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Ayala Land and Make It Makati present In Bloom by Skye Nicolas at Ayala Triangle Gardens

In celebration of 10 Days of Art, Ayala Land and Make It Makati launched a digital installation at Ayala Triangle Gardens to make art accessible to more people. In Bloom by artist Skye Nicolas is an animated art projection that explores the proliferation and permeation of digitized memory in the post internet age. Created from remixed source material comprised of various stock images that combine an assortment of lush floral scenery, the installation transforms the green wall of Tower Two at the northern portion of Ayala Triangle every night into an intimate digital garden featuring floral patterns that move in a tranquil motion. In Bloom juxtaposes the organic properties of nature and manmade technology.

In photo are (from left to right) Mel Ignacio, senior estate head of Ayala Land Estates; Lisa Periquet, one of the founders of Art Fair Philippines; and Chrissy Roa, head of Marketing and Communications of Ayala Land Estates.

The digital projection was launched last Feb. 15 with Mel Ignacio, Senior Estate Head of Ayala Land Estates; Chrissy Roa, Head of Marketing and Communications of Ayala Land Estates; and Lisa Periquet, one of the founders of Art Fair Philippines, the premier platform that features the best in Philippine contemporary art.

In Bloom will be at the Ayala Triangle Gardens until Feb. 28 from 6pm to 10pm. Catch the other art exhibits around Makati in celebration of 10 Days of Art. Beast Watcher by Ronald Ventura will be at the open area of Ayala Museum until March 12 and the exhibit featuring the Cua Family Art Collection will be at the second floor of Samsung Performing Arts Theater until Feb. 27.

For more information, visit www.makeitmakati.com or follow @MakeItMakati on Facebook, Twitter and Instagram.

 

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RCEP may take effect as early as May

Trucks with container vans are stuck in traffic in Manila in this file photo. — PHILIPPINE STAR/MICHAEL VARCAS

By Revin Mikhael D. Ochave, Reporter

THE PHILIPPINES is hoping to attract more foreign investments and boost its exports once the Regional Comprehensive Economic Partnership (RCEP) trade deal takes effect as early as May, according to Trade department officials.

At the same time, top business groups cheered the Senate’s approval of the Philippines’ participation in the world’s largest trade deal which includes Australia, China, Japan, South Korea, New Zealand and members of the Association of Southeast Asian Nations (ASEAN).

“Next step is that we will have to deposit the instrument of ratification to the Secretary General of ASEAN. Sixty days after receipt of the instrument of ratification, the RCEP agreement will take effect in the Philippines,” Trade Assistant Secretary and RCEP Lead Negotiator Allan B. Gepty said at a virtual briefing on Wednesday.

Mr. Gepty said an executive order (EO) containing the schedule of the Philippines’ tariff commitments will be drafted, and submitted to President Ferdinand R. Marcos, Jr. for his signature. This EO will be used by the Bureau of Customs as the basis to implement the tariffs under the trade deal.

“We have to make sure that all of those are finished so that after the 60 days from receipt of the instrument of ratification, we are ready to fully implement the RCEP agreement,” he added.   

On Tuesday evening, the Senate voted to concur with the ratification of the mega-trade deal, over two years since it was signed in November 2020.

The RCEP was ratified by then-President Rodrigo R. Duterte in September 2021, but the previous Senate did not act on it due to concerns over the deal’s adverse impact on the agriculture sector.

“With the country’s participation in RCEP, the Philippines has now further strengthened its position as an ideal investment hub in the region as we expand market access, facilitate trade, and align our rules and procedures with participating economies,” National Economic and Development Authority Secretary Arsenio M. Balisacan said in a statement.

Trade Secretary Alfredo E. Pascual told reporters that he expects Philippine-based companies to be ready to avail of the export opportunities brought by RCEP.

“But more than that, investors that are eyeing the Philippines as a production hub will now be really implementing their intentions and their plans to set up manufacturing hubs in the Philippines and making their investments in our country,” Mr. Pascual said.

One immediate impact of the RCEP, Mr. Gepty said, is that local manufacturers will now be able to secure their raw materials and intermediate goods used for production from other participating countries at a more favorable tariff rate.   

“Then in their manufacturing activities here in the country, they can now export that at a preferential rate or treatment in these RCEP parties,” Mr. Gepty added.

Former Trade Secretary Ramon M. Lopez, who was part of the RCEP’s negotiations during the Duterte administration, told BusinessWorld that the free trade agreement (FTA) will help the country become “more globally competitive.”   

“It is unimaginable to think if we are not part of RCEP or if we delay further its ratification as it will give undue advantage to RCEP participating countries which have ratified earlier as they gain better market access to their exports than those coming from the Philippines, and this will even erode the market shares of our exportables in the RCEP countries,” Mr. Lopez said.     

GOOD FOR CONSUMERS
Ebb Hinchliffe, American Chamber of Commerce of the Philippines, Inc. executive director, said that the Philippines’ participation in RCEP will increase competition, which will benefit consumers through higher quality products and better prices.

“This is another positive move for the Philippines. While this doesn’t directly involve the US, it will benefit US companies exporting from the Philippines to Asia,” he told BusinessWorld via Viber message.

In a separate statement, the Joint Foreign Chambers said RCEP would expand the market access of Philippine exports.   

“It (RCEP) reinforces the decision of many of our members to invest in the Philippines and will attract more investment from our home countries,” it said.

The European Chamber of Commerce of the Philippines said in a separate statement that the RCEP’s ratification “sends a positive message that the Philippines upholds and values a rules-based trading system.”

“When implemented, it will enhance competition policy, intellectual property rights, investment, technical cooperation, public procurement, among others,” the ECCP said.

Chris Nelson, British Chamber of Commerce Philippines executive director, said via mobile phone that he expects to see an increase in trade and investment after the RCEP takes effect in the country.

“We want to bring companies to the Philippines, not just because the country is an important market in its own right, but as a gateway to Southeast Asia. The ratification of RCEP is a further support to that and I strongly believe that it would be a great help to the economy,” Mr. Nelson said.    

Benedicta Du-Baladad, Management Association of the Philippines president, said in a separate statement that the FTA will also help the country’s micro, small, and medium enterprises (MSMEs) to expand their market access and secure cheaper sources of raw materials.   

“The ratification will enable the Philippines to compete on equal footing with our ASEAN and Asian partners already in RCEP in attracting foreign investments as they capitalize on the shift by a number of multinational corporations (MNCs) to seek alternative locations for their manufacturing sites,” she said.

George T. Barcelon, Philippine Chamber of Commerce and Industry president, said RCEP will translate to more exports and create more jobs.

“This is an opportunity for us, for some of these countries, to invest in us for their manufacturing facilities… This will encourage more people to look at the Philippines and set up their manufacturing here. It would be a win-win for us,” Mr. Barcelon said in a Viber interview.   

MORE TRADE DEALS?
Meanwhile, Trade Justice Pilipinas said the Philippines’ participation in the mega-trade deal may push the Marcos government to pursue more liberal economic partnerships that could further weaken the local agriculture sector and other domestic industries.

“We fear that RCEP will pave the way for a more aggressive push by the Marcos government for more ambitious and comprehensive trade and investment deals,” the coalition said in a statement on Wednesday.

The coalition noted that Manila is already pushing for an FTA with the United States, and European Union as well as the Indo Pacific Economic Framework (IPEF).

“For the agriculture sector, liberalization has not delivered the benefits and instead has caused more harm than good… The government’s solution has so far been business-as-usual, including further liberalization by entering into trade agreements such as RCEP,” Trade Justice Pilipinas said.

The Pambansang Lakas ng Kilusang Mamalakaya ng Pilipinas (PAMALAKAYA) also warned the Philippines’ participation in RCEP may lead to a flood of cheap agricultural imports that will hurt farmers and fisherfolk.

“This will threaten our local industry that has been neglected of significant government support, and which will be outcompeted by imports,” PAMALAKAYA National Chairperson Fernando L. Hicap said in a statement.

Mr. Hicap also warned that Chinese investors may intensify conversion projects in fishing grounds and coastal areas as a result of RCEP.

The Federation of Free Farmers (FFF) expressed disappointment with the Senate’s approval of the RCEP, despite warnings that many sectors, including agriculture, are not prepared for the challenges brought by the mega-trade deal.

“But if (RCEP) does not (work out), we will hold the Senators accountable for their decision. They cannot just pass on the blame to the Executive Department, which they themselves acknowledged has had a long track record of broken pledges and poorly implemented programs,” Raul Q. Montemayor, chairman of the Federation of Free Farmers, said in a statement.

The Meat Importers and Trade Association (MITA), on the other hand, welcomed the Philippines’ participation in RCEP.

“The Philippines should quickly move towards integration with our regional economies,” said MITA President Jesus C. Cham to BusinessWorld in a Viber message.

Department of Agriculture (DA) Assistant Secretary for Consumer Affairs and Spokesperson Kristine Y. Evangelista said the government will strengthen its programs to boost the capacity of farmers and fisherfolks. — with inputs from K.A.T.Atienza and S.Talavera

Marcos orders abolition of tax credit center

PRESIDENT Ferdinand “Bongbong” R. Marcos Jr. — PHILIPPINE STAR/KRIZ JOHN ROSALES

PRESIDENT Ferdinand R. Marcos, Jr. has ordered the abolition of a one-stop shop center that simplified the processing of tax credits, upon the recommendation of Finance Secretary Benjamin E. Diokno who claimed it was “plagued by corruption allegations.”

The functions of the One-Stop-Shop Inter-Agency Tax Credit and Duty Drawback Center (OSS Center), such as processing and issuing tax clearance certificates and duty drawbacks, will be transferred to the Bureau of Internal Revenue (BIR) and Bureau of Customs (BoC), according to Administrative Order No. 4, which was signed by Executive Secretary Lucas P. Bersamin on Feb. 20 and released on Wednesday.

Other assets and liabilities of the OSS Center will be transferred to the Department of Finance (DoF).

The center was created through an administrative order signed by the late president Corazon C. Aquino in 1992. It was formed to expedite the processing of tax credits and duty drawbacks under various laws.

“The operations of the OSS Center, which had been plagued by corruption allegations over the years and had been defunct since 2016, is now rightfully under the BIR and the BoC. This will streamline revenue operations and reduce administrative expenses,” Mr. Diokno said in a DoF statement.

A separate Palace statement quoted Mr. Diokno as saying some officials and employees of the OSS Center “have been found to have committed a series of several tax credit scams involving billions of pesos over the years.”

“Its abolition and transfer of functions under the BIR and the BoC are in line with the Marcos Jr. administration’s push to rightsize government. This will streamline revenue operations and reduce administrative expenses,” the DoF chief was quoted as saying.

Mr. Diokno also said the OSS Center had not processed and issued any tax credit certificates since 2016. “It is not practical for the government to provide for its budget every year since it does not perform its functions anymore,” he added.

According to the order, the center’s personnel that would be affected by the move will “receive separation benefits… unless they are appointed to other positions in the government.” 

“[It] is the policy of the National Government to rationalize the functional structures of agencies with complementary mandates and promote coordination efficiency and organization coherence in the bureaucracy,” the order read.

Within 90 working days upon the order’s effectivity, the Finance Secretary “shall fully implement the abolition, including the disposition and transfer of the OSS Center’s functions, personnel and assets as may be necessary.”

Mr. Diokno last year recommended to the President the abolition of the OSS Center “for institutional strengthening, to promote economy, efficiency, and effectiveness in the delivery of public services.”

In 2021, the DoF said the Commission on Audit (CoA) had rejected total of P3 billion in tax credits granted to textile companies from 2008 to 2014. The CoA had found that the OSS Center issued illegal certificates to either ghost exporters or real companies that were not in the export trade.

Tax credit certificates are usually given to exporters registered with the Board of Investments. With these certificates, exporters can get refunds on raw materials taxes they paid by offsetting the tax credits against other taxes due.

However, some companies that illegally obtained tax credit certificates sold them to other companies at a discount, allowing the latter firms to reduce their own tax liabilities. — Kyle Aristophere T. Atienza

NG sets P200-B domestic borrowing plan for March

BW FILE PHOTO

THE NATIONAL GOVERNMENT (NG) plans to borrow P200 billion from the domestic market in March, the Bureau of the Treasury (BTr) said on Wednesday.

For March, the BTr plans to raise P75 billion from the issuance of Treasury bills (T-bills) and P125 billion from Treasury bonds (T-bonds).

The short-dated T-bills will be offered at P5 billion each with benchmark tenors of 91, 182, and 364 days. Auctions will be held on Feb. 27, March 6, 13, 20, and 27.

For the long-term securities, the Treasury is looking to raise P25 billion from six-year T-bonds on Feb. 28, and P25 billion from 10-year T-bonds on March 7.

It also plans to generate P25 billion from the offer of 13-year instruments on March 14; P25 billion from 20-year bonds on March 21; and P25 billion from seven-year papers on March 28.

“The National Government’s borrowing program of P200 billion for the month of March 2023 is the same as the target for February 2023,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

However, the February borrowing plan was reduced to P130 billion from the original P200 billion after the government launched a retail Treasury bond (RTB) offer and canceled two auctions worth P35 billion each.

This month, the government raised P127.65 billion from domestic borrowings.

“The BTr is still in ‘good shape’ following the recent RTB offering,” a trader said in a Viber message.

Earlier this month, the government raised P283.711 billion from its offering of five-and-a-half-year RTBs. Of this total, the government raised P31.671 billion from the bond exchange offer program.

The bonds carry a coupon rate of 6.125% and are set to mature on Aug. 22, 2028.

However, the trader noted that the planned borrowing is still higher than expected maturities for March, and the current policy rate is still higher than those for the shorter tenors. 

“[The] BSP (Bangko Sentral ng Pilipinas’) policy rate is at 6% while [the] 5-year bonds and shorter are either at par or even lower than the policy rate,” the trader added.

The central bank raised the key interest rate by 50 basis points (bps) last week to a near 16-year high of 6%. The rates on the overnight deposit and lending facilities were also increased to 5.5% and 6.5% respectively.

The BSP has now raised borrowing costs by 400 bps since May 2022 to curb red-hot inflation.

“So rates at these auctions may warrant higher rates than current levels,” the trader said.

Meanwhile, Mr. Ricafort said the downward trend in long-term local rates since November could be favorable for the T-bond auctions.

“The upcoming $3-billion five-year retail bonds denominated in US dollars and/or euros in the latter part of first quarter 2023 or early second-quarter 2023 could become a consideration as well,” he added.   

Last month, National Treasurer Rosalia V. de Leon said the government is planning to launch a retail dollar bond offering.

For this year, the National Government’s gross domestic borrowing program is set at P1.654 trillion, composed of P54.1 billion in T-bills and P1.6 trillion in fixed-rate T-bonds.

The government borrows from domestic and external sources to finance its budget deficit, which is capped at P1.47 trillion or 6.1% of gross domestic product this year. — Aaron Michael C. Sy

PHL economy seen to expand by 4.1% this year

Buckets of fish are sold at the Navotas fish port in this file photo. — PHILIPPINE STAR/MICHAEL VARCAS

PHILIPPINE ECONOMIC GROWTH is expected to slow to 4.1% this year, as external headwinds and elevated inflation are seen to dampen domestic demand, Oxford Economics said.

“After registering respectable growth of 7.6% in 2022, we expect the Philippines’ economy to slow to 4.1% amid global headwinds, elevated inflation, and a fading reopening boost. With monetary tightening set to continue, the economy could use a hand from the fiscal side, but chances are slim,” Makoto Tsuchiya, assistant economist at Oxford Economics, said in a research note released on Wednesday. 

Oxford Economics’ gross domestic product (GDP) projection is well below the government’s 6-7% target.

It expects GDP to expand by 4.5% next year, still outside the 6.5-8% target set by the government.

“We expect GDP growth to slow materially amid softer external demand as the global economy enters a recession, led by weakness in major advanced economies. We don’t think China’s reopening will be enough to offset this weakness, with the recovery in private consumption there likely to be lackluster,” Mr. Tsuchiya said.

There is a widely anticipated global recession this year, with the World Bank projecting global growth to slow to 1.7%.

Rising inflation is also seen to “substantially” slow the Philippine economy, Mr. Tsuchiya said.

In January, inflation soared to a 14-year high of 8.7%, marking the 10th consecutive month inflation was above the Bangko Sentral ng Pilipinas’ (BSP) 2-4% target range. 

The central bank also raised its average inflation forecast to 6.1% this year from 4.5% previously.

Oxford Economics said that the BSP will continue to hike rates to tame inflation and keep in step with the US Federal Reserve.

“Elevated inflation means policy makers will not be able to react by lowering interest rates. Indeed, we expect tightening to continue for at least the next two meetings, albeit at a slower pace — in contrast to other Asian central banks who can afford to pause,” Mr. Tsuchiya said.

Oxford Economics also cited the lack of policy support as a factor contributing to slower growth this year.

“We think significant support is unlikely given limited policy space on both the monetary and fiscal front. Ideally, fiscal policy would take over the burden of supporting growth. But debt accumulated during the pandemic era means the focus is instead on fiscal consolidation,” Mr. Tsuchiya said, noting that the Philippine government may adopt a more restrained approach in spending. 

Oxford Economics expects the budget deficit will reach 2.7% of GDP by 2028, better than the 3% projection given by the Development Budget Coordination Committee (DBCC).

The government projects the fiscal deficit to hit 6.9% of GDP or around P1.5 trillion this year. In the 11 months to November, the budget deficit shrank by 7.2% to P1.24 trillion.

However, Oxford Economics said the debt-to-GDP ratio may remain elevated at 61.1% by 2025. This is higher than the 60% target set by the government in the same period.

The country ended last year with a debt stock at 60.9%, better than the 63.7% seen in end-September but still above the 60% threshold considered manageable by multilateral lenders for developing economies.

“If economic growth turns out to be stronger than we expect, then government revenue would likely be higher, allowing higher government spending. This would in turn lift the economic outlook further, without necessarily worsening the fiscal balance. However, the government will need to be mindful of keeping public debt levels under control,” Mr. Tsuchiya said. — Luisa Maria Jacinta C. Jocson

AgriNurture invests P2.6 billion in corn farming

ANTONIO L. TIU’S AgriNurture, Inc. (ANI) will be developing a P2.6-billion corn plantation in Davao del Sur to mark its foray into the corn industry, which he expects to double the listed company’s revenues.

In a briefing on Wednesday, he told reporters that the project will be funded by state-led Development Bank of the Philippines through a P2-billion long-term loan along with the company’s 30% equity worth P600 million.

“This corn project of ANI, under the support of DBP, is going to be a game changer for the local industry,” said Mr. Tiu, the company’s president and chief executive officer.

“I think this will more than double the top line. In 2021, our top line is about P5 billion. In 2023, I think we will have more than double,” he added.

The company will be using a 20,000-hectare lot in Bansalan, Davao del Sur from which it expects to harvest around 200,000 to 300,000 metric tons of corn annually.

“We will be using hybrid corn seeds and we’ll be using modern technology so we can produce about 10 to 15 metric tons per hectare per year or a total of 200,000 to 300,000 tons of corn per year,” Mr. Tiu said.

Asked about why the company chose Bansalan, he said “We wanted to start doing them in an area where there are higher chances of success.”

“But we still have other sites that we want to capitalize on,” he added.

Meanwhile, Mr. Tiu said that ANI is targeting to produce at least a million metric tons of corn a year within three years.

“In the short term, we want to at least reach a million metric tons. So, this year, 200,000 [metric tons of corn], then 1 million is [likely] in three years’ time,” he said.

“Why three years? Because we need space, we need more land, as the process to sign the agreement with the indigenous people takes time,” he added.

ANI plans to promote the corn industry as it aims to reduce Filipinos’ dependence on rice. It plans to do this by mixing corn and rice grains or “bigas-mais,” noting that the Philippines is more suitable to grow corn than rice.

“It should be cheaper than just the rice. Our intention is to sell it [for] a few pesos cheaper than the regular meal price,” Mr. Tiu said.

Previously, Mr. Tiu resigned as director, president, and chief executive officer of Ever Gotesco Resources and Holdings, Inc., and Philippine Infradev Holdings, Inc. as he sought to focus on agribusiness.

“The plan is to grow ANI’s revenue, to improve its profitability, to bring in new projects, and to be a major participant in solving the food security issues of the country,” he said. — Justine Irish D. Tabile

Elon Musk’s satellite internet unit now serves the Philippines

STARLINK.COM

ELON MUSK’s Space Exploration Technologies Corp. (SpaceX) announced on Wednesday that its satellite internet unit will now be serving the Philippines.

In a tweet, SpaceX said that the start of Starlink’s local services makes the country one of the places where the company’s services are available.

Sought for comment, the Department of Information and Communications Technology, said that it is yet to inaugurate Starlink’s first earth station.

Meanwhile, Senate Minority Leader Aquilino Martin D. Pimentel III welcomed the announcement as it will help in providing internet access in rural, remote, unserved, and underserved areas in the Philippines.

“The internet has become a basic necessity in this modern world. Hence, I am glad that with SpaceX, we have a better chance of improving internet connectivity in rural areas and poor communities in our country,” said Mr. Pimentel.

“Internet connectivity is crucial in remote learning, digital education, health care and other social services, banking services, as well as information on disaster and emergency preparedness,” he added.

In 2020, Mr. Pimentel wrote to SpaceX regarding how the country could benefit from the internet service of Starlink, which was answered with a meeting with SpaceX’s Vice-President for Satellite Government Affairs Patricia Cooper in December 2021.

“Connectivity is very important for the Philippines given that we are a nation of around 100 million people populating more than 7,000 islands,” Mr. Pimental said. “Thus, it is a duty of the government to ensure a better and more equitable internet connection.”

At the beginning of February, the company announced that it was on track to enter the Philippine market within the first quarter, after being delayed from the previous target of December 2022.

SpaceX partnered with Data Lake, Inc., a Philippine data company owned by Henry Sy., Jr. and Anthony L. Almeda, for the distribution of SpaceX’s Starlink services in the country.

Data Lake previously said that Philippine customers would have to shell out an initial $599 per unit and $99 for monthly connectivity service for a download speed of 200 megabytes per second. — Justine Irish D. Tabile

BPO firms expanding to provinces with more workers – KMC Savills 

PETR MACHACEK-UNSPLASH

BUSINESS process outsourcing (BPO) companies have started expanding to the provinces, according to real estate services provider KMC Savills, Inc.

In a panel discussion on Wednesday, company officials said the key driver for the provincial expansion of BPO companies was the availability and affordability of labor in the area.

Michael McCullough, KMC Savills managing director and co-founder, said that with the recent demand for data centers, 35 data companies have been eyeing the Philippines as a location to build more facilities.

“It was led by the IT (information technology) and BPO market many [of which were] not in Metro Manila but in the provinces. They went where the labor went,” he said.

Mr. McCullough said about 50% of IT graduates have already left Metro Manila for the provinces where their labor was more in demand.

“So, a lot of these companies want to set up in the provinces now,” he added.

Areas like Iloilo City, Davao City, Cebu City, and Clark Freeport Zone are now “hot spots” for BPO and IT companies setting up office locations and data centers, he said.

He also said that in Metro Manila, an average of 23% vacancy rate was seen in most business centers, with Alabang, Ortigas, and the bay area having the highest vacancy rates for the year.

Mr. McCullough described the vacancy number as “quite high” for a real estate market that never had more than a single-digit vacancy for the past 15 years.

The company said that in the fourth quarter of 2022, Alabang had a vacancy rate of 35.5%, while the bay area had 30.3%, and Ortigas center had 30.3%.

Quezon City, Makati City, and Bonifacio Global City were reported to have vacancy rates of 18.5%, 15.7%, and 7.6%, respectively, in the final quarter of last year.

Randolf Ilawan, KMC Savills’ information and data manager, said that the BPO sector grew by 10.6% in 2022 from 9% in the previous year, with its contribution forecast to overtake remittances from overseas Filipino workers.

“Not only are we going to be reliant on our main export, the Filipino people, but we are going to be dependent on the BPO sector, especially when they’re going to expand to the province,” said Mr. Ilawan.

He said the BPO sector will be a key growth driver for the company in the coming years.

“The BPO sector will be the biggest employer by the time 2028 comes, bigger than the government,” he added. — Adrian H. Halili

Chillin’ outdoors at Nobu Manila

NOBU MANILA’s cabanas

I CAN say many things about going to Nobu Manila’s weekly Friday Chill-Outs, but this is the simplest reason for going: 50% off the Nobu Manila menu, and all you have to do is sit outside on a Friday, at 6 to 10 p.m. That isn’t hard at all, is it?

The promo, available at the cabanas, patio, and bar, began earlier this month, on the tenth, and will run as summer reaches its peak on the last day of March. Drinks and cocktails are half-off, just like many bars in the city from 6 to 10 p.m. These drinks include the brand’s signature sake: Ginjo Nigori (unfiltered, dry, and creamy), Nobu Soju (medium-bodied, dry and rich with a long, velvety finish), Nobu Junmai Daiginjo “The Sake” (medium-bodied, clean and complex with floral notes), and Nobu Special Reserve (full-bodied with a hint of yuzu, served on the rocks).

What will keep the visitors coming though are the half-off menu items: these include Yellowtail Sashimi with Jalapeño, Nobu tacos, and Rock Shrimp Tempura served with either a creamy spicy sauce, creamy jalapeño, or ponzu. BusinessWorld got this spread during the launch on Feb. 10, and we especially recommend — well, all of them actually, which showed chef and hotel namesake Nobu Matsuhisa’s talent for fusing colorful Latin traditions and quiet Japanese tastes. The Friday prices make them more beguiling: for example, the Rock Shrimp Tempura once cost a cool P1,200, and are now (at least on Fridays) a much warmer P600.

Chad Ogden, F&B Operations Director for City of Dreams Manila told BusinessWorld that the main purpose of the promo is to use Nobu Manila’s outdoor space. “It’s a beautiful area. The water features are fantastic, the lighting is great,” said Mr. Ogden. BusinessWorld was sitting in one of the cabanas that Friday, surrounded by rippling water, interrupted by loud laughter and calls to do shots.

Mr. Ogden notes that Nobu Manila’s location is perfect for a chill-out promo: “There’s a lot of industry places around here,” he said, counting out the hotels and businesses around the area. “Leave work, come here, just relax, and have fun.”

The Chill-Out promo at Nobu Manila is available every Friday night until March 31. For inquiries and reservations call 8800-8080 or e-mail guestservices@cod-manila.com. — Joseph L. Garcia

Fernando Zobel de Ayala rejoining some company boards

FERNANDO Zobel de Ayala is set to rejoin selected boards of Ayala companies a few months after his resignation as vice-chairman, president and chief executive officer of Ayala Corp.

On Wednesday, property developer Ayala Land, Inc. (ALI) announced that its board of directors had appointed Mr. Zobel as an advisor to the board.

“Mr. Zobel will rejoin selected boards in the same capacity as he has opted for a phased return,” a representative of the Ayala group’s communications team said.

He was chairman of ALI’s board of directors for 23 years.

With the new assignment, Mr. Zobel is now an advisor to Ayala Corp. and ALI, while working as co-chairman of the Ayala Foundation’s board, and vice-chairman and director of Fort Bonifacio Development Corp.

“He also sits as chairman and vice-chairman in several other joint venture companies of the Ayala Group,” the company said.

At the beginning of February, Pilipinas Shell Petroleum Corp. announced the return of Mr. Zobel as chairman of the company’s corporate governance committee.

In August 2022, he filed for a temporary medical leave of absence, which was followed by his resignation in September 2022 from his posts in ALI, ACEN Corp., Globe Telecom, Inc., Bank of the Philippine Islands, Integrated Micro-Electronics, Inc, and Manila Water Co., Inc. — Justine Irish D. Tabile

New Nespresso can brew more coffee at one go

NESPRESSO’s Vertuo
NESPRESSO’s Vertuo

NESPRESSO’s new machine, the Vertuo, spins faster than the world itself.

That sounds grand, but the world actually spins very slowly, at .000694 rpm (rotations per minute). Sitting next to Patrick Pesengco, Managing Director of Novateur (which distributes Nespresso in the Philippines) at the launch of the Vertuo on Feb. 9, he said that at its maximum speed, the Vertuo’s centrifugal technology that extracts coffee spins at 4,000 rpm.

The launch featured a coffee pairing dinner with chef Josh Boutwood at Greenbelt’s Ember, as well as an appearance by former Miss Universe Pia Wurtzbach, who said, “I’ve been a huge fan of Nespresso for a long time, and I’m not shy about it! I’m so pleased to be working with them and I can’t wait for people to try Vertuo for themselves.”

“The beauty of Vertuo is you can do five different coffee styles,” said Mr. Pesengco. With other Nespresso machines, one can content themselves with a lone espresso; a double at best, while the Vertuo can go up to creating a whole carafe.

“If you like your typical America-sized coffee, with the crema of Nespresso signature, it’s what the Nespresso Vertuo is meant for,” he said. He also says that the machine was meant for the American market: “Americans like their coffee big,” said Mr. Pesengco. On a personal note, Mr. Pesengco told us how he likes his coffee: a grand mug with milk in the morning, a double espresso for lunch, and a decaf in the late afternoon.

With the forthcoming launch of a second machine later this year, Mr. Pesengco says that the popularity of the instant espresso machines shot up during the pandemic — not only for those using it at home, but especially for those in the food and beverage industry. “We have restaurants who [would never] use [it] now using Nespresso. They want good coffee, but they don’t have to retrain the barista,” he said.

The Nespresso Vertuo is now available for purchase in the Philippines through nespresso.ph, and their boutiques in Rockwell, Podium, Robinsons Magnolia, and Ayala Center Cebu. The Vertuo costs about P16,500. — JL Garcia

SEC warns against JCRG, Mega Ultra, Cash Table

THE Securities and Exchange Commission (SEC) has warned the public against investing in three entities, which have not secured a license to offer securities.

In the advisory, the SEC said that JCRG Gold Trading has been enticing the public on social media to invest in different types of gold. Investors are then told to directly message the person offering investments.

JCRG has three investment plans named China Gold Complan, Saudi Gold Complan, and Japan Gold Complan, which start with an investment of P500 to P100,000.

Depending on their investment plans, JCRG investors are promised to earn up to P300,000 after 27 days.

Meanwhile, Mega Ultra Cash Trading was found to have been offering investment schemes ranging from P500 to P100,000 per account. Investors are supposed to earn as much as 3% daily for 20 days in Mega Ultra.

Cash Table Online Solution was also found to have been enticing investors on social media to invest in its “SM Hybrid Program.”

Investors in Cash Table are promised to earn as much as 120% in profit in just four days, after an initial investment of P500.

The SEC characterized the companies’ offering as a Ponzi scheme where monies from investors are used in paying “fake profits” to prior investors.

“Which is mainly to favor its top recruiters and prior risk takers and is detrimental to subsequent members in case of scarcity of new investors,” the SEC said.

In its review, the SEC found out that JCRG, Mega Ultra, and Cash Table are not registered as corporations nor as partnerships under the SEC and therefore are not authorized to solicit investments from the public. — Adrian H. Halili

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