th and Trinoma.

Power of No campaign against drunk driving launched

ACROSS the Asia Pacific region, an estimated 2,000 people die each day in road collisions — a third of which involve alcohol consumption as a contributing factor, with young adults at the highest risk. In the Philippines, an estimated 12,000 people die every year in road-related accidents — about 25% of which are related to the harmful consumption of alcohol. Moreover, many Filipinos remain unaware of the risks of drinking then driving — and that the effects of alcohol could kick-in once the motorist is on the road. This is the reason why the Alcoholic Beverages Alliance of the Philippines (ABAPI) and the Automobile Association of the Philippines (AAP), with endorsement from the Philippine National Police, have come together to amplify the message regarding the harm caused by drunk driving through the “Power of No” campaign. The regional campaign will be implemented in six countries: Cambodia, Laos, the Philippines, Malaysia, and Vietnam. It aims to reach 10 million young adults of legal drinking age over a six-week period that includes teaser videos, commercials, and other educational content materials which will be posted on Facebook pages for each country. Across the region, the Power of No campaign is led by the Asia Pacific International Spirits and Wines Alliance (APISWA), representing global spirits and wine producers, the Automobile Association of Vietnam (AA Vietnam, a member of the Fédération Internationale de l’Automobile or FIA), creative agency Orès, with support from the US-ASEAN Business Council (USABC) and the European ASEAN Business Council (EUABC). While the first phase of the campaign is geared towards awareness-building and education through social media, ABAPI and AAP plan to work with partners and stakeholders to continue to educate young motorists and measure the campaign’s impact on behavior change. To learn more about Power of No, visit the campaign’s Facebook page or website.

Emirates’ signature Ramadan service returns

WITH the official start of the Holy Month of Ramadan, Emirates will once again be offering its signature Ramadan services onboard and on the ground for its fasting passengers, helping them travel better and catering to their special needs during this time. Onboard, customers breaking their fast across all cabin classes to select Emirates destinations can expect specially crafted, nutritionally balanced iftar meals served in bespoke boxes. The meals consist of freshly prepared grain-based cold salads and sandwiches accompanied with a variety of proteins, seedless dates, laban, water, mini Arabic bread, amongst other iftar essentials. The boxes will be served on flights to select destinations during times that coincide with iftar or sohour, on flights to and from the Gulf region as well as flights catering to Umrah groups traveling to Jeddah and Medina during the month of Ramadan. In addition, cold meals will be served in lieu of a hot one on all flights to Jeddah and Medina, including Umrah day flights. The boxes have also been designed to conveniently take away if customers wish to do so. Emirates’ iftar box will be served to complement the airline’s regular hot meal service, which will include a traditional soup option for First Class passengers on select flights to break their fast. The box contents will be refreshed on a weekly basis. To ensure accuracy for fasting Muslim passengers, Emirates uses a unique tool to calculate the correct timings for imsak (the time to commence fasting) and iftar while in-flight, based on the times of the sunrise and sunset of the location the flight is passing by using the aircraft’s longitude, latitude, and altitude. When the sun sets, passengers will be officially informed of the iftar time by the captain. For customers on the ground boarding during iftar and sohour times, trays of dates and water will be available at gates for several destinations. At the Emirates lounges in DXB, dates and coffee as well as Arabic style sweets will be offered during Ramadan. Emirates lounges are also all equipped with dedicated prayer rooms and ablution facilities for worship.

Mimi & Bros goes plant-based with new fare

MIMI & BROS continues to diversify its menu and this time around, it is launching its Plant-Based Chicken Sandwich and Plant-Based Burger. The Plant-Based Chicken Sandwich is made with a crispy plant-based chicken patty that is served in between buttery brioche buns, topped by Mimi & Bros’ secret sauce, American cheese, lettuce, and house-made pickles. The Plant-Based Chicken Sandwich is priced at P350 and is served with fries on the side. The Plant-Based Burger is made with a plant-based patty, topped with lettuce, tomatoes, white onions, and Mimi & Bros secret sauce, in between slightly toasted brioche buns and served with a side of fries. It is priced at P450. The restaurant is at Crossroads, 32nd Street, Bonifacio Global City and is open for al-fresco dining. Mimi & Bros also delivers — send an order via Messenger on m.me/mimiandbros, through Viber at 0945-798-5176, or find Mimi & Bros in Grab, Foodpanda, Dingdong, and Pick.A.Roo.

CBTL favorites for P100 on Mondays

MONDAYS Made Better is back at The Coffee Bean & Tea Leaf (CBTL) — try a new flavor every Monday for P100 until May 16. Among the featured drinks are The Original Vanilla Ice Blended, a classic version made from CBTL’s coffee and French Deluxe vanilla powder and skimmed milk, blended with ice, topped with whipped cream; Mango Ice Blended, made from ripened mango juice combined with French Deluxe vanilla powder blended with ice, topped with whipped cream; The Original Mocha Ice Blended, featuring coffee and Special Dutch chocolate powder and skimmed milk, blended with ice, topped with whipped cream; and Matcha Ice Blended, made with matcha powder blended with ice and skimmed milk and topped with whipped cream. Customers also get a chance to win a Special Unlimited Pass to avail of any Ice Blended drink for P100 for three months. The full mechanics can be found on Instagram at @CBTLph or on TikTok at @thecoffeebeanph.

Mang Inasal celebrates summer with promo

TO LEVEL up the summer fun, Mang Inasal treats its customers with a summer “phygital experience” wherein they can enjoy not only physically while eating in-store but also online through exclusive promos and challenges. The #SummerSarapAtMangInasal Groufie Challenge is now open for photo entries from April 1 to May 31. To join, dine-in, take a group selfie with family and friends, and share it in the official promo post on Mang Inasal’s Facebook page for a chance to win Mang Inasal gift certificates. Mang Inasal has also partnered with Grabfood for a free delivery promo. To join, enter the code MANGINASAL via Grabfood from April 1 to 13. This offer is valid for orders worth P500 and up and is available in the national capital region (NCR), Bulacan, Rizal, Cavite, and Laguna only. There will also be Mang Inasal Epic Deals in partnership with foodpanda, on April 11 and 22.

Ballantine’s 7 Bourbon Finish launches in PHL

LEADING Scotch whisky Ballantine’s launches Ballantine’s 7 Bourbon Finish in the Philippines, a seven-year-old blended Scotch that takes on the sweetness of American bourbon. Ballantine’s 7 Bourbon Finish is crafted from a selection of Scotch whiskies that are aged in oak casks for at least seven years before being finished in American bourbon barrels. This way, drinkers get the best of two whisky worlds together. The classic Ballantine’s tasting notes of honey and ripe red apple are enhanced with character and richness from the seven-year ageing process, and paired with the sweet hints of toffee, vanilla and caramel that are typical of bourbon whiskies. Ballantine’s 7 Bourbon Finish will be available in Landers and at other leading stores like Landmark, Pioneer, and online sites like Boozy.ph.

McDonald’s PH launches Sonic 2 Happy Meal toys

AS THE SEQUEL to the 2020 Sonic the Hedgehog film arrives at theaters, McDonald’s is releasing Sonic the Hedgehog 2 Happy Meal. There are 10 toys to collect, including fan-favorite characters Sonic the Hedgehog, Tails, Knuckles, and a surprise toy which will be revealed on April 9. As part of the tie-up with the film, a #SonicRingRun AR filter will be available on McDonald’s Philippines’ Instagram and Facebook pages soon. The Happy Meals and collectible toys are available at McDonald’s stores to dine-in, drive-through, and take out customers, and via McDelivery.

TELUS launches cookbook of winning recipes

THE DIVERSITY of the TELUS International Asia-Pacific team comes to life in the first A Taste of Diversity cookbook, a celebration of the winning recipes from 60 team members from India, Philippines, and China. TELUS International recently held a recipe competition for team members across the TELUS International Philippines, Chengdu (China), and India delivery centers. The prize was to be featured in the cookbook. “At a time when it is so easy to feel isolated and disconnected because of the restrictions brought about by the coronavirus disease 2019 (COVID-19) pandemic, we wanted to create a cookbook that can be a catalyst for bonding with each other, even from a distance,” said Rajiv M. Dhand, Regional Vice-President for Asia-Pacific at TELUS International, in a statement. The recipes were chosen by a board of judges made up of Royal Indian Curry House’s chef Surat Rana, Chinese chef Sheng Tian, and Filipino chef RJ Ungco. The competition kicked off with a virtual recipe writing workshop and food photography 101 session facilitated by Mr. Ungco and DiscoverMNL founder Lucky Alabado. Over 150 team members responded to the request for original Indian, Philippine and Chinese recipes, with 60 emerging as winners across five categories: soups, salads, appetizers, main course, and desserts. TELUS International Philippines is offering a free download of this cookbook at linkedin.com/company/telus-international-philippines/. Readers can share their own take on these recipes with photos or videos, using the hashtag #TasteOfDiversity.

Enoch Valdez, LPU Pirates defuse Jose Rizal U Bombers, 82-75

LYCEUM of the Philippines University Pirates — NCAA/GMA

By Joey Villar

ENOCH Valdez was forcing plays in his first three games that hurt his Lyceum of the Philippines University (LPU) team more than it helped them. Then he decided to revert to his old but effective ways of allowing the ball to just come to him instead.

Using this mindset, Mr. Valdez dished out one of the best games of his life in powering LPU to an 82-75 victory over Jose Rizal University (JRU) on Wednesday for its first win in the 97th National Collegiate Athletic Association (NCAA) basketball tournament at the La Salle Greenhills Gym in Mandaluyong.

The Mangatarem, Pangasinan native dropped 21 points by making nine of the 17 shots he took and spiked it with 12 rebounds and five steals that helped hand the Pirates their first triumph while ending a three-game losing skein.

“I just told him (Mr. Valdez) to return to his strengths and not force things, I’m happy he responded to the challenge,” said rookie coach Gilbert Malabanan, a former PBA player who took the reins from Jeff Perlas.

For Mr. Valdez, it was their faith to the system and to each other that helped them get over the hump.

“We just learned how to trust each other and the system,” said Mr. Valdez, who said he would go back to the gym to do a workout as soon as they returned to the practice facility.

McClaude Guadana and Yancy Remulla provided help by firing 14 and 10 points, respectively.

But it was Mr. Valdez who shone the brightest who scored five points in a key run that erased a 73-72 deficit with over two minutes to go and gave the Pirates the lead for good.

The JRU Bombers appeared in control early and led by 12 points, 24-12, after the opening quarter.

But the Kalentong-based dribblers failed to sustain it in the end as Mr. Valdez went to work to deliver the decisive blows.

JRU dropped to 0-4.

The scores:

LPU 82 – Valdez 21, Guadana 14, Remulla 10, Larupay 9, Cunanan 6, Bravo 6, Barba 6, Guinto 4, Navarro 3, Garro 3, Umali 0.

JRU 75 – Celis 24, Delos Santos 14, Dionisio 14, Agbong 11, Macatangay 5, Gonzales 3, Jungco 2, Arenal 2, Aguilar 0, Guiab 0, Bongay 0.

Quarterscores: 12-24; 38-40; 61-61; 82-75.

SM Prime sets opening of two-level mall in Roxas City

SM PRIME Holdings, Inc. is opening on Friday its newest mall in the country, SM City Roxas, in Capiz province.

The property developer said the mall has 41,000 square meters (sq.m.) of gross floor area and will offer a “new trend of shopping, dining and entertainment experiences” to Roxas City.

“It is our privilege and honor to finally welcome our fellow Capiznon to our newest mall in the Philippines, SM City Roxas. The opening of SM City Roxas offers a place to reconnect with friends and celebrate with families, while enjoying a wide variety of food, activities and services that can be found inside the mall,” SM Prime President Jeffrey C. Lim said in a statement on Wednesday.

SM City Roxas is located along the city’s busy Arnaldo Blvd. in Brgy. Baybay. It has two levels of shopping, dining and entertainment areas, plus nearly a thousand parking slots and a transport hub for customers.

The mall also has an atrium with “a large open-air, skylighted space design incorporating distinctive modern textures and fascinating colors, which will give shoppers a fun shopping and exciting shopping and leisure experience.”

Friday’s opening comes as 81% of the mall’s leasable space was already awarded to local and international shops, including SM brands such as the SM Store, SM Supermarket, Watsons, Surplus, Miniso, SM Appliance, ACE Hardware, Sports Central and BDO.

SM City Roxas has four regular cinema houses, each with more than a hundred seating capacity, including seats for persons with disability, and a private cinema with a 20-person capacity.

“Together with our business partners and tenants, we hope to spur more economic activities and provide job opportunities in areas where we have plans to open new SM malls this year. We look forward to serving these communities with the same brand of excellence and convenience SM is known for,” Mr. Lim said.

At the stock exchange, shares in SM Prime slipped by 15 centavos or 0.39% to close at P37.85 each on Wednesday.

Chicano, Mangrobang lead PHL bets in Subic Triathlon

John Leerams Chicano — PSC

SOUTHEAST Asian Games (SEAG)-bound John Leerams Chicano and Kim Mangrobang will spearhead the country’s campaign in the Subic Bay International Triathlon (SuBIT), which will make a return after a two-year absence on May 1 at the Subic Bay Freeport Zone 1 grounds.

Mr. Chicano and Ms. Mangrobang, who are eyeing to replicate their two-gold medal haul in the 2019 SEA Games, will use the 29th edition of the annual race as their tune up for the Hanoi event slated for May 12 to 23.

“Yes, all those going to Hanoi will join,” said Triathlon Association of the Philippines president Tom Carrasco, who organizes the Subic tilt in partnership with Subic Bay Metropolitan Authority (SBMA) chairman Rolen Paulino.

Andrew Kim Remolino, a SEA Games silver medal winner, is also seeing action along with 30 foreign participants from Australia, India, Singapore, Japan, Hong Kong, USA, Poland, Taiwan and Slovakia.

Mr. Carrasco said this is the first triathlon event in two years in the country that will be participated in by international elite athletes.

“We will have a strong field,” said Mr. Carrasco.

Mr. Carrasco said he hopes they could also discover promising new talents from the race backed by SBMA, Philippine Sports Commission, Philippine Olympic Committee, Standard Insurance, Asian Center for Insulation Phil., Pocari Sweat and FINIS.

Mr. Chicano and Ms. Mangrobang themselves were products of SuBIT.

“I’m proud to say SuBIT has produced SEA Games champions, an Asian duathlon gold medalist and notable Asian Games performers,” said Mr. Carrasco.

Some of the young guns to watch out for are Ryan Faith Alcoseba, Gene Heart Quiambao, Erika Burgos and Matthew Hermosa among others. — Joey Villar

Conference, film, festivals mark National Food Month

A CONFERENCE, film showings, festivals and other events are scheduled for this year’s Filipino Food Month or Buwan ng Kalutong Pilipino which carries the theme “Pagkaing Pilipino, Susi sa Pag-unlad at Pagbabago” (Filipino Food: The Key to Unity and Change).

The celebration is being led by the Departments of Agriculture and Tourism, the National Commission for Culture and the Arts (NCCA), and the Philippine Culinary Heritage Movement.

Through Presidential Proclamation No. 469 signed in 2018, April has been designated as Filipino Food Month or Buwan ng Kalutong Pilipino. The celebration is aimed at preserving and promoting Filipino culinary traditions.

“Filipino Food Month is also a reminder for us to go back to our roots. Our identity is also in food… I am hoping that once this event has grown, visitors will come to the country for our food and that Filipinos will embrace it,” Jam Melchor, chef and founder of the Philippine Culinary Heritage Movement said in English and Filipino at the celebration’s launch on March 29 at the Metropolitan Theater.

“It’s not about organizing big events, it’s about awareness, educating ourselves and going back to our traditions,” he said.

One of the celebration’s main programs is the KainCon Filipino Food Conference (https://www.facebook.com/kaincon/) which aims to showcase and promote the country’s heritage cuisine, especially among the younger generations. KainCon is a series of online talks that bring together Filipino farmers, culinary historians, chefs, and experts from the local food industry to discuss how people can influence local food cultivation and establish preservation initiatives.

Meanwhile, the Cinema Culinarya Film Festival (CCFF) will showcase narratives on culinary practices and traditions. There will be public screenings of the films in competition on April 8, 15, 22, and 29. There will also be short film talkbacks on April 6, 13, 20, and 27. For more details, visit the CCFF’s official Facebook page (https://www.facebook.com/CinemaCulinaryaFilmFest/) and the NCCA Facebook page (https://www.facebook.com/NCCAOfficial).

There will be several events held around the country under the Hapag ng Pamana umbrella, focusing on culinary history. A series of events will be held in Capiz on April 22 and 23, including the Manindahan ‘Ta street market and Kaon Na (Let’s Eat) rolling karinderya showcasing the traditional food of Capiz. Palawan will host a cultural show, symposium, food fest on April 29 and 30; while Cagayan de Oro will host a food expo and cooking demonstration on April 22 and 23.

For more information and schedules on the activities of National Food Month, visit https://www.facebook.com/NCCAOfficial. — MAPS

Nearly 3 in 4 encountered at least one cyber threat via e-payments

KALHH-PIXABAY

By Brontë H. Lacsamana, Reporter

ALMOST THREE in four people in Southeast Asia (SEA) encountered at least one type of threat associated with digital payment technology, according to a recent study by internet security firm Kaspersky.

Titled “Mapping a secure path for the future of digital payments in APAC,” the 2021 study found that 72% of respondents in SEA experienced cyber threats, while nearly all (97%) were aware of at least one type of threat related to e-payment platforms.

Of those with experience, 37% encountered them in the form of social engineering scams via texts or calls, making this the top threat in the region. The next common types of scams are fake websites (27%), fake offers and deals (27%), and phishing (25%).

A total of 1,618 working professionals from 10 countries in Asia-Pacific were included as participants in the study. The respondents ranged from 18 to 65 years of age, all of whom are digital payment users.

The Philippines, which placed fourth in Kaspersky’s 2021 global ranking of countries most targeted by web threats, also saw social engineering scams via texts or calls as the top risk, with 42% of respondents having encountered them.

Sandra Lee, Kaspersky’s managing director in Asia-Pacific, said the adoption of digital payment methods appears to be a double-edged sword, with convenience representing benefits and cybersecurity risks showing their less desirable aspects.

“On the contrary, we believe that categorizing digital payments in such binary ways is premature. As with any emerging technologies, there is no inherent good or bad characteristic to them; rather, how we use them to achieve beneficial outcomes is determined by how we interact with them,” she said in a statement.

The study also found that the financial loss from a cyber-incident involving digital payments ranges from under $100 to $5,000, with a small number of respondents having reported a loss of over $5,000.

Over half (52%) said they lost money due to bank account and credit card fraud. Causes of financial loss in Southeast Asia included accounts getting hacked in a data breach (47%), fake and fraudulent apps (45%), ransomware (45%), and fake offers and deals (43%).

As for victims’ response to the threats, 67% shared they became more vigilant while 32% reported feeling anxious about recovering the lost money. Some 36% said they still trusted that banks and mobile wallet providers could resolve the issue while 18% didn’t.

TAKING ACTION
In March, the Department of Information and Communications and Technology (DICT) said the Philippines is still at level 1 in terms of awareness and communication as well as cybersecurity skills and expertise, with procedures not sophisticated enough yet.

The government’s goal is to push the Philippines forward to maturity level 5 or a “resilient enterprise” in cybersecurity terms within five years, DICT Acting Secretary Emmanuel Rey R. Caintic said in an interview with BusinessWorld.

Ms. Lee of Kaspersky added: “If we are to fully realize the benefits of digital payments, it is important that all stakeholders, including the government, digital payment providers, users, and even cybersecurity firms, work together to build a stable, secure, and future-proof payments ecosystem.”

The security firm suggested the following steps to protect against cyber threats:

• Beware of fake communications, and adopt a cautious stance when it comes to handing over sensitive information. Do not readily share private or confidential information online, especially when it comes to requests for your financial information and payment details.

• Use your own computer and Internet connection when making payments online. As like how you would make purchases only from trusted stores when shopping physically, translate the same caution to when making payments online — you’ll never know if public computers have spyware recording everything you type on the keyboard, or if your public Internet connection has been intercepted.

• Don’t share your passwords, PIN numbers or one-time passwords (OTPs) with family or friends. While it may seem convenient, or a good idea, these provide an entryway for cybercriminals to trick users into revealing personal information to collect bank credentials.

• Adopt a holistic solution of security products and practical steps. These can minimize the risk of falling victim to threats and keep your financial information safe. Utilize reliable security solutions for comprehensive protection from a wide range of threats to establish a secure connection and help check the authenticity of websites of banks, payment systems and online stores you visit.

The Kaspersky study also shared the top actions of respondents in Southeast Asia after they encountered threats:

• 64% changed passwords and other security settings on their banking and mobile wallet apps;

• 50% called the bank or related mobile wallet company;

• 45% informed their family members and friends about the incident;

• 26% installed security solutions on infected devices;

• 26% installed security solutions on both infected and uninfected devices; and

• 15% downloaded a new mobile wallet and created a new account.

TDF yields slip on oil’s drop, global bond issue

BW FILE PHOTO
THE CENTRAL BANK’S term deposits fetched lower yields on Wednesday. — BW FILE PHOTO

YIELDS on the central bank’s term deposits inched down on Wednesday as fuel prices declined and as investors continued to price in the government’s bond issuance last month.

The term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) fetched bids amounting to P480.045 billion on Wednesday, well above the P410-billion offering but declining from the P538.809 billion seen a week ago.

Broken down, tenders for the seven-day papers reached P189.303 billion, higher than the P170 billion auctioned off by the central bank but failing to beat the P211.867 billion in bids seen the previous week.

Banks asked for yields ranging from 1.85% to 1.99%, wider than the 1.85% to 1.96% band seen a week ago. This caused the average rate of the one-week deposits to decrease by 1.48 basis points (bps) to 1.9177% from 1.9325% previously.

Meanwhile, bids for the 14-day term deposits amounted to P290.742 billion, beyond the P240-billion offering but down from the P326.942 billion in tenders seen on March 31.

Accepted rates for the tenor were from 1.825% to 1.975%, lower than the 1.89% to 2% margin seen a week ago. With this, the average rate for the two-week deposits fell by 3.16 bps to 1.949% from 1.9806% logged in the prior auction.

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

The term deposits and the 28-day bills are used by the BSP to mop up excess liquidity in the financial system and to better guide market rates.

Term deposit yields went down as it tracked the downtrend in global oil prices which could partly ease inflation worries, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Both Brent and US crude benchmarks fell by 13% on Friday from their levels a year earlier to log their biggest drop in two years as the US relayed its plans to release oil reserves to ease supply concerns amid the ongoing Russia-Ukraine war, Reuters reported.

However, oil futures were mixed during the early Wednesday session amid concerns for falling demand after Shanghai extended its lockdown and as new sanctions on Russia remains on the table.

Brent crude futures were up 11 cents or 0.1%, at $106.75 a barrel as of 0339 GMT. Meanwhile, the US West Texas Intermedia futures declined by 11 cents or 0.1% to $101.85 a barrel.

Philippine headline inflation in March accelerated to a six-month high of 4%, reflecting the impact of the surge in oil prices following Russia’s invasion in Ukraine in late February.

The BSP last month raised its inflation forecast for the year to 4.3%, already above the 2-4% target, amid the rise in oil and commodity prices.

Aside from the drop in global oil prices, Mr. Ricafort said the market continued to price in the government’s latest global bond issuance in their TDF bids.

In March, the government raised $2.25 billion from its first triple tranche dollar-denominated bond offering. — Luz Wendy T. Noble with Reuters

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