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Asian Terminals to spend over P5 billion on upgrades this year

THE Asian Terminals, Inc. (ATI) on Wednesday said it will be spending more than P5 billion this year, lower than last year’s around P6 billion, for the continuous upgrade of its major port gateways.

The “planned investment for the year will support ongoing ports and logistics infrastructure projects across key sites in Manila, Batangas and Laguna as well as the acquisition of more modern and eco-friendly equipment in step with [the company’s] growth strategy and in line with its investment commitment with the port authority,” ATI said in an e-mailed statement.

“Part of this investment program is the continuing expansion of yard and berth facilities in Manila South Harbor to handle growing container volumes and bigger ships deployed by freight carriers,” it added.

The company is hoping to increase the international trade gateway’s annual throughput capacity to nearly 2 million TEUs (twenty-foot equivalent units) by 2024 from 1.4 million TEUs currently.

It said the first phase of the Batangas Passenger Terminal expansion will be operational by the second quarter of the year.

ATI’s 2021 income attributable to equity holders of the parent company declined 24.1% to P2.24 billion from P2.95 billion in 2020.

This is “due to volume-driven expenses, rising fuel prices, sustained coronavirus resiliency measures, and unfavorable foreign exchange rate impact,” it noted.

The company’s revenues for 2021 stood at P11.16 billion, up by 1.8% from P10.96 billion in 2020 “on account of higher container volumes.”

At the same time, ATI said it handled 1.3 million TEUs last year, 3.7% higher than 2020, with containers in Manila South Harbor and Batangas Container Terminal growing 3.9% and 3.8%, respectively. — Arjay L. Balinbin

It’s a golden era for sparkling wine

Here are 11 surprising bottles to try

By Elin McCoy

A DAILY glass of fizz sustained me during the darkest days of the pandemic. Like so many other wine lovers, I find there’s something about bubbles in wine that makes everything look a little brighter, a little more hopeful — no matter what dire things are happening in the world.

“Let’s face it. Bubbles awaken a pleasure center in your brain,” enthuses Zachary Sussman, author of the recently published Sparkling Wine for Modern Times, via phone.

Luckily, there are more high-quality choices than ever as winemakers around the globe rush to satisfy our thirst.  Sparkling wine has been on an upward sales trajectory for the past decade. It’s now the fastest-growing wine category among American consumers, up 22% for the year ending in July 2021, according to sales data from market research firm Nielsen IQ.

The old idea that sparkling wine is an expensive luxury drink best poured only on special occasions has, well, fizzled.

The bottles we’re popping go way beyond the ur-sparkler Champagne, though we’re drinking plenty of that, too.

Mr. Sussman’s book charts the ways winemakers are experimenting with unfamiliar grapes, new styles, and different production methods to put those dancing bubbles in the bottle. There’s a rebirth of traditions in remote locations (think France’s Savoie) that we’re just learning about. And climate change is creating potential in chilly places such as Japan, Nova Scotia, England, Vermont, and Wisconsin — though few of the wines are yet on US shelves. They will be.

Wine spots we don’t usually associate with sparkling wines, such as Hungary, Austria, and Brazil, have new fizz to share. Even in California, a surprising number of established wineries are dabbling, with one or two sparkling wine cuvées being added line-ups. More than 150 producers in Paso Robles, San Luis Obispo, Santa Barbara, and Santa Ynez counties make at least one example.

Champagne itself even includes a lot of new, exciting projects, such as the Marie Césaire label founded a few years ago by the first Black female Champagne producer.

The world of bubbles has now become so freewheeling and diverse that a sparkling version is on offer in whatever you want to drink: red, white, rosé, or orange.

You may be wondering what drives all this recent activity.

It all started 20 years ago when grower Champagnes (bottles crafted by small family producers cultivating grapes on their own land) made us realize that products from big, well-known brands weren’t the only ones from the region worth drinking.

Then came our embrace of drink-me-now, party-pleaser prosecco from northeast Italy. It’s made by a different method than Champagne — fermented in a tank and sugar and yeast added to cause a second fermentation that creates bubbles.

Prosecco taught us that fizz could be fun, inexpensive enough for a daily splash, and offering a casual appeal completely different from luxury Champagne. The region debuted official rosé versions in 2021 and is also pushing serious, high-end single-vineyard wines.

The natural wine movement introduced us to easy drinking, no-fuss petillant naturel, made by a simpler process referred to as ancestral. Once considered geek wines (they can appear cloudy), pet nats have recently become more mainstream. Partially fermented juice is bottled and sealed with a crown cap; fermentation finishes in the bottle, trapping the bubbles. Because this method doesn’t involve pricy equipment or storage for aging, even small wineries can experiment. This has inspired dozens of producers to offer new, delicious examples.

Until recently, California and Oregon’s sparkling wines came only from wineries dedicated to producing it, such as Schramsberg in Napa and Roederer Estate in Mendocino, both in California. What changed things was a handful of custom crush facilities, like Oregon’s Radiant Sparkling Wine, that offer small-scale winemakers the pricy specialized equipment and facilities required to make bubbly by the traditional Champagne method.

Think of all this as the liberation of sparkling wine. Now, with the global reopening of restaurants and wine bars, you can expect to see a wider variety of bubbles on their lists. I’ve listed some of my recent exciting discoveries below, but could have included dozens more.

Where does Mr. Sussman see the most exciting future for fizz? He has his eye on Central and Eastern Europe in such countries as Hungary and the Czech Republic.

11 EXCITING SPARKLING WINES FROM AROUND THE GLOBE

• NV Sidonio de Sousa Branco Brut Nature ($17)

Portugal has become the go-to spot for terrific bargains, and that includes sparkling wines. This zippy one is from the Bairrada region near the chilly northwest coast. The blend of three local white grapes has aromas of ripe pears and white flowers.

• Lubanzi Sparkling Rosé ($18)

This frothy, fruity, fun South African pale-pink fizz will remind you of a dry, crisp prosecco. It’s made from cinsault grapes. The winery is environmentally and socially conscious, a certified B corporation that is also part of One Percent for the Planet, whose members contribute at least 1% of annual sales to environmental causes. The wine comes in a can, too.

• 2020 Folias de Baco Uivo PET NAT Rosé ($23)

The young winemaker behind the label makes four pet nats in Portugal’s Douro region, land of vintage port. This one is 100% pinot noir. It’s light and lively but intense, with fresh, tart, red-fruit flavors.

• NV Bodkin Cuvee Agincourt Brut Sparkling Sauvignon Blanc ($25)

America’s first sparkling sauvignon blanc, made from Lake County grapes in California, is the brainchild of Black winemaker Christensen. First launched in 2012, it’s now more available. It’s light, dry, and aromatic, with a green-apple fruitiness — and made like a prosecco. Christensen is also putting the same wine in 250 ml cans for $8 each.

• 2020 Casa Belfi Naturalmente Frizzante Rosso ($25)

Savory and slightly herbaceous, with soothing, gentle bubbles, this bold-flavored sparkling red is the color of a Negroni. It’s from prosecco land but has some taste resemblance to a bone-dry, fruity Lambrusco. I’d never heard of the varietal — Raboso Veronese, whose taste reminds me a bit of cabernet franc.

• 2019 Heidi Schrock & Sohne Pinot Blanc Petillant Naturel, v. 2 ($26)

Schrock, with a long history at making wine in Austria, is crafting a new line of natural wines, Nostalgie Naturelle, with her sons. The second vintage of this orange-tinged sparkler, a re-creation of a wine Schrock’s great-grandfather made, is bright and citrusy with floral aromas.

• 2020 Carboniste Octopus Sparkling Wine Extra Brut ($28)

Dan and Jacqueline Person are making modern sparkling wines in California that don’t aim to be like Champagne. Their flagship, made from aromatic albariño grapes, has softer bubbles and tastes of passion fruit and fresh herbs, not toasty brioche. Serve, of course, with grilled octopus.

• 2020 Milan Nestarec Danger 380 Volts Pet Nat ($32)

Czech winemaker Milan Nestarec has been called the “enfant terrible” of the country’s leading natural wine group. This unusual mix of Mueller-thurgau, neuburger, and muscat grapes is citrusy and very tart, best for adventurous palates.

• 2018 Cruse Wine Co. Tradition Sparkling Wine ($45)

Michael Cruse is best known for his very expensive cult sparkler Ultramarine and for pet nats from grapes like valdiguie. This third version of his sunny, lemony, and toasty California-style fizz is his idea of an entry level cuvée made by the Champagne method. The blend of pinot noir and chardonnay has intense fruit aromas and delicious delicate berry and green apple flavors.

• NV Louis Roederer Champagne Brut Collection 242 ($45)

Famous Champagne houses don’t want to be left out when it comes to experiments. The maker of luxe favorite Cristal ditched its basic non-vintage wine, replacing it with a stunning multivintage blend — a definite step up. Silky textured and lacy, with lots of energy and complexity, it’s made a little like a sherry solara, with new wine added to a perpetual reserve every year.

• 2016 Radgonske Gorice Untouched by Light Methode Classique Brut ($290)

The first sparkling wine made in complete darkness, this Slovenian fizz is not just a gimmick: Research has found that exposure of bottled wines to fluorescent or ultraviolet light can cause lightstrike, which affects a sparkling wine’s aromas. This winery is taking no chances. The grapes are harvested on moonless nights and processed in the dark by workers wearing night vision goggles. The wine matures in dark caves and the wine comes in a black glass bottle. All-chardonnay, it’s gentle, creamy textured, and elegant. The only thing not to like is the price tag. — Bloomberg

Navy team captain Oranza silences doubters with thrilling Stage Six victory

NAVY STANDARD Insurance team captain Ronald Oranza — ERNIE PENAREDONDO

TARLAC CITY — When Ronald Oranza took over from predecessor Jan Paul Morales as new Navy Standard Insurance team captain, questions were raised if he could balance contending for the title and leading a team to another crown in the 11th LBC Ronda Pilipinas.

But after his tour-de-force Stage Six performance on Tuesday in Tagaytay, Mr. Oranza quashed whatever doubts were left and silenced the doubters.

“Coach (Reinhard Gorrantes) believed in me and that’s all I need to do whatever I need to do, as a teammate and a leader,” said Mr. Oranza, who wears the leader’s red LBC jersey in the 180.4-kilometer Lucena-Baler Stage Seven starting at 9 a.m. on Thursday in front of the provincial capitol.

Mr. Oranza bucked a busted rear tire and cramps to deliver a performance to remember in Stage Six that catapulted him straight to the overall lead in 18 hours, 46 minutes and four seconds.

The 2018 Ronda champion spent Wednesday’s break doing light training and hydration to rest his tired legs in preparation for the final four stages where the remaining 90 of the 104 riders tackle the ascents including the dreaded climb at Baguio’s back door from Bayombong, Nueva Vizcaya in penultimate Stage Nine on Saturday.

And the proud son of Villasis, Pangasinan knew leads could vanish with just one mistake in the mountains.

“Will do my best to protect the lead, but it’s going to be tough because the last few stages are toughest in Ronda this year,” he said.

Expected to hound Oranza like pack of wolves are Excellent Noodles’ Mr. Morales (18:46:46), Go for Gold’s Jonel Carcueva (18:49:01), Excellent Noodles’ Mervin Corpuz (18:50:51), Navy Standard Insurance’s Jeremy Lizardo (18:52:36), Excellent Noodles’ Mar Francis Sudario (18:55:01), Navy Standard Insurance’s Ronald Lomotos (18:55:04), Go for Gold’s Jericho Jay Lucero (18:55:10) and Daniel Ven Carino (18:56:21), and Navy Standard Insurance’s John Mark Camingao (18:56:45), who all crowd the top 10.

Mr. Oranza will also give it his best to retain the King of the Mountain race lead and help the Navy men remain atop the team race where they have an aggregate time of 53:41:57 ahead of Go for Gold (54:00:28) and Excellent Noodles (54:29:24).

This annual event stakes a P3.5-million cash pot including P1 million to the champion courtesy of LBC Express, Inc., MVP Sports Foundation, Quad X, Smart, Twin Cycle Gear, Standard Insurance, Print2Go, Elves Bicycles, Elitewheels, Orome, Maynilad, PhilHydro, Garmin, Petron, Boy Kanin, Green Planet Bikeshop, Prolite, Fujiwara, Black Mamba Energy Drink, Lightwater, LBC Foundation, PhilCycling, and the Games and Amusements Board.

Tax court grants SM Investments’ tax refund claim

THE Court of Tax Appeal (CTA) granted the tax refund claim of SM Investments Corp. of P296.2 million of unutilized creditable withholding tax (CWT) for the calendar year 2014.

In a 12-page resolution on March 11, the court’s third division ordered the Bureau of Internal Revenue (BIR) to refund or issue a tax credit certificate representing the company’s excess CWT for 2014.

The appellate court said that the CWT certificate issued by the commissioner of the Bureau of Internal Revenue contained the wrong taxpayer identification number (TIN) of the company and also contained erasures that were not properly countersigned.

The case was based on the company’s appeal to the tax court to reconsider its ruling in 2020 that partially granted P289.8 million of excess CWT.

“Petitioner has sufficiently proven its entitlement to the refund or issuance of a tax credit certificate, representing unutilized excess creditable withholding tax for 2014 in the modified amount of P296.2 million,” the court said in its ruling written by Associate Justice and CTA Third Division Chairperson Erlinda P. Uy.

The commissioner of the BIR, in an appeal for partial reconsideration, said that the company failed to “exhaust administrative remedies” before bringing the case to court in the division. The CTA rejected the appeal and said that the petitioner timely filed its judicial claim, as the country’s tax code provides the appeal to be filed within two years of the tax penalty.

“In this case, there is no showing that respondent ever acted on petitioner’s administrative claim for a refund from the time it was filed on Sept. 21, 2015, up to the filing of its judicial claim on April 7, 2017, when the two-year prescriptive period is about to end,” the court noted.

It reiterated that the company was correct to have elevated the claim for refund before the expiration of the two-year prescriptive period mandated by the tax code.

The court also disagreed with the respondent’s claim that the company’s failure to submit proof of remittances was fatal to the claim for refund.

“Further, it bears emphasis that the payee-refund claimant, such as petitioner in this case, need only prove the fat of withholding taxes, which is established by a copy of the withholding tax statement; and not its actual remittance to the BIR.” — John Victor D. Ordoñez

Judy Ann falls in love with a fridge as she endorses appliance brand

Judy Ann Santos-Agoncillo officially signs partnership with Beko Philippines

ACTRESS and restaurateur Judy Ann Santos-Agoncillo is the new face of Turkish appliances brand Beko in the Philippines.

Beyond her professional acting achievements though, one of the factors for Beko’s choice was Ms. Santos-Agoncillo’s domestic prowess. “We want someone who not only has amazing rapport and impact on the lives of Filipinos, but is also a hands-on and hardworking mother and wife to her family; who can surely represent our drive and purpose to inspire living a healthy and sustainable lifestyle,” said Gürhan Günal, Country Manager of Beko Pilipinas Corp. during a Zoom press conference last week.

Ms. Santos-Agoncillo is married to fellow actor Ryan Agoncillo, with whom she has three children. She has had a long showbiz career, appearing as one of the title characters in the 1990s soap opera Mara Clara. In 2019, she won Best Actress at the Cairo International Film Festival for the film Mindanao.

She also happens to have a huge following on her YouTube cooking channel (1.68 million subscribers as of the time of writing), and owns the Angrydobo restaurants (with two branches: on Taft Ave. in Manila, and Alabang).

Ms. Santos-Agoncillo showed her own brand of humor during the press conference. Appearing onsite to sign her contract with the appliance company while it was streamed on Zoom, she asked the Beko executives if she could answer questions in Tagalog — and proceeded to answer them in a mix of English and Filipino. Asked how she felt when she was approached to be the ambassador for the brand, she said, “With every new partnership that we enter, I would always ask twice: ‘Are they sure?,’ because there’s always a feeling like, ‘baka hindi totoo (Maybe it isn’t real)!’.

“I know that this brand would represent me personally, because it’s very sleek —  parang ako (like me). Naks!,” she joked.

At the same time, she raved about the appliances: “May Bluetooth connection iyong washing machine! How can you say no to that?”

She’s also enthusiastic about the refrigerators, one of which has a feature that claims to keep vegetables fresher longer due to a special lighting feature. “Ngayon lang ako uli nakakita ng ref na na-in-love ako (It’s the first time in a long time for me to fall in love with a ref),” she said. “Nakakaloka!” Turning to the Beko executives, she translated: “‘Nakakaloka’ is ‘crazy’… I’ll teach you!”

Her particular favorite feature of a Beko fridge, however, is its cosmetic box, for keeping face creams and such at the correct temperatures. “Pagbukas ko ng ref, maaalala mo maglagay ng cream sa mukha mo (When you open the ref, you’ll remember to apply cream on your face)!”

On a more serious note, however, she told media guests that she plans to use the brand’s air fryers and the ovens for her restaurants in order to save money. “We just have a small kitchen,” she said. “They have a lot of appliances that (have) inverter(s). We need that, especially when you have a business. You’re really trying to find ways on saving money.”

When asked how she keeps a tip-top shape, she said that she relies on the regular maintenance of kitchen equipment. “Taking care of kitchen equipment is like taking care of a child.”

Beko is currently available in All Home, Anson’s, Asian Home Appliance, Automatic Center, Fair N Square, Goldtech, Great World, HAT, Lazada, Manila Imperial, Robinson’s, Savers, Shopee, SM Appliance, and Western Appliance. —  JL Garcia

F2 debuts in style with win over Army

By John Bryan Ulanday

F2 LOGISTICS debuted in style with a 25-15, 25-18, 21-25, 25-22 win over Black Mamba Army in the Premier Volleyball League (PVL) Open Conference opener at the Paco Arena in Manila on Wednesday.

Kim Kianna Dy sizzled with 20 markers on 15 attacks, four blocks and an ace as the Cargo Movers announced their PVL arrival with a bang after sitting out the league’s inaugural season last year due to injuries.

Ara Galang chipped in 11 markers including F2’s first PVL point, Majoy Baron had 10 on two aces while skipper Aby Maraño added nine on three blocks to make it up for the temporary absence of Filipina-American ace Kalei Mau.

Ms. Mau is still finishing her pro league duties in the United States but the Cargo Movers had more than enough firepower to repel Army in one hour and 44 minutes for a 1-0 slate in Pool A.

“We all know that Army is a tough team. They’re an experienced squad so we anticipated a strong challenge. We needed to push ourselves harder to earn this gritty win,” said coach Benson Bocboc.

F2, which ruled the inaugural PNVF Champions League late last year as part of its PVL build-up, flaunted its championship pedigree and proven chemistry by running away in the first two sets before encountering an Army resistance.

Honey Royse Tubino and Mich Morente waged a fight for Army in a 25-21 steal of the third set before falling just short in the fourth, 22-25, as Mr. Dy delivered the killer blows for F2.

Mses. Tubino and Morente led Army with 18 and nine markers, respectively.

Meanwhile, multi-titled 2021 PVL runner-up Creamline opens its campaign against PLDT at 6 p.m. on Thursday after the 3 p.m. clash of reloaded squads Petro Gazz and Bali Pure.

Reigning champion Chery Tiggo, without Jaja Santiago for now, was to play Cignal HD last night to cap off PVL’s double-header opener.

Yields on term deposits rise as US inflation hits 40-year high

BW FILE PHOTO
YIELDS on the central bank’s term deposits went up on Wednesday as US inflation hit a 40-year high. — BW FILE PHOTO

YIELDS on the central bank’s term deposits inched higher on Wednesday as inflation in the US quickened further, strengthening the case for a rate hike by the Federal Reserve.

Demand for the term deposit facility (TDF)of the Bangko Sentral ng Pilipinas (BSP) reached P446.48 billion on Wednesday, higher than the P380-billion offer and also beating the P417.154 billion in bids seen a week earlier.

Broken down, the seven-day deposits fetched bids amounting to P185.754 billion, well above the P150-billion auctioned off by the BSP as well as the P161.403 billion seen last week.

Lenders asked for yields ranging from 1.7% to 2.1%, a narrower band than the 1.662% to 2.384% seen the previous week. This caused the average rate of the one-week paper to rise by 0.78 basis point (bp) to 1.9603% from 1.9525% previously.

Meanwhile, bids for the 14-day papers amounted to P260.726 billion, surpassing the P230-billion offering as well as the P255.751 billion in tenders a week ago.

Accepted rates were from 1.8% to 2.21%, narrower than the 1.706% to 2.384% range logged on March 9. With this, the average rate of the two-week term deposit increased by 2.54 bps to 2.0905% from 2.0651% in the prior auction.

The central bank has not offered 28-day term deposits for more than a year to give way to its weekly auction 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 auction reflect the normalization of market conditions following the issuance of retail Treasury bonds (RTBs) amid investor concerns over global developments. Nevertheless, TDF rates remain low, supported by ample liquidity in the financial system,” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement.

The government raised P457.8 billion through its offering of five-year RTBs that were offered until early this month.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort in a Viber message said the TDF fetched higher yields due to the four-decade high inflation in the US.

Reuters reported that the US consumer price index rose by 7.9% in February, mainly due to the faster increase in the prices of rent, food, and gasoline, based on data from the Labor department. This is the quickest pace since January 1982 and is nearly four times the 2% target by the US Federal Reserve.

Meanwhile, the US producer price index rose by 10% for the second straight month in February, data released on Wednesday showed.

The Federal Open Market Committee is meeting from Wednesday to Thursday and is expected to increase interest rates from near zero for the first time since the pandemic began in order to quell rising inflation. — Luz Wendy T. Noble with Reuters

BioPrime to set up nano-fertilizer production hubs

BIOPRIME Agri Industries, Inc. announced that it is planning to develop nano-fertilizer facilities in the Philippines to ramp up fertilizer production and expand to global markets.

“The production facility will have a targeted capacity of 48 tons per year, employing more than 100 Filipinos in this high-technology agri initiative. Our product provides an avenue for the Philippines to implement an effective balanced fertilization program and planned production volumes can supply more than 3 million hectares of rice lands targeted to produce at least 22.4 million metric tons (MT) of rice per year,” BioPrime Chairman Ben Mead said in a statement.

“Our vision is to see the Philippines again meet its domestic rice consumption requirements and in fact become the next exporter of rice to the world,” Mr. Mead added.

According to BioPrime, balanced fertilization is the use of conventional synthetic fertilizers together with other fertilization techniques such as organic or nano fertilizers.

“This approach has been shown to increase yields, improve soil health, reduce chemical use, and most importantly to improve farmer earnings. With synthetic fertilizer costs up almost 300% in recent times, balanced fertilization presents a solution for farmers to both save money and increase yields,” it added.

BioPrime said it is working out the details on production capacity, domestic and export capacity, Board of Investment initiatives and other government support.

“We have been able to show in repeated trials that a farmer can reduce their synthetic fertilizer use by up to 50% and still increase yield which produces a net saving on input costs and also improves their revenue,” Mr. Mead said.

The project aims to improve bioremediation and soil redemption, reduce the use pesticides, insecticides, and synthetic fertilizers, lower carbon emissions, and improve milling characteristics.

“We have been on the clinical and field demonstration trials for over two years working with the Philippine Rice Research Institute, farmer organizations, and agricultural colleges such as Isabela State University, among others, to establish the efficacy of our technology. The impact of the product is compelling and we felt it was critical to have independent professional trials overseen by PhilRice to demonstrate its value proposition for the Filipino farmers,” Mr. Mead said.

The project has been in the works for two years, in collaboration between BioPrime, the Department of Agriculture, and the Philippine Rice Research Institute.

BioPrime said it is also seeking to have a public listing in the Philippine Stock Exchange by 2024. — Luisa Maria Jacinta C. Jocson

Ancient sarcophagus found under Notre Dame cathedral in Paris

PHOTO FROM NOTREDAMECATHEDRALPARIS.COM/

PARIS —  Archaeologists have found an ancient lead sarcophagus under Notre-Dame cathedral along with fragments of a rood screen, offering a new insight into the history of the building which is currently under reconstruction after a devastating fire in 2019.

Notre-Dame, which dates back to the 12th century, commissioned the excavation works inside the cathedral as a precautionary measure before the installation of scaffolding needed to restore a 100-meter high wooden roof ridge.

“The floor of the transept crossing has revealed remains of remarkable scientific quality,” France’s Culture Minister Roselyne Bachelot said, adding that excavation works have been extended until March 25.

The excavation site lies under a stony layer that dates from the 18th century, but some lower levels go back as far as the 14th, and some even the early 13th century, the Culture Ministry said.

Christophe Besnier from France’s National Archaeological Institute said: “We were able to send a small camera inside which showed cloth remains, organic matter such as hair and plant remains.”

“The fact that these plants are still there indicates that the contents have been very well preserved.”

Archaeologists said the lead sarcophagus probably belonged to a high dignitary and said it could date back to the 14th century, which — if confirmed — would make it a spectacular find.

The excavation also revealed a pit immediately below the cathedral floor, which was likely to have been made around 1230, when Notre-Dame, one of the oldest examples of French Gothic, was under construction.

The Notre Dame fire shocked France, with tearful Parisians and stunned tourists watching in disbelief as the blaze sent the cathedral’s spire crashing down. — Reuters

Batang Pier’s Bolick leads race for Best Player of the Conference

ROBERT BOLICK — PBA IMAGES

NORTHPORT’S Robert Bolick took pole position in the race for the Best Player of the Conference (BPC) plum of the Season 46 Philippine Basketball Association (PBA) Governors’ Cup.

Mr. Bolick, who’s been on a tear since returning from an ACL injury in the last Philippine Cup, compiled 39.9 statistical points (SPs) to zoom ahead of the field at the conclusion of the elimination round.

The 26-year-old ace posted league-best averages of 21.8 points, 8.8 assists and 2.2 steals plus 7.1 rebounds en route to grabbing the pace against Phoenix’s Matthew Wright (34.9 SPs), TnT’s Mikey Williams (33.9 SPs), NLEX’s Kevin Alas (33.55 SPs) and veteran teammate Arwind Santos (33.50 SPs).

Rounding out the Top 10 were Barangay Ginebra’s Scottie Thompson (33.3), San Miguel Beer’s (SMB) June Mar Fajardo (32.5), Magnolia’s Paul Lee (30.9) and Mark Barroca (30.05), and NorthPort rookie Jamie Malonzo (29.8).

The exit of the Batang Pier from the playoffs, however, may hurt Mr. Bolick’s bid for his first BPC plum in the end.

Mr. Wright and the Fuel Masters clinched the eighth and last ticket to the quarterfinals at NorthPort’s expense while Mr. Williams, the Philippine Cup Finals MVP, and Mr. Alas enjoy twice-to-beat advantages in the Final-8 with the No. 3 Tropang Giga and No. 2 Road Warriors, respectively.

Meanwhile, SMB’s fancied reinforcement Shabazz Muhammad led NLEX’ KJ McDaniels and Magnolia’s Mike Harris in the Best Import stats derby.

Mr. Muhammad, whose 39-point, 19-rebound averages were league highs, normed 61 SPs in just three outings with the No. 5 Beermen. Mr. McDaniels posted 52.9 SPs in  steering NLEX to second seed while Mr. Harris had 52.4 SPs for top-ranked Magnolia. Mr. McDaniels had ended his stint and was replaced by Cameron Clark. — Olmin Leyba

Roxas Holdings cuts loss on better refinery operations

ROXAS Holdings, Inc. reported that it brought down its net loss to P939 million for its fiscal year 2021 from P2.36 billion in the previous year due to improved refinery operations and higher yields.

“This was achieved despite the problems besetting the local sugar industry and the prolonged La Niña phenomenon affecting most of crop year 2021, which have adversely impacted the yields of sugarcanes particularly in the Batangas area,” Roxas Holdings President and Chief Executive Officer Celso T. Dimarucut said in a virtual meeting on Wednesday.

“The dwindling cane supply and number of able-bodied farm workers that were already affecting the industry in the previous years, continue to persist as an issue for the industry,” he added.

Mr. Dimarucut said that the company’s sugar unit encountered difficulty in sourcing canes in the Batangas area, having lost market share over the years due to stiff competition.

To address this issue, he said the company re-trained its sights and focused on its capacity-building efforts for the sugar refinery.

“The Nasugbu refinery plant embarked on an effort to de-couple the mill and the refinery operations with the conversion of one of the refinery boilers to a multi-fuel fired boiler. This move would enable the refinery boiler to operate using alternative cheaper fuel sources and augment the dwindling supply of internally generated bagasse from the mill operations,” Mr. Dimarucut said.

He said the company’s goal is to increase production of refined sugar to five to seven million bags, once operations of the new equipment have stabilized. It was started in early 2021 and was completed in January 2022, in time for the peak of refinery operations for the next crop year.

Improved performance was driven by the “change in the strategic direction” of the ethanol unit, San Carlos Bioenergy, Inc. (SCBI).

SCBI has alternately been using sugar syrup from its milling operations or external molasses, as primary raw material, depending on supply and demand conditions.

“Our management, through the agri-business unit, has actively and successfully engaged the planters in San Carlos to source more canes, enabling SCBI to produce more fuel ethanol. This helped manage the cost of feedstock and fuel for SCBI, resulting in better feedstock margins and higher production volumes,” Mr. Dimarucut said.

Chairman Pedro O. Roxas said: “Roxas Holdings actively engages the Southern Luzon planters, in tandem with the Sugar Regulatory Administration and the University of the Philippines, and other stakeholders, to adopt programs to stifle the damage and the pernicious effects of some farming methods, such as the burning of canes, and produce more quality high-yielding variety of canes.”

Mr. Roxas said company was able to cushion the effects of last year’s challenges with its improved refinery operations, “due to combined factors of higher refining yields and lower fuel costs for the refinery, enabling us to reduce our losses.”

“Along with that, the ethanol business unit’s operations have seen marked improvements as it increased the use of sugar cane syrup while maintaining the flexibility to use molasses in the production of ethanol, as the opportunity arises. We have likewise started to reap the benefits of de-risking the business after completion of the South Negros asset sale and terming-out majority of its short-term loans in September 2021,” he added.

At the stock exchange, Roxas Holdings shares fell by P0.09 or 6.92% to P1.21 apiece. — Luisa Maria Jacinta C. Jocson

PNB net income rebounds in 2021

BW FILE PHOTO

PHILIPPINE NATIONAL Bank (PNB) booked a higher net profit last year, backed by gains from the sale of properties and higher fee earnings, which offset the decline in its interest income.

The Tan-led lender’s net earnings reached P31.69 billion in 2021, more than 12 times the P2.625 billion recorded in 2020, based on its audited financial statement filed with the local bourse on Wednesday.

This translated to a return on equity of 19.98%, up from 1.69% a year earlier. Return on assets also improved to 2.62% from 0.22%.

Net interest income for the year declined by 2.7% to P34.844 billion from P35.82 billion in 2020.

PNB’s interest income from loans and receivables decreased by 8.6% to P34.157 billion, while interest expenses went down by nearly a third to P7.557 billion.

On the other hand, net earnings from service fees and commissions increased by 42.9% to P5.288 billion from P3.701 billion.

Meanwhile, the bank’s foreign exchange gains dropped by 19% to P743.549 million, while trading and investment gains fell by 78% to P731.572 million.

PNB’s operating income climbed by 70% to P76.996 billion from P45.308 billion.

“The bank’s core operating income is complemented by a P33.4-billion gain from the properties-for-share swap completed during the year with PNB Holdings Corp. This is part of a series of transactions which aim to monetize the value of the bank’s low-earnings assets,” PNB said in a statement.

Meanwhile, operating expenses dropped by 12.81% to P39.025 billion from P44.759 billion. The decline was mainly due to its lower loan loss provisions, which went down by 23.7% to P12.879 billion in 2021.

Meanwhile, PNB’s loan portfolio inched up by 1% to P607 billion as of end-2021. Its total assets stood at P1.19 trillion.

“As part of its continuing strategy to trim down its nonperforming loans (NPLs), the bank sold certain NPLs in 2021 with gross carrying amounts prior to sale of P5.5 billion, resulting in gain on sale of P767 million,” the bank said.

Its gross NPL ratio stood at 10.07% as of end-2021.

On the funding side, the bank’s total deposits increased by 0.5% to P894.9 billion at the end of 2021.

PNB’s capital adequacy ratio was at 13.66%, while its common equity Tier 1 ratio stood at 12.96%. Both are above the minimum required by the central bank.

The lender’s shares closed at P19 apiece on Wednesday, up by 24 centavos or 1.28%. — Luz Wendy T. Noble

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