Tech giant Meta accepts UK regulator’s order to sell Giphy after antitrust battle

October 20, 2022 | 12:02 am

LONDON — Britain’s competition regulator has ordered Facebook owner Meta to sell animated images platform Giphy on Tuesday after a tribunal upheld its view that the acquisition could damage its rivals and remove a potential competitor in advertising.

Meta said it would accept the Competition and Markets Authority’s (CMA) order to unwind the 2020 deal.

“We are disappointed by the CMA’s decision but accept today’s ruling as the final word on the matter,” a Meta spokesperson said in a statement. “We will work closely with the CMA on divesting Giphy.”

The ruling was the first time a regulator had forced a US tech giant to sell an already acquired company, and signaled a new determination to scrutinize digital deals.

Regulators around the world have been increasingly being proactive in reining in big companies.

US antitrust regulators had, earlier in October, filed a lawsuit against Meta’s acquisition of virtual reality (VR) content maker Within Unlimited, Inc., saying it would “tend to create a monopoly” in the market for VR-dedicated fitness apps.

The European Union has been at the forefront of this battle against tech giants, setting up landmark antitrust and privacy rules and doling out billions of dollars in fines to force changes in their business models.

The British regulator had blocked the Giphy deal, valued at a reported $400 million, in November 2021 on concerns that Meta could deny or limit competitors such as Snapchat and Twitter access to Giphy’s GIFs.

It was also worried about the loss of a potential competitor in display advertising, even though Giphy had no presence in the sector in Britain.

The CMA had noted that UK users look for one billion GIFs a month on Giphy, and 73% of the time they spend on social media was on Meta’s Facebook, Instagram and WhatsApp.

Meta appealed the ruling, but a tribunal upheld the CMA’s decision on five out of six grounds in June.

The CMA said it had considered new submissions from Meta and Giphy and additional evidence since the appeal, but had not changed its view.

“This deal would significantly reduce competition in two markets,” said Stuart McIntosh, chair of an independent inquiry group.

“It has already resulted in the removal of a potential challenger in the UK display ad market, while also giving Meta the ability to further increase its substantial market power in social media.”

“The only way this can be addressed is by the sale of Giphy,” he added. — Reuters

Yields on term deposits climb as market expects more hikes

October 20, 2022 | 12:02 am

YIELDS on the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) climbed on Wednesday following rate hike signals from the central bank chief.

Total bids for the BSP’s term deposits reached P276.096 billion, below the P280-billion offer as well as the P286.885 billion in tenders against a P310-billion offer recorded last week.

Broken down, the seven-day papers fetched bids amounting to P169.326 billion, higher than the P150-billion auctioned off by the BSP. This was also higher than the P154.362 billion in tenders logged in the previous auction for a P170-billion offering.

Banks asked for yields ranging from 4.58% to 4.8398%, a narrower margin compared to the 4.28% to 4.874% band seen a week ago. This caused the average rate of the one-week papers to rise by 9.74 basis points (bps) to 4.7093% from 4.6119%.

Meanwhile, demand for the 14-day term deposits amounted to just P106.770 billion, below the P130-billion offering. This was also lower than P132.523 billion in tenders for the P140-billion offer a week ago.

Accepted rates for the papers were from 4.48% to 5.2125%, higher than the 4.3% to 4.8445% range seen on Oct. 12. With this, the average rate of the two-week paper inched up by 11.19 bps to 4.7611% from 4.6492% in the previous week’s auction.

The central bank has not auctioned 28-day term deposits for more than a year 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 guide market rates.

Term deposit yields were higher as the central bank chief hinted at another rate increase at the Monetary Board’s Nov. 17 meeting, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

BSP Governor Felipe M. Medalla last week said the central bank will consider another big rate hike in their Nov. 17 policy meeting to support the peso and prevent its depreciation from further stoking inflation.

Mr. Medalla said they are looking at a 50-bp or 75-bp increase next month to help cool inflation and ease currency pressures stemming from a strong dollar amid the Federal Reserve’s hawkish stance.

The BSP has raised benchmark rates by 225 bps since May, while the Fed has hiked borrowing costs by 300 bps so far since March.

Philippine headline inflation was at 6.9% last month, up from 6.3% in August and 4.2% in the same month last year. It matched the 6.9% print in October 2018 and was the fastest since the 7.2% pace logged in February 2009.

The September print marked the sixth straight month that inflation breached the central bank’s 2-4% target for the year.

For the first nine months, headline inflation averaged 5.1%, faster than the 4% seen in the same period last year but below the BSP’s 5.6% forecast for 2022.

Meanwhile, the peso has significantly weakened against the dollar this year as the Fed normalizes its policy stance. On Wednesday, the local unit closed at P 58.945 a dollar, down by 19.5 centavos from the previous day and by 15.58% or P7.945 from its P51 close on Dec. 31, 2021. — Keisha B. Ta-asan

SEC warns public against BitDefiHub

October 20, 2022 | 12:02 am

THE Securities and Exchange Commission (SEC) advised the public not to invest in BitDefiHub Advertising as it is not registered with the regulator.

According to the SEC advisory, BitDefiHub entices the public to invest P300 to earn a 20% daily bonus for 10 days or 25% direct referral bonus.

To participate, investors should register on the BitDefiHub platform and they will be asked to deposit their cash investment via GCash. A registered investor will then be credited P50 as a “registration bonus.”

As illustrated in the advisory, a P300 investment could get a 10-day profit of P600 from a 20% daily bonus of P60, while a P3 million investment could get a P6 million 10-day profit from a 20% daily bonus of P600,000.

The SEC explained that the described scheme involves the offering and sale of securities, which the Securities Regulation Code requires to be duly registered with the commission.

“Per records of the commission, BitDefi Hub or BitDefiHub Advertising is not registered as a corporation or partnership and is not authorized to solicit investments from the public as it did not secure prior registration and or license to solicit investments from the commission,” the regulator said.

It was also found out that the company, although given a certificate of business name registration by the Department of Trade and Industry, is not registered as a crowdfunding intermediary under the SEC.

The commission warns that “strict penalties are imposed for violations of the Securities Regulation Code, the Revised Corporation Code of the Philippines and such other rules and regulations enforced by the commission.” — Justine Irish D. Tabile

Philippines falls in UN’s E-Government Development Index

October 20, 2022 | 12:02 am

The Philippines dropped 12 places to 89th out of 193 United Nations (UN) member states in the E-Government Development Index (EGDI) 2022 of the latest E-Government Survey, released biennially by the agency’s Department of Economic and Social Affairs. The index measures the readiness and capacity of national institutions to use information and communications technologies (ICTs) to deliver public services. With an index score of 0.6523 out of possible high score of 1, the Philippines beat the global average score of 0.6102 and performed slightly better than the 0.6493 Asian average. Among its counterparts in the region, it placed higher than Cambodia (127th), Myanmar (134th), Timor-Leste (147th), Laos (159th), and North Korea (180th).

Adoption of Web3 seen to boost jobs, investments in the Philippines

October 20, 2022 | 12:01 am

WIDER adoption of Web3 in the Philippines will boost employment opportunities, livelihood, firms’ innovation, and investments, industry leaders said last week.

“With the emergence of Web3 Gaming, thousands of guilds surfaced in the Philippines. Guilds are what we believe to be the next digitally native businesses of Web3 and the communities that will drive Web3 adoption. BlockchainSpace (BSPC) itself focuses on building guild infrastructure and tooling for Asset Management, Wallet Technology, Identity and Reputation Systems to legitimize and professionalize these guilds,” said Peter Ing, CEO and founder of BSPC, a data aggregator and tooling provider for Web3 Guilds, said at the “The Future is Web3” briefing held in Makati last week.

The briefing was held ahead of the Philippine Web3 Festival happening on Nov. 14-18.

BSPC Guild Hub General Manager Jen Bilango said the growing popularity of Web3 gaming has led to increased entrepreneurial opportunities in developing countries, which is evident in the rise of guilds in the Philippines.

Yield Guild Games (YGG) Co-Founder Gabby Dizon said the Philippines can be a significant contributor in Web3 innovation.

“With measures to bolster the Web3 community and innovations within the industry, we will witness more opportunities that will impact not only organizations but also the lives of every Filipino,” Mr. Dizon said.

The event included speakers from the Department of Information and Communications (DICT), Globe Telecom, Inc., MetaverseGo, UBX, Sky Mavis, Binance, Galeria Paloma, PH Startup Week, Real Deal Guild, and Metaverse Ventures Platforms, Inc.

Emmy Lou V. Delfin, director of DICT’ ICT Industry Development Bureau, said the agency continues to develop programs to explore and maximize the potential of new and emerging technologies.

Luis Buenaventura, YGG Pilipinas country manager, said growing Web3 gaming adoption has provided more career opportunities in gaming, content creation, and the arts.

Besides gaming, companies are also venturing into Web3 to help micro, small and medium enterprises traverse the metaverse.

Ash Mandhyan, CEO of MetaverseGo, said the community has various initiatives and services to help Filipinos navigate the metaverse, such as capacity-building, educational efforts, networking, and support in connecting them to proper channels and Web3 entities.

Binance Spokesperson for the Philippines Kenneth Stern said increase Web3 adoption in the country will make the Philippines an attractive investment destination for foreign companies will help boost the country’ economy.

Shift to polymer bills not expected to affect abaca sector significantly — BSP

October 20, 2022 | 12:01 am

THE ABACA INDUSTRY will continue to prosper even with the shift to polymer banknotes from paper bills amid growing demand for natural fibers in the global market, the Bangko Sentral ng Pilipinas (BSP) said on Wednesday.

The Philippine central bank also said polymer bills will help improve the quality of banknotes amid improving counterfeiting technology, even as a lawmaker and the abaca industry noted this type of bill may only add to plastic waste.

BSP Deputy Governor Mamerto E. Tangonan said during a briefing of the Senate Committee on Banks, Financial Institutions and Currencies that polymer banknotes are more difficult to counterfeit, cleaner, more environment-friendly, durable, and cost-effective compared with paper bills.

“In order to assess if the claimed benefits apply to Philippine conditions, the BSP with the approval of the President, embarked on a circulation test of the first polymer piso,” Mr. Tangonan said, adding that the central bank has developed an evaluation framework to be undertaken on 2024.

“The BSP simultaneously provided a comprehensive training and communication program for cash handlers of banks, cash in transit, and machine suppliers. At the end of the circulation test, the BSP aims to acquire significant stakeholder feedback, as larger volumes of 1000-piso notes circulate in the economy,” he said.

The BSP initially released the 1000-piso polymer banknotes to banks for circulation in April 2022.

Mr. Tangonan also said they are studying the impact of the shift to polymer bills on the abaca industry.

“The circulation tests of five hundred million pieces of 1000-piso polymer banknotes are estimated to affect 0.2-0.4% of abaca farming jobs, that is 210 to 481 jobs, and 0.1-0.2% of abaca export revenues, that is from P8.5 to P17 million,” he said.

“The estimates were based on the assumption that abaca suppliers have no alternative markets that is, it is a do-nothing scenario. However, the BSP fully recognizes the vast potential and growth opportunities given the large global demand.”

Mr. Tangonan said abaca farmers do not directly supply abaca to the central bank for production of cotton-abaca paper bills. Instead, they supply to processors and exporters that would sell abaca pulp to manufacturers of specialty paper abroad.

“The share of the estimated abaca content of the Philippine banknotes to total volume of abaca fiber production in 2020 is just around 2%. Meanwhile, the share of abaca content of our banknotes to abaca export earnings is less than 2% at its peak. That is, when the BSP had multi-year procurement,” he added.

“There are vast emerging opportunities to widen and diversify the client and product base… With the support of key government agencies, the abaca industry could position itself in the emergent green economy,” Mr. Tangonan said.

NON-BIODEGRADABLE
However, Senator Pia S. Cayetano said paper banknotes use natural materials, as opposed to the non-biodegradable polymer bills.

“When we look at the sustainability picture, we always have to take different factors into concern. It may in fact use less water, may have a smaller carbon footprint, but it will not biodegrade. It will still be there and it is a product we created and will stay there forever, as opposed to abaca and cotton,” Ms. Cayetano said.

The Fiber Industry Development Authority has said once polymer banknotes become unfit, they would need to be shredded before they are recycled and become microplastics.

Ms. Cayetano also said that the BSP should continue to look at how the shift would affect the abaca farmers.

“I noted how you expressed that there are other ways to help the farmers, that only a small percent [is involved]. I listen and am conscious of that. But the fact remains that there is an effect,” she added.

Aurora Peralta, executive director of the Association of Abaca Pulp Manufacturers, Inc., also said shifting to polymer notes will affect demand for abaca, noting the BSP uses 1,000 to 1,800 metric tons of abaca fiber, valued at $10.8 million, for the production of the local currency. — K.B. Ta-asan

Dining In/Out (10/20/22)

October 20, 2022 | 12:01 am

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Belmont celebrates 7 years with special buffet

OCTOBER is a special month for Belmont Hotel Manila as it marks its anniversary. The Megaworld Hotels & Resorts property in Newport City has been serving local and foreign travelers for the last seven years. This year’s anniversary theme is “Proud to Be Local” and it aims to emphasize the hotel’s pride in being a homegrown hotel brand providing authentic Filipino hospitality. For the anniversary, the hotel has rolled out the Taste of the Islands weekend buffet at Café Belmont. Every Friday and Saturday, guests can enjoy dinner buffets that feature hot dishes and delicacies inspired by the country’s regions. These main offerings are complemented with a lineup of live stations such as the Hot Pot, Pasta, Pizza and Dessert stations. Café Belmont is also offering a 6 +1 dinner buffet promotion for the anniversary. Every 7^th guest dining in a group will partake of the buffet for free. The dinner buffet is priced at P1,100 net per adult, while children ages six to 12 years old are 50% off. Those ages five and below dine free of charge. To make the buffet even more local, Café Belmont also released three P-Pop Coolers (Pinoy Pop Coolers): Melon Malamig, Coffee Jelly, and Sago at Gulaman. The al fresco rooftop lounge, Rooftop 11, is also celebrating the occasion with an “All White Friday Night” party on Oct. 28, 6 p.m. onwards. Guests are invited to come in white to enjoy unlimited cocktails and beers for P560 and savor tapas and pica pica. A guest DJ is also set to provide the music for the evening. Entrance to the party is free but advance table reservation is highly advised. For more information, call 5318-8888 or e-mail info@belmontmanila.com.

Century Park Hotel opens poolside bar

IN 2021, Century Park Hotel’s poolside outlet, Palm Grove Bar, was transformed into an Unlimited Samgyeopsal place in the heart of Manila. The picturesque setting continues to be a perfect backdrop for all those Tiktok, IG and FB-worthy posts. This year, the hotel is geared to elevate that experience with the Palm Grove Bar, open on Friday and Saturday nights (5-11 p.m.). A bang for the buck deal is its Buy 1, Take 1 offer on Frozen Fruity Margaritas, Frozen Sangrias, Heineken and Tiger beers during Happy Hour from 5-8 p.m. Then there is the bar chow: Wings & Dips (P495 net), Beef Salpicao (P445 net), or go for Pizza Flatbreads such as Margarita Flatbread (P395 net) or Formaggio Quattro (P395 net). Burgers are also available for big appetites starting from P395 net. Pair drinks with Pinoy favorites from the Street Food Treats menu and enjoy Kwek-kwek (P69 net), Chicken Tail (P89 net), Squid Balls (P139 net) or Pork Skin (P349 net) and a whole lot more. There are cocktails like Feeling Korean (P245 net), Banana Colada (P325 net), and Mojito (P355 net), and Pitcher Deals for as low as P249 net (Gnarly Dude!) to P499 net (Hard Lychee Soda). Beers can also be availed for as low as P195 net (Brew Kettle). The bar also serves Asahi, Heineken, and Tiger Beer Black and Crystal Light. “After the success of our Unlimited Samgyeopsal, we want to introduce to the market another refreshing poolside bar experience. Palm Grove has been steadily gaining momentum and on top of our Korean grill specialties, this area is an ideal place to unwind and simply have fun with friends and loved ones over drinks and lovely food,” said Anthony Tan, Century Park Hotel’s General Manager. For reservations at The Palm Grove Bar, call 0956-523-2880.

Crimson Boracay Gets Passionately Pink in October

OCTOBER is Breast Cancer Awareness Month and since 2017, Crimson has helped raise awareness regarding breast cancer through Passionately Pink, a joint initiative with the women’s health support group Stage Zero by Project Pink. Passionately Pink features a selection of staycation promos, dining offers, and special events in line with the theme of women’s resilience through better education and improved quality of life. This month, in commemoration of Passionately Pink’s sixth year, Crimson Resort and Spa Boracay is blushing pinker than any of the island paradise’s famed sunsets with its guest packages, limited-edition amenities, and activities. Enjoy a three-night stay at Crimson Boracay with staycation packages that start from P36,965 (the price includes a donation to Stage Zero by the Project Pink Support Group). Along with airport transfers and access to the Welcome Center upon arrival at Station Zero, guests can enjoy a daily breakfast for two, pampering services for two, as well as a roster of discounts for a variety of on-site dining and leisure experiences. Additional amenities will be enjoyed by those booked at one of the suites or villas. Guests will find macarons and bonbons in their room in a delicate shade of pink. There are Passionately Pink pastries and desserts at Saffron Café’s breakfast buffet. There are also refreshing cocktails at Station Zero like the Pink Lady, a rosy riff on the classic Gin ‘n’ Juice (a blend of Bombay Sapphire gin with grenadine syrup, lemon, and peach schnapps), the Jose Cuervo tequila-based Pink Sunset (with hints of pomegranate, guava, and lime), and Pink Paradise made with classic Stolichnaya vodka and mixed fruit juices, Monin cherry syrup, and a touch of Campari. Part of the proceeds from this month’s range of promotions will be donated to Stage Zero by Project Pink in support of their numerous initiatives for the welfare of cancer patients, survivors, and their families in their time of need.

Laguna’s Liberica, Benguet’s Arabica win at coffee tilt

TWO of the country’s coffees made history at the Global Coffee Championship held recently in Kintex, Korea. The Philippine’s Liberica and Arabica coffees took on some of the best coffees in the globe and captured Silver and Bronze at the Global Coffee Championship Signature Coffee Award: Latte and Signature Coffee Award: Brewer. Michael Harris Conlin, 2019 Philippine National Barista Champion represented the country in the competitions. Out of over 30 competitors per category, Sta. Maria, Laguna’s Liberica won the Silver award in Signature Coffee Award: Latte; while Balili, Benguet’s Arabica won the Bronze award in the Signature Coffee Award: Brewer. The coffee competition was judged by 12 world class coffee experts in a blind round of judging with the judges not knowing who the barista was. “When the opportunity came up to join a brewing and latte competition that is judged purely on sensory and blind with the judges not knowing who the barista was, I felt it was the best way to see how Philippine Arabica and Latte would fair against some of the best baristas and coffees from around the world,” said Mr. Conlin. Conlin’s Henry & Sons team worked closely with coffee farmers from the Juan Santiago Agriculture Cooperative (JSACOOP), an OTOPreneur from Santa Maria, Laguna, and the Dado family of Agnep @benguetarabica farm in processing and introducing the country’s Laguna Liberica and Benguet Arabica to the world. For more information, visit www.henryandsons and www.thevault.ph.

Kenny Rogers has new Smokehouse BBQ Roast & Ribs

KENNY Rogers Roasters is bringing an American-style barbeque holiday with its newest offerings, the Smokehouse BBQ Roast & Ribs. Their flavors are further amplified with three new sauces: Roasted Garlic, Applewood, and Alabama. The Smokehouse BBQ & Ribs comes in two forms: the Smokehouse BBQ Roast Chicken, which is marinated in a special blend of barbecue and spices for flavorfully tender meat and crisp, lightly seared skin; and the Smokehouse BBQ Ribs, with the signature fall-off-the-bone ribs made flavorful with chipotle and special spices. Customers can now order the Smokehouse BBQ Roast & Ribs with Kenny Rogers Roasters favorites: Each Solo B plate comes with the three new sauces, a choice of two slides, rice, and muffin. The Smokehouse BBQ Roast Solo B (P305) comes with a quarter roast chicken while the Smokehouse BBQ Ribs Solo B (P480) comes with a half-slab of ribs. The Group Meal also comes with the three new sauces, four side dishes, four cups of rice, four muffins, and 1.5 liters of soda. The Smokehouse BBQ Roast Group Meal comes with a whole roast chicken (P1,085) while Smokehouse BBQ Ribs Group Meal comes with four half-slab ribs (P1,760). These are available in all Kenny Rogers Roasters stores nationwide for dine-in, takeout, or delivery through www.kennyrogersdelivery.com.ph, hotline: 8-555-9000, or via Grab Food and Food Panda.

Mang Inasal offers a Family Fiesta

MANG Inasal introduces the all-new Mang Inasal Family Fiesta — a special bundled group meal composed of char-grilled favorites including Chicken Inasal, Pork BBQ, or Grilled Liempo that’s perfect for office parties, family reunions, and different gatherings this holiday season. Starting at P709, customers can choose from four different bundles: All-Chicken Inasal bundle with six pieces Chicken Paa and Java Rice Platter; the All-Pork bundle, complete with two pieces Grilled Liempo, eight pieces Pork BBQ, and Java Rice Platter; and the combos — the Chicken Inasal and Pork BBQ bundle, with three pieces Chicken Inasal Paa, six pieces Pork BBQ, and Java Rice Platter, and the Chicken Inasal and Grilled Liempo bundle, with four pieces Chicken Inasal Paa, two pieces Grilled Liempo, and Java Rice Platter. The Mang Inasal Family Fiesta is available for takeout or by ordering at http://manginasaldelivery.com.ph/. Diners can also place an order via the Mang Inasal Delivery app, or through other food delivery apps like GrabFood and foodpanda.

7-Eleven intros 4 Filipino meals by chef Claude Tayag

THE LATEST Chef Creations collaboration between convenience store chain 7-Eleven and chef Claude Tayag is a Pinoy feast with a new four-set line of single-serve, heat-to-eat packs. The new items under the Chef Creations x Linamnam line are Batchoy, Palabok, Sinampalukang Manok, and Bicol Express. For those craving a lighter bite, there is IloIlo’s famous pork and innards noodle dish Batchoy (P95) or Malabon’s famed noodle dish Palabok (P95) with shrimp sauce topped with cooked shrimp, chicharon, tinapa flakes, and hard-boiled egg. For a more filling set, there is Bataan’s Sinampalukang Manok (P115), their own take on chicken sinigang (sour soup) made with tamarind leaves and pulp, or spice it up with Bicol’s famous Bicol Express (P95) flavored with real chilies, coconut milk, and shrimp paste. Also part of the Chef Creations x Linamnam line is the traditional Filipino dish, Pork Sinigang sa Kamias (P105) made with real kamias and served with assorted vegetables that was launched previously. All variants of the Chef Creations are now available in select 7-Eleven Luzon stores.

Honeybon’s new Sugar-free Swiss Chocolate Cake

Despite being known for its decadent cakes and pastries, Honeybon aims to serve the best treats for everyone — even those who can’t have sugar. Just in time for the holiday season, Honeybon is launching the Sugar-free Swiss Chocolate Cake. Sweetened with a zero-calorie sugar substitute, the cake has layers of moist yet fluffy chocolate chiffon filled and covered with rich Swiss chocolate ganache made with sugar-free couverture chocolate. The new Sugar-free Swiss Chocolate Cake is available via www.honeybon.ph, at Honeybon stores at SM Megamall and Festival Mall Alabang, and select Tokyo Bubble Tea branches (The Fort Residences, BGC; Banawe, Quezon City; and Wilson, San Juan City) for P1,480 (whole) and P195 per slice.

Visum Ventures’ new executive pastry chef is Miko Aspiras

Award-winning pastry chef Miko Aspiras recently joined Visum Ventures as its new Executive Pastry Chef Partner, as announced by John-Michael “Mike” Hilton, the company’s President and CEO. Mr. Aspiras will curate desserts for all Visum brands, as well as introduce new concepts. Mr. Aspiras has had a stellar career, starting as a commis chef at the Shangri-la Manila, and subsequently working at the Raffles & Fairmont, Resorts World Manila, and executive pastry chef at Hilton Hotel Sydney and Ovolo Hotel Sydney. He has several awards and recognitions, including the 2011 Highest Gold Medal, Hongkong Food Exposition/Hongkong Culinary Classis; Highest Gold Medal, 2012 Philippine Culinary Cup; Gold Medal 2012 World Association of Chef’s Societies Congress; Gold Medal and Best of the Best Award, 2013 Hongkong Food Exposition; Highest Gold Medal 2013 Philippines Culinary Cup; among others. Some of his new dessert creations shared during a media night in September included his version of banana-Q, with langka, mousse with banana financier and mille feuille; Black Forest with Auro Dark Chocolate Mousse, with cherries and dark chocolate; Calamansi Cake with Auro White Chocolate Glaze; and Dumaguete passion fruit pastille. Visum Ventures, which was founded in 2019 just before the pandemic struck, bringing in Koomi, the natural drinking yoghurt from Australia, which now has over 100 branches nationwide; Oh My Greek and Zig in 2021, and Sante and Meraki in April 2022. Visum is also the exclusive distributor of T2 teas and Salt and Ice Bar (fresh oysters and craft cocktails).

Recognizing MSMEs can help economy, say company officials

October 20, 2022 | 12:01 am

OFFICIALS of private companies SM Investment Corp., Angkas, Aboitiz Equity Ventures, Inc., and San Miguel Corp. called for the government’s recognition of micro, small, and medium-sized enterprises (MSMEs) to help the economy.

“If we can help all of the MSME at this point with simpler government regulations then we can grow and the employment can be addressed,” SM Investments Vice Chairman Teresita T. Sy-Coson said on the first day of the 48th Philippine Business Conference and Expo on Wednesday.

She said that if the government could recognize that the country has many MSEs and MSMEs, and at the same time support them, “our economy will really grow and we’ll become a greater nation.”

“The first thing we need to do is really define what MSME means,” Angkas Chief Executive Officer George Royeca said.

“This is a hidden gem that we have yet to realize and we can harness that aside from the employment that our local industries generate,” he added.

Mr. Royeca said that recognizing MSMEs in a semi-formal economy and finding a way to regulate them is already a big step forward in helping them.

“The MSMEs have difficulty getting credit and getting recognized. And I think if you use more data analysis and if you use more of the technology that is available today and make it more inclusive [it will help MSMEs],” Aboitiz Equity Chief Financial Officer and Corporate Information Officer Manuel R. Lozano said.

“All conglomerates started smaller. Somebody took a risk on us, somebody took a risk on the family and that’s what made them grow. We need to be able to enable that again on a larger scale because we got hundreds of thousands if not billions of SMEs that are just waiting for good opportunity,” Mr. Lozano added.

Meanwhile, San Miguel Chief Finance Officer Raoul Eduardo C. Romulo said that improving the infrastructure could also help the MSMEs.

“If we don’t build the roads, the connective bridges, the airports and all the trains to move your goods to where they have to be sold, they won’t get anywhere. You can text all you want and have it delivered but how will it get there?” Mr. Romulo said. — Justine Irish D. Tabile

Philippines: Balance of payments

October 20, 2022 | 12:01 am

THE PHILIPPINES posted its largest monthly balance of payments (BoP) deficit in four years in September, the Bangko Sentral ng Pilipinas (BSP) said on Wednesday. Read the full story.

How PSEi member stocks performed — October 19, 2022

October 20, 2022 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Wednesday, October 19, 2022.

Bargain hunting continues to lift local stocks

October 19, 2022 | 9:00 pm

PHILIPPINE STOCKS extended their gains on Wednesday to track Wall Street’s rise and amid continued bargain hunting.

The bellwether Philippine Stock Exchange index (PSEi) rose by 19.67 points or 0.32% to close at 6,148.31 on Wednesday, while the broader all shares index went up by 13.11 points or 0.4% to 3,266.62.

“PSEi sustained its rally for the seventh consecutive day. We attribute this to the positive sentiment in the US market last night following the UK’s retraction of its proposed fiscal stimulus plan, which could lead to an uptick in global inflation if it pushes through,” AP Securities Inc. Equity Research Analyst Carlos Angelo O. Temporal said in a Viber message on Wednesday.

US stocks closed higher on Tuesday on improved corporate earnings. The Dow Jones Industrial Average rose 337.98 points or 1.12% to 30,523.8; the S&P 500 gained 42.04 points or 1.14% to 3,719.99; and the Nasdaq Composite added 96.60 points or 0.9% to end at 10,772.40.

Monday’s policy reversal from British finance minister Jeremy Hunt also continued to buoy investor sentiment.

Mr. Hunt on Monday thumbed down most parts of the proposed tax cuts announced by his predecessor, saying the measures would help the government raise around 32 billion pounds ($36.2 billion) a year.

Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message that last-minute bargain hunting and net foreign buying lifted the market despite being in the red for most of the day amid a lack of catalysts.

Net foreign buying stood at P119.99 million on Wednesday, down from the P752.76 million in net purchases recorded in the previous session.

“Philippine shares extended their stay in the green as bargain hunting continued ahead of the third-quarter earnings reports,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“Recession fears and aggressive central banks have dragged US markets to their lows, but the solid run to earnings season stateside may signal that the economy is currently on better footing than feared,” Mr. Limlingan added.

The majority of the sectoral indices closed higher on Wednesday. Services rose by 23.42 points or 1.49% to 1,586.95; industrials went up by 79.79 points or 0.91% to 8,834.38; holding firms gained 15.24 points or 0.25% to end at 5,907.06; and mining and oil climbed by 10.14 points or 0.09% to 10,763.22.

Meanwhile, property went down by 14.69 points or 0.54% to 2,691.58 and financials declined by 2.48 points or 0.16% to 1,541.53.

Value turnover dropped to P4.15 billion on Wednesday with 379.72 million shares changing hands from the P4.82 billion with 351.70 million issues traded on Tuesday.

Advancers outnumbered decliners, 94 versus 87, while 44 names closed unchanged.

AP Securities’ Mr. Temporal placed the PSEi’s support at 5,700 and resistance at 6,200. — A.E.O. Jose

Peso sinks vs dollar as country’s BoP deficit hits four-year high in Sept.

October 19, 2022 | 9:00 pm

THE PESO ended weaker versus the dollar on Wednesday as the country posted a four-year high balance of payments (BoP) deficit in September and amid hawkish signals from a US Federal Reserve official.

The local unit closed at P58.945 against the dollar on Wednesday, down by 19.5 centavos from P58.75 on Tuesday, data from the Bankers Association of the Philippines’ website showed.

The peso opened the session at P58.85 against the dollar. Its weakest showing was at P58.99, while its intraday best was at P58.8 versus the greenback.

Dollars exchanged went up to $654 million on Wednesday from $610.8 million on Tuesday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso weakened versus the dollar as latest data released by the Bangko Sentral ng Pilipinas (BSP) on Wednesday showed the country’s BoP gap stood at a four-year high last month.

The country posted a $2.3-billion BoP deficit in September, bigger than the $572-million deficit the prior month. This was also wider than the $412-million deficit seen in September 2021 and is the biggest since the $2.696-billion gap recorded in September 2018.

In the first nine months, the country’s BoP gap widened to $7.83 billion from the $665-million deficit posted in the same period in 2021.

The BSP expects the country’s BoP position to end the year at an $8.4-billion deficit equivalent to -2% of gross domestic product amid weaker global demand.

The peso also weakened after the hawkish comments from a Fed official, Mr. Ricafort added.

The Fed may need to push its benchmark policy rate above 4.75% if underlying inflation does not stop rising, Minneapolis Federal Reserve Bank President Neel Tushar Kashkari said on Tuesday.

The US central bank has raised borrowing costs by 300 basis points (bps) since March. The US federal funds rate is now at 3-3.25%.

Markets expect the Fed to fire off a fourth straight 75-bp increase in its Nov. 1-2 meeting as inflation remains high.

For Thursday, Mr. Ricafort gave a forecast range of P58.80 to P59 per dollar. — K.B. Ta-asan