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CATS sees local electric vehicle market to further grow

STOCK IMAGE | Image by Sabine Kroschel from Pixabay

LUXURY vehicle distributor CATS Group of Companies is optimistic about the growth of electric vehicles (EVs) in the country, citing surging consumer demand.

“I think in certain [EV] segments, the market is very ripe. [In] the past year, we’ve been hearing a lot of demand from our own customers and we will react to that demand,” CATS Chief Operating Officer Francis Jonathan C. Ang told reporters on the sidelines of a press conference in Taguig City.

“For the upper luxury, in very specific segments, it makes the most sense for our consumers today. We think that the EVs will continue to grow over time,” he added.

According to Mr. Ang, bringing EVs into the country is a part of CATS plan moving forward.

“Affordability is one driver, climate consciousness is another for those who want to make sure that they play a part in the conservation of the planet,” Mr. Ang said.

Mr. Ang added that EV infrastructure is another factor considered by CATS in introducing EVs domestically.

“But I think especially for our segment, the luxury segment, we bear two things in mind. One is EVs is coming in with a lot more range — 500 kilometers, 700 kilometers, and Metro Manila has over 600 square kilometers of area,” Mr. Ang said.

“To get anywhere in Metro Manila, the EV range currently is enough and it looks like a lot of major cities in Asia. Home charging continues to be the key to unlock the EV market,” he added.

Meanwhile, Mr. Ang said that CATS occupied 35% of the luxury vehicle market. However, he said that CATS has lost its “market leader” status in the luxury segment due to supply issues.

“Pre-pandemic, we were number one [in the luxury vehicle market]. For Mercedes[-Benz], we’ve had a lot of supply issues these last two-three years. By far, the demand really has outstripped supply. We’ve had difficulties supplying sales to a lot of customers and we have a long waiting list,” Mr. Ang said.

“We hope to regain leadership. We can’t really control the supply situation with the principals. They are still continuing to improve back to where we were pre-pandemic. I think the expectation might be closer to 2024 when this whole situation normalizes. The various principals have various success levels of bringing supply back to normal,” he added.

On Jan. 17, global automotive distributor Inchcape announced that it took a controlling stake, or 60%, in CATS as part of a joint venture agreement between the two companies. The Ang family, founder of CATS, will retain 40% of the company.

The deal is expected to close in the second half of 2023, and is expected to add 120 million pounds to Inchcape’s revenues.

CATS is the local distributor for luxury vehicle brands such as Mercedes-Benz, Chrysler, Jeep, Dodge and Ram, Jaguar, and Land Rover. It also has dealerships for Mazda and Harley-Davidson motorcycles.

Inchcape’s brand portfolio includes Toyota, Subaru, Suzuki, Jaguar Land Rover, BMW, Chevrolet, Great Wall Motor, Peugeot Citroen, Harley-Davidson, Daimler, Hino, and other commercial vehicle partners. — Revin Mikhael D. Ochave

A Brown to invest in agricultural company

A BROWN Co., Inc., said on Wednesday that its board of directors authorized the firm to invest in Surigao Greens Agri Corp. (SGAC), which is in the process of incorporation.

In a stock market disclosure, the company said that SGAC will be its subsidiary.

A Brown said it will be subscribing to 12.50 million common shares representing 100% of SGAC’s outstanding capital stock upon its incorporation.

SGAC’s will be engaged in the business of processing, milling, and refining of palm oil to manufacture crude palm oil.

It will also be engaged in “refined beached deodorized palm oil, palm olein, and other products.”

SGAC will handle the distribution of the products on a wholesale and retail market basis, “provided that [it] shall not solicit accept or take investments/placements from the public and neither shall it issue investment contracts.”

A Brown is primarily engaged in the business of real estate development from high-end residential developments to economic and socialized housing segments.

Through its subsidiaries, it is also into power generation, manufacturing and trading of palm oil and other palm products.

At the local bourse on Wednesday,  shares in A Brown closed three centavos or 4% higher to end at 78 centavos apiece. — Ashley Erika O. Jose

Since food doesn’t go out of style, backers hope food courts don’t either

Kanto Pares

THE WORLD is certainly opening up again after all the pandemic-related restrictions and closures. So much so that it’s even resurrecting a concept from the previous decade, the food park.

Last week, BusinessWorld went to taste around Buendia Food by the Court, which brings two pastimes together: food, and basketball. Paul Elauria, President of the Subic Bay Development and Industrial Estate Corp. that built both the food park and the basketball court back in 2017, said, “We planned on something that will be productive and income-generating,” recalling the days when the plot of land along Sen. G. Puyat Ave had been fallow. “Filipinos love to play basketball, and then they love to eat. Why don’t we combine basketball and food?”

It had been doing quite well, with lines snaking into it day and night (because of the games and the food), but pandemic restrictions in 2020 closed it down, and has just reopened in 2023.

There were only about a handful of merchants during the soft opening party, but we had gotten our fill. A lot of Asian cuisines were represented, such as Korean in Samgyup to Go, and several Filipino offerings by Kanto Pares, sharing space with sister restaurants Happon Ramen House, Chicken Stop PH, and X Rancho Grill. There’s also seafood from Above Sea Level, Japanese treats from Crazy Sushi, sandwiches from Sky317, sizzling things from Grill Fry Experience, and more chicken from MonsterWings.

We had the Bone Marrow Pares from Kanto Pares, the Tapa Wrap from X Rancho Grill, and the Curry Ramen from Happon. We were quite satisfied (friends asked to be brought to Kanto Pares after seeing a picture of the torched bone marrow), and not one of the meals cost more than P250.

The food park straddles the Makati communities of Palanan and San Isidro, which Mr. Elauria describes as middle- to upper-middle class.

In choosing the merchants, he said, “Anything attractive to this type of market. But also, we cater to the workers in the Makati CBD (Central Business District),” which is just about one kilometer away (he says that some of the office workers just walk). “After office, especially during paydays and birthdays,” he said. “Ordinary food lang naman (it’s just ordinary food).”

The food park concept really kicked off in the early 2010s, but the concept was slowly reaching the end of its rope by 2018. One might think the pandemic would see it off, but the desire for open eating spaces for safety reasons might be making food parks fashionable again. Mr. Elauria, when asked about the return of food parks, said, “We cannot tell at this time. It’s very early. The world only normalized not more than three, four months ago. We only opened it now,” he said in a mixture of English and Filipino. “Because it’s open air, maybe we have some advantage,” he noted.

“Food doesn’t go out of style. We just have to keep the quality very good.”

Buendia Food by the Court is located at 24 Sen. G Puyat Ave. corner Bautista and Finlandia Streets, and is open from 5 p.m. to midnight. — Joseph L. Garcia

Lunar New Year: Hopping and dining around the metro

THE Peninsula Manila Dim Sum Selection

THE PLACE is hopping with Water Rabbit Lunar New Year Treats from hotels around the city, with many of the dishes and the rituals promising a bit of luck for the new year.

THE PENINSULA MANILA
The Peninsula Manila is ready to unveil a wealth of experiences and treats for sharing good fortune and blessings, including a Dragon and Lion Dance at the lobby on Jan. 22 from 10:30 to 11:30 a.m. On that day as well, Escolta offers a limited-time only Sunday Champagne Lunch Buffet showcasing auspicious ingredients such as fish and oysters, believed to bring good luck, and classics including glutinous rice dumplings that symbolize reunion. This Sunday buffet costs P4,500 for adults, P7,000 for the Champagne brunch, and P2,250 for children ages six to 12, from noon to 3 p.m. For an evening of fun, check out Salon de Ning’s alternative Chinese New Year celebration with an interactive improvisational show by SPIT Manila: Shanghai Nights, From Madame Ning with Love (A Chinese New Year celebration laced with Dance, Danger, and Desire) on Friday, Jan. 20. The two-hour melodrama set in 1920s Shanghai on the eve of the Chinese New Year, will have the guests help decide the fate of lovers as they dance to the music of the Jazz Age, sip cocktails, and have their fortunes read by a three-headed oracle. There will be a special appearance by Galaw.Co Dance Theater. There will be a door charge of P888 (inclusive of taxes and one drink). Doors open at 7 p.m. and the show starts at 8 p.m. The hotel also has a special room package available on Jan. 21, which includes a stay in a Deluxe Room, buffet breakfast for two adults and two children below 12 in Escolta restaurant the next morning, and front row seats to The Lobby’s annual dragon and lion dance on Jan. 22. For inquiries and reservations, call 8887-2888 (ext. 6691 or 6694 for Restaurant Reservations), mobile +639175578014, or email diningpmn@peninsula.com.

NEW WORLD MAKATI HOTEL
The hotel has gifts and special menus for the Lunar New Year celebration. Delight those that mean most with Jasmine’s best-selling handcrafted nian gao (also known as tikoy), which come in the koi fish and classic round shapes, priced at P1,188 and P1,088 net, respectively. Bulk orders get a 20% discount with a minimum of 50 boxes, and Club Epicure members receive a 10% discount. Meanwhile, The Shop offers a tangy and sweet combination in its Mandarin Cake, consisting of vanilla cremeux white chocolate mousse cake filled with orange jelly mandarin disk and orange segments, finished in red shiny glaze. The cake costs P1,388 net. A 48-hour lead time for orders is needed. There are more gifts available, such as one of three Chinese New Year hampers. The Premium Chinese New Year hamper contains items that can be used for Chinese New Year celebrations and more, such as dried scallops, dried black mushrooms, Chinese sausage, Jasmine’s XO chili sauce, sweetened cashew nuts, salted espresso cookies, fortune cookies, and a bottle of wine (P9,888 net). Hampers with the Mandarin Cake or nian gao come with fortune cookies and wine, and go for P4,288 and P3,888 net, respectively. Meanwhile, Jasmine highlights its premium Chinese cuisine befitting the Lunar New Year celebrations with two set menus offering dishes that signify prosperity, longevity, and happiness for the coming year. Set Menu 1 starts with the Salmon Yu Sheng salad, also known as the Prosperity Salad, and includes Steamed Fish Fillet in Superior Sauce, among its many dishes, ending with Hot Cream Red Bean Soup and Lotus Seeds and Glutinous Rice Dumpling with Milk Chocolate. It comes with one box of nian gao. Set Menu 2 also begins with the Prosperity Salad and features Braised Assorted Seafood in a Fish Maw Broth, Steamed Live Garoupa in Superior Soy Sauce, among many dishes, and ends with two desserts plus one box of nian gao. An a la carte selection of best-selling items will also be available under the Chef’s Recommendations menu. Jasmine’s all-you-can-eat dim sum buffet will be on offer as well, featuring all of the restaurant’s well-loved dishes. Set Menu 1 is offered at P10,888 net per table of four guests, while Set Menu 2 is offered at P13,888 net per table of four guests. All-You-Can Eat Dim Sum is priced at P1,688 net per person. For inquiries and reservations, guests can call 8811-6888 or e-mail events.manila@newworldhotels.com.

MARCO POLO ORTIGAS
The hotel is hosting a 2023 forecast reading with Feng Shui Master Joseph Chau at noon on Jan. 20, at Lung Hin. Lung Hin is also offering a Lucky Rabbit Chinese New Year Set Menu until Jan. 22. The 10-course menu, which includes Braised Calmex Mexico Abalone and Hong Kong-Style Roasted Duck is offered at P52,888 for 10 people and P26,888 for five people. The hotel has four variants of the traditional nian gao: Double Gold Bar Nian Gao (P2,598); Double Flavored – Red Dates Sugar and Fortune Orange (P2,598); Red Dates Sugar Round Tikoy (P1,898); and Fortune Orange Round Tikoy (P1,898). Rounding up the festivities will be the grand Lion and Dragon dance on Jan. 22. For more information and updates, visit marcopolohotels.com. For reservations, call 7720-7777.

GRAND HYATT MANILA
Reunite with family and friends and indulge in an epic Chinese New Year celebration at the Grand Ballroom on Jan. 22 at 11:30 a.m. to 2:30 p.m., complete with Chinese cuisine featuring a live cooking show by Chinese master chefs, a prosperity toss, and a lion dance performance. The Chinese New Year set menu at the Grand Ballroom starts at P25,888 net for six persons. Meanwhile, savor Chinese specialties at the hotel’s restaurants: No. 8 China House, The Grand Kitchen, and The Lounge. No. 8 China House features Chinese New Year set menus starting at P14,880 net for four persons, available on Jan. 21 and 22 for lunch and dinner. The Grand Kitchen offers a special Chinese New Year buffet on the eve of Jan. 21 and for lunch on Jan. 22 at P3,488 net per person. The merienda cena at The Lounge will also serve traditional Chinese delicacies to pair with tea, coffee, or free-flowing rosé available from Jan. 20 to 22 from 2:30 to 6 p.m. at P1,950 net. Grand Hyatt Manila’s Chinese New Year specialty cake and signature nian gao in traditional brown sugar flavor are available in Florentine and through Dine at Home from Jan. 13 to 22. For inquiries and reservations, call 8838-1234 or e-mail manila.grand@hyatt.com.

SHERATON MANILA BAY
Bring luck, wealth, and prosperity to your homes with Sheraton Manila Bay’s Auspicious Chinese Hamper, priced at P3,200 net per set inclusive of a chocolate rabbit, dried fruits, peanut sesame brittle, pineapple bun, mung bean cake, and a lucky rabbit stuffed toy. There are other goodies at the Lobby Kiosk, including a chocolate rabbit box, peanut sesame brittle, pineapple bun, moon cake, mung bean cake, a set of dried fruits and Chinese chocolate coins, and tikoy box set. On Jan. 21, the hotel will hold auspicious activities including a Chinese Dragon and Lion dance and the traditional dotting of the eye ceremony to be performed at the hotel lobby from 10 a.m. to noon. Complete the tradition with a celebratory drink with family and friends at &More by Sheraton with their special Coffee of the Month, Shanghai Lungo, for P250, which is available until Jan. 31. For reservations, call 5318-0788 or e-mail reservations.manilabay@sheraton.com.

CONRAD MANILA
Conrad Manila ushers in the auspicious Chinese New Year of the Water Rabbit with indulgent offerings such as the traditional Yee Sang Prosperity Toss, nian gao, and a set menu at its award-winning restaurant, China Blue by Jereme Leung. The restaurant’s set menu features traditional favorites and signature highlights such as: Steamed live sea lapu-lapu with black garlic, Shredded assorted mushrooms in superior soy sauce; Stir-fried king prawn with creamy garlic chili sauce; and a Golden roast US duck with barbeque sauce, among others. This menu starts at P48,888 net for a table of 10 diners. Patrons may also share the blessings of the season by bringing home a box of nian gao shaped in koi fish and mini gold bars that represent good fortune and prosperity. China Blue by Jereme Leung’s Special Nian Gao Gift set is priced at P2,388 and is available until Jan. 27. For reservations and inquiries, call 8833-9999 or e-mail conradmanila@conradhotels.com.

CROWNE PLAZA MANILA GALLERIA
Crowne Plaza Manila Galleria celebrates Chinese New Year at Xin Tian Di daily until Jan. 23 with special selections in an a la carte menu and special set menu. On Jan. 22, Crowne Plaza Manila Galleria will host Dragon and Lion Dances starting from 11 a.m. onwards. This will be accompanied by the traditional eye dotting ceremony and exchange of gift ceremony. Make reservations through 98790-3100, fandb.reservations@ihg, or 0927-163-0128.

EDSA SHANGRI-LA MANILA
Edsa Shangri-La, Manila welcomes the Year of the Water Rabbit with its special nian gao collection, available daily at Summer Palace and the Lunar New Year lobby counter until Feb. 5. Choose from a selection of flavors featuring tea, taro, and radish; go big with the ninko fish-shaped nian gao; and court good fortune with a gold bar nian gao, all available in limited edition Lunar New Year gift box sets. Rates start at P1,688 net. The Bakeshop sweetens up Lunar New Year celebrations with two offerings: a Mandarin Chocolate Torte and a Water Rabbit Carrot Cake at P1,650 net per whole cake. Share the gift of prosperity with the Fortune Rabbit Prosperity hamper which include the Infinity nian gao, assorted sweets and savories, and a bottle of red wine available at P5,600 net. Enjoy flavourful reunions with a feast of Cantonese specialties with Summer Palace’s set menus for groups or families of 10 people. Guests can choose from the selection auspiciously named: Wealth Set Menu priced at P23,880++, Prosperity Set Menu at P33,880++, and Longevity Menu at P53,888++, available from Jan. 21 to Feb. 5. Summer Palace’s Lunar New Year set menus include a Prosperity Salmon Yee Sang to usher in good fortune through a flavorful toss with family. For inquiries, visit the Lunar New Year counter at the main lobby of Edsa Shangri-La, Manila, call 8633 8888 local 8803, or e-mail restaurantrsvns.esl@shangri-la.com

CITY OF DREAMS
Until Jan. 29, Crystal Dragon highlights its festive lunar new year menu which is available for lunch and dinner. For the traditional dinner table yu sheng toss ritual, the salad is offered with a twist: Prosperity Roasted Duck is included in lieu of herring or salmon, with jellyfish, crispy vegetables, and plum dressing. This is available for five people at P1,600. For more abundance, Crystal Dragon offers Steamed duo flavor live grouper with signature tofu and Roasted crispy spring chicken with supreme soy sauce, the Crispy taro and new year cake pillow. Other auspicious Crystal Dragon specialties to welcome the new year are: Buddha Jumps Over the Wall; Braised sea cucumber and pork trotter with black moss and brown sauce; Wok-tossed creamy prawns with fragrant shredded coconut; and Wok-fried fragrant glutinous rice with Guangdong cured pork. Meanwhile, Singapore’s TungLok Signatures also highlights the quintessential Chinese New Year staple fare. Tung Lok’s yu sheng salad — prepared with salmon, a medley of fresh vegetables, fruits, and other ingredients (P2,888) — is available until Jan. 24 and can be shared by a group of six to eight people. Red Ginger offers five auspicious dishes symbolizing fortune, longevity, prosperity, happiness, and harmony. The ala carte dishes are: Fortune Lao Sheng, a chicken salad with plum dressing; Longevity Noodles, consisting of egg noodles with crispy pork belly, and quail eggs; braised Prosperity Pork Knuckle with king mushrooms; Happiness Prawn and Squid, a medley stir-fried in curry XO sauce; and, for dessert, Harmony Coconut, a mix of coconut jelly and ice cream. These are available until Feb. 5. For inquiries and reservations, call 8800-8080 or e-mail guestservices@cod-manila.com. For more information, visit www.cityofdreamsmanila.com.

NEWPORT WORLD RESORTS
Grand celebrations and lavish feasts are in store to usher in the Year of the Water Rabbit with an abundance of luck and good fortune for all this January at the Newport World Resorts’ hotels and restaurants. The Happy 8 restaurant is offering the Imperial Rabbit Feast, a Chinese set menu and Yee Sang featuring wok fried lobster tail in chili sauce with crispy mantou, pan fried prime rib eye beef in red wine sauce with king oyster mushroom, and a salmon yee sang with plum sauce. For P5,088 net per person, feast with the whole family and toss the Yee Sang for prosperity. The Imperial Rabbit Feast is available from Jan. 15 to Feb. 15 at Happy 8, located at the Third Floor Gaming Area of the Newport Garden Wing. A Feast of Fortune awaits diners at the Hilton Manila’s Hua Yuan Brasserie Chinoise. Reunite with loved ones with an authentic dining experience with rates starting at P18,888++ daily until Jan. 25. Marriott Hotel Manila’s Chinese Fine Dining restaurant, Man Ho, is celebrating with a Poon Choi for Good Fortune at P29,888 net for a group of five diners, featuring abalone, prawns, roasted duck, and more. The restaurant is also serving up a Lo Hei for Prosperity with salmon, carrots, white radish, golden crackers and more, for P8,888 net for a group of five. Man Ho’s Lunar New Year offers are available until Feb 5. Sheraton Manila Hotel’s Oori Korean restaurant offers traditional new year comfort food. Tuck into a steaming bowl of Homemade Dumplings and Rice Cake Soup or Korean Clam Soup for P1,300 net and P1,250 net respectively until Jan. 31. Hotel Okura Manila’s Yamazato is serving a special Lunar New Year Bento for lunch at P2,700++ from Jan. 22 to 31. Continue the Lunar New Year celebrations with the Lunar New Year Room Packages that include daily breakfast at Yawaragi, with rates starting at P17,000 net per night, with a booking period until Jan. 31 for a stay period between Jan. 15 to Feb. 10. Meanwhile, get a personal reading from various experts at Newport World Resorts’ Psychic Fest. For P800, guests may avail of one psychic reading from a selection of experts, from tarot card readers, oracle, reiki, chakra scanning, and more. The Psychic Fest will run from Jan. 20 to 22, 4 to 8 p.m., at The Plaza. Make the most of the lucky stars this year with the Newport Mall-seum Zodiac Forecast Exhibit at The Grove which is ongoing until Jan. 31. For more information, visit www.newportworldresorts.com and follow @newportworldresorts on Facebook and Instagram, and @nwresorts on Twitter.

Ookla: Smart delivered fastest download speed in Q4; Globe ‘most consistent’

BW FILE PHOTO

SMART Communications, Inc., the wireless arm of PLDT Inc., delivered the fastest median download speed at 32.16 megabits per second (Mbps) in the fourth quarter (Q4) of 2022, according to global benchmarking firm Ookla.

In its fourth-quarter mobile performance report for the Philippines released on Wednesday, Ookla said that Globe Telecom, Inc. had a median download speed of 21.30 Mbps for the period, followed by DITO Telecommunity Corp.’s 17.66 Mbps.

Smart also “registered the lowest median multi-server latency in the Philippines at 47 ms (milliseconds),” it added.

Ookla said its multi-server latency is “designed to represent the latency the user should expect to encounter more generally when their network is not under heavy load.”

It is computed from the multiple pings conducted during server selection. “During server selection, the application pings several on- and off-net servers, multiple times each, to determine which servers to use during the test,” Ookla said.

DITO had the second lowest median multi-server latency during the period at 48 ms, followed by Globe at 56 ms.

In terms of consistency, Ookla said that Globe had the highest consistency in the Philippines during the quarter, with 83.1% of results showing at least a 5 Mbps minimum download speed and 1 Mbps minimum upload speed.

Consistency is the metric used by Ookla to identify fixed broadband or mobile networks that provide a consistent quality of service.

“It reflects the percentage of a provider’s data samples that meet minimum thresholds for download and upload speeds, depending on the type of network. The higher a provider’s consistency, the more likely a consumer will enjoy acceptable internet performance and quality,” Ookla said.

Smart was the second most consistent mobile network provider in terms of quality during the period, with 80.8%, followed by DITO with 72.6%, according to Ookla.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

This lunar year will be the Year of the Rabbit or the Year of the Cat, depending on where you live

On Jan. 22, 2023, more than a billion people globally will welcome the Year of the Rabbit — or the Year of the Cat, depending on which cultural traditions they follow — as the start of the Lunar New Year. In the New York City public school district, Lunar New Year has been observed as a school holiday since 2015.

The Lunar New Year is sometimes called the Chinese New Year, because it follows a calendar that was developed in China; but it is also celebrated in various parts of Asia, such as Korea and Vietnam. Tibetan and Mongolian cultures follow a similar calendar that will start the Year of the Rabbit about a month later, on Feb. 20.

While this calendar is sometimes just called “lunar,” it adds an extra month every few years to stay in sync with the solar cycle, so it’s technically lunar and solar, or lunisolar. This means that the date of the Lunar New Year in the Gregorian calendar changes from year to year but always falls in January or February. The Gregorian calendar is the solar calendar used today in most parts of the world, including the United States.

As a scholar of East Asian religions, I am familiar with the wide range of lunar and lunisolar calendars used in different religions and cultures, and especially with the religious significance of the East Asian lunisolar calendar.

The lunisolar calendar that developed in China combines two categories: 12 earthly branches, each of which corresponds to an animal, and 10 heavenly stems, each of which corresponds to one of the five elements — fire, water, wood, metal, and earth — and either the feminine yin or masculine yang force.

While this lunisolar calendar brings people together, different countries and cultures have their own legends and customs surrounding the New Year. Even the animal associated with the year can vary.

In most parts of East Asia, the new year that begins on Jan. 22 corresponds to the rabbit, and also to the element of water and the feminine yin force. The cycle takes 60 years to complete, so 60th birthdays across East Asia are times for special celebrations.

However, the animal associations of the zodiac can vary: In Vietnam, Jan. 22 will usher in the Year of the Cat instead. The most recent Year of the Cat, in 2011, saw a baby boom in Vietnam because of the good luck associated with that zodiac sign.

One explanation among scholars for why Vietnamese culture celebrates it as the Year of the Cat is that the earthly branch corresponding to “rabbit” is pronounced mao in Mandarin and meo in Vietnamese, which sounds similar to the Vietnamese word for “cat.”

Another explanation comes from two variations of a popular legend about how the 12 zodiac animals were chosen. According to that legend, either the Buddha or the Jade Emperor, head of the Chinese pantheon, organized a race across a river to choose the zodiac animals and their order.

In the Chinese version, the cat and rat were riding across a river on an ox when the rat, in its drive to be first, pushed the cat into the water so that the cat arrived last and was disqualified. The rabbit was crossing the river by hopping on stones sticking out of the water, but with one lucky leap it landed on a floating log that swiftly carried it to shore, so that the rabbit finished fourth. However, in the Vietnamese version — which lacks a rabbit — the cat could swim and ended up arriving fourth.

In the Chinese tradition, people born in particular zodiac years have some of their animal’s characteristics. Since the late 20th century, Chinese regions have seen birth rates spike during Years of the Dragon because dragons are powerful symbols of good fortune and success.

Some animals carry strongly gendered meanings: the Year of the Tiger is widely seen as a good year for male births, but female tigers are stereotyped as overly aggressive. In Korea, the Year of the Horse is similarly perceived as a bad time for girls to be born.

Conversely, the Year of the Rabbit is seen as a better year for girls because the rabbit’s qualities of kindness, empathy, and patience are stereotypically feminine virtues. Moreover, rabbits have been associated with male homosexuality since the 18th century, and the word “rabbit,” tuzi in Mandarin, is a slur for male sex workers. The stigma surrounding homosexuality in Chinese cultures means that, for some people, having a boy in the Year of the Rabbit would be less ideal. However, some members of Chinese LGBTQ+ communities are rejecting this stigma by reclaiming the Rabbit God as a patron deity.

The Rabbit God is not always understood as a god of male same-sex love. He can also be a symbol of longevity. Chinese lore holds that a rabbit and toad on the Moon work with the moon goddess Chang’e to refine the elixir of immortality. 

The Year of the Rabbit will feature rabbit decorations, rabbit-themed marketing, and an abundance of new pet rabbits. However, the celebration will remain the same as in other years.

Chinese Lunar New Year celebrations emphasize family togetherness as well as good luck and prosperity for the coming year. In China, the Lunar New Year marks the world’s largest annual human migration, as people who work in big cities travel home to see their families for the two-week holiday.

The new year officially ushers in the spring, so it is also called Spring Festival, or Chunjie in Mandarin. To start the New Year on the right foot, people get haircuts, clean their houses, and wear new clothes. These new clothes, like most New Year’s decorations, are red, which symbolizes good fortune.

New Year’s foods also aim to bring good fortune. Among the dishes commonly eaten at New Year’s are fish, because in Mandarin “having fish,” you yu, is a homophone for “having a surplus.” Eating a dessert of glutinous rice balls in sweet soup, known as tangyuan, represents the family being complete, because the word for round, yuan, also means “complete.”

Family is the focus of New Year celebrations, which traditionally take place in the home of the husband’s family. Adults generally give gifts of money in red envelopes to younger relatives who are still in school. On the second or third day of the new year, families often travel to the wife’s family home to see the in-laws.

The Lantern Festival, Yuanxiao jie, wraps up the festivities two weeks after the New Year begins with the first full moon of the year. As the name suggests, people celebrate with decorated lanterns, which often have riddles attached. In addition to guessing the answers to these riddles, people celebrate by eating tangyuan or similar round dumplings called yuanxiao, and watching dragon and lion dances.

The global Asian diaspora means that Lunar New Year is now celebrated around the world, including in the United States. Chinese American, Korean American, and Vietnamese American communities will mark the beginning of the Lunar New Year with a variety of celebrations, some welcoming the Year of the Rabbit and others welcoming the Year of the Cat. — The Conversation via Reuters Connect

 

Megan Bryson is an Associate Professor of Religious Studies at the University of Tennessee.

AREIT’s property share swap with Ayala Land gets SEC nod

THE real estate investment trust (REIT) of property developer Ayala Land, Inc. (ALI) secured the approval of the Securities and Exchange Commission (SEC) for its property-for-share swap worth P11.26 billion.

In a disclosure to the Philippine Stock Exchange, AREIT, Inc. said that the SEC approved ALI’s subscription to around 252.14 million shares in the REIT in exchange for ALI-owned Cebu commercial properties.

The transaction price is at P44.65 per share, which brought the projected yield of the assets to be infused to 6%.

“The swap will further increase AREIT’s portfolio from 549,000 square meters (sq.m.) to 673,000 sq.m. of gross leasable area [and] increase AREIT’s assets under management from P53 billion to P64 billion,” said AREIT.

“The new assets are expected to contribute to earnings of the company in the succeeding periods,” the company added.

The assets involved are: 20,842-sq.m. eBloc 1; 27,727-sq.m. eBloc 2; 15,233-sq.m. eBloc 3; 16,167-sq.m. eBloc 4; 27,517-sq.m. ACC Tower; and 16,813-sq.m. Tech Tower 1, all located in Cebu IT Park.

In line with the approval of the SEC, AREIT and ALI have amended the deed of exchange the parties signed in recognition of the income from the new assets of AREIT in the fourth quarter of 2022.

“AREIT will apply for the Bureau of Internal Revenue Certificate Authorizing Registration for the new assets and listing the shares in favor of ALI within the first quarter of 2023,” the company said.

Once realized, this will increase AREIT’s outstanding common shares to 1.76 billion from 1.51 billion, with ALI owning 66% of the total shares.

ALI is the sponsor of AREIT, which owns 60.32% direct and indirect shares of AREIT.

On Wednesday, ALI’s shares climbed by 50 centavos or 1.56% to P32.45 apiece, while shares in AREIT slipped by 10 centavos or 0.28% to P5.60 each. — Justine Irish D. Tabile

Sony relaunches Walkman as a high-resolution streaming device

SONY Philippines this week launched the brand’s two new Walkman music players in the country, which will be available for purchase by next month, it said in a statement on Tuesday.

The local unit of Sony Electronics Asia Pacific Pte. Ltd., a subsidiary of Sony Corp., said the company recently announced two new additions to the Walkman series, the NW-ZX707 and the NW-A306.

“Both players are designed for listeners to enjoy music the way the artist intended with high-quality sound with a sleek design,” Sony Philippines said.

The two new music players will be available at select Sony Authorized Dealers nationwide starting Feb. 10.

The higher end NW-ZX707, priced at P44,999, offers “astonishing” sound quality, the company said.

The new music player, built with the philosophy of the company’s Signature Walkman, has upgraded fine-tuned capacitors and an FTCAP3 (high polymer capacitor), and a large solid high polymer capacitor that offers large capacitance and low resistance.

An OFC milled block covers the digital block to strengthen digital ground and improve noise shielding. A large 8mm coil for balanced output also allows for better sound resolution across all frequencies.

“NW-ZX707 integrates a DSD Remastering Engine where PCM (pulse code modulation) audio is resampled into an 11.2 MHz DSD (direct stream digital), offering even more ways to enjoy music,” Sony Philippines said.

“With enhanced battery life, a balanced connection, a larger 5-inch display, and Wi-Fi compatibility for easy downloading and streaming functions, it is also portable and stylish for the most demanding music lover,” it added.

Meanwhile, the NW-A306, priced at P19,999, is targeted for users “looking for high-quality sound and style,” Sony Philippines said.

“This stylish and compact music player lets consumers download and stream more of the music they love. With full Wi-Fi compatibility, weighing just only 7 ounces, and with the comfort and function of both a 3.6-inch touch screen and tactile physical music controls, the NW-A306 series is dedicated to delivering exceptional music experiences right from the users’ pocket,” it said.

“The premium aluminium milled frame on the NW-A306 provides superior rigidity for low impedance and clear, stable sound and solid bass,” it added.

Both models feature the S-Master HX digital amp technology developed for Walkman, which is compatible with the native DSD format. It reduces distortion and noise across frequencies.

The music players apply a reflow solder containing gold for improved sound localization and wider sound space. Both also have a dual clock, film capacitor, and fine sound register.

The NW-ZX707 and the NW-A306 both use Edge-AI (artificial intelligence), and DSEE Ultimate (digital sound enhancement engine) to upscale compressed digital music files in real-time.

“With further progress from its predecessor models, consumers can enjoy DSEE Ultimate for upscaling their music, whether it is Wi-Fi streamed or downloaded. Now, listeners can also enjoy DSEE Ultimate with wireless headphones,” Sony Philippines added.

The two new music players also feature longer battery life. No plastic is used in their packaging material. — BVR

Medical research, business development among fastest growing jobs in PHL — LinkedIn

JOBS in medical research, business development, and technology are among the fastest-growing jobs in the Philippines, according to the professional networking platform LinkedIn.

In a statement on Wednesday, LinkedIn said the clinical research associate role topped the list of in-demand professionals, followed by business development representative.

Job seekers should be aware of the fastest-growing occupations in the country to help make informed decisions for their respective career paths, it said.

“From the rise in skills-based hiring to the demand for hybrid work, the employment landscape has been undergoing a wave of changes,” it said.

The platform said the continuing shift towards digitalization and hybrid work arrangements has led to job growth for technology specialists.

The Asian Development Bank said on July 6 that the global coronavirus pandemic has increased the need for workers to develop digital skills.

The Philippines’ unemployment rate dropped to 4.2% in November, the lowest level in over 17 years, according to the Philippine Statistics Authority.

However, job quality worsened that month as the underemployment rate, which represents Filipinos looking for more work, inched up to 14.4% from 14.2% in October.

“While the economy is likely to be uncertain throughout most of 2023, there are bright spots in the labor market with macro-trends such as the rapid acceleration towards greater digitalization and jobs focused on business growth powering some of the strongest opportunities for job seekers,” Pooja Chhabria, a career expert from LinkedIn, said in the statement. — John Victor D. Ordoñez

Yields on term deposits slip on dovish Fed bets

BW FILE PHOTO

YIELDS on the central bank’s term deposits inched down on Wednesday as market players now expect a smaller rate increase from the US Federal Reserve at its meeting at the end of this month.

The term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) fetched bids amounting to P404.159 billion on Wednesday, well above the P350 billion on the auction block and the P377.197 billion in tenders seen for the P390-billion offer a week ago.

“The BSP lowered volume offering for the TDF auction to P350 billion (from P390 billion). Based on actual bids received last week, the total offer volume was also reallocated between the 7-day and 14-day tenors at P190 billion (from P220 billion) and P160 billion (from P170 billion), respectively,” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement on Wednesday.

Broken down, tenders for the seven-day papers reached P259.374 billion, beyond the P190 billion auctioned off by the central bank and the P190.262 billion in bids for the P220-billion offer seen the previous week.

Banks asked for yields ranging from 6% to 6.4%, a wider and lower band compared with the 6.27% to 6.45% seen a week earlier. This caused the average rate of the one-week deposits to decrease by 5.8 basis points (bps) to 6.2973% from 6.3553% previously.

Meanwhile, bids for the 14-day term deposits amounted to P144.785 billion, falling below the P160-billion offering and the P186.935 billion in tenders seen for the P170-billion offer on Jan. 11.

Accepted rates for the tenor were from 6.15% to 6.5088%, wider than the 6.25% to 6.459% margin seen a week ago. With this, the average rate for the two-week deposits fell by 2.47 bps to 6.3733% from 6.398% logged in the prior auction.

The central bank has not auctioned 28-day term deposits for more than two years to give way to its weekly offerings 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 came as eligible counterparties reallocated their placements towards the shorter tenor as part of their efforts to manage liquidity in anticipation of some client requirements,” Mr. Dakila said.

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

Term deposit yields were lower amid expectations of a dovish Fed after US consumer inflation eased to a 14-month low in December, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The US consumer price index (CPI) slipped by 0.1% last month, the first decline since May 2020 and coming from a 0.1% rise in November.

On an annual basis, the CPI increased 6.5%, easing from the 7.1% print seen in November 2022.

The report bolstered bets that the Fed will deliver smaller rate hikes as early as its first meeting for the year, which will be held from Jan. 31 to Feb. 1.

The US central bank increased borrowing costs by 425 bps last year.

Mr. Ricafort said the expected 25-bp rate hike from the Fed at their first meeting could be matched by the BSP next month.

BSP Governor Felipe M. Medalla last week said the central bank is likely to raise benchmark rates by 25 or 50 bps at its meeting on Feb. 16 as it still needs to anchor inflation expectations.    

The BSP hiked rates by 350 bps in 2022 in an effort to bring down elevated inflation. — Keisha B. Ta-asan

Taboos and superstitions of the Lunar New Year

ALEXANDER GREY-UNSPLASH

THERE are a number of superstitions surrounding the Lunar New Year, to avoid bad luck in the new year and to attract good luck. Here is a list compiled by The Peninsula Manila.

House Cleaning: All house cleaning must be done prior to the New Year. On New Year’s Eve, all brooms, brushes, dusters, dust pans, and other cleaning equipment must be put away. If any cleaning utensils, especially brooms, are used during the holiday, it will bring bad luck because you will be sweeping out all the good fortune from your house.

Holiday Greetings: During this season, greet everyone with a “Kung Hei Fat Choi” which means “All the very best for a prosperous New Year.”

Bringing in the New Year and Expelling the Old: Shooting off firecrackers on New Year’s Eve is the Chinese way of sending out the old and welcoming in the New Year. Firecrackers and loud gongs are also used to scare away evil spirits who may disrupt one’s good fortune. On the stroke of midnight, every door in the house and even windows have to be open to allow the old year to go out.

Wear Red: Everyone buys new clothes to celebrate the New Year. Red clothing is preferred during this festive season since it is considered a bright, happy color and assures the wearer a sunny and bright future. Coincidentally, many retail shops have sales at this time.

Lai See for Luck: Children and unmarried friends, as well as close relative, all receive lai see or “lucky money” in red envelopes from friends and family for good fortune.

Pay Up: All debts have to be paid before the New Year. Nothing should be lent on New Year’s Day, as anyone who will do so will be lending all year.

No to Broke: The year will get off on a bad start if food is served or eaten from broken or chipped crockery, as this signifies eating into your own capital. Do not use knives or scissors on New Year’s Day as this may cut off good fortune.

Banks to face asset quality risks

BANKS in the Philippines and Southeast Asia could face pressure from growing asset quality risks due to higher interest rates, Fitch Ratings said.

Fitch said in a report dated Jan. 17 that it expects asset quality across banking systems in the Association of Southeast Asian Nations (ASEAN) region, including the Philippines, to weaken amid the policy tightening of central banks.

“The modest deterioration in ASEAN banking-sector asset quality that we expect over 2023 will largely reflect the lagged effect of rate hikes in 2022. Rates will likely rise further this year in all six key regional banking markets, aggravating the impact,” it said.

“Moreover, if asset-quality deterioration is greater than we expect, it could dampen profit growth or delay the post-pandemic rebuilding of capital buffers that we currently anticipate for some banks, for example, in the Philippines and Vietnam,” Fitch added.

The Bangko Sentral ng Pilipinas (BSP) raised rates by a total of 350 basis points (bps) last year to tame inflation and slow the peso’s decline. This brought the policy rate to a 14-year high of 5.5%.

BSP Governor Felipe M. Medalla last week also said they could hike borrowing costs by 25 or 50 bps at their first policy meeting for this year on Feb. 16.

Fitch said asset quality risks from higher interest rates will vary, as differences in the scale and pace of monetary tightening are one of the important factors in determining the likelihood of loan deterioration in these banking systems.

“We expect further, albeit mostly milder, rate hikes in all ASEAN markets in 2023. The Philippines is likely to remain a regional outlier in terms of the scale of its rate hikes, reflecting greater inflationary pressure in that economy compared with markets like Indonesia, Malaysia and Thailand. The impact of tightening could be more severe in banking systems where leverage has increased sharply in recent years,” it said.

“We expect system leverage to rise in Thailand and Vietnam in 2023. However, we expect it to fall in Malaysia, the Philippines and Singapore in 2023, which will continue the trend from 2022,” the credit rater added.

It said scenarios where adverse economic developments cause asset quality to deteriorate could also affect sovereign credit profiles, especially those with negative outlooks like the Philippines.

It added that any changes in a country’s credit ratings would affect the Issuer Default Ratings of banks, whose ratings are driven by expectations of sovereign support.

Fitch affirmed the Philippines’ “BBB” investment grade rating and kept its “negative” outlook in October 2022, amid concerns over the impact of rising interest rates, soaring inflation and slowing global demand on the economy’s recovery. — K.B. Ta-asan

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