Craft beers the focus at October Fiesta

September 22, 2022 | 12:05 am

AN Oktoberfest, Filipino-style, is brewing over at Newport World Resorts. The three-day October Fiesta will feature craft beers and music from Sept. 30 to Oct. 2.

Participating microbreweries include Boondocks Brewing Co, Katipunan Craft Ales, Greshbrew, Beer Bunny, Weekend Craft Ales, Crows Beverage Ventures, NTL Craft Beer, Sagada Cellar Door, Drink It Now Pare, Elias Wicked Ales & Spirits, El Deposito Brewery, Nipa Brewery, and Engkanto Brewery. Some of their offerings were presented to be sampled during a tasting on Sept. 15 at El Calle Food & Music Hall, which will provide beer-matched munches like sizzling sisig, grilled sausages, and tinapa (smoked local fish) nachos.

Cherry Genato, Festival Director for the Manila Beer Fest, which is organizing the event under the Philippine Craft Beer Community, walked us through the beers.

Craft beers are made by microbreweries, in contrast to the industrial breweries we’re familiar with. According to her, there’s a production volume cap after which a microbrewery is designated as an industrial brewery. The people she works with work with volumes of 100 to 1,000 liters.

While microbreweries have a rather free hand on what kind of beer they want to produce, apparently, the ones here go back to a familiar flavor. “Pale,” said Ms. Genato, as in Pale Pilsen or Pilsner, which most of us grew old with. She credits this to the domination of San Miguel’s Pale Pilsen in the market. “When they taste beer as Pale, that’s what they associate it with,” she said, adding that it’s used as a reference, though with more intense flavors. This explains why the Boondocks Wheat Ale, the Katipunan Indio Pale Ale, and the Santa Maria Brewery Makiling varieties had similarities in flavor, but also a juicy pineapple note across. “Craft beer is like a work of art. Each brewer, they’re free to make whatever they want. Like a chef in a restaurant.”

While she says that entering the microbrewing industry might take about a million pesos, minimum, considering the equipment used, some hobbyists make do with stovetop operations. “Para ka lang nagpapakulo ng sabaw (it’s like boiling soup),” she said.

Issues in the industry she would note are the importation of the raw materials (like wheat, barley, and yeast), and the equipment used. This is why, she says, that the Philippine Craft Beer Community is partnering with the Department of Trade and Industry (DTI) for a shared microbrewing facility.

At least they all keep each other afloat. “This is the only industry I’ve seen where people are helping each other. It’s not like a competition,” she said. “In order for the entire industry to have a fair share of success, it cannot be just one person doing everything.”

Tickets for the beer festival are now available from P250 for one craft beer sample, and P1,200 for one local craft beer each from Boondocks Brewing Co. and Katipunan Craft Ales, an El Calle Food and Music Hall Bar Chow Sampler, and a raffle entry for special prizes during the event. Musical acts during the festival include Donna Moreno, Dom Rodriguez, Musica, Rox Puno, Cass, Alex Arias, Junno, and Tiara Shaye, with performances beginning at 5 p.m. — Joseph L. Garcia

Tech firm StoreHub aims to strengthen PHL presence with new funds

September 22, 2022 | 12:05 am

SOUTHEAST Asian technology firm StoreHub, which helps restaurants and retailers automate, has raised $13.5 million in new funding, a company official announced on Wednesday.

The amount will be used to improve StoreHub’s operations in the Philippines and other Southeast Asian countries, it said in an e-mailed statement.

Venture capital firm 500 Global led the pre-Series B funding round, with participation from existing investors Vertex Ventures Southeast Asia and India, OSK, and others.

“In the post-Covid rush to reopen, businesses have had to make new changes to adapt to the new normal. In line with this, the Philippines and the region have had to accelerate the adoption of digital technologies to meet the demands of the time,” StoreHub Chief Executive Officer and Co-Founder Wai Hong Fong said.

“With ‘revenge travel’ and ‘revenge dining,’ retail and F&B business owners are looking for ways to improve operational efficiency and maximize their revenue per customer.”

StoreHub started as a cloud-based point-of-sale system in Southeast Asia in 2013.

In the Philippines, StoreHub is one of the point-of-sale system providers accredited by the Bureau of Internal Revenue.

“Today, the platform powers over 15,000 paying retail and restaurant outlets in Southeast Asia and has expanded its offering to include QR-based table ordering, loyalty, automated customer engagement, and more,” the company said.

StoreHub noted that it processed over 128 million transactions worth over $1.6 billion in the past 12 months, a 40% rise from the prior year.

“The latest funding round will be used to continue fueling healthy growth and technology innovation to deepen the value of each customer,” the company said. — Arjay L. Balinbin

Luxurious glamping in Laiya

September 22, 2022 | 12:04 am

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LAIYA, a popular beach destination in the municipality of San Juan, Batangas, continues to attract tourists, thanks to the natural charm of its picturesque white sands, unimpeded ocean views, and sunny atmosphere.

About two hours from Manila via the South Luzon Expressway (SLEX), Club Laiya provides a unique glamping (glamorous camping) experience for those who don’t want just the usual overnight stay. Thirty-three cylindrical sleeping pods called Cocoons offer access to not only Laiya beach, but also a swimming pool and a beachfront restaurant and bar.

The Cocoons are basically giant concrete pipes which were refurbished into intimate rooms good for two people, their exteriors featuring murals of the vibrant marine life of Batangas. Each one is fully air-conditioned, with a queen-size bed, a flat screen TV, a minibar, a safety deposit box, and complimentary wi-fi.

As the name suggests, sleeping in one of these pods feels like being in a cocoon due to the limited space inside, but it’s also quite cozy. At night, you can flip a switch and cause the ceiling to light up into a twinkling starry sky that can lull you to sleep.

Though the rooms don’t have private bathrooms (as you’ll find in any camping situation), the glam is turned up because of the luxurious, well-kept communal bathroom that can easily accommodate multiple groups of guests.

The glamping site is just one of many leisure and hospitality facilities drawing tourists, entrepreneurs, and property owners and investors to the area, according to Gerard “Gibby” F. Peñaflor, vice-president for marketing at Landco Pacific Corporation.

Millennial Resorts, the hospitality arm of Landco, operates and manages Landco BeachTowns, one of which is the 24-hectare Club Laiya.

“One thing we like about Laiya is, by itself, it’s a destination. It was already known back in the ’90s, but to get here, the entire stretch leading to the resorts was all rough roads, over an hour travel time. Now, everything has changed. Laiya is a priority area for tourist development and the roads are now developed,” Mr. Peñaflor told BusinessWorld.

A stay in one of the Cocoons can cost between P4,500 and P6,000 a night. They easily get fully booked on weekends, Mr. Peñaflor said, adding that the resort’s accessibility makes it appealing for guests seeking a weekend getaway.

Aside from the pods, soon-to-be-constructed amenities will provide more experiences, such as Camperisti, a site of “glamper vans” right next to the beach, and The Isle, a multi-purpose events center for wedding receptions and social and corporate events.

“This place has so much potential. You really can’t beat the beauty of a beachfront,” said Mr. Peñaflor.

RESORT LIVING AT CLUB LAIYA
Strategically located with under-30-minute access to hospitals, schools, shopping outlets, and recreational sites like Laiya Adventure Park and Mount Dagulgol, the BeachTowns development in Laiya is still far from complete.

Master-planned by Landco, the property should soon feature a mix of residential commercial lots, condotel, and tourist hubs:

Plaza Laiya, a community plaza, will serve as a gathering point for local events, surrounded by retail and dining outlets and spaces filled with trees and greenery.

The Spinnaker, shaped like the special boat sail for which it is named, will be a medium-rise beachfront condominium with terraced levels with an unmatched view of the beach.

The Seaside District, a combination of 106 residential-commercial lots closest to Laiya beach, will be a beach community of homes and businesses.

The Upper West Side District will be an inland gated community of 190 lots with full access to Laiya’s mountain views. It will also have a nearly half-kilometer swimming pool and urbanized forest trail around its entire perimeter.

Mr. Peñaflor explained that investors and property owners will have free rein to transform their residential-commercial properties, whether it’s a bed and breakfast, a restaurant, or a resort wear boutique.

“To help stimulate tourist traffic, leisure facilities like the Cocoons help prime the property and develop our storyline — the residential-commercial pitch of resort living. Their role is to bring in the tourist traffic,” he said.

“When you invest, you won’t have to wait for tourists. We’re already seeing the traffic. It’s a matter of you saying that you want to put up a beach house with a coffee shop.” — Bronte H. Lacsamana

Villar’s ALLTV tries to expand reach via cable operators

September 22, 2022 | 12:04 am

VILLAR-LED Advanced Media Broadcasting System (AMBS) channel ALLTV has signed a partnership deal with a cable operators group to expand its reach, a company official announced on Wednesday.

ALLTV recently “inked a partnership with the Philippine Cable and Telecommunications Association, Inc. (PCTA) for the network’s airing expansion to more cable operators across the country,” AMBS said in an e-mailed statement.

The partnership will allow ALLTV to be streamed to nearly 300 more cable operators.

“Currently, viewers can watch ALLTV on Channel 2 on Free TV and Planet Cable, Channel 35 on Sky or CignalTV, Channel 32 on GSAT, Channel 23 on Cablelink, and Channel 2 on other cable TV providers,” AMBS said.

AMBS President Maribeth C. Tolentino said ALLTV targets to reach homes in remote areas.

“This collaboration between AMBS and PCTA is very timely and I’d like to say that cable TV still plays an important role as far as distributing content or programs like this as we are the last mile in delivering content to the most far-flung areas across the country,” PCTA President Venancio Lo said.

ALLTV is under Prime Assets Ventures, Inc. led by businessman Manuel Paolo A. Villar.

The media company has also signed a content license partnership deal with CNN Philippines, a commercial, broadcast, cable, and satellite TV network owned and operated by Nine Media Corp., together with RPN, under a license from Warner Bros. Discovery. — Arjay L. Balinbin

Dining In/Out (09/22/22)

September 22, 2022 | 12:03 am

Latte Negroni-Negroni Week - Unspoken - Sheraton Manila Bay4 — LATTE Negroni

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Negroni specials at Sheraton Manila Bay

SHERATON Manila Bay’s Unspoken Bar celebrates a decade of Negroni Week with a signature Negroni Cocktail, combo specials, taste teasers and more. Negroni Week started in 2013 as a celebration of one of the world’s great cocktails and an effort to raise money for charitable causes around the world. Since then, Negroni Week has grown from about 120 participating venues to thousands of venues around the world. To date, the initiative has raised over $3 million for charitable organizations. This year, Unspoken Bar joins by offering its Drink of the Month, the Latte Negroni that fuses the classic Negroni with hints of coffee (P390++ per order). The bar’s bespoke Negroni cocktails Paper Cut and Sbagliata will be available for complimentary samplers and mixes on Taste Teasers every Wednesday of September. For reservations call 5318-0788 or e-mail reservations.manilabay@sheraton.com.

Starbucks collaborates with FARM Rio on collection

STARBUCKS is teaming up with Brazilian fashion and lifestyle brand, FARM Rio to bring customers an exclusive collection of drinkware and lifestyle products celebrating the joy nature inspires. The bold and vibrant collection includes a tote bag, travel pouch, mug, water bottle, and tumbler, featuring five iconic patterns that represent the colors and shapes of nature in Rio. This limited-edition collaboration is available at select Starbucks stores in Australia, Hong Kong, Indonesia, Malaysia, New Zealand, the Philippines, and Singapore, while supplies last.

Happy 8 offers new crab dish

FRESH seafood can’t get any fresher than when it’s caught live and set straight to the wok as it now is at the Newport Garden Wing’s signature Chinese restaurant, Happy 8. The sweet-savory Wok-Fried Live Crab in Vietnamese sauce is available for the whole month of September for P550 net per 100 grams. For more information on Newport World Resorts offers, visit www.newportworldresorts.com.

Guevarra’s offers sweet treats

GUEVARRA’S by Chef Laudico can brighten a day with its sweet treats. There is the best-selling Brigaderos Cake (P1,080), a dark chocolate cake, frosted and filled with truffle ganache and creamy dulce de leche; the Ube Macapuno Cake (P1,199), a light and fluffy macapuno-filled chiffon cake with ube buttercream frosting; the Mango Sansrival (P1,080), made with layers of cashew meringue and buttercream topped off with fresh mangoes; and Brazo de Calamansi (P880), with its layers of cake, calamansi curd, and torched meringue frosting. For bite-sized treats, there are Kalabasa Pastillas Balls (P99 for six pieces), milk and squash candies rolled in sugar; and Butterscotch Bars (P179/12 pieces). Order these desserts and a whole lot more at www.guevarras.com. Guevarra’s by Chef Laudico is at 387 P. Guevarra corner Argonne Streets, Addition Hills, San Juan. For inquiries and reservations, call 8705-1811, 8705-1874, 0998-881-3200 or visit @guevarrasph on Facebook and Instagram.

Annual storytelling contest accepting entries

MGA Kuwentong Pagkain (MKP), an annual storytelling contest, has extended its deadline for submission of entries to Dec. 31. Launched in 2012 by the Mama Sita Foundation to celebrate Philippine culinary traditions and foodways, MKP has built a repository of gastronomic narratives from all over the country. On its 10^th year, MKP is inviting even non-Filipinos to join the conversation on Filipino food. Anyone from anywhere in the world who has a Filipino food story to tell can now participate in the contest. To make room for more creativity and style in sharing food stories, separate categories have been set up for essay, photo, and video entries. Participants can win up to ₱20,000 in prizes. To join and learn more details about the contest, visit https://tinyurl.com/MKP2022Form or e-mail community@mgakuwentongpagkain.com.

Mang Inasal extends group deals this month

MANG Inasal has extended its “Ihaw-Sarap Group Deals” promo until Sept. 30. The promo includes the Chicken Inasal Family Size and Palabok Family Size combo for P585, and the Chicken Inasal Buddy Size and Pork BBQ Buddy Size with Peanut Sauce combo for P329. The “Ihaw-Sarap Group Deals” are available for takeout or delivery through http://manginasaldelivery.com.ph/, GrabFood, and foodpanda.

Bicol Express-inspired cocktail bags prize

MONIN, one of the world’s leading producers of gourmet sauces, flavored syrups, fruit smoothie and cocktail mixes, hailed the Bicol Speedster, a drink inspired by the popular Filipino dish Bicol Express, as the champion of the Monin Cup 2022. Filipino bartender Mark Defensor conceptualized and whipped up Bicol Speedster, a fusion of Tanduay Asian Gold Rum, coconut milk, Pork Fat-washed Habanero Lime Liqueur and Monin Ginger Syrup. The brew included a dash of siling labuyo (chili pepper) and black pepper. “The Bicol Speedster allows you to experience a regional Filipino dish in the form of a cocktail,” Mr. Defensor noted. “The rum compliments the coconut. And by fat washing the Habanero Lime Liqueur, you get a nice savory note to the drink while adding a kick of heat to it.” Mr. Defensor, who majored in Hospitality Management at the School of Hotel, Restaurant, and Institution Management of the De La Salle-College of Saint Benilde, was raised in the Middle East. He recalled he did not have access to pork until he tried Bicol Express when he visited the Philippines with his parents. For the Monin Cup, Mr. Defensor represented The Spirits Library, a Makati bar known for its collection of rare bottles, cocktail books, and bar paraphernalia. He was mentored by Ralph Allen Santos, the Dean of The Spirits Library. Mr. Defensor, together with Mr. Santos, will represent the Philippines in the Monin Tour in Rawang, Selangor, Malaysia. He will have a guest shift at one of the best cocktail bars in Kuala Lumpur, Malaysia.

Tatatito launches baked goods line

SINCE Tatatito Filipino Home Kitchen opened in Legazpi Village in February 2022 as the lockdowns ended and restrictions eased, diners discovered its signature dishes like Bamboo rice chicken tinola, Sarsaparilla BBQ liempo, Himalayan salt lechon kawali, 10-hour beef kansi, as well as Tuna belly inasal, Crispy binusog na pusit, and Pares-style US short ribs. Now Tatatito has launched its own line of baked goods inspired by classic Filipino breads and Western pastries. It includes several versions of the pan de sal: Classic Pan de Sal, Raisin Pan de Sal, and Malunggay Pan de Sal. It also has several doughnuts — Sugar-raised donuts, Ube-glazed donut, and Pandan-glazed donut — plus their interpretation of street-side bakery staples as croissants — Pan de pula croissant, Pan de coco croissant, and Spanish croissant. Tatatito Filipino Home Kitchen is at the ground floor of OPL Building, 100 Don Carlos Palanca St., Legaspi Village, Makati City. It is open daily (Monday to Thursday 8:30 a.m. to 10 p.m.; Friday 8:30 a.m. to 11 p.m.; Saturday and Sunday 8 a.m. to 10 p.m). For online orders, call 0917-711-3005 or order through GrabFood and FoodPanda (available in select locations).

Conti’s to open more stores this year

CONTI’s Bakeshop & Restaurant will open 12 more branches and more drive-through concept stores in Luzon this year. Opening this month is a new branch in Molino Bacoor, followed by branches in Lipa, Batangas; UN Ave., Manila; Dagupan, Pangasinan; Lucena, Quezon; and Tagaytay. To be offered are signature dishes such as the Mango Bravo cake, Baked Salmon, and savory pies. Conti’s is also available via www.contis.ph, FB messenger, hotline 8580-8888, Grabfood, and through Conti’s Delight Shoppers (bit.ly/DelightShoppers).

Wendy’s opens new branches

WENDY’s Philippines has opened new branches in Caltex EDSA Caloocan, Fisher Mall Malabon, Sierra Valley Cainta, FTI Taguig, Phoenix Tandang Sora, and Pioneer Shaw. With over 55 franchises and corporate stores across the nation, Wendy’s also has selected 24/7 stores. For delivery, Wendy’s dishes are available via www.wendys.com.ph, FB messenger, hotline 8533-3333 and major food aggregators, Grabfood, foodpanda, PickARoo and Toktok food.

Lenovo sees strong market for PHL data solutions

September 22, 2022 | 12:03 am

LENOVO Infrastructure Solutions Group (ISG) is hoping to offer its analytics, artificial intelligence (AI), and other solutions in the Philippines as businesses digitize, generating more demand for data centers.

Citing the growing need for businesses and public services to be customer-centric, Lenovo believes in the strength of demand for “smarter solutions through technologies like cloud computing, analytics and AI, edge computing, and infrastructure-as-a-service,” Lenovo ISG’s Asia-Pacific President Sumir Bhatia said at a recent media briefing.

The company said its solutions are being used in the Philippines by corporations, banks, and small and medium businesses (SMBs).

One of these is TruScale, a data center solution that modernizes applications to address data storage issues.

Mr. Bhatia said: “The Philippines was one of the first countries to adopt TruScale, with our example being a local premier financial institution that upgraded their data environment.”

Lenovo Asia-Pacific said there is great interest in the service, and it plans to use it as a springboard for expanding its smart infrastructure offerings.

“We are talking to more banks and conglomerates, and the government as of now is almost on board,” said Clark Popple, Lenovo Infrastructure Solutions Group country manager.

“In fact, eight out of 10 of our customers ask about TruScale.”

The company also sees the Philippines as an attractive market post-pandemic, especially with private and public spending on the rise.

“We’ve seen infrastructure being invested in… from tourism to the medical industry. The market is growing and that makes it very attractive. We want to make sure that we are also helping, using smarter technology to solve humanity’s greatest challenges,” Mr. Bhatia said.

Lenovo’s growth strategy includes investing more in research and development (R&D). Of the 75,000 Lenovo employees globally, one in five are R&D specialists.

Its partnerships with emergent technology companies in the region also help it get to more customers, who are now more aware of the importance of digital transformation.

Kumar Mitra, Lenovo Central & Asia-Pacific regional general manager, said: “The Philippines is such a huge opportunity market for us from a growth perspective as we think the greatest sector that will grow here will be data center reorganization. The Philippines is investing in data center modernization and edge-based computing use cases.”

On selling to Filipino businesses of all sizes, Mr. Popple added: “We approach customers directly with our partners and talk about these solutions that laymen don’t hear of.”

“There is competition but we are bullish in the market, so we’re trying to capture as many customers as we can bring into the market,” he said. — Brontë H. Lacsamana

TDF yields rise ahead of BSP meet

September 22, 2022 | 12:03 am

YIELDS on the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) continued to rise on Wednesday, as the 14-day papers were undersubscribed, ahead of the Monetary Board’s policy setting on Thursday (Sept. 22).

Total bids for the central bank’s term deposits reached P293.004 billion, going above the P220-billion offer for this week. This is lower than the P306.971 billion in tenders seen last week for a P240-billion offer.

“The BSP decreased the offer volume in the TDF to P220 billion from last week’s P240-billion offering. The volume for the 7-day tenor was maintained at P140 billion while that for the 14-day tenor was adjusted to P80 billion (from P100 billion),” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement on Wednesday.

Broken down, the seven-day papers fetched bids amounting to P224.229 billion, higher than the P140-billion auctioned off by the BSP. This was lower than the P207.377 billion in tenders logged in the previous auction, where the BSP offered P120 billion.

Banks asked for yields ranging from 3.8088% to 4.22%, a higher and wider margin compared with the 3.75% to 3.8995% band seen a week ago. This caused the average rate of the one-week paper to inch up by 13.99 basis points (bps) to 3.9942% from 3.8543%.

Meanwhile, demand for the 14-day term deposits amounted to P68.775 billion, below the P80-billion offering. This was also lower than P99.594 billion in tenders recorded a week ago for a P100-billion offer.

Accepted rates for the papers were from 3.84% to 4.25%, a tad slimmer than the 3.8% to 4.25% range seen on Sept. 14. With this, the average rate of the two-week deposit rose by 21.04 bps to 4.1681% from 3.9577% 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 to better guide market rates.

“The results of the TDF auction reflect the continued preference for the shorter tenor ahead of the BSP’s policy meeting amid ample liquidity in the financial system,” Mr. Dakila said.

“Going forward, the BSP’s monetary operations will remain guided by its assessment of the latest liquidity conditions and market developments,” he added.

Yields on the BSP’s term deposits were higher ahead of the widely expected local policy rate hike on Sept. 22, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The Philippine central bank is widely expected to fire off another 50-basis-point (bp) increase on Thursday as the US Federal Reserve is also expected to further tighten policy this week.

A BusinessWorld poll last week showed 14 out of 15 analysts expect the Monetary Board to raise its benchmark interest rate at its Sept. 22 meeting.

Eleven analysts believe the central bank will deliver a hike of 50 bps, while two analysts see a 25-bp increase. One analyst expects a 75-bp hike, while another sees the BSP keeping rates unchanged.

The rate hike could help stabilize the peso and better manage both inflation and inflation expectations, Mr. Ricafort said.

Latest data from the Philippine Statistics Authority showed the consumer price index climbed 6.3% year on year in August, from the nearly four-year high of 6.4% in July. It remained significantly higher than the 4.4% seen in August 2021.

August marked the fifth consecutive month that inflation exceeded the BSP’s 2-4% target range for the year. The BSP Monetary Board on Aug. 18 raised benchmark interest rates by 50 bps and signaled it has room for more hikes as it battles high inflation. This brought cumulative increases so far to 175 bps since May.

Meanwhile, the Fed will meet to review policy on Sept. 20-21, where markets expect another aggressive hike. It has raised rates by 225 bps so far since March, including back-to-back 75-bp hikes in June and July. — Keisha B. Ta-asan

URC opens two collection sites to attain ‘plastic neutrality’

September 22, 2022 | 12:03 am

UNIVERSAL Robina Corp. (URC) announced on Wednesday that it opened two more collection sites as part of its recycling initiative.

The news sites located in Sambat in Balayan, Batangas, and Nagasi in La Carlota, Negros Occidental are collecting used bottles and recyclable plastic waste.

URC said that around 281 kilos of polyethylene terephthalate (PET) bottles were collected at its site in Sambat, while in Nagasi, more than 700 kilos of plastic waste were collected.

Some 1,300 pieces of PET bottles were collected at URC’s collection site in La Carlota.

URC’s recycling initiative is part of the company’s goal to achieve “plastic neutrality,” or to recover and repurpose the same amount of plastic it generated.

The company said it is also collecting plastic waste in Bagong Ilog, Pasig, and General Mariano Alvarez, Cavite in exchange for “environmental points,” which is a scheme for exchanging plastic waste for cash, or matching plastic weight for points.

URC said on its website that these environmental points can be used to redeem URC products.

Other URC collection sites are located in Robinsons Malls Galleria, Ermita, Las Pinas, Magnolia, and Starmills Pampanga, where collection booths are set up and being conducted in partnership with Robinsons Land Corp., which offers a drop-weigh-redeem scheme for clean and dry plastic waste. — Ashley Erika O. Jose

Prado lists artworks seized during Spanish Civil War, eyes restitution

September 22, 2022 | 12:02 am

Saint Augustine meditating on the Trinity by Peter Paul Rubens, is one of 25 works in the Prado Museum which were seized during the Spanish Civil War and the Franco dictatorship. — PHOTO FROM MUSEODELPRADO.ES

MADRID — Spain’s Prado Museum on Tuesday published a list of 25 artworks seized during the 1936-39 civil war and under Francisco Franco’s dictatorship, and announced a research project that could lead to the works being returned to their legitimate owners.

Among the works are paintings by 17^th century Flemish artist Jan Brueghel the Younger and Spanish impressionist Joaquin Sorolla, according to the list.

The two centuries-old museum said in a statement it had set up a research team to study the 25 oeuvres and determine if there are other works that were also confiscated.

“The project aims to clarify any doubts that may exist regarding the works’ history and context prior to their cession to the Prado’s collections, which, in fulfilment of all legal requirements, may result in works being returned to their legitimate owners,” it said.

The findings of the research, to be led by senior professor and expert on cultural heritage and the Civil War Arturo Colorado, are expected by early 2023.

More than half a million people died during the Spanish Civil War and an estimated 150,000 were killed later in repression by Franco’s 1939-75 dictatorship, historians estimate.

None of the works on the list are on display at the museum that is part of Madrid’s “Golden Triangle of art” along with the Reina Sofia and Thyssen galleries. One of the capital’s most famous landmarks, the Prado contains over 7,000 of the world’s finest paintings and other works of art. — Reuters

US picks team to oversee $52.7 billion in funding for building chip capacity

September 22, 2022 | 12:02 am

WASHINGTON — The Biden administration on Tuesday named a team of senior advisers to oversee $52.7 billion in government funding to boost semiconductor manufacturing and research.

Commerce department Chief Economist Aaron Chatterji will serve as White House Coordinator for CHIPS Implementation at the National Economic Council (NEC) and will manage the work of the CHIPS Implementation Steering Council created by President Joseph R. Biden’s chips executive order signed last month.

In August, Congress approved $52.7 billion for semiconductor manufacturing and research and a 25% investment tax credit for chip plants that is estimated to be worth $24 billion.

NEC Director Brian Deese said Mr. Chatterji “will help coordinate a unified approach to our key implementation priorities while ensuring that we have guardrails and oversight in place to responsibly spend taxpayer dollars.”

The legislation championed by Biden aims to boost efforts to make the US more competitive with China and alleviate a persistent chips shortage that has affected everything from cars to washing machines to video games and weapons.

At Commerce, Treasury official Michael Schmidt will serve as CHIPS Program Office director. Mr. Schmidt previously served as New York State Department of Taxation and Finance commissioner.

Eric Lin, director of the government’s Material Measurement Laboratory, will be interim director of the CHIPS Research and Development Office.

The chips law includes $11 billion for research spending.

Commerce Secretary Gina Raimondo said the chips team would consist of about 50 people.

“These leaders bring decades of experience in government, industry and the R&D space, with a special emphasis on standing up and implementing large-scale programs,” Ms. Raimondo said.

Also named Tuesday is Todd Fisher, a Commerce department economic official who will serve as CHIPS Program office interim senior advisor in the CHIPS Program Office.

Former Palm Computing Chief Executive Officer Donna Dubinsky is Ms. Raimondo’s senior counselor for CHIPS implementation and Commerce official J.D. Grom will serve as senior advisor on CHIPS implementation.

Commerce hopes by February to begin seeking applications for $39 billion in semiconductor chips subsidies to build new facilities and expand US production. — Reuters

Metrobank expects 50-bp rate hike, launches financial education e-book

September 22, 2022 | 12:02 am

AN OFFICIAL from the Metropolitan Bank & Trust Co. (Metrobank) forecasts another 50-basis-point (bp) rate increase by the Philippine central bank in response to the US Federal Reserve’s aggressive monetary tightening this week.

In an interview with journalists on Wednesday, Metrobank Head of Financial Markets Sector Fernando Antonio A. Tansingco said the Bangko Sentral ng Pilipinas (BSP) will have to indirectly respond to the US central bank’s rate hike to support the peso.

“The high US interest rates [are] pushing the US dollar, weakening the peso, and the BSP has to react to that,” Mr. Tansingco said, adding that there could be inflationary effects due to the weakening of the local currency.

The local unit closed at P58 against the greenback on Wednesday, shedding 52 centavos from its P57.48 finish on Tuesday, Bankers Association of the Philippines data showed.

Year to date, the peso has weakened by 13.72% or P7 from its P51-per-dollar close on Dec. 31, 2021.

This is as investors have priced either another 75-bp or a 100-bp increase by the Federal Open Market Committee at its Sept. 20-21 policy meeting. The Fed has raised benchmark rates by 225 bps since March as it seeks to rein in rising prices.

“BSP is not really targeting the exchange rate. They’re doing inflation targeting. So, at a certain point, if the currency is too weak, then it will flow through inflation,” Mr. Tansingco said in a mix of English and Tagalog.

Latest data from the Philippine Statistics Authority showed the consumer price index climbed 6.3% year on year in August, from the nearly four-year high of 6.4% in July. It remained significantly higher than the 4.4% seen in August 2021.

August marked the fifth consecutive month that inflation exceeded the BSP’s 2-4% target range for the year.

“Inflation is still way higher than our overnight rates are now. So they really have to address it at this point in time,” Mr. Tansingco said.

The Philippine central bank is widely expected to fire off another 50-bp increase on Thursday as the US Federal Reserve is also expected to further tighten policy this week. The BSP Monetary Board on Aug. 18 raised benchmark interest rates by 50 bps, bringing cumulative increases so far to 175 bps since May.

“We’re more looking at the terminal rate rather than how many rate hikes. If the Fed goes at the 4% terminal rate, the BSP has to go up at least 5%,” Mr. Tansingco said.

“I think that’s one good thing about the BSP, they’re proactive and they’re willing to change policy or policy decisions according to the reality they see,” he added.

MONEYBILITY
Metrobank on Wednesday introduced Moneybility, a financial education e-book that aims to make Filipinos more financially resilient.

“We strive to go beyond just providing the usual banking services and aim to be the credible and reliable partner of our customers for expert financial advice,” Metrobank Chief Marketing Officer Digs A. Dimagiba said at an event on Wednesday.

“With education as our driving force, we hope to fulfill their needs while at the same time empower them to sustain a financially resilient way of living,” Mr. Dimagiba said.

Moneybility is a collection of money management topics that gets updated as market conditions change. It also has interactive features and tools that will make financial literacy more understandable.

This new platform will be useful for individuals who want to start developing smart money habits on budgeting, dealing with debt, insurance, investing, and more, the bank said.

“This advocacy of propelling financial literacy among Filipinos wherever they may be in their financial journey is consistent with our promise of keeping people in ‘good hands,’” Mr. Dimagiba said.

“Equipped with our decades-worth of experience and wisdom on banking and finance, Metrobank hopes to be the go-to-source of financial knowledge through our slate of learning tools and initiatives, starting with our flagship financial education tool, Moneybility,” he added.

Metrobank has rolled out different financial education tools over the years. Investment platform Earnest has easy-to-understand lesson cards, financial news, and simple investing explainers. It offers Metrobank My Choice Investment funds for as low as P1,000.

Moreover, the bank also launched Tara Invest, a series of bite-sized social media video explainers on the basics of investing.

“Money management is not one-size-fits-all, so we have a slew of financial education initiatives that can provide proper guidance to every Filipino. At the end of the day, we envision all of us to be financially resilient. That means we can face any financial challenge at any point of our financial journey,” Mr. Dimagiba said.

The bank saw its net profit surge by 94.5% in the second quarter on higher fee-based income, stable operational costs, and lower loan loss provisions.

The lender booked an attributable net income of P7.6 billion in the second quarter, up from the P3.907 billion it posted in the same period last year. This brought its first-half attributable net profit to P15.586 billion, 33% higher than the P11.687 billion recorded in the same period in 2021.

The bank’s shares declined by P1.85 or 3.5% to P51.05 apiece on Wednesday. — Keisha B. Ta-asan

Manila Water reduces its GHG emissions

September 22, 2022 | 12:02 am

MANILA Water Co., Inc. said it reduced its greenhouse gas (GHG) emissions by 4% in 2021 through onsite solar power generation and other renewables.

“It is imperative for Manila Water to adapt first to climate change because it is here, and its impacts are already felt. Now that a certain level of stability is achieved, then it is time to double our efforts to contribute to mitigating climate change impact through energy efficiency, renewable energy transition,” Manila Water’s Sustainability Head Sarah Monica E. Bergado said in a media release.

Manila Water claims that is the first company in the Philippines to adopt a climate change policy. Its GHG emission reduction programs include a transition to renewable energy.

The company said that it addresses raw water quality risk through nature-based solutions or natural processes to cost-effectively contribute to the improved management of water, with 2,459 hectares of watershed areas reforested with 1.2 million native trees since 2006.

Meanwhile, the International Water Association (IWA) recognized Manila Water as a climate-smart utility for its climate adaptation and mitigation policies. It is said to be the first utility company in Southeast Asia to be recognized under IWA’s Climate Smart Utilities Recognition Program. — Ashley Erika O. Jose