Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 5403

Eastwood – Quezon City New Year countdown returns with safe, socially-distanced celebration

Zild, Leanne and Naara, and Darren Espanto to lead annual New Year’s Eve revelry to welcome 2022

One of Manila’s longest running and most -anticipated New Year’s Eve celebrations, Eastwood – Quezon City New Year Countdown, makes its highly awaited return this year with a celebration centered on ensuring the safety of revelers while providing world-class entertainment and dazzling spectacles.

Darren Espanto

Eastwood – Quezon City Countdown to 2022 is open to fully-vaccinated guests, who are given the option to avail one of the exclusive dining pods spilled across the expansive alfresco areas of the Eastwood Mall Open Park.

Each dining pod can accommodate up to 4 pax of all ages and comes with a set of food and beverage. Ticket prices are: Gold – Center – P6,000, Silver (Left Wing) – P3,000 and Silver (Right Wing) P3,000. Tickets are available at Ticketnet.com.ph and at the Eastwood Mall Concierge from Dec. 29 to 31, 2021.

Zild

Guests who will avail of the dining pods can enjoy a sumptuous meal prepared by Eastwood Richmonde Hotel and the best views of the celebrations, which will feature live performances by Zild, Leanne and Naara, and Darren Espanto from 9PM onwards.

Hosted by Will Devaugn and Stefany Stefanowitz, the Eastwood-Quezon City New Year Countdown to 2022 will also feature the Dazzling Star Drop, Eastwood City’s own version of the world-famous Ball Drop in New York’s Times Square, and will be followed by a grand fireworks display at 12MN. For the first time ever, the grand fireworks display will be held in two locations, with one lighting up the sky at the Eastwood Mall Open Park and another at the Global One Building near Eastwood Citywalk.

Leanne and Naara

“We are thrilled to once again welcome back our customers safely to our annual New Year’s eve tradition. Rest assured that we have intensified our safety protocols and we designed the event area with limited seating capacity to ensure proper social distancing among guests. Our goal is to really encourage everyone to welcome 2022 with renewed hope, reinvigorated spirit and a more optimistic outlook in life,” says Graham Coates, head of Megaworld Lifestyle Malls.

Guests in Eastwood City can also enjoy various promos and deals from participating stores, and buy New Year merchandise from different pop-up stores in the venue. They can also stop by the mobile bars and choose from a wide selection of drinks, or take souvenir photos at the projection photo wall located at the Eastwood Mall Open Park.

Those at home, meanwhile, can join the festivities online via the live stream on Eastwood City and Megaworld Lifestyle Malls Facebook page.

For more information and full mechanics, guests can call the Eastwood Mall Concierge at 8709-9888 or 8709-0888, 0917-8380111 or log on to www.megaworld-lifestylemalls.com. Guests can also visit Eastwood City (@eastwoodcity) or Megaworld Lifestyle Malls (@megaworldlifestylemalls) on Facebook and Instagram for quick updates.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber to get more updates from BusinessWorld: https://bit.ly/3hv6bLA.

BSP says Dec. inflation likely slowed

PHILIPPINE STAR/ MICHAEL VARCAS

THE BANGKO SENTRAL ng Pilipinas (BSP) said headline inflation likely eased in December as local oil prices slipped, although Typhoon Odette may have pushed food prices higher.

The consumer price index (CPI) probably rose within the 3.5% to 4.3% range this month, BSP Governor Benjamin E. Diokno told reporters in a Viber message on Wednesday.

If realized, inflation could fall within the BSP’s 2-4% target.

To compare, headline inflation settled at 4.2% in November and at 3.5% in December 2020.

“Higher electricity rates along with the uptick in food prices due to weather disturbances are the primary sources of inflationary pressures during the month,” Mr. Diokno said.

The Manila Electric Co. earlier said the overall rate for typical residential consumers increased by P0.3143 per kilowatt-hour (/kWh) to P9.7773/kWh this month from P9.4630/kWh in November.

Agricultural damage caused by Typhoon Odette reached P8 billion, according to the latest estimate of the Department of Agriculture.

On the other hand, Mr. Diokno said the rollback in pump prices and the peso appreciation may have helped slow inflation.

For this month, the price of gasoline, diesel, and kerosene declined by about P0.50, P1.40, and P1.65 per liter, respectively, based on data from the Department of Energy (DoE). 

A mandatory price freeze was implemented for kerosene in areas that were placed in a state of calamity due to Typhoon Odette, the DoE said. Some oil companies have also suspended price hikes for gasoline and diesel in typhoon-hit areas in Visayas and Mindanao.

Meanwhile, the peso has generally appreciated in December, thanks to the strong remittance inflows from overseas Filipino workers during the holidays. The peso’s best close so far this month was at P49.93 on Dec. 20, also its strongest finish since it closed at P49.85 on Nov. 12.

However, at its close of P50.46 on Tuesday, it depreciated by seven centavos from its P50.39 finish on Nov. 29.

“Looking ahead, the BSP will continue to monitor emerging price developments to help achieve its primary mandate of price stability that is conducive to balanced and sustainable growth of the economy,” Mr. Diokno said.

Headline inflation has exceeded the BSP’s target in 2021, except in July when it stood at 4%. This was mainly attributed to food supply issues. Inflation year to date is at 4.5%, which is still above the central bank’s 4.4% forecast for the year.

At its last policy review for the year on Dec. 16, the BSP kept rates at record lows as it cited the need to support growth amid the threat of the Omicron variant.

Mr. Diokno has said they are ready to respond to potential second-round effects of inflation. He noted constraints to the supply of key food items and petitions for transport fare hikes may cause faster inflation.

The Philippine Statistics Authority will release the December CPI report on Jan. 5, Wednesday. — Luz Wendy T. Noble

NG debt hits P11.9-T as of end-November

REUTERS

By Jenina P. Ibañez, Senior Reporter

THE NATIONAL Government’s (NG) outstanding debt stood at P11.93 trillion as of end-November, preliminary data from the Bureau of the Treasury (BTr) showed.

The end-November debt level was 17.7% higher year on year, but it slipped by 0.3% from P11.97 trillion in October.

BTr in a statement on Wednesday said the debt level slipped month on month due to the net redemption of domestic securities and favorable foreign exchange rate.

Government debt grew by 21.8% since the start of the year, or the equivalent of P2.14 trillion over 11 months.

The end-November debt figure also exceeds the P11.73-trillion government debt projection for the year.

Domestic borrowings accounted for 70.7% of the total, while the rest was sourced from foreign creditors.

Domestic debt at the end of November dipped by 0.3% to P8.44 trillion from the previous month, but grew by 17.4% year on year.

Outstanding government securities slipped by 0.3% to P7.9 trillion from the end-October level, but rose by 18.8% from the same period in 2020.

The government still owes the P540 billion it borrowed from the central bank to continue funding the country’s pandemic response.

Meanwhile, external debt declined by 0.4% to P3.49 trillion month on month, but jumped by 18.6% from end-November last year.

“The lower external debt for the month was attributed to (Philippine peso) appreciation against the (US dollar) and other foreign currencies adjustments amounting to P11.64 billion and P4.05 billion respectively,” the Treasury said.

“This more than offset the net availment of external obligations amounting to P2.90 billion.”

Broken down, foreign debt included P1.53 trillion in loans, dipping by 0.1% since the end of October.

Government securities also slipped by 0.6% to P1.96 trillion in November.

This included P1.54 trillion in dollar notes, P231 billion in euro bonds, P86 billion in yen paper, P19.79 billion in yuan notes and P85.6 billion in peso global bonds.

Total outstanding guaranteed debt declined by 2% to P417.85 billion as of end-November from a month earlier, and fell 5.6% from the same period last year.

“The lower level of guaranteed debt was due to the net redemption of both domestic and external guarantees amounting to P4.94 billion and P3.49 billion, respectively,” BTr said.

“Local currency appreciation also trimmed P0.77 billion to offset the P0.58 billion effect of net appreciation on third-currency denominated guarantees against the US dollar.”

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the slight month-on-month decline in outstanding debt could be attributed to the depreciation of the peso in November.

This resulted in the lower peso equivalent of the country’s external debts denominated in foreign currencies, he said in a Viber message.

“Further re-opening of the economy would help increase business activities that help increase tax revenue collection and also help reduce government spending on various (coronavirus) programs, thereby narrowing the budget deficit and, in turn, reduced the need for more borrowings.”

Ruben Carlo O. Asuncion, UnionBank of the Philippines, Inc. chief economist, said he was expecting slightly higher National Government debt.

“But with spending targets yet to be met, it seems the National Government is sticking to what they have now.”

In a Viber message, he noted the country’s change-in-cash, which was at P643 billion as of end-November.

“I don’t expect any huge rise by end-2021 as well,” he said.

Home prices jump in Q3 amid robust demand

REUTERS
A silhouette of the skyline is pictured at sunset in Quezon City, Nov. 27, 2020. — REUTERS/ELOISA LOPEZ

By Luz Wendy T. Noble, Reporter

THIRD-QUARTER residential property prices rose by its fastest pace since the second quarter of 2020, thanks to an uptick in demand for condominium units and townhouses.

The Bangko Sentral ng Pilipinas (BSP) said the Residential Real Estate Price Index (RREPI) jumped by 6.3% year on year in the third quarter, following two consecutive quarters of annual decline.   

This was the fastest growth since the 26.6% seen in the April to June period last year amid the strict lockdown to curb the coronavirus pandemic.

Housing prices recover in Q3 (2021)

The central bank attributed the higher home prices partly to “stronger consumer demand,” especially for condominium units and townhouses.

“This is consistent with the outcome of the third-quarter Consumer Expectations Survey, which showed a higher percentage of consumers preferring to buy real estate property in the reference quarter amid signs of economic recovery,” the BSP said in a statement.

Nationwide home prices also inched up by 0.7% quarter on quarter.

The rise in home prices in the third quarter reflects the recovery in the property market, said Colliers Philippines Associate Director Joey Roi H. Bondoc.

“Pent-up demand for condominium units is fueling take-up for vertical projects,” Mr. Bondoc said in an e-mail.

He added that remittance inflows are driving demand for both landed homes and condominium units across the country.

JLL Philippines Research Head Janlo C. de los Reyes said buyers may have taken advantage of promotional offerings by developers.

“The favorable monthly amortization and discounts (in select projects) offered by developers helped buoy residential sales and push prices in general,” Mr. De los Reyes said.

The RREPI takes into account the average change in home prices across building types and locations. This provides the BSP guidance into the property market where bank exposure is regulated.

Condominium unit prices increased by 13.6% year on year in the third quarter, reversing the 15% drop a year ago. This was the fastest increase since the 30.1% in the second quarter of 2020.

Bank of the Philippine Islands (BPI) Lead Economist Emilio S. Neri, Jr. said the slowdown in demand from employees of Philippine Offshore Gaming Operators (POGO) should have translated to “meaningful price deflation” for condominiums, but instead prices have gone up.

Prices of townhomes surged by 37.1% in the third quarter, the quickest rise since the series started in 2016.

“Townhouses are fast becoming exclusively for the rich [as they are] up 37.1% year on year, just as wages fall and unemployment remains elevated,” Mr. Neri said.

On the other hand, prices of single detached/attached homes and duplexes dropped by 4.2% and 0.2%, respectively.

In Metro Manila, home prices increased by 11.4%, ending four straight quarters of annual contraction. Prices of townhomes and condominium units jumped by 26.4% and 13.4%, respectively, while prices of single detached/attached houses fell by 8.8%.

In the provinces, average home prices rose by 4.9%, driven by higher prices in townhomes (46.2%), duplexes (13.8%) and condominium units (13.2%). On the other hand, prices of single detached/attached houses declined by 3.8%.

The third quarter saw granted home loans surge by 51.1% year on year and by 32.3% quarter on quarter. New housing units accounted for 84.7% of the residential real estate loans.

Colliers’ Mr. Bondoc said improving economic conditions and easing restrictions may continue to fuel demand for residential properties next year.

On the other hand, JLL’s Mr. De los Reyes said housing demand may decline in the next quarters “as the post-holiday COVID landscape and the upcoming national elections may see waning buyer and investor sentiment in the short term.”

BPI’s Mr. Neri said the low interest rates may have partly contributed to the continued rise in home prices.

“For financial stability reasons, the Monetary Board may have to consider unwinding some of its emergency policy settings, especially the protracted negative real policy rate environment,” Mr. Neri said.

Earlier this month, the central bank maintained the key policy rates at record lows.

BSP orders freeze on InstaPay, PESONet fee hikes

BW FILE PHOTO

THE BANGKO SENTRAL ng Pilipinas (BSP) imposed a moratorium on increases in InstaPay and PESONet fees for person-to-person fund transfers, in a bid to hasten the Philippines’ transition into a cash-lite economy.

The Monetary Board on Dec. 23 approved the moratorium on any hike in fund transfer fees through PESONet and InstaPay, effective immediately. The Memorandum No. M-2021-071 was signed by BSP Governor Benjamin E. Diokno on Dec. 28

PESONet is an electronic fund transfer scheme under the National Retail Payment System which can be considered as an electronic alternative to the check system. It is ideal for high-value business transactions beyond P50,000 and is credited to the receiver by the end of a banking day.

InstaPay is its retail counterpart which allows for real-time transfer of funds up to P50,000, making it ideal for e-commerce as well as urgent payment needs.

“The lifting of the moratorium shall be reviewed by the BSP upon issuance of pricing standard/guidelines or once the volume of digital payments reaches 40% of the total retail payments in the country, whichever is earlier,” Mr. Diokno said.

The central bank is hoping that 50% of payments will be done online by 2023.

In 2020, digital payments made up 20.1% of all transaction in terms of volume, the BSP earlier said. This is an improvement from the 10% in 2018 and the mere 1% in 2013.

The rise in the country’s online transactions was fueled by payment-to-merchant and person-to-person use cases, the BSP said.

“The said moratorium is expected to not only help the economy but also sustain the momentum in the use of digital payments,” Mr. Diokno said.

The BSP said transfer fees that are currently waived may only be restored up to the amount that was reported to the central bank prior to the moratorium.

Meanwhile, financial institutions that have yet to offer InstaPay and PESONet services are expected to report their initial rates to the BSP’s Payment System Oversight Department at least 60 days before its implementation.

Compliance by financial institutions will be monitored by the Philippine Payments Management, Inc. (PPMI) as part of its mandate as the BSP-accredited payment system management body. The PPMI is expected to report to the central bank cases of noncompliance within the next banking day from the date of notice.

At the start of the pandemic, many financial institutions waived their InstaPay and PESONet transfer fees as a relief measure for consumers. The BSP has extended the waiver of fees for fund transfers until the end of 2021.

Based on the BSP’s latest advisory, there are over 30 financial institutions that still offer free InstaPay and PESONet transfers at least until Dec. 31. — Luz Wendy T. Noble

Mining shares sustain rise, but uncertainty remains

By Luisa Maria Jacinta C. Jocson

MINING stocks maintained their surge on Wednesday as the market cheered the lifted ban on open-pit mining, prompting traders and analysts to assess the longer-term impact on profits while staying wary on the move’s continuity when the country elects new political leaders.

“Definitely it’s a game changer for the mining industry, considering the lift will boost more investments towards the industry. What we saw today [in the stock market] was a knee-jerk reaction, as it will take time before formal business operations will take fruition,” Astro C. del Castillo, managing director at First Grade Finance, Inc. said in a phone interview.

Signed on Dec. 23, Department of Environment and Natural Resources (DENR) Administrative Order (DAO) 2021-40 lifted the nationwide ban on open-pit mining, repealing DAO 2017-10 issued by late DENR Secretary Regina L. Lopez, who was openly against mining.

Open-pit mining was first banned in the provinces in 2010 and later evolved into a nationwide ban in 2017.

“Mining related issues ended in green territory today, as market participants cheered the reports that mining regulators have lifted the four-year ban on open-pit mining,” Timson Securities, Inc. Trader Darren T. Pangan said in a Viber message.

“Over the short-term, this development boosted the sentiment towards the sector. In the longer time horizon, investors may be assessing the impact that this may have on the bottom-line results of the affected companies,” he added.

On Wednesday, the mining and oil index improved by 2.82%, with shares in Philex Mining Corp. gaining by 3.82% and in Global Ferronickel Holdings, Inc. by 2.84%.

“I’m sure the industry will shift to higher gear, considering the opportunities opened. I think investors are wary that hopefully the regulation will not change, considering that the National Government will be changing in the next few months,” Mr. Del Castillo said.

“The Philippines will be on the radar screens of investors, especially in foreign ones invested in our resource development, which is mines,” he added.

Officials of listed mining companies welcomed the government decision, which Dante R. Bravo, president of Global Ferronickel, described as a help to “restart the economy.”

“It is timely and an important policy change because it will signal to the investors that the government is already open to new mining investments. Open pit is one of the safest mining methods and this method will make a lot of mining projects viable and operable in a relatively short period of time,” Mr. Bravo said in a text message.

“Generally, we are bullish in the metals market next year. Demand is strong as we are short of so many raw materials as consumption is rising sharply, and governments are focused on more infrastructure spending,” he added.

In a Viber message Philex Mining’s Public and Regulatory Affairs Head Francis G. Ballesteros said, “Hopefully, this will create a friendly investment climate for the mining industry in the country and encourage investors to support big-ticket mining projects like our Silangan copper and gold project in Surigao del Norte.”

“Responsible mining can be a catalyst of economic recovery amidst the Covid-19 pandemic. Further, if allowed to flourish within the government regulations, it can unleash prosperity for all without compromising the needs of future generations,” he added.

Meanwhile, environmental groups opposed the lifting of the ban, citing the move’s environmental consequences.

Open-pit mining has been criticized for its effect on the environment, particularly the pollution and damage it causes. Acid mine drainage is one potential impact from mining that releases dangerous metalloids into local streams and groundwater.

“I think it’s not a surprise that there will be strong opposition to this, especially environmentalists. But as long as the government can walk the talk to implement the strict regulatory measures, then I guess it will be a win-win situation for government the environmentalists,” Mr. Del Castillo said.

“We hope these resources will trigger the government to look into manufacturing, not just importing the raw materials. The success of this mining industry should be a partnership with the public and government. The public should be responsible to report anomalies in the industry, while guarding the environment,” he added.

National Coordinator for Kalikasan People’s Network for the Environment Leon A. Dulce said the government decision would be detrimental to the environment, especially after Typhoon Odette (international name: Rai.)

“This is a despicable move by the Duterte government to sneak in the reversal on the open-pit mining ban while people are preoccupied with responding to Typhoon Odette. Adding insult to injury, destructive mining is actually responsible for the degradation of watersheds in the Caraga, Negros, and Central Visayas regions that aggravated the floods and other destructive impacts of Odette,” he said in an e-mail message.

The Kalikasan People’s Network for the Environment reiterated these sentiments in a statement, saying that lifting the ban is not a timely solution.

“We condemn the Duterte government’s lifting of the open-pit mining ban when people are still responding to the plight of millions affected by Super Typhoon Odette. Talk about priorities in these times of crisis,” the statement read.

“The promise that this move will bring in money for economic recovery is nothing but disinformation. Only 12% of mineral resources plundered in the Philippines by big mines trickle back to our economy as taxes, fees, and royalties. For every P10 worth of minerals they will plunder, only a peso will return to the Philippines,” it added.

AC Energy subscribes to P14-B shares of solar, wind subsidiaries

AYALA-LED AC Energy Corp. has agreed to subscribe to the shares of two subsidiaries for a combined P14 billion to fund the units’ separate projects in solar and wind energy development.

AC Energy disclosed to the stock exchange on Wednesday its subscription to the shares of Santa Cruz Solar Energy, Inc. (SCSEI) for P6,999,631,590 to give it a 99.99% stake in the subsidiary.

SCSEI is developing a 283-megawatt (MW) solar farm in San Marcelino, Zambales. The funds will be used by the company to build the project.

AC Energy signed the subscription agreement on Dec. 28 for 69,996,316 common A shares and 629,966,843 redeemable preferred A shares of the subsidiary.

It said the closing of the transaction is subject to its full payment of the subscription price and the necessary regulatory approval by the Securities and Exchange Commission on the increase in SCSEI’s authorized capital stock.

Separately, AC Energy disclosed on Wednesday its signing of a subscription agreement to 99.96% of the total outstanding shares of Bayog Wind Power Corp. (BWPC) for P7 billion.

The listed company subscribed to 36,218,032 redeemable preferred D shares, 29,759,408 redeemable preferred E shares, and 4,022,560 redeemable preferred G shares of BWPC. The transaction also took place on Tuesday.

“The subscription will be used by BWPC to fund continuing works for the construction of the 160-MW Pagudpud Wind Project in Barangays Balaoi and Caunayan, Pagudpud, Ilocos Norte,” It said.

AC Energy added that the project will be wholly owned by it after the board approval of the acquisition of the ownership interest of UPC Philippines Wind Investment Co. BV and Stella Marie L. Sutton in BWPC.

“The acquisition is subject to agreed conditions precedent including required partner, financing, and regulatory approvals, and subject further to execution of definitive documentation,” it said.

On Wednesday, shares in AC Energy declined by 0.18% or two centavos to close at P11.18 each. — Luisa Maria Jacinta C. Jocson

Century Properties plans P3-B bond offer 

CENTURY PROPERTIES Group, Inc. is planning a P3-billion fixed-rate retail bond offering, proceeds of which will be used to partially refinance debt as well as fund capital expenditures and general corporate requirements, subject to regulatory approval.

In an e-mail to reporters on Wednesday, the Securities and Exchange Commission (SEC) said it received the registration statement of the company on Dec. 20.

It will be part of Century Properties’ P6-billion debt securities program the company also filed with the commission for shelf registration. The other tranches of the debt securities program may be issued within three years.

Meanwhile, the initial tranche comprises P2 billion worth of five-year fixed-rate retail bonds due in 2027, along with an oversubscription option of up to P1 billion.

Century plans to list the bonds at the Philippine Dealing & Exchange Corp. by next year after securing regulatory approvals.

According to its preliminary prospectus dated Dec. 17, the company plans to use P1 billion of net proceeds to partially refinance debt, P959 million to fund capital expenditures for horizontal affordable housing developments, and P985 million to fund general corporate requirements.

The company mandated China Bank Capital Corp. as the sole issue manager, lead underwriter, and bookrunner for the transaction.

On Wednesday, Century Properties’ shares at the stock market closed inched up 1.27% or 0.005 centavos to close at 40 centavos apiece. — Keren Concepcion G. Valmonte

What are Pinoys drinking?

Fruity wine from the Iberian Peninsula

WE can talk all day about wine trends, but what are Filipinos really drinking?

Data collected by wine marketplace Winery.ph saw 54 bestsellers each given the company’s own Kavino Choice Award, out of the 2,000 different bottles they have on stock. From these, Chris Urbano, Winery.ph Managing Director and Chief Sommelier and his team constructed a taste profile of the Filipino wine drinker. “It’s the only real data-backed picture of what Filipino wine drinkers actually enjoy, not what foreign wine critics and importers think we should enjoy and place on supermarket shelves,” he said.

“The data comes from the sales of Winery.ph only. Historically, foreign wine merchants have dictated what’s on supermarket shelves by having importers pay listing fees. As a marketplace, Winery.ph is open to all importers, and it costs nothing to list wine with us, so our data is a more democratic representation of the Filipino palate,” said Mr. Urbano in an e-mail to BusinessWorld.

In an e-mail, they listed the criteria they used for selecting the bestselling wines.

Only products listed on the Winery.ph online marketplace for at least six months of the calendar year are eligible for consideration, and award coverage is limited to wines with regular single bottle selling prices of ₱300 to ₱2,500. The selections are made on the basis of average monthly gross sales value, and sales volumes made under selective promotions (like flash and clearance sales) are excluded from analysis and selection decisions. Erratic purchases far above average order value are excluded from the analysis.

“All of the winners were determined by the number of units sold, so it’s a true reflection of what Filipinos actually like,” said Mr. Urbano.

“Dealto Crianza is our top-seller out of all 54 wines in the awards — probably because it’s the most value-for-money certified-Rioja wine in the Philippine market today,” he said.

Other winners for red wines under P1,000 include: Matsu El Picaro (Toro, Spain), Amnesia Red (Alentejo, Portugal), Aloe Tree Shiraz (Western Cape, South Africa), Gonzalez Byass Beronia Crianza (Rioja, Spain), Beringer Founders’ Estate Pinot Noir (California, USA), Mont Rocher Carignan (Herault, France), Jack Estate M-R Series Cabernet Sauvignon (Coonawarra, Australia), Mitolo The Nessus Shiraz (McLaren Vale, Australia), Guadalupe Red (Alentejo, Portugal), Pepperwood Grove Cabernet Sauvignon (California, USA), and Valdivieso Cabernet Sauvignon (Central Valley, Chile).

Spanish and Portuguese wines dominate the list. “The range has been dominated by wines from the Iberian Peninsula over the past few years. This underscores the great value for money to be had from the Spain and Portuguese wine industries, and reflects that fruit-forward wine styles appeal to the Filipino palate,” said Mr. Urbano. “It definitely helps that these pair extremely well to any Spanish-inspired dishes like relleno, lechon, or menudo (stuffed chicken, whole roast pig, and a dish of pork and liver cubes) — key influences on modern Filipino cuisine.”

The more premier lines with an upper price limit of P2,500 also saw a dominance of wines from the Iberian Peninsula, but wines from more terroirs, such as those from France, Italy, and the Americas also prove popular. The list includes: Gonzalez Byass Beronia Reserva (Rioja, Spain), Dealto Reserva (Rioja, Spain), Cloudy Bay Pinot Noir (Marlborough, New Zealand), All Saints Sangiovese Cabernet (Rutherglen, Australia), Quinta do Quetzal Reserva Red (Alentejo, Portugal), Pra Vinera Reserve Cabernet Sauvignon (California, USA), Château La Gurgue Margaux Bordeaux Blend (Bordeaux, France), St. Francis Cabernet Sauvignon (Sonoma County, USA), Baron Philippe de Rothschild Mouton Cadet Reserve (Medoc, France), Claymore “Dark Side of the Moon” Shiraz (Clare Valley, Australia), Batasiolo Barolo Nebbiolo (Piedmont, Italy), and Kaiken Ultra Malbec (Mendoza, Argentina).

For white wines under P1,000, they’ve deduced that New Zealand Sauvignon Blanc is still popular. The full list includes Mayfly Sauvignon Blanc (Marlborough, New Zealand), Printhie Mountain Range Sauvignon Blanc (Orange, Australia), Montsable Chardonnay (Pays d’Oc, France), Amnesia White (Alentejo, Portugal), Kung Fu Girl Riesling (Columbia Valley, USA), Rooks Lane Chardonnay (Murray Darling, Australia), Aloe Tree Chenin Blanc (Western Cape, South Africa), Deakin Estate Moscato (Murray Darling, Australia), Beringer Founders’ Estate Chardonnay (California, USA), Mont Rocher Viognier (Pays d’Oc, France), The Ned Sauvignon Blanc (Marlborough, New Zealand), and Spy Valley Satellite Sauvignon Blanc (Marlborough, New Zealand).

Of the more premier line from this category, the winners include Cloudy Bay Sauvignon Blanc (Marlborough, New Zealand), Cloudy Bay Chardonnay (Marlborough, New Zealand), Chrismont La Zona Pinot Grigio (King Valley, Australia), Craggy Range Te Muna Sauvignon Blanc (Martinborough, New Zealand), Cape Mentelle Chardonnay (Australia), Cakebread Cellars Sauvignon Blanc (Napa Valley, USA), Gustave Lorentz Gewürztraminer (Alsace, France), Greywacke Sauvignon Blanc (Marlborough, New Zealand), Jean-Max Roger Cuvée Marnes Et Caillottes Sancerre (Loire Valley, France), Baron Philippe de Rothschild Escudo Rojo Reserva Chardonnay (Casablanca Valley, Chile), Sons of Eden Freya Riesling (Barossa Valley, Australia), and Ferro13 The Lady Pinot Grigio (Delle Venezie, Italy).

On the white wines, Mr. Urbano says, “There are also signs that Pinot Grigio is becoming a new it-grape in the wine market, while fruitier, off-dry Riesling and Gewürztraminer are starting to find favor, perhaps because of their great potential for pairing with spicy Asian food.”

Finally, for the sparkling wine category, Winery.ph lists the following as their bestsellers: Chandon Brut Sparkling NV (Mendoza, Argentina), Aimery Crémant de Limoux Grande Cuvée 1531 NV (Languedoc-Roussillon, France), Sassetti Livio Valdobbiadene DOCG Prosecco Superiore Brut NV (Veneto, Italy), Deakin Estate Azahara Sparkling Chardonnay / Pinot Noir (Murray Darling, Australia), Valdivieso Sparkling Brut Rosé NV (Central Valley, Chile), and Gustave Lorentz Crémant d’ Alsace Brut NV (Alsace, France).

“Popular with customers are Italian Prosecco for its value for money and New World sparkling Chardonnay and Pinot Noir for their fruitiness. Regions like Chile and Argentina also make the cut as bestsellers,” Mr. Urbano observed. “This list proves that you don’t have to spend much to enjoy terrific sparkling wines,” with Champagne of course, being top of mind in the popular consciousness.

Mr. Urbano makes some observations based on the winners: “A majority of the wines that won this year are fruit-forward, meaning that Filipinos appreciate (it) when their wine is led with fruit flavors like berries and citrus versus more savory notes like spices and wood.”

Basing this observation on their sales data, he said, “We can say that many Filipino drinkers appreciate two things out of their wine: fruit-forward flavors and value for money. It also tells us about where the Filipino wine drinker is today: from buying familiar big-name brands and varieties, they are now transitioning toward a stage where they’re more confident about what they like and more adventurous with what they want to try. This can be seen in the appearance of lesser-known varieties like Gewurztraminer, Riesling, and Barolo on the list.”

He also noticed that, “The data is a reflection of the fact that Filipinos are discovering that quality and price don’t always go hand-in-hand. This is a great position to be, because it is allowing more Filipinos to become more adventurous —  not just with varieties, but also with brands and wine regions. The world of wine can be intimidating, but with more Filipinos finding wines they love at affordable prices, it shows that it’s not as expensive or elitist a hobby as it can sometimes appear. Wine can be enjoyed by every Filipino,” he said.

“Our mission is ‘Vino for the Filipino,’ and this means helping to unearth the Philippines’ own unique wine palate and empower our customers with the confidence to drink and enjoy wine on their terms.” —  Joseph L. Garcia

Prime Strategic Holdings makes tender offer for Apex Mining shares

APEX MINING Co., Inc. said on Wednesday that it received a letter from Prime Strategic Holdings, Inc. about its newspaper notice to make a mandatory tender offer for the listed mining company’s shares at a price of P1.30 per apiece.

In a disclosure, Apex Mining received the tender offer report from Prime Strategic Holdings to acquire up to 2,213,358,981 common shares through a tender offer to all shareholders.

It set the start of the tender offer period on Feb. 14 and its end on March 14, 2022.

After the tender offer period, Apex Mining said it would make the appropriate disclosures upon receipt of the results from the bidder.

In its letter, Prime Strategic Holdings said the common shares excluded from the tender offer are those held by Devoncourt Estates, Inc., Lakeland Village Holdings, Inc., Monte Oro Resources & Energy, Inc. and members of the Apex Mining’s board of directors and officers.

On Wednesday, Apex Mining shares rose by 6.62% or nine centavos to close at P1.45 apiece.

Apex Mining’s consolidated revenues grew by 9% to P5 billion as of the third quarter of 2021, from P4.6 billion in the same period the year before.

However,  the nine-month bottom line showed a net loss of P136 million from P991.3 million in the same period in 2020. — Luisa Maria Jacinta C. Jocson

Giant statues unveiled along EDSA

TWO six-story high statues have been unveiled at the entrance of the 4.8-hectare DoubleDragon Meridian Park along EDSA in the Bay area. The stainless-steel sculptures by artist Jefrë Figueras Manuel (a.k.a. JEFRË) are called Bayani, which depicts a young person, and Pag-Asa, which depicts a figure waving at passersby along EDSA.

“I believe that the Filipino youth have the potential to be recognized as active participants in worldwide activities, hence the globe for the head. They’re both composed of very hard metal that is polished and brushed to perfection — very much like the story of the Filipino youth,” said the artist in a statement.

“We hope that this tribute to the Filipino youth, Bayani and Pag-asa, will in some way or another spark inspiration in our hearts and minds to remind all of us that the Philippines has what it takes to become a highly prosperous first world country,” said DoubleDragon and DDMP REIT, Inc. Chairman Edgar “Injap” Sia II.

The statues are expected to “complement and enhance DoubleDragon Meridian Park’s position as the most desirable office and commercial address” in the Bay Area of Pasay City, said a company statement.

Huawei, Honor, and Motorola planning to launch new foldable phones in China

HUAWEI Technologies Co., its spinoff brand Honor and Lenovo Group Ltd.’s Motorola introduced plans for new foldable phones in recent days, betting on the nascent form factor to win over the ultra-competitive Chinese market.

Each company is billing its upcoming device as a top-of-the-line handset, with Huawei pricing its P50 Pocket at 8,988 yuan ($1,410), its first foldable flagship and a Lenovo executive teasing Motorola’s third attempt at a Razr clamshell handset. Huawei is already selling its foldable device in China after announcing it in a streamed event on Dec. 23.

The smartphone market is expected to grow to 1.35 billion shipments in 2022, according to IDC data, and novel form factors and capabilities like 5G wireless networking will be key to winning over customers. Market leader Samsung Electronics Co. is already several generations into its foldables lineup, which saw its best sales yet with the release of the $999 Galaxy Z Flip 3 clamshell in August. Leading Chinese brands Xiaomi Corp. and Oppo both launched their own book-like Android devices this year while close competitor Vivo has experimented with various form factors as well. Apple, Inc. has considered the category but there are no foldable iPhones imminent.

Honor, which was sold to a government-backed consortium last year, and Motorola are looking to break into the top tier of global brands while Huawei is attempting to stage a recovery after being derailed by Trump-era sanctions. The P50 Pocket is powered by Qualcomm, Inc.’s Snapdragon 888 chipset, replacing Huawei’s in-house HiSilicon processors that it can no longer produce. Qualcomm is allowed to supply Huawei with 4G-capable variants of its silicon, limiting the appeal of the Chinese firm’s offerings at a time when 5G is an expected feature. The new foldable also runs Huawei’s Harmony OS rather than the much more universal Android, another effect of US sanctions.

The domestic market is a focus for all Chinese companies introducing foldables today in part because of the tech-savvy consumer base and in part because of Samsung’s relative lack of success there. The Galaxy device maker has established a lead in technology and market position in the US and Western Europe and it has the advantage of producing its own flexible display panels. — Bloomberg

1...5,4025,4035,404...12,627Page 5,403 of 12,627
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube