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Vehicle sales post double-digit growth for 9th straight month

Vehicles are stuck in traffic along EDSA, Cubao in Quezon City, Aug. 18. — PHILIPPINE STAR/ MIGUEL DE GUZMAN

THE AUTO INDUSTRY continued its strong recovery, posting double-digit sales growth for the ninth straight month in November.

A joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed vehicle sales jumped by 32.4% to 35,037 units in November, from 26,456 in the same month in 2021. Month on month, vehicle sales grew by 9%.

“The auto sales performance has been improving, recording double-digit growth for nine successive months,” CAMPI President Rommel R. Gutierrez said in a separate statement.

Commercial vehicle sales rose by 43% to 26,106 in November from 18,251 units sold in the same month in 2021. It accounted for 74.51% of the industry’s total sales.

Month on month, commercial vehicle sales went up by 9.4%.

Broken down, sales of light commercial vehicles (LCVs) jumped by 43.9% year on year to 20,211 units, while sales of Asian utility vehicles (AUVs) increased by 52.4% to 4,938 units in November.

Sales of passenger vehicles climbed by 8.8% to 8,931 in November, from 8,205 units sold in the same month last year. Month on month, passenger vehicle sales rose by 7.68%.   

The auto industry is on track to hit its sales target this year.

CAMPI-TMA members posted a 31% increase in sales to 315,337 units in the January-to-November period, from 240,642 units a year ago.

“With the continued growing consumer demand for new motor vehicles, the industry is convinced and confident in exceeding its sales forecast of 336,000 this year,” Mr. Gutierrez said.

Commercial vehicles have driven the industry’s recovery, as it posted 45.3% year-on-year sales growth to 238,054 in the January-to-November period. Sales were led by LCVs, which jumped by 48.5% to 187,101 units sold, while AUV sales rose by 44.3% to 41,812 units.

Passenger car sales were flat, inching up by 0.6% to 77,283 units in the 11-month period.

“The automotive industry underscores the importance of pent-up demand from consumers supported by continued economic recovery, boosting business and consumer confidence. These, alongside the containment of the pandemic, are significant factors towards sustained growth,” Mr. Gutierrez said.

Among car brands, Toyota Motor Philippines Corp. dominated the industry with a 49.75% market share with 156,874 units sold in the January-to-November period.

Other top car manufacturers include Mitsubishi Motors Philippines Corp. with a 14.81% market share or 46,692 units sold, followed by Ford Motor Co. Phils., Inc. with a 6.80% share or 21,450 units sold; Nissan Philippines, Inc. with a 6.14% share or 19,373 units sold; and Suzuki Phils., Inc. with a 5.75% share or 18,118 units sold. — R.M.D.Ochave

SC junks petition seeking to void Kaliwa Dam loan deal

PHILSTAR FILE PHOTO

By John Victor D. Ordoñez, Reporter

THE SUPREME COURT (SC) junked a petition that sought to declare as illegal and to void the government’s loan agreements for the Kaliwa Dam and the Chico River irrigation projects.

In a 41-page ruling dated Dec. 7 and made public on Dec. 9, the High Court said the two petitions, filed by the Makabayan bloc in 2019, failed to present compelling arguments that the government’s $211-million loan agreement with Export-Import Bank of China for the Kaliwa Dam project and the $62-million loan with China for the Chico River Pump Irrigation project had violated the Constitution.

“(The) loan agreements have sufficiently complied with the applicable procurement laws and conform with the pertinent provisions of the Constitution,” the Supreme Court said in the decision.

The High Court noted that the loan agreements received the necessary approvals from the Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP).

It noted the MB gave its approval through a resolution in 2018 after the Department of Finance (DoF) endorsed the Metropolitan Waterworks and Sewerage System’s (MWSS) proposed loan for the Kaliwa Dam project. The board gave its final approval for the loan worth $211.21 million through a resolution in 2019.

In 2016, the Philippine government, represented by the DoF, entered into a memorandum of understanding with the Chinese government-owned EXIM Bank on loan agreements for priority infrastructure projects.

In 2019, the Makabayan bloc, led by Neri J. Colmenares and then-Bayan Muna party-list Rep. Carlos Isagani T. Zarate, filed separate petitions questioning the legality of the Kaliwa Dam loan and the Chico River project loan.

The petitioners claimed that the government ignored the Constitutional requirement of prior approval from the MB before entering into loan agreements.

They argued that the “confidentiality clause” contained in the loan agreement was prohibited by the Constitution since the issue was of national interest.

Citing Article 12 of the 1987 Constitution, the High Court said the government has the obligation to allow public access to information on government-contracted foreign loans.

“The confidentiality grants access only to government entities, but the Constitutional provision ensures broader public availability of such information, which makes disclosure exception rather than the rule,” said the court.

The High Court also ruled that the loan agreements did not violate the Filipino First Policy, which gives preference to qualified Filipinos over foreigners in the national economy.

It noted that the preference provided by the Constitution only extends to “qualified Filipinos” which does not apply to the loan agreements since the infrastructure projects limited the bidding to three Chinese contractors.

“The Constitution still ingrains a policy that serves the general welfare and utilizes all forms and arrangements of exchange on the basis of equality and reciprocity,” said the tribunal.

Former President Rodrigo R. Duterte was also dropped from the list of the petition’s respondents due to his presidential immunity.

Environmental advocates have said that 300 hectares in the southern part of Luzon would be permanently flooded for the dam project, which the government expects to be a new source of water for Metro Manila by 2025.

The Kaliwa Dam is a bulk water supply project that started in 2019 and is part of the New Centennial Water Source of the MWSS.

The dam is expected to be ready for commercial use by 2023 and is to provide 600 million liters of water per day to the Philippine capital region.

Despite resistance from indigenous people’s groups, the project was given an environmental clearance certificate in 2019 from the state.

Sought for comment, Mr. Colmenares said in a Viber message: “We will continue fighting this onerous loan and prepare a possible motion for reconsideration.”

Maharlika Fund needs to follow strict standards — IMF

PHILIPPINE STAR/KRIZ JOHN ROSALES

By Keisha B. Ta-asan, Reporter

THE PROPOSED Maharlika Investment Fund (MIF) should adhere to high standards of governance and transparency, an International Monetary Fund (IMF) official said.

The House of Representatives is set to approve today (Dec. 15) House Bill No. 6608, which seeks to create the MIF.

IMF Representative to the Philippines Ragnar Gudmundsson said a sovereign wealth fund should have clear objectives from the start.

“Also, for a sovereign wealth fund to operate successfully, it should ensure its institutional setup is consistent with high standards of governance, transparency, and accountability to safeguard the country’s wealth,” Mr. Gudmundsson said in an e-mail interview.

Citing recent studies by the IMF, he noted the wealth fund should have a clear separation of responsibilities and authority and close coordination with macroeconomic policies and management of other assets and liabilities in the public sector.

Mr. Gudmundsson said there should be operational independence for the fund manager, and a supervisory system that includes the auditor general, an external and internal auditor, and a compliance unit.

The government should determine a risk-bearing capacity for investment strategies, and set up reporting requirements to strengthen accountability and oversight, he added.

“Many commodity-exporting countries set up such funds to (i) smoothen spending linked to volatile and often non-renewable revenue flows, (ii) achieve intergenerational equity, or (iii) both. At present, the Philippines is not a net commodity exporter,” Mr. Gudmundsson said.

He noted that if the Philippines plans to create a sovereign wealth fund for domestic development instead, like improving the country’s infrastructure, the government needs to consider a few factors.

“First, if the fund’s assets are sourced from foreign reserves, using them to pursue domestic investment is similar to using foreign reserves for domestic projects. This could ultimately reduce the adequacy of foreign reserves and pose difficulties for the central bank’s monetary and sterilization operations,” Mr. Gudmundsson said.

He noted that there may be concerns related to fiscal accounting and transparency “if the objective of the sovereign wealth fund is to invest in domestic assets and spending is allowed to take place outside the budget.”

The IMF official noted that to improve infrastructure in the country, “the priority should be to create fiscal space for public investment by implementing the government’s medium-term fiscal framework, which is geared at promoting productive investments through the budget while ensuring continued debt sustainability.”

HOUSE SET TO OK BILL
Meanwhile, House Speaker Ferdinand Martin G. Romualdez said two-thirds of congressmen are now co-authors of the MIF bill.

“The Majority Floor Leader (Zamboanga Rep. Manuel Jose M. Dalipe) told me that we had over 220 [co-authors] and I think by the time I get back baka umabot na ng 250. So there will be over two-thirds of the House who will be co-authoring because there have been exhaustive briefings,” Mr. Romualdez said in a statement, which cited his remarks to reporters in Brussels, Belgium.

Mr. Romualdez, a cousin of President Ferdinand R. Marcos, Jr., filed the measure earlier this month. As of 1 p.m. on Wednesday, 246 lawmakers are now co-authors of HB 6608.

Northern Samar Rep. Paul R. Daza, who previously raised issues over the bill, said there is no need to rush the bill’s approval.

“I stand by my previous statements that we don’t need to rush, however, if my fellow House members see it fit to push the bill urgently, I offer no resistance because we already have a more acceptable and much improved version of the MIF bill,” he said in a Viber text message.

In a separate statement, Budget Secretary Amenah F. Pangandaman said concerns raised over the proposed MIF are being addressed by legislators.

“Our legislators listened and now, they are fine-tuning the bill. I’m sure that when it gets to the Senate, the economic team will be called. Everyone who wants to share their amendments will be considered, so let’s respect the process of legislation,” she said. — with Beatriz Marie D. Cruz

Going beyond condiments

FACEBOOK.COM/MAGGIPHILIPPINES

Maggi pushes for food security with gardening, composting workshops

MAGGI — as in the condiments, seasonings, and soups brand — is empowering home cooks and students with food security measures to face economic setbacks.

On the sidelines of a media cook-off on Nov. 22, Kurt Santiago, Service Pillar Manager of Nestlé Philippines (Nestlé has owned Maggi since 1947) laid out their advocacies which are tied to the slogan Ang Nagmamahal, Nagma-Maggi (roughly translated: “Those who love use Maggi”) for 2022, and their plans to scale it up in 2023.

In 2022, through the help of the Department of Agriculture – Bureau of Plant Industry (DA-BPI), the brand established the Maggi Sarap Sustansya Garden at the Nestlé Lipa Integrated Coffee Center (LICC). Since then, Maggi has been conducting vegetable planting demonstrations via Facebook Live and onsite visits. Maggi will soon be providing vegetable gardening workshops as an exclusive perk for active subscribers of its Sarap Sustansya Kusinaskwela group, which will also include a zero-waste demonstration on how vegetable cuttings can be re-grown, and how kitchen scraps can be used as compost. The project aims to benefit marginalized communities in urban and rural areas.

The project aims to achieve food security by promoting a garden-to-table movement. The DA-BPI provides seeds, fertile soil, and skills training to the beneficiaries.

“What we provide will be a little bit of funding,” said Mr. Santiago, in addition to the use of the land at the aforementioned LICC. The aim of the project is to provide these communities with their own ingredients to keep them safe from price shocks. “So that they don’t get exposed to the volatility of our economy,” explained Mr. Santiago. So they can save money: “They don’t need to buy all the ingredients they need when they cook, if they have the produce in their own garden.”

In 2023, they plan to scale it up by partnering with satellite offices of the DA-BPI across the Philippines (particularly in the Visayas and Mindanao).

Connected to that, another partnership with the Department of Education (DepEd) seeks to harness the program and its skills to aid in special schools devoted to farming and agriculture in 2023.

NUTRITIOUS MEALS
Meanwhile, the Sarap Sustansya Kusinaskwela (an educational platform available online) is expanding its wings to cover homemakers and young people in need of good food. For young people, they have conducted virtual cookoffs to teach students and those in need how to make nutritious meals. About a month ago, they conducted a demo with the Philippine Army Officers’ Ladies Club, in order to teach army spouses to make nutritious meals on a budget. According to Mr. Santiago, some army households living on a stipend have to do with just P100-P200 a day for their meals.

Speaking about these projects aimed to help home cooks on very tight budgets, he said, “We know that they’re the most vulnerable and most exposed to food insecurity. When commodity prices rise, they are the ones who probably would let go of their access to nutritious meals.”

The thrust is on education instead of more common handout programs because, as he explained, “One of the biggest gaps is in knowledge. They don’t know that they can cook nutritious meals on a budget.”

Another part of this program is the expansion of the Sarap Sustansya Kusinaskwela, which will come to TikTok sometime this year, to be able to reach more people.

Its website added a MyMenuPlanner function that simplifies meal planning for home cooks by recommending dishes for breakfast, lunch, snacks, or dinner on a daily, weekly, or monthly basis. It will also further streamline its recipe services to provide personalized content to its Facebook followers and its website subscribers.

PROCESSED FOOD
Still, it does concede that for all the talk about nutrition, the brand addresses the issues surrounding processed food. Mr. Santiago said that the brand rests on three principles: “Everything in moderation, variety, and balance.”

“We know that there is a lot of stigma against (processed) products, right?,” he said. “We offer recipes that have a nutritional value when they use our products.”

“When we teach them the recipes, the value exchange for the brand is if we train them, then they can make these meals more delicious with the power of our products — that’s when the usage comes in,” he explained about the projects’ benefits to the brand.

“The North Star of the brand is to cook the difference, one meal at a time, but we want to scale it up.”

For recipes, visit https://www.youtube.com/@maggiphilippines9761. Joseph L. Garcia

Should Chateau Meyney be Grand Cru?

DAVID LAUNAY, Commercial Director of CA Grands Crus and brand owner of Chateau Meyney.

THE 1855 Bordeaux Classification has pretty much stood the test of time despite its being 167 years old. It was created upon the behest of Napoleon III and first unveiled during the Exposition Universelle de Paris, an important showcase world fair for France.

The Bordeaux Chamber of Commerce, which was in charge of the Bordeaux presence at the Paris fair, decided to feature a list of the region’s best wines based on the best prices fetched at that time by the Bordeaux’s Union of Brokers. On the red wine side, 61 chateaux were given classifications from the highest Premiers Crus (1st growths) to the lowest Cinquièmes Crus (5th growths). Sixty crus were from the Médoc and one from Pessac-Léognan (namely Chateau Haut-Brion).

The only revision to this classification came in 1973, 118 years later, when previous 2nd growth Chateau Mouton-Rothschild got promoted to first growth status. There are five Premiers Crus, 14 Deuxièmes Crus (2nd growths), 14 Troisièmes Crus (3rd growths), 10 Quatrièmes Crus (4th growths) and 18 Cinquièmes Crus.

Because 60 of the 61 classified growths are from Medoc, and other Bordeaux regions like St.-Emilion and Pessac-Léognan have their own Grand Cru classifications — which started in 1955 and the 1959 respectively — the 1855 Classification is better known as the Medoc Grand Cru Classification.

The 1855 Bordeaux Classification also included a white wine counterpart that was centered on sweet wines from the appellations of Sauternes and Barsac, both from the Graves region, not Medoc.

Twenty-seven crus of the Sauternes and Barsac appellations were classified: one Premier Cru Supérieur, 11 Premiers Crus and 15 Deuxièmes Crus. Chateau d’Yquem is the sole Premier Crus Supérieur on the white wine side.

Despite hundreds of ownership changes since the 1855 Classification, somehow the majority of the chateaux included in this list still deliver on their quality promise. Many could argue that some 5th growths should have been 4th, 3rd, and perhaps even 2nd growth, like a Chateau Lynch-Bages, and some 4th growths should have been 3rd or 2nd growth, like a Chateau Beychevelle, but on the flipside, few would take some chateaux out of this list completely. And there is no argument on the five 1st Growths, namely Chateau Lafite, Chateau Latour, Chateau Haut-Brion, Chateau Margaux, and Chateau Mouton Rothschild. In this sense, the classification is still quite reliable and bankable in terms of quality.

Making this 1855 list was like hitting a lottery pension, not as a one-time jackpot, but a lifetime payout due to higher prices one can peg on the wines with this Grand Cru title. Obviously, the commercial side of this classification cannot be understated and that is why ownerships change hands often, and when new chateau ownership takes over, the ultimate goal of the new management will always be to keep the integrity of the inclusion of the chateau in this 1855 classification. We have seen this with almost all the chateaux in this classification.

Not getting into this exclusive Medoc club is, however, not a death sentence, especially for the relatively younger chateaux that came to existence during or just after the 1855 classification. But these chateaux will have a harder time selling their wines at better prices.

And I must hand it to the French (or just the Bordelais perhaps) as by 1932, another classification was created — the Cru Bourgeois du Medoc. This classification has, however, been revised several times since 1932, the latest being the 2015 classification.

Titles given aside from the Cru Bourgeois AOC are the Cru Bourgeois Exceptionnel (highest tier) and Cru Bourgeois Superieur. I have not tried a lot, but some good ones I tasted included Chateau Phelan Segur (St.-Estèphe), Chateau Siran (Margaux), Chateau Citran (Haut-Medoc), Chateau Clark (Haut-Medoc and owned by Baron Edmond de Rothschild), and, very recently, Chateau Meyney (St.-Estèphe).

Chateau Meyney is part of the CA Grands Crus, a subsidiary of the Crédit Agricole Group. The Crédit Agricole Group is a huge retail bank — in fact it is the No. 1 retail bank in the European Union, the bank is also the No. 1 insurance company in France. Chateau Meyney was one of the non-Grand Cru brands that I’d often hear about, perhaps it is due to their long heritage as it existed centuries before the 1855 classification. For Chateau Meyney to be excluded from the 1855 classification seemed strange for me if it already had that pedigree that far in the past. Fortunately, David Launay, Commercial Director of CA Grands Crus, was in town a few weeks back, and I was able to sit down with him ask him during an interview.

THE INTERVIEW
Question: Despite Chateau Meyney’s centuries of existence, long history of wine tradition, and also being one of the oldest chateaux in Medoc, why do you think Chateau Meyney was excluded from this sacred 1855 Medoc Bordeaux wine classification?

David Launay: Chateau Meyney and Chateau Calon Segur are the two oldest estates in St.-Estèphe, as a piece of the vineyard of Chateau Meyney [dates back to the] 14th century.

In 1625, Pierre Forton bequeathed his property to the Cistercians monks called Les Peres Feuillants. The monks expanded the size of the vineyard up to 51 hectares as a single vineyard facing the Gironde estuary. In 1662, they built a small monastery — this date you could see on the label of Chateau Meyney.

In 1791, Jacques Luetkens, from a Dutch wine-merchant family related to the king’s family in France, came to Bordeaux to invest in wineries. Among several, they acquired Chateau La Tour Carnet and Chateau Meyney. The children would run these estates after the death of Jacques Luetkens. The son, Oscar, took over Chateau La Tour Carnet, as he was also the mayor of the nearest town. The two sisters, who became widows, would run Chateau Meyney. Oscar Luetkens was very connected to the négociants and courtiers, as a mayor and a lawyer unlike his sisters, who struggled to manage Chateau Meyney. Without enough transactions with négociants, the price of Meyney was too low to apply for the Classification. (Author’s Note: Chateau La Tour Carnet made the 1855 Classification as a 4th Growth.)

But to me, Chateau Meyney is in the league of the Grand Cru chateaux that made the 1855 list. For one, the soils and location confirmed that Chateau Meyney is the only non-classified estate to have its vineyard close to the river, like esteemed Grand Crus Chateau Latour in Pauillac, Chateau Leoville Las Cases in St.-Julien, and Chateau Montrose, its neighbor in St.-Estèphe.

Chateau Meyney is one the rare vineyards to have some “blue” clay soil on the slope facing the water, which only a few Grand Crus possess in their terroir. The blue soil gives wine a creamy and velvety touch with some black truffles notes too as the wine ages. The most famous vineyard with this specific “blue” clay soil is Chateau Pétrus. That is the reason why Michel Bettane, a famous journalist and wine critic, has called Chateau Meyney the “Petrus of St.-Estèphe.”

Q: What has CA Grand Crus done with Chateau Meyney since their acquisition of this estate in 2004 to improve the quality of the wines?

DL: The company respected even more the vineyard and the Chateau Meyney’s ecosystem by using organic methods for more than 10 years already.

We replanted vines with the best adequation between soils and grape varieties in order to get the best expression in the wine: Cabernet Sauvignon for gravel soil, Merlot for the clay, and Petit Verdot on a combination of clay, sand, and gravel.

We also take some risks by picking the grapes, especially Cabernet Sauvignon and Petit Verdot, a little bit later, thus sacrificing some yield to acquire perfect maturity.

We also brought more precision to winemaking by investing in smaller stainless-steel vats and doing optic sorting. We adapt our extractions during the vinification on the potential of the vintage before us. Science and technology are behind the further improvements made on Chateau Meyney.

Q: I noticed a more than usual percentage of Petit Verdot in Chateau Meyney. Why is this important in creating the taste or quality profile of Chateau Meyney? And what do you want consumers to taste and experience when they try Chateau Meyney?

David: Petit Verdot and Chateau Meyney is a very long love affair as the first vines of Petit Verdot were planted in 1928 by Désiré Cordier, owner at the same time of Chateau Talbot and Chateau Gruaud-Larose (he bought these two St.-Julien chateaux in 1917, and in 1919, he added Chateau Meyney). Then, his son, Jean Cordier, replanted some Petit Verdot at Chateau Meyney in the early 1950s, hand-crafting from the vines of Talbot and Gruaud-Larose.

Chateau Meyney has currently 15% of Petit Verdot with most of them old vines of around 70 years old. The vineyard is made of 50% Cabernet Sauvignon, 35% Merlot, 15% Petit Verdot.

Petit Verdot adds complexity, color, freshness, tannins and acidity to the wines.

Q: Since the start of the new millennium, what would you say are the best vintages of Chateau Meyney?

DL: A difficult question — it is like asking which of your children you love the most! For Chateau Meyney, I like them all. They just have a different personality.

I would rather the question be, which ones are ready to drink or to hold and keep. Here is my answer then:

Ready to drink and enjoy: 2000, 2003, 2005, 2006, 2011, 2012. 2013, 2015, 2017 and 2018. To hold and keep: 2010. 2014, 2016, 2019 and 2020.

I truly believed in the 1855 Medoc Grand Cru classification. But as a hardcore wine guy, I always believe in legacy, heritage, reputation and longevity, aside from the obvious quality aspect. When you buy one of these wines, you are not drinking a wine from a winery that was built only in the 1990s, but one with centuries and centuries of winemaking experience — and that should count for something, as wine is not just a beverage to drink, but an indulgence and a story-telling engagement. Chateau Meyney unfortunately did not make the 1855 classification, but from what I drank and what I learned from David Launay, Chateau Meyney may well be a Grand Cru that was omitted due to unforeseen circumstances.

The author is the only Filipino member of the UK-based Circle of Wine Writers (CWW). For comments, inquiries, wine event coverage, wine consultancy and other wine related concerns, e-mail the author at wineprotege@gmail.com, or check his wine training website https://thewinetrainingcamp.wordpress.com/services/.

DoubleDragon’s Singapore unit sets $125-M offer

BW FILE PHOTO

DOUBLEDRAGON Corp.’s Singapore unit is set to tap the offshore capital market for $125 million in equity capital issuances as part of its goal of becoming a listed company in an international stock exchange.

“This capital exercise would also enable Hotel101 Global to achieve its aspiration of eventually becoming a listed company in a stock exchange abroad,” the company said in a disclosure.

The move is seen to help the company in achieving its aspiration of becoming one of the top largest hotel brands in the world.

To reach its goal, the company is aiming to expand its room portfolio to 200,000 by 2035 through direct investments, joint ventures with local companies in other countries, and concept licensing arrangements.

The series A and series B issuances are expected to increase the company’s total equity to over P80 billion from the current P71.6 billion equity base.

The subsidiary, Hotel101 Global Pte. Ltd., will hold all the international investments of Hotel101 outside the Philippines.

“Hotel101 Global is intended to be the future overseas initial public offering vehicle for the group’s international expansion of Hotel101,” DoubleDragon said.

Investors of the series A issuance will have the opportunity to take early equity positions in Hotel101 Global.

The first series A tranche of Hotel101 Global is set to be launched in January next year with a series of investor calls with offshore venture capital institutions.

Meanwhile, the company is also launching an application, in Apple iOS and Android, by February next year that is designed to efficiently work in multiple countries.

“The technologically advanced and user-friendly ‘Hotel101 Global App’ will be the core of its global operations as it will hold the thousands of uniform Hotel101 units owned mainly by third party unit owners enrolled exclusively in the Hotel101 Global App,” the company said.

DoubleDragon aims to make its homegrown Hotel101 a world-class brand by all hotel standards. Rooms in the hotel brand are catered to the mid-end market.

On Wednesday, shares in DoubleDragon rose by 0.44% or three centavos to close at P6.90 apiece. — Justine Irish D. Tabile

Medieval-inspired communal bakery aims to help with London’s cost-of-living crisis

FOUNDER of the Hearth Bakery Maisie Collins instructs people attending ‘The People’s Oven’ on how to prepare their own dough for baking, at an event inviting members of the local community to use the facilities to cook their own food, in Hackney Wick, London, Britain, Dec. 12. — REUTERS/HENRY NICHOLLS

LONDON — Baker Maisie Collins has opened up her industrial oven in east London for locals to use, drawing on the medieval tradition of communal bakehouses to help people at a time when many are struggling to pay their bills.

For some of Britain’s poorest, the combination of soaring prices for gas and electricity, plus the rising cost of food, means switching on the oven has become a luxury this winter.

“At the moment some people can’t afford to switch on their ovens at all and they’re having to choose between heating and eating, which is just ludicrous,” Ms. Collins, 31, said.

Her solution is The People’s Oven, a monthly event where locals can come to the bakery she set up six months ago in a former warehouse near a canal in Hackney.

In an area where artist and design studios in old industrial buildings rub shoulders with newly built apartment blocks, the bakery, Hearth, has a hipster vibe.

Vegan chocolate brownies made with pea flour are a best seller, and the shelves are crowded with bottles and jars with handwritten labels for trendy ingredients such as elderflower vinegar, dried fig leaves, and chai sugar.

But just up the road are some of Britain’s most deprived neighborhoods and Hearth is a social enterprise, meaning a proportion of its profits will be channeled into community projects.

By promoting her open oven event with local food banks, Ms. Collins hopes those in need of cooking facilities, friendship, and a warm space will breathe new life into the ancient idea of the medieval hearth at the center of the village.

Annie Ren, 22, who has just moved to the area, was taught how to bake bread by Ms. Collins. “I came here for like the experience, also to make friends and kind of seek out a community in east London,” Ms. Ren said.

Andrea Moro, 33, had brought pizza dough and toppings to share with the other visitors.

“I think it’s a very interesting thing to do for many, many reasons,” he said. “For sure to help people to save some money, but also to create a sort of community in the area.” — Reuters

Alliance Global’s tourism business seen to do better in 2023

ALLIANCE Global Group, Inc.’s tourism business is seen to do better next year as it expects a second surge of revenge-spending coming from Chinese tourists.

“We are in a really good position now and we’re very optimistic for next year and even in 2024,” Alliance Global Chief Executive Officer Kevin Andrew L. Tan said in a chance interview.

“I think next year, it’s going to be very strong. Next year, we are looking forward to the second wave of pent-up demand, which is from the Chinese, as China is now starting to open up,” he added.

On Tuesday, Hong Kong said that it will be scrapping the requirement of a polymerase chain reaction (PCR) coronavirus test for all visitors of mainland China and Macau at its immigration, Reuters reported.

Meanwhile, its health department has also removed the requirement of wearing an electronic tag for locally infected people in isolation.

“Hong Kong is always the starting point. It gives you a signal of where China is going. And I think when that happens, the Philippines — with its very prime location — we are really in the right place to accept that second wave of revenge spending and revenge travel from Chinese tourists,” Mr. Tan said.

According to Mr. Tan, the company had strong sales from South Korea, Taiwan, and some areas in Southeast Asia.

“[However], China is the market that we are really after if you talk about hospitality and gaming [as] they are always the largest source market for quite a number of ASEAN countries,” he added.

China is also considered to be a strong market for Thailand, Singapore, and other Southeast Asian countries, said Mr. Tan.

“China is a very strong market and I think next year, we will eventually see that,” Mr. Tan said.

Meanwhile, Mr. Tan said that the company is planning to take advantage of the momentum currently seen in the market.

The market has been improving slightly but has not shown full momentum yet, said Mr. Tan.

“I think we’re now already more than 100% of our gross gaming revenue from pre-pandemic. I think we are performing better in that sense,” he added. — Justine Irish D. Tabile

Delivery a permanent part of post-pandemic life says Grab trends report

KSENIIA ILINYKH-UNSPLASH

DELIVERY is now a permanent part of post-pandemic life says a trend report released by the Grab app.

After the Golden Grab Awards late last month which honored the best merchants on the app, this month saw the release of Grab’s Southeast Asia (SEA) Food and Grocery Trends 2022 report.

According to the report, seven in 10 consumers view delivery as a permanent part of their post-pandemic life, and eight in 10 merchants say delivery is a must-have for their businesses. The report also says that consumers like the convenience and immediacy of these services “especially when they have to prepare for social gatherings.”

The average basket sizes expanded by 84% on GrabFood and GrabMart, according to the report, and young families with children are the most avid users, ordering food delivery at least five times per month, and groceries at least seven times per month. In the region, the single largest Grab Mart order made in the first six months of 2022 cost P27,900.

The obvious beneficiaries of these numbers were the winners at last month’s Golden Grab Awards, held at the Marco Polo Hotel in Ortigas. For example, the leading restaurants for every mealtime (that is: breakfast, lunch, snacks, and dinner) are fast food giants McDonald’s, Chowking, Starbucks, and Jollibee. For their midnight indulgences, people turned to KFC. On a related note, fried chicken is the No. 1 order on GrabFood, with close to 55,000 orders of fried chicken made every day.

According to the report, 92% of Filipino consumers eat at least one healthy meal every two to three days, and almost two out of five consumers tried plant-based alternatives in the last six months. Healthy meal orders on GrabFood shot up 12 times, and health and wellness sales grew two times on GrabMart. This is probably the reason why Human Nature’s sustainable cosmetics won the Shopaholic Favorites for Personal Care and the Zagana market won the same award for the Fresh Produce category. It must be noted that vape brand RELX took the prize for Shopaholic Favorites under the Vice category.

Instant noodles, canned food, milk, cultured milk, as well as evaporated milk and cream were among the top 10 most ordered items on GrabMart. Supermarket giants which dominated the awards were SM Markets, Ever Supermarket, and Robinsons Supermarket. However, smaller players like Recess Korean Wholesale Mart and even convenience stores like FamilyMart won awards (for the Hustle No Hassle award and Happy Hoarding award, respectively). As a mark of its ubiquity, MiniStop also took home an award as the most popular pickup point.

“With the latest Food and Grocery Trends report, we’ve seen how GrabFood and GrabMart have continued to find a place in the lives of Filipinos by conveniently giving them their needs and wants. Whether it’s from lunch with officemates, dinner for the family after a long day of work, or even groceries delivered instead of going out, we’re happy we’re able to maximize the Grab platform to be part of our fellow Filipinos’ daily routine,” said Anton Bautista, Grab Philippines Head of Deliveries and Business Development in a statement. — JL Garcia

Spain’s Acciona keen on more railway projects in the Philippines

SPANISH infrastructure company Acciona said it hopes to get more contracts from the government’s railway projects, including the North-South Commuter Railway (NSCR).

“We are waiting for the final result of the bidding for package 2 of the south line extension,” Joselito Manzo, business development manager at Acciona, told BusinessWorld recently.

The project is part of the 54.6-kilometer (km) South Commuter Railway that will connect Manila to Calamba, Laguna.

The South Commuter Railway is part of the NSCR urban rail transit system from Calamba to Clark in Central Luzon. It is co-financed by the Japan International Cooperation Agency and the Asian Development Bank (ADB).

According to the ADB, package 2 of the South Commuter Railway covers the building and civil engineering works for approximately 7.9 km of railway viaduct structure including elevated stations in España, Sta. Mesa and Paco, Manila.

In 2020, Acciona announced that it had won a $656-million contract to build a second section of the railway line from Malolos in Bulacan to Clark International Airport in Pampanga. The 53-km Malolos-Clark railway is also part of the NSCR project.

Acciona said it opened an office in Manila in April 2019 and has been operating in the Philippines since 2016, when it was awarded the contract to design, construct, operate, and maintain the Putatan II water treatment plant.

The company was also involved in the development of the Cebu-Cordova cable-stayed bridge, which connects Cebu City and Mactan International Airport.

The government signed in October the first four civil work contracts worth $1.87 billion for the South Commuter Railway.

The contracts involve the construction of 31.5 km of railway viaducts, nine elevated stations, and a railway depot covering the Muntinlupa to Calamba segment of the rail system.

The South Korean joint venture of Hyundai Engineering & Construction Co. Ltd. and Dong-Ah Geological Engineering Co. Ltd. inked three contracts for an 8.5-km railway viaduct, including elevated stations in Alabang, Muntinlupa; a 12.8-km railway viaduct structure, including elevated stations in San Pedro, Pacita, Biñan and Santa Rosa; and a 10.28-km railway viaduct as well as elevated stations in Cabuyao, Banlic and Calamba.

The joint venture of South Korea’s Lotte Engineering & Construction Co. Ltd., Turkey’s Gulermak Agir Sanayi Insaat ve Taahhut AS and the Philippines’ EEI Corp signed the contract to build a depot and 0.5-km road.

The South Commuter Railway project will include 18 stations.

Once completed, the railway will accommodate 340,000 passengers daily, helping ease traffic congestion in Metro Manila and reduce greenhouse gas emissions. — Arjay L. Balinbin

Brandy Eggnog, Christmas Cream for this season’s holiday drinks

BRANDY Eggnog by Karl John Rivera

LIQUEUR is part of the Christmas tradition and is certain to spike up most gatherings, may it be a family reunion, a party with friends or a work-related dinner. As we feel the holiday high, alcoholic drinks are an important aspect of celebrations.

Bar expert Karl John D. Rivera, CGSP, MSc demonstrates that a great cocktail need not be difficult to prepare. Equipped with experience from the fine dining restaurants of New World Hotel Manila Bay, he shares the step-by-step process of whipping up servings of homemade Brandy Eggnog and Christmas Cream.

The traditional eggnog can be traced back to the 13th century, when medieval monks had warm ale punch with a mixture of eggs and figs. By the 17th century, the brew was replaced by sherry wine, a fortified grape juice.

Meanwhile, Christmas Cream promises to be a match for Bailey’s Irish Cream. “I learned this from a former professor in my bar classes,” Mr. Rivera recalled. “Ever since, this has been with me for every Christmas party that I have been to.”

Mr. Rivera currently teaches aspiring hoteliers in his alma mater, the De La Salle-College of Saint Benilde. He brings with him degrees in Bachelor of Science in Hotel, Restaurant, and Institution Management and Master of Science in Tourism and Hospitality Management.

BRANDY EGGNOG
Ingredients:

1 ounce (29.57 ml) of all-purpose cream

1 ounce (29.57 ml) of crème de cacao (brown)

2 ounces (59.15 ml) of brandy

2 whole medium-sized eggs

Chocolate sprinkles and cinnamon bark for garnish

Procedure:

1. Pour all ingredients into a shaker.

2. Dry shake to emulsify. (A dry shake is shaking without ice.)

3. Add a half scoop of ice.

4. Pour in a champagne coupe or brandy glass.

5. Add chocolate sprinkles and cinnamon bark for garnish then serve.

FAQ:

Is it safe to use raw egg? Yes, the white of the egg is the reason for the emulsification and the yellow adds flavor to the cocktail.

CHRISTMAS CREAM
Ingredients:

250 gm all-purpose cream

160 ml condensed milk

3 sachets of Milo powder or 1 Goya milk chocolate bar

180 ml of Chuckie

400 ml of Irish whisky/vodka

Whipped cream

Edible golden flakes and Skittles for garnish

Procedure:

1. Add all ingredients in a blender.

2. Fill the blender with ice.

3. Blend for 15 to 30 minutes with max rotation and power.

4. Pour drink in a Mason jar.

5. Add whipped cream and garnish with edible golden flakes and Skittles.

SEC warns against four investment-taking entities

SEBASTIAN HERRMANN-UNSPLASH

THE Securities and Exchange Commission (SEC) has advised the public not to invest in four investment-taking entities as they have not secured the necessary license to sell investment contracts.

In separate advisories, the SEC identified the entities as Vertex Evo Trading, Gameloot Advertising Services, PH-IGM, and Electronic World Trade Platform-EWTP. Their investment schemes are found on websites, social media posts, and applications.

Vertex Evo has been offering investment packages starting from P500 to P500,000 for a guaranteed profit of 50%, 100% and 200% for a 10-day, 15-day and 20-day investment term, respectively.

The company also offers a direct referral bonus, which is equivalent to 15%, and a 1% indirect referral bonus.

Gameloot Advertising offers play-to-earn games provided by Gameloot Network. Interested investors can choose from any of the six games with subscription fees ranging from P1,000 to P250,000.

Gameloot Advertising’s investors are promised a 50% to 150% profit after eight days or 24 days depending on the games they subscribed to.

The entity also offers a referral bonus of 10% for every subscription, 2% for a party bonus, and a 2.5% cashback bonus.

PH-IGM, which also operates under Inspiration Global Media, was found to be offering investment packages ranging from P200 to P15,000 with 5% daily profit or 1,000% profit for 200 days.

New users who will recharge in the company’s application and website are promised a 5% additional cash bonus depending on the top-up amount. They are also offered a 10% commission bonus.

Meanwhile, Electronic World is a mobile application downloadable in Google Playstore. It claims to be a community dedicated to internet information technology that helps solve related problems for free.

Interested investors are required to register and choose from its “Biomedicine” or “VIP Activities.” In the first choice, investors will be given 14 types of medical supplies with investment packages starting from P300 to P60,000 with a promised earning of P420 to P720,000.

Under VIP Activities, investors can choose from six VIP levels ranging from P1,000 to P20,000, which can earn P3,000 to P500,000.

The regulator said all four entities are not registered as a corporation, one-person corporation, or a partnership, thus they operate without the necessary license or authority. — Justine Irish D. Tabile