Philippine rating downgrade ‘unlikely’

July 14, 2022 | 12:34 am

skyline-buildings — The view of the Makati skyline seen from EDSA, Sept. 24, 2020. — PHILIPPINE STAR/ MICHAEL VARCAS

THE PHILIPPINES is unlikely to see any credit rating downgrades this year and in 2023, as the economy is expected to grow faster despite headwinds.

Victor A. Abola, an economist from the University of Asia and the Pacific (UA&P), said they kept the gross domestic product (GDP) growth forecast at 6-7% this year, faster than the 5.7% expansion in 2021.

This is below the Development Budget Coordination Committee’s (DBCC) lower growth target of 6.5-7.5% for this year.

“We have faster growth in GDP for this year and next year. Our situation right now is better than in past crises. [President Ferdinand R. Marcos, Jr.] will be generally positive for growth,” Mr. Abola said at the First Metro Investment Corp. (FMIC) and UA&P Economic and Capital Markets briefing on Wednesday.

Economic growth would also be driven by sustained domestic demand — household consumption, government and investment spending, he added.

“We don’t see any credit downgrade anytime soon,” Mr. Abola said, noting there is a low likelihood of a downgrade in 2022 and 2023.

He said the Philippines has a better external sector than the Association of Southeast Asian Nations, and continues to experience sustained growth in remittances from overseas Filipino workers (OFWs) and the business process outsourcing (BPO) industry.

“We have a steady source of OFWs [and] our BPOs are providing steady support to our revenues… A credit downgrade is unlikely as we grow faster,” he added.

FMIC expects remittances to grow by 3.5-5.5% this year and in 2023, while BPO revenues are seen to increase by at least 6% this year.

Fitch Ratings in February kept the country’s investment grade “BBB” rating, but kept the “negative” outlook as it flagged uncertainties in the country’s medium-term growth and hurdles to bringing down debt. A negative outlook means a downgrade is possible within the next 12 to 18 months.

S&P Global Ratings last affirmed the country’s “BBB+” rating with a stable outlook in May 2021. Meanwhile, Moody’s last affirmed its “Baa2” credit rating with a stable outlook for the Philippines in July 2020.

At the end of the first quarter, the Philippines’ debt-to-GDP ratio stood at 63.5%, exceeding the 60% threshold that multilateral lenders consider suitable for developing economies.

The debt-to-GDP ratio was 60.5% at the end of 2021, the highest since 65.7% in 2005. The ratio stood at 39.6% at the end of 2019.

“Do we have a debt problem? Yes and no in the sense that it went up from about 40% of GDP to 60.5% in 2021. However, [with] the growth this year and the coming years, I project only the debt ratio to go between 65% and 66%, which is something we have already experienced very much during the [Arroyo administration] and resolved not quite difficultly with some determination,” Mr. Abola said.

“What is important here: More than the debt ratio is the extent by what percent of our budget goes to interest expense,” he added.

The DBCC is aiming to bring down the debt-to-GDP ratio to 61.8% by end-2022 all the way to 52.5% by 2028.

“The country’s macroeconomic fundamentals remain sound and we have a much better economic situation now than in the past crises,” FMIC President Jose Patricio Dumlao said in a statement, citing the country’s high gross international reserves and strong exports.

Mr. Abola also noted that growth rates for GDP, consumption, investments and exports are “moderately better now” during the pandemic and Russia-Ukraine crisis, compared with the crisis in the 1980s, Asian Financial Crisis, and Global Financial Crisis.

INFLATION
Meanwhile, inflation is projected to hit 5-5.2% this year largely due to the impact of higher global oil prices on domestic prices of fuel, food, and commodities.

This is slightly lower than the 5.5% inflation projection FMIC-UA&P made in June.

Inflation averaged at 4.4% in the first semester, still below the central bank’s 5% target.

“The good thing about the inflation of food prices is that it’s not rice-driven because rice makes up about 9% of our consumption basket. It’s more [on] the meats and vegetables,” Mr. Abola said.

Food accounts for about 39% of the CPI basket, giving food prices an outsized impact on the movement of the indicator.

Meanwhile, the Philippine peso will remain in “depreciation mode” due to the US Federal Reserve’s aggressive policy tightening and widening trade deficits. The peso is projected to end the year at the P54-P55 level against the US dollar.

“As central banks continue to rein in elevated inflation, interest rates are expected to rise from their current levels by an average of 100 basis points across the curve,” FMIC said.

The Philippine Stock Exchange index is projected to hit 7,100 by the end of the year, it added. — D.G.C.Robles

Philippines falls 2 spots in global gender gap rankings

July 14, 2022 | 12:33 am

Young students form a line as they wait for their respective room assignments for their afternoon class at Malanday Elementary School, June 8, 2022. — PHILIPPINE STAR/ WALTER BOLLOZOS

By Revin Mikhael D. Ochave, Reporter

THE PHILIPPINES slipped two spots in the latest gender gap rankings released by the World Economic Forum (WEF), as the number of women participating in the labor force remained low amid the coronavirus pandemic.

In the WEF’s 2022 Global Gender Gap Index, the Philippines ranked 19^th out of 146 countries with a score of 0.783. This was slightly lower than 0.784 in 2021, when the Philippines ranked 17^th out of 156 countries.

The scores are based on a 0 to 1 scale, where 1 represents optimal gender parity.

This year’s ranking was the Philippines’ lowest since the WEF released the yearly report in 2006. The country’s overall score brings its gender parity level to 78.3% in 2022, down from 78.4% in 2021.

“While the country has improved upon its first gender parity score by 4.2 percentage points, since 2013 progress has hovered between 0.783 and 0.799. In 2022 the Philippines records a gender gap of 21.7%, similar to last year,” the WEF report said.

Despite this, the Philippines had the second-highest ranking in East Asia and the Pacific, after New Zealand which placed 4^th globally.

“East Asia and the Pacific has closed 69% of its overall gender gap, marginally increasing the regional performance from the 2021 edition, with 13 of 19 countries improving their gender gap score. At this pace, the region will need 168 years to close the gender gap,” the WEF said.

Iceland topped the Gender Gap Index for a 13^th straight year, followed by Finland and Norway. While 68.1% of the global gender gap was closed in 2022, WEF said progress has stalled in most countries.

The WEF report showed the Philippines, whose population consists of about 54 million women, got a score of 0.794 in terms of the economic participation and opportunity sub-index, putting it at 16^th place overall.

“While the entire labor force was impacted, in 2022 the share of women participating in the workforce was still 24.5 percentage points lower than the share of men. Gender parity for legislative, senior officers and managers, as well as for professional and technical workers, remains constant,” the WEF said.

The Philippines scored 0.997 in the educational attainment sub-index, equivalent to 46^th place.

“However, on educational attainment, gender parity decreased at the level of enrolment in primary education, with a notably larger share of boys than girls in growing enrolment numbers overall,” the WEF said.

In terms of health and survival, the Philippines had a score of 0.979 (30^th), and 0.36 in political empowerment (35^th).

Makati Business Club (MBC) Programs and Projects Director Roxanne V. Lu told BusinessWorld in a mobile phone message the government could work with the academe and private sector to encourage more female students to pursue higher education in science, technology, engineering, and mathematics, as well as participate in upskilling and reskilling programs.

MBC is one of the WEF-Center for the New Economy and Society’s partner institutes as provided in the 2022 Global Gender Gap report.

“Micro, small, and medium enterprise support and the promotion of job-creating investments can open opportunities for work, and of course we need to promote Republic Act No. 11313 or the Safe Spaces Act now that more employees are back to working on-site,” Ms. Lu said.

The country also needs more female leaders in government to bring more diverse perspectives in policy making, she said.

“MBC will continue to work with government agencies to promote fair and equal wages and to provide growth opportunities so more women can take on leadership roles in both public and private organizations,” she added.

LEADERSHIP
Meanwhile, the Philippines was in 4^th place out of 36 economies in terms of women representation in leadership positions, according to professional networking platform LinkedIn.

Based on LinkedIn’s data in the WEF Gender Gap report, the Philippines has posted the largest increase in hiring women in leadership roles among markets in the Asia-Pacific (APAC) region since 2015.

“Only about 1 in 3 (34%) hires into leadership positions in the Philippines in 2015 were women, with that figure jumping to 43% in 2022,” LinkedIn said in a separate statement on Wednesday.

“Among the countries studied in the APAC region, the Philippines has the highest representation of women in leadership at 41%, followed by Singapore (39%), New Zealand (33%), Australia (32%) and India (18%),” it added.

However, LinkedIn said that figures for the Philippines showed that men are 26% more likely to be promoted into leadership positions compared to women.

LinkedIn Managing Director-APAC Feon Ang said that there should be more efforts to ensure that women in the workforce have equal access to opportunities.

“Organizations and business leaders should look at solutions like internal mobility, fair hiring practices with a focus on skills and flexibility. This will ensure that women are equal contributors at all levels in an organization,” she said.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message that it is important for the country to continue narrowing the gender gap to ensure inclusive growth.

“The lockdowns, considered as among the longest in the world could have aggravated both the wealth gap and gender gap in terms of missed productivity for the economy, in view of the disruptions in the educational system, face-to-face/in-person yet to be fully restored, leading to some opportunity losses especially for the younger generations,” he added.

Top business leaders to give Marcos advice on economic priorities

July 14, 2022 | 12:32 am

President Ferdinand R. Marcos, Jr. met with members of the Private Sector Advisory Council (PSAC) in Malacañang led by PSAC Convenor and Aboitiz Group President and CEO Sabin M. Aboitiz (fourth from left). — PSAC HANDOUT

PRESIDENT Ferdinand R. Marcos, Jr. tapped Aboitiz Equity Ventures, Inc. (AEV) President and Chief Executive Officer (CEO) Sabin M. Aboitiz to lead a group of business executives and experts that would give advice on key economic issues.

“The newly established council pledges to help the government deliver on its commitment to transform the Philippine economy by implementing a robust infrastructure program, creating more jobs, digitizing processes, improving agricultural productivity through the recalibration of micro, small and medium enterprises (MSMEs), and ensuring an equitable, sustainable, and inclusive business landscape for Filipinos,” the Private Sector Advisory Council (PSAC) said in a statement.

Members of the PSAC, led by Mr. Aboitiz, met with Mr. Marcos in Malacañang last week.

The PSAC designated top business executives as sectoral leads who will give regular reports to Mr. Marcos in order “to provide feedback on what is happening on the ground and will make recommendations on modern policy development.”

Mr. Aboitiz was named as the sectoral lead for the “Build, Build, Build” infrastructure program and tourism. The Aboitiz group’s businesses include power (Aboitiz Power Corp.), infrastructure (Aboitiz InfraCapital, Inc.), banking (UnionBank of the Philippines), food (Pilmico Foods Corp. and Gold Coin Management Holdings), and real estate (AboitizLand, Inc.).

Aileen Uygongco-Ongkauko, a director of La Filipina Uy Gongco Group of Companies, was designated as the lead for agriculture. La Filipina is a diversified agribusiness, livestock and food company, whose products include fertilizers, commercial feeds, flour, and sugar.

Jose Ma. “Joey” Concepcion III, who was former President Rodrigo R. Duterte’s adviser for entrepreneurship, was named as the sectoral lead for “Jabs to Jobs.” He is also the president of RFM Corp. and founder of Go Negosyo, an advocacy group for small businesses.

Henry Rhoel R. Aguda, chief operating officer of Aboitiz-led UnionBank, has been tapped as sectoral lead for digital infrastructure, while Ayala Healthcare Holdings, Inc. President and CEO Paolo Maximo F. Borromeo was named lead for healthcare.

“The close partnership between the public and private sectors will continue to deepen with the establishment of PSAC under President Marcos. We are optimistic that by working hand in hand with the government to develop the five priority areas, we will see a revitalized economy that all Filipinos will benefit from,” Mr. Aboitiz said.

Experts earlier said public-private partnerships (PPP) would likely play a major role in the Marcos administration, as it promises new programs and major projects that would require huge amounts of funds.

Finance Secretary Benjamin E. Diokno said earlier the new administration would pursue PPP projects, especially in infrastructure. The government is committed to spending 5-6% of the country’s growth output annually from 2023 to 2028.

Aside from infrastructure development, Mr. Marcos has also promised cheaper food and more jobs. — KATA

BIR removes 5-year validity period for receipts

July 14, 2022 | 12:31 am

ALL OFFICIAL RECEIPTS and invoices will no longer have a validity period starting July 16, the Bureau of Internal Revenue (BIR) said.

The BIR issued Revenue Regulations No. 6-2022 which removed the five-year validity period on all printed and system-generated receipts, in line with the government’s efforts to improve the ease of doing business in the country.

“Based on the regulations, the previously required phrases ‘This invoice/receipt shall be valid for five (5) years from the date of the Permit to Use’ and ‘Valid Until’ at the bottom portion of the system-generated receipts/invoices shall be omitted,” the agency said.

The repeal also extends to the Authority to Print (ATP) principal and supplementary receipts, inclusive of its serial numbers.

The BIR began imposing a five-year validity period on receipts and invoices in 2012.

However, the agency noted that some taxpayers complained about the additional cost of printing new receipts and invoices when the five-year validity has ended.

The BIR said the validity date on unused receipts and invoices would be disregarded and could still be used. — DGCR

Suntory’s Sui gin isn’t a drink for mulling things over; it’s just too cheerful

July 14, 2022 | 12:08 am

SUNTORY is known for producing award-winning whiskies. When it won the award for World’s Best Blended Whisky in 2019 at the World Whiskies Awards, it had already won the award five times prior. Less well-known spirits within the company are its gins, led by its premium craft gin Roku.

Late last month, Suntory launched Sui in the Philippines. Sui is Roku’s less-complex but equally delightful sister. Andrew Pang, Beam Suntory Regional Ambassador told BusinessWorld in an e-mail about the difference between the two gins. “While both share the same base traditional English dry gin recipe, Sui adds three Japanese botanicals: Yuzu citron, green tea, and ginger. This gives a uniquely clear and refreshing taste that goes well with everyday meals. Roku, in comparison, has six Japanese botanicals (Yuzu peel, Sencha and Gyokuro tea, Sakura leaf and flower, and Sansho pepper) for a more floral, well-balanced and decadent flavor profile,” he said. “You will mostly likely find Sui Gin in a casual izakaya restaurant and Roku Gin in a premium cocktail bar.”

Tasting the gin makes that a bit of an understatement. It had a strong scent of citrus, almost like freshly-squeezed juice. It had a well-rounded and smooth finish, a quality it shares with Roku and not quite with less-superior gins. The note of ginger is expressed in the aftertaste. Roku, launched in 2017, is a more serious older sibling. Sui is easy, uncomplicated, and refreshing. These qualities are highlighted with a splash of soda water and a squirt of lemon. In that configuration, the citrus notes and their accompanying lightness really float to the surface, and suddenly, you’re at a carefree poolside soiree from a lost summer. This isn’t a drink for mulling things over — it’s just too cheerful.

As mentioned above, Suntory is better known for its whiskies, and Mr. Pang explains the difference in discipline in distilling whisky and other spirits. “The biggest difference between white and brown spirits is actually the aging process. In whisky, 80% of the flavor comes from the oak, whereas for gin, the flavor comes from the maceration of the botanicals, the type of distillation (single pots vs continuous column stills), and aging: if any at all.”

The Japanese are well-known for adopting many pieces from several cultures and making it truly their own. Said Mr. Pang, “Suntory has always been about creating uniquely Japanese spirits. Shinjiro Torii, the founder of Suntory, went to Scotland in the early 1900s to learn how to make whisky. He returned to Japan and, unlike the Scottish distilleries that are in the glens or coastal regions, he sets up Yamazaki in higher altitude plains. The result of the whisky is also more floral, refined yet still full of complexity; very different from a Scotch.”

“Same for gin, I think Suntory understands these liquors in its entirety and is able to make something uniquely Japanese.”

Sui Gin is available in S&R stores nationwide and coming soon to supermarkets, liquor stores, and online retailers on GrabMart, Lazada, Boozy, and Boozeshop. — Joseph L. Garcia

Tasting eleven British gins

July 14, 2022 | 12:07 am

shop-blue-bottle — PHOTO FROM SHIVERINGMOUNTAIN.COM AND SILENTPOOLDISTILLERS.COM

1 of 2

By Joseph L. Garcia, Reporter

SOURCES vary on when World Gin Day is celebrated. The British Chamber of Commerce Philippines (BCCP) celebrated World Gin Day on June 30 at the Dusit Thani Manila, but then, World Gin Day’s official website lists that the celebration is held annually on the second Saturday of June. The dates don’t matter after about 11 drinks, the number that BusinessWorld enjoyed at the sampling.

Local brand Ginebra San Miguel made an appearance at the event with their premium 1834 line, and a bartending competition was held, won by Jeremie Benisao from SawSaw/Cafe Fleur. However, the true highlight of the event was a sampling of several gins from several boutique British gin brands (hence the 11 drinks).

These gins have not yet arrived in Manila, and the BCCP is hoping that at least one of them could enter the market and make an impression in the Philippines, what could be the world’s largest gin market. This is according to IWSR Drinks Market Analysis Limited, which says that the Philippine market grew by 5.3% between 2013 and 2018, with a forecast 2018-2023 compound annual growth rate of 3.8%*. “We’d like to think that they get developed or at least get a foothold in the Philippine market,” said Chris Nelson, Executive Director and Trustee at the BCCP during a phone interview at the event.

We were certainly biased towards Chatsworth Gin, mostly because of the estate’s association with Deborah Cavendish, Duchess of Devonshire (a British noblewoman; the sister of writer Nancy Mitford, American Communist Party member and author Jessica Mitford, and Nazi sympathizers Diana and Unity Mitford). We at least take some pleasure that the Chatsworth Rose Pink Gin was also a crowd favorite, using roses from the estate’s gardens. It had a clean and soapy scent and a very gentle taste punctuated with a floral sweetness. The Chatsworth Gin’s main line had a stronger scent of limes and lemongrass and tasted much cleaner, had less body and character, masked by a lot of heat.

Bolney Estate Gin had charming packaging, but also had a hint of camphor in its taste and scent. Forest Distillery gin, in a ceramic bottle, was rich in botanicals, had a hint of peppermint, and had a comfortably artisanal vibe best taken with your best bohemian friends.

Definite stars were the gins from Shivering Mountain, with this writer underlining “tastes very expensive” in his notes (It’s at a reasonable price of £39.50). Its website describes it with a profile of traditional juniper, then citrus; “enhanced with fruity notes from sloes and bilberries,” then combined with notes of gorse and heather. It has a clean scent with a hint of menthol, and was clean and bright.

Our final star was the Silent Pool Rare Citrus Gin, which thankfully wasn’t so citrus-forward but was able to distill simply the elegant suggestion of oranges on a branch. This gin knew how to paint a picture.

Mr. Nelson notes the revival of gin in the last 10 or 15 years. “This is due to the growth of multiple distilleries,” he said. He notes also that most of these are smaller distillers, and their activity is driven by people trying these different products. “Gin has gained in popularity not just in the UK. You see it also in Europe — I think there’s an opportunity to grow the market, along with the fact that the Chamber is obviously very much pushing British beverages and then these newer brands. We’re optimistic that we’ll have success.”

*Provenance and profits: The future of the gin industry: https://www.theiwsr.com/news-and-comment-provenance-and-profits-the-future-of-the-gin-industry.

RE company Alternergy files for P2.18-B IPO

July 14, 2022 | 12:07 am

POWER company Alternergy Holdings Corp. recently filed an application for an initial public offering (IPO) with the Securities and Exchange Commission to raise up to P2.18 billion, which will be used in part for its renewable energy (RE) projects.

Alternergy, founded by former Energy chief Vicente S. Perez, Jr., intends to offer up to 1.28 billion common shares at a maximum price of P1.48 per share, with an overallotment option of up to 192.22 million common shares, the company said in its prospectus dated June 28.

Proceeds will be used for the implementation of the company’s renewable energy projects, payment for shares acquisition, and pre-development expenses of other projects, among others.

The offer period is eyed to run from Nov. 11 to Nov 17, while listing and trading on the main board are set for Nov. 25.

According to Alternergy, it aims to develop up to 1,245-megawatt (MW) of additional wind, offshore wind, solar, and run-of-river hydro projects as part of its expansion plans for the next five years. The company has developed 67 MW of operating assets in wind and solar and 62 MW of hydro and solar projects that are still being built.

It plans to set aside P660 million for two hydropower projects and P530 million for the purchase of shares in Kirahon Solar Energy Corp., a renewable energy company in Misamis Oriental.

At the same time, it will spend P400 million for projects in the works, such as Ibulao Hydro Project, Tanay Wind Project, Alabat Wind Project, and Calavite Offshore Wind Project.

The final offer price will be determined after the company secures regulatory approval, which is temporarily scheduled between Oct. 20 and Nov. 3.

Investment & Capital Corporation of the Philippines is the issue manager and lead underwriter for the maiden offering.

The Philippine Stock Exchange, Inc. (PSE) said in a statement on July 1 that it had eight IPOs in the first six months of the year, which is the same number as for the entire 2021.

Five IPOs were listed on the main board and three on the small, medium and emerging board.

Firms that debuted between January and June were Haus Talk, Inc., Figaro Coffee Group, Inc., Citicore Energy REIT Corp., Bank of Commerce, CTS Global Equity Group, Inc., Raslag Corp., VistaREIT, Inc., and Balai ni Fruitas, Inc.

“Given the lineup of maiden offers in the next half of the year, we may see a 26-year high in terms of the number of IPOs in a year,” PSE President and CEO Ramon S. Monzon said.

The capital raised from the sale of primary and secondary shares in eight IPOs, one stock rights offering, and four private placements during the first half reached P61.92 billion, lower by 49.4% year on year, the PSE noted.

“The fund-raising amount in the same period last year was P122.46 billion, boosted by the largest IPO in PSE history that raised P55.89 billion,” it added.

Mr. Monson said that the record fund raising last year will be difficult to break because of the sizable amount that was generated by the Monde Nissin IPO.

“We have a robust pipeline of public offerings in the second half and if all of these materialize, capital raising may still reach the P200-billion mark,” he added. — Justine Irish DP. Tabile

Fatty katsuo fish may foreshadow climate change, threat to Japan’s sushi

July 14, 2022 | 12:06 am

NAKATOSA, Japan — For half a century, Takeo Nakajo has been catching katsuo, or skipjack tuna — indispensable in Japanese cuisine whether eaten raw, dried, or used as a base for the broth.

But he and other fishermen in Kure, in Kochi prefecture in southwest Japan, have seen something worrying in the past two years — an unprecedented number of unusually fatty katsuo.

While heavier katsuo means more money, locals and experts say it indicates climate change and a risk for katsuo numbers already under threat due to growing demand and overfishing.

“The fatty katsuo must have something to do with the water temperature,” said the 70-year-old Mr. Nakajo. “I have a sense of urgency thinking what if katsuo doesn’t come to the bay some day.”

Noriaki Ito, the head chef at a century-old restaurant Tsukasa in Kochi City, said he too had “never seen such fatty katsuo during this season of the year.”

This is worrying as changes in the sea and climate have already wiped out some other fish “including a shellfish called chambara-gai that used to be Kochi’s speciality,” Mr. Ito added.

Originally from tropical waters, some Pacific katsuo migrate northward on a warm ocean current every spring, making Kochi’s arc-shaped bay a fertile fishing ground.

The average surface temperature of the bay in winter has risen by 2 degrees Celsius in the four decades to 2015, local fisheries lab data shows, and the fatter katsuo may be due to ample prey in the warmer sea.

But longer term, this warming may prevent mineral-rich water from rising to the surface, resulting in a drop in plankton and smaller fish to feed on, leading to fewer katsuo, said Hiroyuki Ukeda, an agroscientist and vice-president of Kochi University.

This comes as Japan’s ageing population is threatening the sustainability of local fishing and related businesses such as the production of dried and fermented katsuo, and wasabi horseradish — an eye-watering condiment tucked under fish in a piece of sushi.

In Kure, a district in Nakatosa town, many fishermen have gone out of business in the past three decades, said Takahiro Tanaka, a fourth-generation owner of a fishmonger who calls himself a “katsuo sommelier.”

“We can distinguish different tastes of katsuo, just like ordinary French farmers may savor subtleties of wine … this place might be one of Japan’s last communities where katsuo is part of the daily culture,” he added.

“But without fishers, this won’t last,” Mr. Tanaka said.

Fisherman Nakajo also rued the ageing community and fewer successors. “I asked my grandson if he would take over, but he’s now studying to work at a government office,” Nakajo said.

SUSHI CULTURE AT RISK
Overfishing has already hit catch numbers and dealt a blow to the fishermen in Kochi who have stuck to traditional single pole fishing methods versus large-scale seine fishing across the western Pacific.

Government data show catch numbers in Kochi are only at a quarter of their 1980s peak.

“We have observed a catastrophic decline in landings over the last 10 years or so,” said Mr. Ukeda.

“A growing number of people fear we may no longer be able to eat katsuo in the near future if things continue like this.”

Production of katsuobushi, dried and fermented katsuo, often used as a shaved condiment over traditional Japanese dishes or as a broth base, is already suffering.

The number of katsuobushi manufacturers in Kochi has plunged from dozens some 40 years ago to only a few, said Taichi Takeuchi, who runs one in the town of Usa.

“I’m really unsure if we can continue this,” said Takeuchi.

Wasabi, the tangy horseradish that is an essential for Japanese food, especially sashimi and sushi, is facing similar production challenges.

Typhoons and rising temperatures have hurt production in Okutama, a mountainous area to the west of Tokyo, said Masahiro Hoshina, 72, head of the local wasabi growers’ association.

“I am extremely worried about the future of our farming,” Hoshina said.

The number of farmers in the area is down 75% from the 1950s due to depopulation, and unless something changes, some worry sushi itself could be endangered.

“The combination of raw fish and spice, as in katsuo and wasabi, is an art, and we must maintain both,” said Mr. Ukeda. “I never want to think about a future” without them, he added. — Reuters

Senate bill requiring telcos to cover all remote areas within three years refiled

July 14, 2022 | 12:06 am

A BILL seeking to require all public telecommunications entities and internet service providers to cover all unserved and underserved areas within three years has been refiled, a senator said on Wednesday.

Senate Bill No. 329, or The Better Internet Act, seeks to provide fast, reliable, secure and affordable internet to Filipinos all over the country.

“The internet has become a necessity as indispensable as electricity and water,” Senator Mary Grace S. Poe-Llamanzares said in a Wednesday statement. “We rely on it for health, education, business, governance and more.”

The bill directs public telecommunications entities, or companies that require a Congressional franchise, and internet service providers, which operate without a franchise, to adhere to minimum standards for connection, reception, pricing, and billing practices to uphold and protect consumer rights.

“Service providers must pick up and maintain an acceptable internet speed to boost connectivity across sectors and empower our people,” Ms. Poe said.

“Undoubtedly, the internet has become an essential tool to survive and thrive,” she noted. “We should therefore bolster public access to it.”

The National Telecommunications Commission will be tasked with enforcing providers’ compliance with internet speed, quality and consistency, as well as other coverage obligations.

Service providers are also encouraged to provide a higher internet speed to their customers. There is no minimum internet speed requirement for free internet service.

Noncompliance will result in a maximum fine of P2 million per count of violation. The penalty is 1-2% of a service provider’s annual gross income if it earns less than P10 million.

“Ensuring access to fast and affordable internet connection is not only an option if we want our country and people to be competitive. It should be a priority,” Ms. Poe said.

According to the Speedtest Global Index, Manila, which has an average mobile internet speed of only 18.49 megabits per second, ranked 110^th among 139 countries or territories in internet speed as of November 2020. It has the second slowest internet speed among the 10-member Association of Southeast Asian Nations. — Alyssa Nicole O. Tan

Succession, Squid Game to face off for top Emmy award

July 14, 2022 | 12:05 am

LOS ANGELES — Succession, the HBO series about a conniving media mogul and his feuding family, racked up 25 Emmy nominations on Tuesday, including one for the prestigious best drama prize.

It will square off against Netflix, Inc.’s South Korean thriller Squid Game, the first non-English language show to be nominated for an Emmy.

Squid Game tells the story of cash-strapped contestants who compete for prize money, sometimes with fatal consequences.

Netflix sci-fi hit Stranger Things, and HBO’s Euphoria, about teens navigating sex, drugs, and social media, also were nominated for the drama trophy at television’s highest honors.

Feel-good series Ted Lasso will defend its title as best comedy, one of the show’s 20 nominations. The fish-out-of-water story from Apple TV+ will compete against Hacks, Only Murders in the Building, and The Marvelous Mrs. Maisel, among others.

Lasso star Hannah Waddingham, who won a supporting actress Emmy last year, said she was shocked by her second nomination because she thought: “I’ve had my minute.”

“It’s a bit of a magic moment for all of us,” she said of the show’s cast. Ten Lasso actors were nominated.

HBO’s The White Lotus, about vacationers and staff at a ritzy oceanfront resort, secured 20 nominations and scored a slot in the best limited series field.

Winners of the Emmys will be announced on Sept. 12.

Television Academy CEO Frank Scherma said the group received a record number of submissions this year, a sign that production was thriving after shutdowns during the COVID-19 pandemic.

Streaming television shows dominated the nominations, continuing a trend as audiences flock to online viewing. HBO and HBO Max received 140 nominations overall. Netflix scored 105.

‘CRYING SHAKING AND THROWING UP’
Fourteen of the nominations for Succession, which won best drama in 2020, came in acting categories. Brian Cox, who stars as patriarch Logan Roy, will compete for best actor against Jeremy Strong, who plays his troubled son Kendall.

Newcomer Severance, a psychological thriller about office workers, earned 14 nominations and will compete for best drama, leaving star and acting nominee Adam Scott at a loss for words.

“It’s overwhelming. I was really deeply surprised and flattered and honored,” Mr. Scott said in an interview.

Abbott Elementary, a new series from Walt Disney Co.’s broadcaster ABC, made its way into the best comedy race.

“Crying shaking and throwing up has new meaning to me because I real life did all three,” Quinta Brunson, who was nominated for writing and acting on the show, wrote on Twitter.

Steve Martin and Martin Short will compete for best comedy actor for Hulu’s Only Murders in the Building, about true-crime podcasters, though voters passed over their co-star Selena Gomez in acting categories.

Contenders for best comedy actress include Rachel Brosnahan for her role as a 1950s housewife and comedian on Mrs. Maisel, along with Issa Rae of Insecure and Hacks star Jean Smart.

Hacks, about a seasoned female comedian looking to extend her career, received a nomination for the second year in a row for best comedy series.

“I think it’s a really important thing, especially in this moment in time in our country, to highlight women and to tell their stories,” Jen Statsky, co-creator of Hacks, said in an interview.

For best drama actress, nominees included previous winner Zendaya for Euphoria, Laura Linney for drug-dealing drama Ozark, and Melanie Lynskey for new series Yellowjackets about high school girls forced to survive in the wilderness.

The final seasons of tear-jerker This is Us and comedy black-ish did not make the cut in major categories this year. Emmy voters also skipped over popular Western Yellowstone. — Reuters

Cebu Pacific, PAL announce additional domestic flights as demand increases

July 14, 2022 | 12:05 am

PAL-Cebupac-airlines — PHILIPPINE STAR/ MICHAEL VARCAS

BUDGET carrier Cebu Pacific and flag carrier Philippine Airlines (PAL) are adding more flights to key domestic destinations, as demand for air travel continues to rise amid looser travel restrictions.

Cebu Pacific, operated by Cebu Air. Inc., on Wednesday said it will increase the number of flights from Cebu to Iloilo and Tacloban.

“We have seen consistent demand for these routes, and we hope to keep expanding our footprint as more people confidently fly again,” Cebu Pacific Chief Commercial Officer Xander Lao said in an e-mailed statement.

As the Gokongwei-led carrier expands capacity at its hubs outside Metro Manila, there will be two more weekly flights for Cebu–Iloilo and Cebu–Tacloban routes, starting Aug. 5.

Weekly flight frequency for Cebu-Iloilo route will increase to nine times from seven times weekly.

Meanwhile, the Cebu–Tacloban route will increase to 16 times from 14 times weekly.

The budget carrier said it fully restored its pre-pandemic domestic capacity in April. “The airline surpassed its December 2019 level for domestic capacity, as it (registered) 109% restoration in (the first week of) July 2022,” Mr. Lao told reporters during a gathering last week.

Cebu Pacific currently operates an average of 340 flights a day, covering 34 domestic and 18 international destinations. This is equivalent to around 64,000 seats offered in a day, the airline said.

Meanwhile, Philippine Airlines said there will be additional flights between Manila and Basco (Batanes) by the end of July.

PAL said the airline aims to help promote local tourism, as part of economic recovery efforts.

From July 24, a new Sunday frequency will bring PAL’s Manila–Basco–Manila services to four flights weekly (every Monday, Wednesday, Friday and Sunday), it said in an e-mailed statement on Tuesday.

Starting Aug. 2, the Manila-Basco-Manila services will increase to seven weekly flights, giving travelers a full week of daily morning departures from both Manila and Basco, it added.

“PAL will continue to add more flights on other domestic routes to meet the travel needs of the flying public and promote tourism, while always prioritizing safety and health concerns,” PAL Senior Assistant Vice-President for Philippines Harry D. Inoferio said.

In May, the airline said it was on track to full restoration of pre-pandemic domestic flights.

As for the international flights, the airline expects to get back to 2019 levels — except for China market — by end of the year. — Arjay L. Balinbin

France to cut nitrites in food after agency confirms cancer risk

July 14, 2022 | 12:04 am

bernd-dittrich-vDJxa7VGFxc-unsplash — PHOTO BY BERND DITTRICH ON UNSPLASH

PARIS — France said on Tuesday it intends to cut the use of nitrites in food after the national health agency confirmed they raise the risk of cancer, falling short of a full ban feared by processed meat makers who use it in products such as ham and sausages.

The move follows a French parliament bill in February aiming to gradually reduce the use of nitrites in cured meats, calling on the government to act based on the outcome of a review and recommendations by health agency Anses.

Anses’review, published earlier on Tuesday, confirmed a World Health Organization report in 2018 linking nitrates and nitrites ingested through processed meat to colorectal cancer.

The two substances are also suspected to be linked to other cancers such as ovarian, kidney, pancreas, and breast, Anses said, also referring to other scientific findings, as it advised cutting nitrates and nitrites to a minimum.

Nitrate is used as a fertilizer in farming while nitrite is widely used in processed meats to extend their shelf life and gives boiled ham its pink color.

The government said a ban was not justified after Anses said that, based on French people’s consumption habits, 99% of the population did not exceed the permissible daily doses for all exposures to nitrites or nitrates.

However, it would present a plan to parliament in the autumn aimed at cutting or eliminating them when possible, it said.

Processed meat consumption should be limited to an average of 150 grams per week, Anses said, or about half the 280 grams consumed by French adults.

French processed meat producers group FICT stressed that the industry had already significantly reduced nitrite use and echoed Anses’ warning of counter-effects of reducing nitrite use without alternatives.

A lower use of nitrite reduces ham’s expiry date and increases the risk of salmonella in cured sausages.

“If we caused microbial accidents because there are no more nitrites it would be even worse than the hypothetical risk mentioned,” FICT Chairman Bernard Vallat said.— Reuters