HONOR to launch X8a in the Philippines next week

March 9, 2023 | 12:03 am

SMART devices brand HONOR will launch the X8a, the latest smartphone in its X Series lineup, in the Philippines next week.

The X8a will arrive in the country on March 14, HONOR Philippines said in a statement on Wednesday.

“As promised to our HONOR fans, we will continuously give the smartest and most affordable solutions to our consumers’ needs. With the new HONOR X8a, users can take more breath-taking photos in high quality with its 100MP ultra-clear camera and enjoy a premium edgeless display,” HONOR Philippines Vice-President for Marketing Stephen Cheng was quoted as saying.

The new phone has a 100-megapixel rear camera, which HONOR said is the highest megapixel count for a camera among its X Series phones.

“Paired with the Super Resolution AI technology, the HONOR X8a also enables users to take stunning, high-definition photos with greater ease and convenience than ever before,” the company said.

Based on HONOR’s website, the X8a’s rear camera array also has a 5MP ultra-wide lens and a 2MP macro lens.

The phone also features a 16MP selfie camera.

The HONOR X8a has a 6.7-inch IPS LCD display with a 90Hz refresh rate and is powered by a Mediatek Helio G88 chipset. It has a 4,500mAh battery compatible with 22.5-watt HONOR SuperCharge.

The phone has 128GB in storage and has two memory options: 6GB and 8GB.

It comes in three colors: Cyan Lake, Midnight Black, and Titanium Silver.

“To create a stylish look and feel, the HONOR X8a features a flat-edge design with smooth rounded corners. The sharp, clean lines not only add a touch of attitude to the design, but also give the device a comfortable and secure grip, demonstrating a subtle balance between form and function,” the smart devices brand added.

The local launch of the X8a on March 14 will be streamed live on HONOR Philippines’ Facebook page.

Term deposit yields climb on tightening bets

March 9, 2023 | 12:03 am

YIELDS on the central bank’s term deposits rose on Wednesday as still-elevated inflation could prompt the Bangko Sentral ng Pilipinas (BSP) to further tighten monetary policy.

Demand for the BSP’s term deposit facility (TDF) reached P356.153 billion on Wednesday, above the P340 billion auctioned off by the central bank and the P245.13 billion in bids for a P300-billion offering seen last week.

“The BSP raised the volume offering for the TDF auction to P340 billion (from P300 billion),” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement on Wednesday.

“Based on actual bids received last week, the total offer volume was reallocated between the 7-day and 14-day tenors at P200 billion (from P160 billion) and P140 billion (same as the previous auction), respectively,” he said.

Broken down, bids for the one-week term deposits amounted to P223.392 billion, above the P200 billion on the auction block and the P149.636 billion in tenders logged the previous week for a P160-billion offer.

Accepted rates were from 6.4375% to 6.6%, narrower than the 6.368% to 6.65% band seen a week ago. This brought the average rate of the seven-day papers to 6.507%, increasing by 3.83 basis points (bps) from the 6.4687% quoted previously.

Meanwhile, the 14-day papers attracted bids totaling P132.761 billion, a tad lower than the P140 billion auctioned off by the central bank but surpassing the P95.494 billion in tenders recorded on March 1.

Lenders asked for yields ranging from 6.395% to 6.749%, wider than the 6.3945% to 6.62% margin logged a week earlier. With this, the average rate of the two-week deposit rose by 4.55 bps to 6.5387% from 6.4932% in the prior auction.

The central bank has not auctioned off 28-day term deposits for more than two years to give way to its weekly offering 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.

“The results of the TDF auction came following the release of the February 2023 inflation data, which remained elevated and further raised the possibility of a continued hawkish monetary policy stance from the BSP,” Mr. Dakila said.

He added that the BSP’s monetary operations will continue to be guided by its assessment of liquidity conditions and market developments.

TDF yields climbed on expectations of another BSP hike as headline inflation only eased slightly last month, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The consumer price index (CPI) eased to 8.6% in February from the 14-year high 8.7% in January, data from the Philippine Statistics Authority (PSA) showed.

February inflation was below the 8.9% median in a BusinessWorld poll conducted last week, but within the central bank’s 8.5-9.3% projection.

For the first two months of the year, inflation averaged 8.6%.

The BSP expects inflation to average 6.1% this year before easing to 3.1% in 2024.

BSP Governor Felipe M. Medalla earlier said they could consider raising borrowing costs by 25 bps or 50 bps at their policy meeting on March 23.

The central bank hiked benchmark interest rates by 50 bps in its Feb. 16 review, bringing the key rate to 6%. The move brought cumulative increases since May 2022 to 400 bps. — Keisha B. Ta-asan

Cebu Pacific to resume more flights from Iloilo

March 9, 2023 | 12:03 am

BUDGET carrier Cebu Pacific will be resuming its routes to Puerto Princesa and Cagayan de Oro from its Iloilo hub by June.

In a press release on Wednesday, the airline announced that it will start to fly Iloilo to Puerto Princesa routes, four times weekly, starting June 23.

For its flights to Cagayan de Oro from Iloilo, Cebu Pacific will be flying thrice weekly starting June 24.

“With two more routes, Cebu Pacific will now directly fly to six domestic destinations from Iloilo. The airline currently operates direct flights to Manila, Cebu, Davao, and General Santos from Iloilo,” the airline said.

Cebu Pacific will offer a P27 one-way base fare promo for the resumption of flights, which travelers can book until March 10. The promo’s travel period will be from April 1 to Sept. 30.

“Passengers with existing Travel Funds may use these to pay for flights and other add-ons. Apart from the Travel Fund, other payment options such as payment centers, credit or debit cards, and e-wallets may also be used,” Cebu Pacific said.

At the beginning of the year, the budget carrier said that it is set to restore 100% of its pre-pandemic network and capacity by March this year.

At present, it now flies to 34 domestic and 25 international destinations across Asia, Australia, and the Middle East.

On Wednesday, shares in Cebu Pacific or Cebu Air, Inc. climbed by 15 centavos or 0.37% to close at P41.20 apiece. — Justine Irish D. Tabile

Manila Coffee Festival 2023 to be held this month

March 9, 2023 | 12:03 am

THE MANILA Coffee Festival 2023 (MCF2023), a celebration of Philippine coffees, Filipino coffee growers, and Filipino coffee culture, will be held on March 17, 18, and 19 at the Manila Marriott Hotel’s new MGBX Convention Hall.

This year’s Manila Coffee Festival is expected to be bigger and better, with more activities, more exhibitors, more networking and learning opportunities, and more interesting things to try, taste, and see.

Visitors will get an opportunity to try their hand at latte art, see demonstrations from the coffee community’s best professionals, watch live coffee competitions, take part in free coffee tastings, listen to stories of people shaping the future of Philippine coffee, and get a behind-the-scenes look at some of the work people are doing for a better coffee future.

The Manila Coffee Festival features the entire spectrum of exhibitors from the world of coffee. There are coffee growers, professional baristas, coffee roasters, café and restaurant owners, industry experts, innovators, food artisans, interactive workshops, pottery and ceramic artisans, eco-friendly advocates, specialty coffees, coffee cocktails, live music, DJs, art exhibits, visual artists, cultural performers, theater performers and so much more.

The three-day event has a number of different sections.

There is the Single Origin Bar — a more than 20-foot-long bar that is divided into multiple brewing stations and serving free unlimited cups of the Philippine’s finest regional coffees giving attendees the opportunity to try new origins and discover new favorites. The coffee growers themselves serve their coffees at the bar, allowing a rare meet-up of coffee consumers and producers in one event.

Then there is the MCF Theatre. Throughout the weekend, festival-goers will be treated to demos and workshops by experts in the coffee industry sharing knowledge and insights into the coffee-making process, as well as the latest industry products, trends and innovations. It’s also an opportunity to discover new coffee-related products including equipment, accessories, and merchandise. The theater will also host coffee competitions, and daily live musical performances by local artists.

The Manila Coffee Festival is a celebration of the arts and culture as well, with a 200-foot art hall. The MCF Art Hall will feature works from the Association of Coffee Artists of the Philippines and Kape, Sining at Kultura groups. Part of the proceeds from the coffee art exhibit will go for the benefit of local coffee farmers.

Throughout the festival will be held the MCF KTalk sessions where visitors can learn more about the current and emerging trends in the coffee industry, and inspiring stories shared by people who are shaping the coffee landscape.

If Single Origin Bar is the heart and soul of the event, the Double Shot Bar is its “spirit” — quite literally. The Double Shot Bar serves coffee-based cocktails created exclusively for the event.

Then there is the “MOVE” Pavilion and Eco Pavilion, a showcase for alternative modes of transport curated by the “MOVE” organization which is advocating for alternative mobility movement and lifestyle. “MOVE” will be featuring a wide array of bicycles and e-scooters in different styles, material, and other related products that go with it.

MCF2023 takes a mindful approach to its carbon-footprint and partners with Eco-Nest + Greenspace for its sustainability programs, activities, and services. The Eco Pavilion will also launch a variety of innovative sustainable products for both commercial and home use.

The Manila Coffee Festival will be held at the MGBX Convention Hall, Manila Marriott Hotel, Newport World Resorts, Pasay City.

Navigating the murky waters of data abuse

March 9, 2023 | 12:02 am

WHEN data abuse is discussed, people immediately think of data breaches or data leaks. While data privacy and data security are interrelated, the two are not the same. Data breaches are easier to identify, and during the pandemic, Interpol found a surge in cybercrime and data theft throughout the Southeast Asia region.

It is no surprise that findings from IDC note that Asia-Pacific’s spending on security-related products has been increasing year after year, and would reach $39 billion by 2025. Improving data security is always a good idea, but is merely scratching the surface of data privacy abuse, as the same tools to fight hacks cannot be applied for data privacy.

Fortunately, data privacy has gained greater attention recently with regulators and technology companies pushing the privacy agenda for end consumers. However, this is still insufficient. Data privacy adoption has been at differing rates in Southeast Asia, where some countries have already passed data privacy laws and other regional regulators are only establishing guidelines this year. This has engendered uncertainty, especially with businesses in the region in terms of best practices, compliance and government enforcement.

This gap in regulations has left the door open for companies to independently decide what is best for the business over the privacy needs of customers. In addition, this lack of clarity in data privacy compliance also stems from the region not reskilling and upskilling rapidly enough to meet the demands of data protection talent, according to AT Kearny.

PRIVACY IS TRUST
Data privacy is the governance of users’ personal identifiable information (PII), as well as its data collection, exchange, and transaction online. Secure handling of this data helps build consumer confidence in a brand or organization. Today, data on every visit, click or online activity are being captured, mined, and used by organizations, retailers, and technology vendors to deliver personalized campaigns to target consumers, this data is usually utilized by site owners for marketing purposes. Customers are increasingly aware of the potential for abuse of their data and are savvy enough to define their own privacy settings when browsing the web.

Taking it a step further, today, customers are already voting for privacy with their wallets by choosing to shop with businesses that value customer data privacy. With data transfers happening at lightning speed, customers need to be able to trust corporations with personal information including banking and geographical data. Erosion of that trust means having that customer walk out the digital door, never to return.

NOT EVERY BUSINESS UPHOLDS PRIVACY
The heart of the problem is the practice of businesses abusing the data collected from consumers. In Europe, the GDPR and ePrivacy Directive require the user to provide consent before businesses are allowed to use any cookies, a technology concept used by web browsers, except those related to website functionality. The same standard and regional protocol is not in place in Southeast Asia, with businesses lacking a comprehensive regional framework for the management of cookies, online visitor tracking, and handling of PII.

Today, having the ability to collect and leverage data means having an edge over the competition. This, however, makes handling personal data vulnerable to data privacy breaches, especially for businesses lacking knowledge of best security practices. While government bodies like the Monetary Authority of Singapore and Bank Negara Malaysia have set privacy rules for banks and financial institutions, the private sector needs to be better organized or risk losing the trust of customers permanently. With more businesses turning to SaaS vendors for business solutions, it is also important to ensure that your vendor values the privacy of your business data.

Enterprises should also prepare for a post-cookie digital world by adopting pro-consumer privacy policies and safeguard consumer data with privacy technologies. By championing customer privacy, businesses gain the trust and confidence of an increasingly digitally-savvy audience.

VENDOR CHAIN LEAKS CAN AFFECT YOUR PRIVACY POSTURE
With more businesses turning to SaaS vendors for business solutions, it is important to ensure that your vendor values the privacy of your business data. Businesses need to closely examine the privacy policy for all members in their chain of dependent services to ensure that they are compliant with any privacy pledges made to the end users. Data-handling aside, consequently, as it becomes common for businesses to turn to various vendors for their business application needs, it is an increasing risk that a leak or a breach may be with a third party provider. This is a risk that businesses have to be aware of and conduct regular reviews with service providers to ensure business and consumer data is appropriately safeguarded. This should be a rigorous part of the business process and not to be taken for granted.

KEEPING CUSTOMERS SAFE BY FIRST KEEPING EMPLOYEES SAFE
Apart from looking outside the organization, business owners should also consider prevention by keeping their own employees safe from data leaks. Security tools, login authentications, VPNs, appropriate business application usage patterns and encryption solutions can help enterprises protect customer data especially as companies increasingly manage distributed teams and embrace a hybrid work model. The use of clean rooms, differential privacy and encryption protocols will also take center stage as privacy becomes a bigger concern among consumers.

As ideas on consent and data privacy evolve and create a domino effect across Southeast Asia, businesses need to go beyond digital transformation to an ideological transformation in the way they treat customer data and how they use it for business. Challenges are always a welcome opportunity for enterprises to organize themselves and course correct through proactive policy making. They should ensure that efforts are made to safeguard user privacy continually, before the regulations come into force in the region.

Gibu Matthew is Zoho Corp.’s vice-president and general manager for Asia-Pacific.

S&P expects slower loan growth due to rate hikes

March 9, 2023 | 12:02 am

S&P GLOBAL RATINGS expects Philippine banks to post slower loan growth this year due to higher interest rates as the central bank continues to tighten its policy settings to bring down inflation.

The credit rater said in a report on Wednesday that it sees credit growth slowing to 7-9% this year after peaking at 12% in 2022 as yields are expected to rise, with the Bangko Sentral ng Pilipinas (BSP) likely to continue hiking rates due to elevated core inflation.

The full effect of last year’s rate hikes will also be felt this year, S&P added.

The BSP hiked benchmark interest rates by 50 basis points (bps) at its Feb. 16 meeting, bringing the key rate to 6%.

The move brought cumulative increases in borrowing costs since May 2022 to 400 bps.

headline inflation eased slightly to 8.6% in February from the 14-year high of 8.7% seen the prior month, data released on Tuesday showed.

However, core inflation picked up to 7.8% in February from 7.4% the previous month and 1.9% in the same month last year. This was the highest in more than 22 years or since the 8.2% recorded in December 2000.

For the first two months of the year, headline inflation averaged 8.6%. The BSP expects inflation to average 6.1% this year.

Slower economic growth due to higher inflation and interest rates will lead to decreased demand for credit, with consumer loans and asset quality seen to take a hit, the credit rater said.

“High inflation and rising interest rates will erode household savings, putting a strain on low-income households. Credit cards and unsecured personal loans could be most at risk,” it said.

“Past data indicate that banks’ ability to price up is suppressed by steep competition for loans to large conglomerates. Also, banks will likely take a pragmatic approach to interest resets to limit new NPLs (nonperforming loans),” S&P added.

It said higher interest rates could increase default risks for some leveraged and low-income borrowers.

“Large corporates should stay resilient due to their diversified business profiles and adequate liquidity. Loans to consumers and micro, small and midsize enterprises (MSMEs) are small in ticket size, limiting asset quality impact,” it said.

With asset quality deterioration seen to be manageable, S&P expects banks’ provisioning requirement to “stay contained.”

“Nonetheless, credit costs should stay slightly above pre-pandemic levels. Banks are likely to remain cautious amid rising interest rates and high inflation,” it said.

“Banks have adequate provisions, which will help them to weather the challenges ahead,” the credit rater added.

It said despite slower loan growth and asset quality risks, higher interest rates this year will support banks’ profitability, possibly widening net interest margins by about 20 bps.

“Credit costs will stay flattish, so banks’ return on average assets could improve further to 1.5% in 2023. Cost-to-income ratio should stay at 55%-56% as banks will continue to invest in digital capabilities,” S&P said.

Philippine banks also remain well-capitalized, which will help them absorb increased credit stress, it added. — AMCS

ACEN reclassifies 100 million of its shares from common to preferred

March 9, 2023 | 12:02 am

ACEN Corp. announced on Wednesday that its board of directors had approved the reclassification of 100 million unissued common shares.

In a regulatory filing, the Ayala-led energy company said its board had cleared an amendment to the company’s article of incorporation to reclassify 100 million unissued common shares at a par value of P1 per share into preferred shares.

ACEN’s board also approved the procurement of an additional P32 billion via credit facilities.

The company said its 2050 strategy and roadmap will include its net-zero greenhouse gas emissions target and an assessment of the potential emission activities.

“The establishment of near-term targets aligned with a science-based 1.5°C pathway across the core business units,” ACEN said.

ACEN’s board also approved the execution of an agreement with Axia Power Holdings Philippines Corp. regarding the planned participation of Ingrid Power Holdings, Inc. to provide ancillary services or reserve power to the National Grid Corp. of the Philippines.

ACEN said it would increase its land acquisition budget and the expansion of its use in Australia and Indonesia.

In February, ACEN announced that its unit ACEN Renewables International (ACRI) had fully acquired ACEN Australia.

ACEN Australia is the joint venture holding company of ACRI and UPC Renewables Asia Pacific Holdings Pte. Ltd. for ACEN’s energy projects and investments in Australia.

At the local bourse on Wednesday, shares in the company lost 18 centavos or 2.69% to end at P6.52 apiece. — Ashley Erika O. Jose

Dining In/Out (03/09/23)

March 9, 2023 | 12:02 am

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Tastings at Johnnie Walker Luxury Boutique in GB 3

WHISKY lovers can taste the depths of flavor of Johnnie Walker and other single malts and blends in its portfolio with the opening of the Johnnie Walker Luxury Boutique in Greenbelt 3 (GB3), Makati. The pop-up store showcases a selection of whiskies led by the flagship Johnnie Walker Blue Label. It offers an immersive whisky tasting experience and gifting and personalization services that shoppers can explore. Customers can book a whisky tasting session for themselves and their friends. This exclusive, 30-minute tasting with a whisky mentor is offered for P2,500 on a first come, first served basis and is limited to a maximum of three participants per session. Each participant will try Talisker, Mortlach, and Cardhu — malts which can, together with other malt and grain whiskies, make up Johnnie Walker Blue Label’s blend. Customers who purchase any bottle of whisky at the Luxury Boutique will enjoy complimentary gifting services. They can choose to have their bottles engraved with a message or the name of the recipient as well as personalize a custom leather bag tag with initials in gold lettering. These gifts are statement pieces to add to any personal bar cart or whisky collection at home. The Johnnie Walker Luxury Boutique is located at Greenbelt 3, across Starbucks Reserve. It is open from 11 a.m. to 10 p.m. daily until March 30.

Conrad Manila celebrates International Women’s Day

CONRAD Manila has announced its worldwide theme, “The Bold, Brave and Beautiful,” a celebration of women everywhere with their unwavering spirit and strength. The celebration will run from March 8 to 31 and will feature various activities that honor and uplift women, including special cocktails and spa packages. Ladies are invited to unwind at the end of the day with a sunset view and exclusive concoctions specially curated for women by the resident mixologist at C Lounge. With prices starting at P650++, guests can choose from two blends, “Be My Candy” made with Aperol, Prosecco, and cotton candy and “Darna” made with coconut jelly, coconut water, mango, hibiscus syrup, vodka, and rosemary infusion. All ladies will be treated to a complimentary welcome shot. The award-winning Conrad Spa is offering discounts on special wellness treatments for guests’ pampering and rejuvenation. Every spa purchase during the promo period comes with a complimentary one-hour personal training voucher from the Fitness Center worth P1,500. Hilton Honors Base and Silver members enjoy 10% discount on all promotions while Gold and Diamond members enjoy 25% discount. For reservations and inquiries, call 8833-9999 or e-mail conradmanila@conradhotels.com.

Mercato Centrale launching Tastemakers

AFTER the successful launch of its first physical restaurant, Mercato Centrale, the weekend night market in Bonifacio Global City will be launching Tastemakers in collaboration with Make it Makati on March 11-12. The Tastemakers event will be serving and showing its unique lineup of food merchants along Paseo De Roxas St. by the Ayala Triangle Gardens, closing the street to traffic on March 11 to 12, from 4 p.m. to midnight. Admission is free. For Tastemakers, Mercato Centrale has partnered with some of the Philippines’ best chefs including JP Anglo, Margarita Fores, Erwan Huessaff, Sau del Rosario, Chele Gonzalez, and Robby Goco. Among the vendor partners to look out for, ranging from frozen cheesecakes, gourmet ulam, artisan coffee and sandwiches, and New York style bagels are: Crave it!, Mang Cesars Angus Belly, Booya Bagels, Luna’s Corner, Moloko Cookies, Destileria Limtuaco & Co, Inc., Deli by Chele, WKND Coffee, Wadough’s, Muy Mexicantina, and Karabella.

Summer treats at City of Dreams Manila

IT IS OFFICIALLY summer, and City of Dreams Manila is ushering the season with dining offers from the integrated resort’s restaurants Haliya, Nobu Manila, Red Ginger, and Rossi Pizza. The promotions are exclusively available until end of March. At Nobu Manila, a seven-course seasonal dinner menu available for P8,871 net per person beckons. Currently drawing crowds is Nobu Manila’s Friday Chill-Out promotion, which highlights catchy DJ tracks, and 50% off a special menu consisting of selected new-style Japanese cuisine, drinks and spirits. The Friday night outdoor sundown session happens from 6-10 p.m. at the restaurant’s cabanas, patio, and bar until end of March. Over at Haliya, sisig takes centerstage this month, putting spotlight and elevating its flavors in three sizzling takes: Pampanga Sisig (P650++) is composed of homemade pork chicharon, chicken liver sauce, white onion, fried egg and local labuyo chili; Pusit Sisig (P1,250++), is a medley of squid, scrambled egg white, Spam, red and green chilis, squid ink sisig jus, and micro greens; and Surf and Turf Sisig (P2,600++), is a combination of quick-seared Black Tyde Ribeye , annatto sugpo (tiger prawn), poached egg, aligue (crab fat) chips, kalamansi aioli, and pickled red onion. Haliya is open Mondays to Fridays from 5-11 p.m. and from 11 a.m. every Saturday to Sunday. The Southeast Asian bistro Red Ginger is taking diners to Malaysia as it highlights the flavors of Ipoh, the capital city of the state of Perak, through its dishes of the month, which include: Hor Hee, a noodle soup combining glass noodles, fish ball, fish tofu, Tianjin cabbage, and chili soya; Dry Curry Mee, a medley of vermicelli, yellow noodles, dry chicken curry and fried wonton; Pork Belly with Salted Fish, a dish of consisting of Shaoxing wine-marinated pork belly with salted fish, okra, chili, spring onion and served with steamed jasmine rice; Wat Tan Hor or wok-tossed rice noodles, chicken thigh, squid, thick egg gravy, and pickled green chili; and Ipoh Caramel Egg Pudding for dessert. Red Ginger is open daily from 11 a.m. to 1 a.m. At Rossi Pizza, choices of Roman-style pizza, known for its scrocchiarella or light, crispy crust highlight it’s “Perfect Match” promotion. The package offers a set of an 8” solo pizza, Tagliatelle alla Moda di Cartoceto (ribbon pasta, Bolognese sauce, and basil pesto), and a glass of soda for P900++. Diners can choose from 10 signature Rossi favorites including Margherita, Diavola, Capricciosa, Vegana, Vinicio, Golosa, Prosciutto, Funghi, Quattro Formaggi, and Tonno e Cipolla. Rossi is open from 11 a.m. to 11 p.m. For inquiries and reservations call 8800-8080 or e-mail guestservices@cod-manila.com.

A cooking workshop at the Korean Cultural Center

THE KOREAN Cultural Center in the Philippines (KCC) will host a Korean Home Cooking with Sangkap Pinoy Workshop on March 16 and 17, 2 p.m. This workshop aims to show an easier way to cook Korean home dishes in the household using local ingredients. Each class is limited to only the first 16 applicants. Registration is ongoing until March 12, 11:59 p.m. Expect the confirmation of participation e-mail by March 13. The Korean Cultural Center is located at 59 Bayani Road, Fort Bonifacio, Taguig City. To join, register through this link: https://tinyurl.com/KoreanHomeCooking.

French chef headlines Vatel Restaurant reopening

VATEL Restaurant Manila, which serves an authentic French culinary experience at the roof deck of Hotel Benilde Maison de La Salle, welcomes French chef Pascal Peyramaure for its reopening. Mr. Peyramaure, who served as the Executive Chef of Vatel Lyon and Château de Castel Novel in France, flew in to the Philippines to oversee the relaunch. The French master will head the conceptualization of menus to elevate the offerings and selections of Vatel Restaurant Manila and the Benilde-exclusive Vatel Café. Mr. Peyramaure served as the Chef de Partie, Demi-Chef de Partie, and 1^st Commis de Cuisine of Hotel Crillon in Paris as well as Commis de Cuisine of Le Grant Hôtel, Les Pins du Vert Bois, and Saint Pardoux-la-Croisille. His passion for excellent food radiated in his stints as cook of Soph’ Motel in Saint-Pardoux-l’Ortigier and Les Airelles in Front-Romeu. As an industry expert-educator, he has conducted cooking demonstrations at Vatel Marrakech in Morocco and seminars on French gastronomy in dining destinations such as Russia, Malaysia and Japan. Vatel Restaurant Manila is now open to the general public on a reservation basis and as an events venue. Operated in partnership with the prestigious Institut Vatel in France, the restaurant offers a memorable gastronomic adventure with a scenic view of the Manila skyline. For more information about Vatel Restaurant Manila, visit https://www.facebook.com/vatelrestaurantmnl.

Pizza Hut’s meat-free Lenten offerings

TO HELP diners observe Lent, Pizza Hut is offering four new shrimp-based options, available for a limited time only. First is the new Shrimp Supreme Pan Pizza, made with garlic sauce, buttered shrimps, sliced mushrooms, and toasted garlic bits all resting on a bed of stretchy mozzarella cheese, at P399 for Regular and P599 for Large. This is available in Original Stuffed Crust, Ultimate Cheesy Bites, and Melty Cheese Crust. There are also two new pasta options, both cooked en papillote: the new Shrimp Arrabbiata Pasta which is made with ziti, cooked al dente and topped with tomato sauce, chili flakes, black olives, shrimps, parmesan cheese, and parsley (P239); and the new Shrimp A la King Spaghetti, which is made with spaghetti cooked al dente and topped with cream, red and green bell pepper, shrimps, butter, parmesan cheese, and parsley (P239). Finally, there is the new Shrimp Spring Roll Salad, which is made with cucumber, romaine lettuce, vermicelli noodles, and shrimps, all wrapped in rice paper, and which comes with sesame dressing. It is priced at P239 and is available for dine-in only. If the diner wants the new Shrimp Supreme Pizza to go with their Hot Deals set, all they have to do is upgrade their pizza flavor for an additional fee of P125. These four new offers are available at Pizza Hut branches for dine-in and — except for the Shrimp Spring Roll Salad — take-out and delivery (call the 8911-1111 hotline, log on to www.pizzahut.com.ph, or use the Pizza Hut mobile app).

Greenwich’s Overload Summer Bundle

GREENWICH is now offering its Overload Summer Bundle: for P699, get a 9” Hawaiian Overload Pizza, a 9” Cheeseburger Classic Pizza, a small pan of Lasagna Supreme, and Potato Waves with dip. Diners will get a free Overload Rewards Card with every purchase. This deal will be exclusively available on the Greenwich website, www.greenwichdelivery.com, from March 1 to 15 only.

Jollibee now serves Tuna Pie

JOLLIBEE is now serving a new snack — Tuna Pie. It has a rich and creamy tuna filling combined with a flakey and crispy signature crust, made fresh every time. Tuna Pie also comes in Spicy flavor, for those who prefer a hot snack. Tuna Pie is available nationwide for P49 in both Original and Spicy variants.

‘Summer sarap’ with Mang Inasal Extra Creamy Halo-Halo

MANG Inasal ushers in the summer season with its Extra Creamy Halo-Halo. Jumpstarting the “Summer Sarap” campaign is a TV commercial that features Mang Inasal brand ambassador Dimples Romana enjoying halo-halo while dancing to the tune of “Mas Macrema,” a twist to the 1990s hit song “Macarena.” The Extra Creamy Halo-Halo and Crema de Leche Halo-Halo start at P39, with the new eight-ounce add-on to complete their meals. Classic favorites Small and Regular Halo-Halo are also available for dessert and as snacks. All halo-halo sizes can be ordered for dine-in, takeout, and delivery.

Hershey launches Int’l Women’s Day limited packaging

IN CELEBRATION of International Women’s Day on March 8, The Hershey Company has launched its month-long #HerShe campaign through a unique packaging design celebrating “SHEroes,” additional support of its nonprofit partnership and a new global mentorship program designed to celebrate and empower women and girls around the world. The #HerSHE campaign will come to life in four countries across Southeast Asia: the Philippines, Thailand, Singapore, and Malaysia. The goal of #HerSHE is to make invisible women visible and the company will transform its iconic 40 grams Hershey’s milk chocolate bar wrapper, as well as that of other popular flavors, into a celebration of women, their accomplishments, and the impact they have made in their respective countries. Among these women are Meggie Ochoa from the Philippines, a SEA Games gold medalist in Jiu-Jitsu and founder of Fight to Protect; Nor Fadilah Mohamed Nizar of Malaysia, founder of social enterprise Johor Empowerment of Intellectual Women Association (JEIWA); Kawiporn Winichthaoprathom from Thailand, founder of Fairy House of Stray Animals which shelters over 2,000 strays; and Yeok Yong Ling from Singapore, chairperson of Beautiful People, a non-profit skill-based advocacy for teen girls. The campaign will also come to life through an online community with curated templates and personalized messaging that consumers can use to celebrate, recognize, share on social media, and honor the stories of Sheroes who have inspired them. To further extend women-forward storytelling, Hershey, as well as its regions including India, Mexico, Philippines, Thailand and Canada, are again partnering with Girl Up, a nonprofit committed to advancing girls’ skills, rights and opportunities to be leaders, to amplify the voices of girls and women who are making a difference around the world on digital and social platforms. In addition, The Hershey Company and Girl Up will launch a global mentorship cohort, pairing 10 young women with international leaders for ongoing personal and career development.

Sprite Lemon+ now in the PHL

Sprite, the lemon-lime drink of Coca-Cola Philippines, introduces Sprite Lemon+ (Lemon Plus) — its latest and zestiest product innovation to date. The newest variant has additional caffeine, vitamin B3, and an extra bite of zesty lemon flavor to help refresh people in moments of draining heat. “At Coca-Cola Philippines, we aspire to hear and deliver what Filipinos want and look for when it comes to their favorite drinks. Filipinos want that extra zesty lemon bite, the additional benefit of vitamin B3, the kick of caffeine, and the irresistibly refreshing flavor to keep them mentally alert and reinvigorated all in one drink… Thus, Sprite Lemon+ is born,” said Cesar Gangoso, Frontline Marketing Director – ASP East Cluster (PH, VN, KH), in a statement. Sprite Lemon Plus is now available in 320ml cans nationwide, 290ml PETs (Luzon except for Masbate), and 190ml PETs (Visayas, Mindanao, and Masbate) at supermarkets, hypermarkets, convenience stores, mini marts, Shopee, Lazada, GrabMart, and sari-sari stores.

Nvidia, AMD grapple with latest US curbs on China’s Inspur Group

March 9, 2023 | 12:01 am

NVIDIA CORP., Advanced Micro Devices Inc. (AMD) and other tech firms are scrambling to assess whether they must halt sales to units of China’s Inspur Group Ltd. after its addition to a US export blacklist last week.

The United States last week added Inspur to its trade blacklist for allegedly acquiring US-origin items in support of the China’s military modernization efforts. The listing means that companies cannot sell Inspur items like semiconductors, which are made with US tools, unless they apply for and get licenses, which are likely to be denied.

A US Department of Commerce spokesperson told Reuters on Tuesday that it “is reviewing Inspur Group Co. Ltd.’s Entity List entry and will update it as appropriate,” referring to the official name of the export blacklist.

Executives from AMD and Nvidia were questioned about dealings with Inspur Group Co. Ltd. at an investor conference on Monday. AMD said it was seeking clarification on the rules.

While not a household name, Inspur’s Chinese-listed subsidiary had nearly $10 billion in sales in 2021 and Inspur Group is the world’s third-largest supplier of the servers used in data centers that power cloud computing, according to market research firm IDC figures for the third quarter of 2022, the most recent available.

But chip industry insiders and their advisers said firms are trying to assess whether they must halt supplying Inspur’s subsidiaries, including Inspur Electronics Information Industry Co., which is not automatically subject to the restrictions.

US regulators could view unlicensed shipments to that subsidiary as a violation of last week’s listing if there is a risk of the goods going from the unlisted subsidiary to the listed parent.

Inspur Electronics Information Industry Co. has the same corporate address as the blacklisted parent company. The company on Monday proposed changing its address in a filing. The proposal, which shareholders will vote on later this month, did not specify a new address.

“Shipments to related entities constitute a ‘red flag’ due to the risk of diversion,” the Commerce department spokesperson said in a statement.

Inspur did not return a request for comment. Last week, an official from the Chinese Embassy in Washington told Reuters that China was “firmly opposed” to the placement of Inspur and 27 other companies on the trade blacklist.

A Chinese Foreign Ministry spokesperson last week also said the US was “once again cracking down on Chinese companies under false pretexts through unfair means.”

Dan Fisher-Owens, an export law attorney at Berliner Corcoran & Rowe who works with chip firms, said many of his clients have paused shipments to Inspur’s subsidiaries to assess the situation.

At an investor conference in San Francisco on Monday, Nvidia Chief Financial Officer Colette Kress said the company will “follow export controls very closely” but did not comment on whether Nvidia has stopped shipping to Inspur subsidiaries.

“We will probably be working with other partners,” Ms. Kress said. An Nvidia spokesperson declined to comment beyond her remarks.

An AMD spokesperson did not return a request for additional comment on AMD Chief Technology Officer Mark Papermaster’s remarks made at the same conference.

Inspur’s listing is even more restrictive than many other companies on the US Department of Commerce’s “entity list,” and may be comparable to the curbs placed on China’s blacklisted telecommunications company, Huawei Technologies, one person familiar with the matter said.

As with Huawei, the listing restricts the shipment of products to Inspur even if they are made in a foreign country but with US technology. Those products also cannot go to Inspur’s subsidiaries if the blacklisted corporate parent is considered a party to the transaction, under a broad definition of the term, the person said. — Reuters

Food Review: The scent of truffles

March 9, 2023 | 12:01 am

By Joseph L. Garcia, Reporter

WE never thought we’d see truffle-roasted chicken from a fast-casual brand, but here we are.

Last month, Kenny Rogers Roasters launched its Truffle Roasted Chicken, loaded with the promise of luxury from the strong-smelling and very expensive fungus. Delivery and transportation platform Grab partnered with the chain so the chicken could be brought to the home in splendor. According to a statement, if one orders an item from the Kenny Rogers Roasters’ Truffle Collection, the Grab rider will be dressed in gold, with a golden motorcycle.

When Kenny Rogers Roasters’ gave BusinessWorld a tasting earlier this month, sadly, we weren’t at home to witness the spectacle. The chicken, marinated in truffle extracts and drizzled with truffle oil, arrived in gold foil to drive the point home. It had the scent of truffle, yes; but it faded away quickly and the truffle taste had become a mere suggestion. The original taste from Kenny Rogers was very evident though, and it brought satisfaction still.

We would, however, recommend the Truffle Mac & Cheese (solo: P180; platter: P539). Perhaps the truffle oil clung better to cheese, because even if we served it cold and the pasta had gone mushy from staying in an insulated bag for a few hours, this had a richer truffle flavor and scent than the chicken itself.

The Truffle Roasted Chicken is available as combination meals. There’s the Truffle Roast Solo B plate (P300), with a quarter roast chicken, a choice of two side dishes, rice, and muffin; and the Truffle Roast Group Meal (P1,065) which includes a whole roast, four side dishes, four cups of rice, four muffins, and a 1.5 liter bottle of soda.

Frankly, we’d rather have the Chimichurri chicken back, which had been available on a limited-time promo. That recipe could stand up to those from more expensive restaurants, and at least according to a release earlier this year, that promotion helped farmers.

In January, Kenny Rogers Roasters initiated the Farmvocacy campaign where every purchase of its best-selling Chimichurri Solo Plate offers support to local farmers. A portion of sales from every Chimichurri Solo Plate purchased via dine-in, takeout, and delivery, was donated to select local farmer groups. These non-government organizations (NGOs) included Tabang sa Dunong in Bicol, Vizcaya Fresh from Nueva Vizcaya, and Mapalad Ka from Mindoro. “The proceeds will be used in operational and processing section or infrastructure in the farms to ensure sustainability, better yields and land cultivation,” said a statement.

Kenny Rogers Roasters’ menu offerings are available for dine-in, takeout, or delivery through www.kennyrogersdelivery.com.ph, 8-555-9000, or via Grab Food and Food Panda.

AboitizPower expects to maintain growth in 2023

March 9, 2023 | 12:01 am

ABOITIZ Power Corp. said on Wednesday that the company is optimistic about maintaining this year its previous year’s growth to support the country’s transition to cleaner energy.

“As we move into 2023, we must maintain and build on this momentum. This year, we are ready to ride the waves of transformation as we leverage digitalization and innovation to improve our operations further,” AboitizPower President and Chief Executive Officer Emmanuel V. Rubio said in a media release.

In 2022, the energy company of the Aboitiz group reported a core net income of P26.5 billion, 27.4% higher than the P20.8 billion posted a year earlier due to fresh contributions from its coal-fired plants.

Including one-off gains, the energy company registered a net income of P27.5 billion in 2022, higher by 32.2% than the P20.8 billion recorded a year earlier.

Mr. Rubio said that the energy company will reinvest its gains to drive the company’s growth and to balance its renewable and thermal energy portfolio by 2030.

AboitizPower is targeting to spend about P190 billion to expand its clean energy capacity to 4,600 megawatts (MW).

To date, AboitizPower has 1,000 MW or 1 gigawatt of clean energy projects in the pipeline.

“In today’s digital age, we are driven to maximize new technologies to enhance our services and business performance to ultimately provide enjoyable and exceptional customer experiences,” Mr. Rubio said.

AboitizPower said it plans to explore emerging technologies such as distributed energy resources, mobile energy storage, and microgrids.

At the stock exchange on Wednesday, shares in the company closed unchanged at P38 apiece. — Ashley Erika O. Jose

Natural disasters, climate issues to affect PHL banks

March 9, 2023 | 12:01 am

CLIMATE RISKS are expected to have long-lasting negative effects on the banking sector, especially in disaster-prone countries like the Philippines, the World Bank said.

“There is increasing global recognition that climate change, natural disasters and environmental issues can lead to risks for the financial sector,” the multilateral lender said in a policy research working paper.

It said severe natural disaster episodes can increase a banking system’s nonperforming loan (NPL) ratio by 0.37 percentage point one year after a disaster episode.

After two and three years involving multiple disasters, the increase will be at 0.56 to 0.6 percentage point, respectively.

“The relationship between severe climate and environmental related disasters and the level of systemwide NPL ratios is observed across multiple World Bank regions, including in East Asia and Pacific,” it added.

The World Bank said the Philippines is one of the most disaster-prone countries in the world as at least 60% of the country’s total land area and close to 74% of its population are exposed to multiple natural hazards, including typhoons, floods, storm surges, tsunamis, and landslides.

Typhoon damage led to a significant increase in NPL in the Philippines between 2011 and 2018, it said.

“We find that a one percentage point increase in the typhoon damage ratio, defined as the amount of damage divided by regional gross domestic product (GDP), could lead to an increase in the NPL ratio as large as 2.3%, an estimate larger in magnitude than these found for the cross-country sample,” it said.

“Following a typhoon, the combined effect of bank lending contraction and an increase in defaulting loans leads to an overall increase of the NPL ratio. This evidence suggests that typhoons have a destabilizing effect on the Philippine banking system,” it added.

The World Bank said disaster episodes can also affect banks’ margins, capital, credit to the private sector, and liquidity.

“We also find tentative evidence that severe climate and environmental related natural disaster episodes may be associated with several other key banking sector variables, such as net interest margin, capital adequacy, credit to the private sector and liquidity-to-deposit ratio,” it added.

Credit risk could also rise as disaster events affect borrowers’ ability to repay and service debt, the World Bank said.

“The loss of collateral or, in general, destruction of physical assets diminishes borrowers’ wealth, affecting banks’ ability to fully recover the value of a loan in case of bankruptcy. On the other hand, government intervention, the availability of insurance, financial support by banks or alternative funding sources can keep borrowers afloat, financing the recovery in the aftermath of a natural disaster,” it added.

“An important first step would be to collect information to track such risks, including filling any data gaps that may hinder a full understanding of such risks. Once information is in place, policy makers could consider a more detailed assessment of these risks, and specifically the various risk channels that may be at work,” it said.

It added that the banking sector should conduct stress tests to assess the impact of climate risks on lenders’ operations. — L.M.J.C. Jocson