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Strengthening partnerships and capacities is key in the journey to peace

By Patricia Mirasol

Strengthening partnerships and capacities is key in the non-linear journey to peace, according to Steve Muncy, an American humanitarian worker and this year’s awardee of the Ramon Magsaysay Award Foundation, which celebrates greatness of spirit and transformative leadership in Asia through its annual awards.

“The journey from conflict to development and peace is seldom linear,” he said at a Nov. 17 virtual lecture, as he noted the importance of local stakeholders. “It will succeed if those who live in the area that are adversely affected… also play active roles [in it.]”

Mr. Muncy, who is also the Executive Director of humanitarian organization Community and Family Services International (CFSI), said his takeaway from partnership discussions can be summarized in three words: We. Listen. Learn.

“The next nexus calls us to listen, and listen well, to those affected. It’s essential for trust-building.”

CSFI’s Philippine projects focus on people affected by natural disaster and armed conflict in Visayas and Mindanao, such as the 2017 Marawi siege.

PEACE AGREEMENTS

Ariel “Ayi” C. Hernandez, whose Balay Mindanaw Foundation Inc. (BMFI) has been involved in Mindanao peace-building and development work for 15 years, acknowledged the complexity of implementing peace agreements.

“Establishing trust with MILF leaders is not easy,” BMFI’s corporate treasurer said at the Nov. 17 event. “You have to respect boundaries, perspectives, mechanisms. Steve’s group was able to handle this very well.”

The Moro Islamic Liberation Front (MILF) is the largest militant organization in the country and seeks autonomy for Filipino Muslims.

A peace agreement is only a piece of paper if it can’t be implemented, added Amina Rasul-Bernardo, former chair of the Ramon Magsaysay Award Foundation and president of the Philippine Center for Islam and Democracy (PCID), which was founded on the idea that addressing the problems of Muslim Mindanao “should include and occur within the context of democracy.”

“This can only be implemented if you have partners like CSFI and Balay Mindanaw… [and if you have] trust given by the national government and the local community,” she told the audience of the virtual lecture. “In this case, it’s the MILF. With trust comes credibility, and then you can have implementation of that important piece of paper.”

LONG-TERM INTERVENTIONS

Development, according to Nobel prize-winning economist Amartya Sen, must be judged by its impact on people – not only by changes in their income, but by the more general terms of their choices, capabilities, and freedoms.

Given its long-term goal of lasting change, development work tends to transcend changes of administration.

“The environment may become complicated and partners may change, but the needs remain the same,” Mr. Muncy said. “The interventions need to continue over a long period of time.”

The determining factor are partnerships that are continually strengthened, added Mr. Hernandez, noting that Mr. Muncy might be already thinking of second-liners – individuals who are next in line to sustain CSFI’s passion and dream.

“As they say, the dream will outlive the dreamer,” he said.

McDonald’s leads in environmentally sustainable restaurants, opens its second in Mandaluyong

Charging pods for e-scooters and e-bikes powered by Meralco reduces 18,400 kg of C02 emission annually.

In time for Environmental Awareness Month, McDonald’s Philippines reinforces its commitment towards using environment-conscious and climate-friendly restaurant solutions as it opens its newest Green & Good store in Shaw Boulevard Wack Wack, Mandaluyong City. McDonald’s Green & Good stores allows the QSR giant to test and learn sustainable practices with its green building construction and utility efficient solutions. The first Green & Good store was launched in UN Del Pilar Avenue in Manila City in April 2021.

The Green & Good store in Shaw Boulevard Wack Wack is the first McDonald’s store in the country to adapt a modular system with its prefabricated pre-finished building construction. Compared to a traditional brick-and-block approach, each module is produced off-site and installed together with other modules on-site. This enables faster work in a controlled environment and promotes sustainability through reduced waste and impact of on-site construction activities.

High performance glass film on windows helps reduce internal building temperature through high heat rejection and reflective properties for glass panels.

The store was also built with repurposed and recycled material such as reclaimed wood, eco- pavers, and eco-bricks. Concrete fiber was used as an alternative material to steel rebars on slabs, pavements, and driveways. Even smaller details such as paint used made with low volatile organic compounds were prioritized with less environmental impact.

Aesthetic plant walls that act as natural air filters and noise barriers.

The Green & Good store also includes solar lampposts and photo and motion sensors as part of its utility efficiency solutions, as well as eco-friendly air conditioning for less energy consumption. Rainwater is also collected in a harvesting tank to be used for cleaning the store’s exterior.

Solar-powered lampposts that produce its own power operate on electricity from batteries charged by photovoltaic panels. They can sustain 3,100 kw-hr of LED lighting annually without direct power supply equivalent to decreased 722kg of CO2 emissions.

“We are committed to provide a better and more environmentally sustainable McDonald’s for our customers and the communities we are a part of. We recognize that there is a lot more to be done but through our Green and Good platform, we are a step closer towards finding innovative ways to keep waste out of nature and drive climate action.” said McDonald’s Philippines President & CEO Kenneth S. Yang.

With the growing community of cyclists, the new store includes a Bike & Dine area where cyclists can comfortably enjoy their McDonald’s favorites without having to worry about the safety of their bicycles. The store also has a Bike Repair Station that has the tools cyclists would need to carry out basic bike repair or maintenance.

McDonald’s also partnered with Meralco to provide access to e-charging stations. The Green & Good store in Shaw Wack-Wack is the second store to provide their customers with Meralco E-Sakay’s e-Charging stations for e-bikes and e-scooters. Customers can simply plug-in their e-bike and e-scooter for a minimal fee of PhP1 for one-minute worth of charging.

Innovative outdoor dining area which features racks integrated onto the dining ledge itself, so cyclists can dine comfortably while making sure their bikes are upright, safe, and secure.

Customers can also enjoy their food with the use of reusable packaging for dine-in such as reusable rice bowls, utensils, cups, and wooden stirrers.

Stricter implementation of solid waste segregation in the dine-in, kitchen and prep areas will be in place. McDonald’s Philippines aims to significantly reduce waste at sanitary landfill by conversion of paper waste to fuel, food waste to fertilizers and plastic waste to repurposed goods, as well as conversion of Vegetable Oil to biodiesel.

McDonald’s Shaw Boulevard Wack Wack is now open for 24 hours to serve customers via dine-in, take-out, ride-thru and McDelivery. Under its M Safe program, McDonald’s ensures the safety of its employees with close to 100% of its crew and managers in NCR now fully vaccinated. Along with the constant acquisition of Safety Seal Certifications, now in more than 60% of all restaurants nationwide, the QSR giant assured that they will continue to offer safe, feel-good experiences for customers whether through Dine-in, Ride-Thru, or Delivery, through crew and managers who are protected/healthy and working in a safe environment.

Be updated on when the next Green & Good store will open by following McDonald’s PH on Facebook, Twitter and Instagram.

 


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Mickey & Minnie Mouse go local with ‘Mickey Go Philippines’ at SM Supermalls

Disney’s most-loved iconic characters Mickey and Minnie Mouse have delighted the hearts of many across decades, and this year SM Supermalls and Disney have teamed up to launch the Mickey Go Philippines collection at The SM Store, featuring a range of merchandise with a Pinoy twist! What’s more, SM and Disney have planned a surprise virtual party for Mickey and Minnie on their birthday this November 27, and we’re expecting you to join us!

Be among the first to get exclusive Mickey Go PH merchandise! Get first dibs on adorable Mickey and Minnie collectibles from clothes and footwear to tote bags, pillows, tumblers, kitchen appliances, and more! Mickey Go PH and Mickey & Minnie classic merchandise will be available at the live selling events on:

  • November 18 at 1pm-2m via Toy Kingdom’s official Facebook page
  • November 24 at 1pm -2pm via The SM Store’s official Facebook page

Join Mickey & Minnie’s first virtual surprise birthday party! After you’ve shopped to your heart’s content during the live-selling events on Facebook, or at participating SM Store branches, you will automatically get a code to enter the virtual surprise birthday party on November 27. All you need is a minimum of PHP 500 single-receipt purchase of Mickey Go PH or Mickey Mouse Classic merchandise in any participating The SM Store (Character Shop, Kids’ Wear, Boy’s Teens Wear, Girl’s Teens Wear, Kids’ Shoes, Baby Company & Toy Kingdom Express) or Toy Kingdom outlet.

To join, simply scan the QR code to register from November 23-25. A confirmation email or SMS from SM Supermalls with the website link and passcode will be sent to you to join Mickey & Minnie’s Surprise Birthday Party! Mark your calendars so you don’t miss out on this big day filled with fun games, activities, and surprises!

Help Plan Mickey & Minnie’s Surprise Birthday Party! Join us as we secretly plan for Mickey and Minnie’s party! Don’t spoil the fun okay? There are lots of games and prizes to be won! Kids will also get the chance to greet both of them and create their very own birthday card which they will be making during the event! Mickey and Minnie will surely appreciate the sweet gesture! After all the fun and games, it’s time to meet & greet Minnie, so get ready to strike a pose. Mickey and Minnie are excited to meet their Filipino fans!

It’s going to be one special and memorable surprise birthday party for Mickey and Minnie, and we want you and your kids to join us! It’s time to bring back the nostalgia and relive your favorite childhood memories with Mickey & Minnie by celebrating their birthday only at SM Supermalls!

SM implements strict #SafeMallingAtSM protocols nationwide and offers an equally convenient online shopping option with the SM Malls Online app on the Google Play or App Store. For more information, visit www.smsupermalls.com and follow @smsupermalls on all social media accounts.

 


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Opportunities worth taking for young retailers at Caltex

“In the midst of every crisis, lies great opportunity.” Never has this been truer today during the pandemic, when many Filipinos are finding creative and inspiring ways to make the most out of a very difficult situation.

In fact, according to the Department of Trade and Industry (DTI), nearly a million enterprises have registered and renewed their business names in the last year. The DTI’s Business Name Registration Division found that total registrations in 2020 reached 916,163, nearly all or 91% of which were considered new. This is nearly 44% higher than the total registration in 2019 at 637,567.

What’s more, studies have shown that as much as 66% of millennials and 54% of Gen Z have ambitions of starting their own business.

Clearly, the pandemic is not enough to quell the Filipino entrepreneurial spirit. But for the young and aspiring Filipino entrepreneurs who have yet to start their own businesses, it can be difficult to find the opportunity to do so. Beyond starting one, moreover, it is more challenging now to sustain a business and keep it resilient from future crises. In a fast-changing business landscape, resilient businesses must be easily accessible to various customers, as well as responsive to their needs and demands—from convenient means of payment to sustainable products.

Grounded on an established brand and presence in the Philippines, Caltex, marketed by Chevron Philippines Inc. (CPI), aims to provide these fruitful business opportunities for young entrepreneurs.

Energy has been and still is one of the most critical industries in the modern world, so much that modern life is often inextricably linked to it. The world’s supply chains, its transportation networks, its machinery all rely on oil. As global populations are set to grow by some 2 billion people to 2050, and the emergence of more developing nations push up demand for energy services, there is no better time to invest in a time-tested, future-ready industry.

Under Chevron, one of the world’s leading integrated energy companies, Caltex provides a trusted global brand with high quality products and services that the aspiring Filipino entrepreneur can believe in.

Providing end-to-end support for new entrepreneurs to help them run their business effectively, including construction and building assistance, and access to Chevron Business Point – retailers’ day-to-day online transactional interface—Caltex helps its retailers start, strategize and grow their businesses for the future.

The company also helps retailers strategize and grow their businesses through continuous trainings and dedicated business consultants.

“Caltex has industry-leading retailer support from our business consultants who guide us through the whole gamut of pricing, wet stock management of fuel, and safe operations of stations. This enables us to have that distinct Caltex advantage,” said Don Dexter Agujo, 38, who currently operates three Caltex stations in San Pascual and Lemery, Batangas, and one along SLEX Northbound, Laguna.

Additionally, with the Caltex Star being an instantly recognized and highly regarded symbol in the Philippines, any budding Caltex retailer can enjoy financial security and peace of mind when it comes to their investment.

Success is more rewarding with Caltex as it means achieving one’s business goals while helping communities progress. With Caltex’s strong portfolio, seasoned or budding entrepreneurs can get ahead of the competition.

Currently handling two Caltex stations in Candon City, Ilocos Sur, Sherlyn Dela Cruz aims to pay it forward by providing employment opportunities. “My goal is not to hire people to sell fuel, but to sell fuel to hire more people,” she said.

This drive helped her persevere to get a grip on the complexities of business management at the age of 27.

“Caltex gives the assurance that it would always be there to support its retailers through thick and thin. It also provides effective general marketing strategies for existing and potential customers,” Ms. Dela Cruz added.

Guided by the belief that affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world, Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry.

To advance a lower-carbon future, the company is also focusing on cost efficient methods of lowering carbon intensity, increasing renewables and offsets in support of its business, and investing in low-carbon technologies that enable commercial solutions.

Ready to drive your own journey and reach the apex with Caltex? Visit www.caltex.com/ph/investors for more information.

 


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PCCI to gov’t: Open economy now

REUTERS

THE COUNTRY’S biggest business group on Wednesday urged the Duterte administration to “open the economy now” and assist businesses in creating more jobs, in order to accelerate the Philippine economy’s recovery.

This is part of the wish list that the Philippine Chamber of Commerce and Industry (PCCI) will submit to President Rodrigo R. Duterte today (Nov. 18), the last day of the Philippine Business Conference (PBC).

Aside from reopening the economy, the PCCI’s resolutions also cover internet connectivity, innovation advocacy, ease of doing business, agricultural productivity, education, environment, energy efficiency, and infrastructure. 

“We will not concede this projected future amid all grim outlook from many sectors. We, at PCCI, believe we still have what it takes for a nation to become one of the most robust economies in the world. The Philippine business sector will lead this change,” PCCI President Benedicto V. Yujuico said in a statement.

The PCCI urged the government to further open the economy now even before herd immunity is attained to revive pandemic-hit businesses before the economy slumps back into a deep recession.

Metro Manila remains under a more relaxed Alert Level 2, where most businesses are allowed to operate but in limited capacity.

Finance Secretary Carlos G. Dominguez III said he expects the government to ease mobility restrictions to Alert Level 1, the most relaxed lockdown level, by the start of next year.

“With current trends, we expect to achieve Alert Level 1 by the onset of the New Year,” he said in a speech read by Finance Undersecretary and Chief Economist Gil S. Beltran at the PBC. “Our businesses should prepare to thrive under the terms of this new economy.”

Meanwhile, the PCCI also asked the government to help companies create new jobs and preserve existing ones. It also sought the full implementation of the Ease of Doing Business law, modernization of agriculture sector, and acceleration of internet connectivity nationwide.

The PCCI urged the government to institutionalize innovation as a national strategy towards economic development; digitize the education system; protect the environment and reduce carbon footprint; ensure reliable and affordable power supply to sustain economic recovery; and fast-track the scheduled completion of all infrastructure projects under the “Build, Build, Build” program, and safeguard the transparency in the bids and awards of contracts. 

Jeffrey T. Ng, chair of the 47th PBC, said the resolutions are addressed to the outgoing administration and aspiring new leaders.

“While there are, no doubt, many other proposals on the table, we offer these resolutions containing doable recommendations, proposed legislations and executive actions to guide our economic recovery and bring into the fore those who are in danger of being left behind as we bounce back from the aftermath of the coronavirus disease 2019 (COVID-19) pandemic,” Mr. Ng said.

In a keynote speech at the PBC on Wednesday, Vice-President Maria Leonor “Leni” G. Robredo said there is a need to rebuild the trust in the government which can be achieved by having dependable and predictable policies.

“Foreign and domestic investments, we all know, will only dramatically rise if we have the necessary infrastructure and logistics for them to thrive. To do this, we need to offer a stable and strong political and economic climate. We need to prioritize lowering of power rates and other utility costs, and prioritize mass transport,” Ms. Robredo said. — Revin Mikhael D. Ochave

Dutertes’ influence seen to continue after elections

REUTERS

THE PHILIPPINES would likely see broad policy continuity after next year’s national elections as the family of President Rodrigo R. Duterte is expected to retain influence in policy making, Fitch Solutions Country Risk & Industry Research said.

In a note released on Wednesday, Fitch Solutions said it retained its short-term political risk index score of 64 for the Philippines, where a 100 score indicates lower risk, with “upsides” seen.

“The confirmation of (presidential) candidacies has led us to believe that the prospects for policy continuity remain relatively high, with the main presidential candidates broadly offering continuity and the Dutertes likely to exert continued influence on policy making,” Fitch Solutions said.

Among the presidential candidates, Senator Christopher Lawrence “Bong” T. Go is expected to offer the most policy continuity, with Fitch Solutions citing his ties to Mr. Duterte and his political party PDP-Laban.

“As a former close aide to Duterte during his presidency, Bong Go will likely press ahead with key policies such as Duterte’s ‘Build, Build, Build’ infrastructure initiative and improving ties with China,” the think tank said.

Fitch Solutions noted that former Senator Ferdinand “Bongbong” R. Marcos, Jr. favors Mr. Duterte’s “strongman” strategy and supports the rule of his father, late dictator Ferdinand E. Marcos. This could pose risks of more authoritarianism, it said.

“Bongbong appears to be one of the few candidates to agree with Duterte’s policy of engagement with Beijing, potentially offering the most policy continuity out of the announced candidates. Bongbong has given his support to Sara Duterte’s vice-presidential bid, which could lead to a strong joint campaign platform,” Fitch Solutions said.

Davao City Mayor and presidential daughter Sara Duterte-Carpio will run for vice-president in alliance with Mr. Marcos.

Fitch Solutions said Mr. Go and Mr. Marcos are both likely to favor “Beijing-friendly postures,” but they may face opposition from both the military and the public.

Meanwhile, Manila Mayor Francisco “Isko” Moreno Domagoso and Senator Emmanuel “Manny” D. Pacquiao, Sr. could retain some of Mr. Duterte’s policies, but Fitch Solutions said they would likely take on a “big tent” government that would address corruption and favor relations with the US over China.

Fitch Solutions maintained that Vice-President Maria Leonor “Leni” G. Robredo will likely struggle to win the presidency.

Ms. Duterte-Carpio, on the other hand, is seen as the “favorite” for vice-president as she likely benefits from her father’s continued popularity.

“While Sara is not running for presidency, her vice-presidential bid, along with Rodrigo’s senatorial bid, was in line with our view that the Dutertes would seek to retain influential positions within Philippine politics,” Fitch Solutions said, adding the Duterte family should “perform well” in May.

Mr. Duterte filed his candidacy for Senator on Monday.

Think tank Stratbase ADR Institute, Inc. on Monday said that 47% of Filipinos would vote for Mr. Marcos, with Ms. Robredo polling at 18% and Mr. Domagoso coming in third at 13%. — Jenina P. Ibañez

Regulator clears more IPOs, follow-on offering

THE SECURITIES and Exchange Commission (SEC) said on Wednesday it “considered favorably” the initial public offerings (IPOs) of Citicore Energy REIT Corp. (CREIT) and Figaro Coffee Group, Inc., as well as the follow-on offering (FOO) of Arthaland Corp.

Analysts said investor appetite for these offerings may depend on the final price and the further easing of lockdown restrictions, as the pandemic continues to weigh on sentiment.

“Everything always boils down to the final price. Generally, though, [the] timing seems to [be] good since market sentiment has been a bit more bullish as evident by trading activity and current PSEi (Philippine Stock Exchange index) levels,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

Timson Securities, Inc. Equity Trader Darren Blaine T. Pangan said there was IPO fatigue observed in US markets earlier this year.

“We may also have to observe how investors’ appetite for new listings will unfold in the coming offerings,” he said.

Some investors may be interested in diversifying their portfolio with CREIT’s offering, since it is the first energy-focused real estate investment trust (REIT).

“CREIT may offer investors an opportunity to further diversify their portfolio given that it’s positioned as the first energy-related REIT to be offered in the local market,” Mr. Pangan said in a separate Viber message.

CREIT is looking to offer 1.05 billion primary shares for P3.15 apiece, with an oversubscription option of up to 418.34 million shares.

Should the oversubscription option be exercised, the company may raise up to P4.62 billion. Net proceeds will be used to acquire properties in Bulacan and South Cotabato.

CREIT’s sponsor, Citicore Renewable Energy Corp., is also offering 1.74 billion in secondary shares. However, CREIT will not receive proceeds from the secondary offer.

According to its latest timetable submitted to the SEC, CREIT said the offer period will run from Nov. 26 to Dec. 3. It aims to list on the main board of the Philippine Stock Exchange on Dec. 13.

Meanwhile, the Figaro Group’s IPO may depend on the expected rebound in consumer spending since it operates food brands such as Figaro Coffee, Angel’s Pizza and Tien Ma’s Taiwanese Cuisine restaurants.

“The Figaro IPO would be a function of the recovery or growth in consumer spending, which accounts for at least 70% of the economy, amid measures to further reopen the economy,” Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in a Viber message.

Figaro Group’s P1.77-billion IPO is comprised of 1.26 billion common shares offered to the public for P1.28 per share at most, with an overallotment option of up to 126 million shares. It plans to use net proceeds for store launches and renovations, commissary expansion, repayment of debt, development for IT infrastructure, as well as for potential acquisitions. 

The offer period is from Dec. 16 to 22, while listing at the PSE is scheduled on Dec. 31.

“Both IPOs (CREIT and Figaro Group) could already be within the context or story of increased reopening or recovery of the economy, unlike the previous share sales a few months ago when there were still tighter restrictions or broader lockdowns,” Mr. Ricafort said.

Meanwhile, Arthaland’s P3-billion FOO comprises up to four million Series D preferred shares for P500 per share, along with up to two million preferred shares for an oversubscription option. 

Arthaland plans to use proceeds for the redemption of its Series B preferred shares and to finance investments in its subsidiaries.

In a statement on Monday, the PSE reported P161.41 billion of capital was raised from the sale of primary and secondary shares in the first nine months. This included four IPOs, three FOOs, three stock rights offerings, and six private placements.

The Keepers Holdings, Inc. recently concluded its FOO and will list on the main bourse on Friday, after raising P4.5 billion.

Regulators have also recently approved the P1.5-billion FOO of A Brown Co., Inc. and Cirtek Holdings Philippines Corp.’s P3.5-billion FOO.

Medilines Distributors, Inc. and Solar Philippines Nueva Ecija Corp. are also gearing up for their IPOs. — Keren Concepcion G. Valmonte

Bank fraud losses hit P1 billion

BANKING FRAUD losses climbed to P1 billion so far this year, as cybercrime rose alongside the increase in digital transactions amid the lockdown.

“I think the losses this year [from] unauthorized withdrawals and unauthorized branch transfers, it’s more than a billion pesos. That’s the latest estimate,” Ramon L. Jocson, the cybersecurity committee vice chair of the Bankers Association of the Philippines (BAP), said on Wednesday.     

The volume of cybercrimes this year is now three times higher than in 2019, Mr. Jocson said.

“The figures that I quoted are those that have been reported to us. Take note that in some cases, some of the victims don’t even bother to report anymore,” Mr. Jocson, who is also chief operating officer at Bank of the Philippine Islands, said.

Mr. Jocson cited a study by Cisco Systems, Inc. which found that 57% of small- and medium-sized businesses in the country experienced a cyberattack in the past year.

“This emerging new normal has given rise to a variety of cyberattacks, which have been evolving and becoming more complex. The Philippines is one of the fastest-growing economies in the Asia-Pacific, but is also considered to be one of the countries most vulnerable to cyberattacks,” BAP President Jose Arnulfo A. Veloso said.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno has earlier said that a major cyberattack could affect the stability of the financial system.

The BAP on Wednesday launched an anti-scam campaign to promote cybersecurity awareness. It signed a memorandum of understanding with the Kapisanan ng mga Brodkaster ng Pilipinas (KBP) for information dissemination efforts.

“What we would like to do is to give the KBP and their members the ability to identify what we see as the usual modus operandi of these perpetrators by sharing cases of how they are able to do their work,” Mr. Veloso, who is also the president and chief executive officer of Philippine National Bank, said.

He said the BAP’s main goal is to prevent bank clients from incurring losses due to cyberattacks.

Mr. Veloso said they will be partnering with the Department of Justice to implement a training program for enforcers and prosecutors.

The BSP earlier said 13% of the 20,000 consumer concerns they received in 2020 were about fraudulent and unauthorized transactions. 

Separately, the Anti-Money Laundering Council found that 49% of suspicious transaction reports since the March 2020 lockdown until Aug. 31 last year were related to skimming, phishing, and unauthorized transactions as well. — L.W.T. Noble

Medilines sets healthcare IPO price at P2.30

By Keren Concepcion G. Valmonte, Reporter

MEDILINES Distributors, Inc. on Wednesday set its initial public offering (IPO) price at P2.30 per share, lower by 6.12% than the price-ceiling it set. It could raise up to P1.9 billion from the sale of 825 million shares to the public.

“The final offer price seems to have been offered at around a 6% discount from the initial maximum offer price of up to P2.45,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a Viber message.

“Positioned as a pure-play healthcare IPO, this may further spark interest among investors to participate in the offering, especially amid the current environment with a lot of listing activities going on in the local scene,” he added.

Medilines Distributors, founded in 2002, is in the business of distributing medical devices used for diagnostics imaging, dialysis, and cancer therapy. It carries brands such as Siemens, B. Braun, and Varian.

The company’s primary offer is comprised of 550 million common shares, net proceeds of which will be used to finance the working capital for the procurements of its existing products, for building its medical consumables inventory, and to repay debt.

Meanwhile, Medilines Distributors Chairman Virgilio B. Villar will be offering 275 million common shares for the secondary offer. The company will not receive proceeds from the sale of Mr. Villar’s shares.

According to its preliminary prospectus dated Oct. 27, the company plans to run the offer period from Nov. 22 to 26, while its listing at the main board of the exchange is slated for Dec. 7 under ticker symbol “MEDIC.”

The company tapped PNB Capital and Investment Corp. to be the sole issue manager, lead underwriter, and sole bookrunner for the offer.

SPNEC says P2.7-B IPO ‘fully sufficient’ for 500-MW solar plan

SOLAR Philippines Nueva Ecija Corp. (SPNEC) said its P2.7-billion initial public offering (IPO) would be “fully sufficient” to fund its 500-megawatt (MW) plant as the company would also consider debt financing.

“We will be constructing the first P1.3-billion worth of plant first so that it gets some operations, it’s de-risked because it’s already connected to the national grid and then get the financing from debt providers to add solar panels to turn the 50 to [225-MW],” Solar Philippines Founder Leandro L. Leviste told BusinessWorld in a virtual call on Wednesday.

SPNEC is a unit of Solar Philippines Power Holdings, Inc. (SPPHI), which form part of the group of companies led by Mr. Leviste that are involved in development, construction and operations of solar power plants.

It is the first company under group to go public. The first P1.3 billion from the net proceeds will be used to build 25% of the plant’s first 225 MW.

Meanwhile, the additional amount raised, or P1.332 billion as stated in its preliminary prospectus, will be used to further acquire land in Nueva Ecija, which it has identified to have the “largest potential” for expansion in the near term.

“We think that it is most accretive to the company to use the money to buy land, make a regain on the revaluation of the land and suddenly have ample equity for the whole [500-MW project], which is partly how we’ve gotten a larger equity base on our larger projects,” Mr. Leviste said.

SPNEC is offering 2.7 billion shares to the public for as much as one peso each.

It is targeting to run its offer period from Dec. 1 to 7, while it aims to list at the stock exchange by Dec. 17 under “SPNEC.”

“Management just thinks that it’s going to be best for the company to push forward the expansion beyond the [500-MW], while securing the debt to complete [the project],” Mr. Leviste said.

Separately on Wednesday, Philippine Rating Services Corp. (PhilRatings) has assigned an issue credit rating of PRS Aa plus, with a stable outlook, to Solar Philippines Tarlac Corp. (Solar Tarlac) on the company’s planned P4.15-billion bonds.

Solar Tarlac, which is jointly owned by SPPHI and Prime Metro Power Holdings Corp., is developing a 150-MW solar plant in Concepcion, Tarlac.

Part of the proceeds of the project bonds will be used to refinance a P2.225-billion loan used to build the company’s 100-MW portion of its solar power plant.

PhilRatings said obligations rated PRS Aa are of high quality and are subject to very low credit risk. A stable outlook means the rating is likely to be maintained or to stay unchanged in the next 12 months. — Keren Concepcion G. Valmonte

Shakey’s exceeds store expansion goal for 2021

SHAKEY'S PHILIPPINES FB PAGE

SHAKEY’s Pizza Asia Ventures, Inc. has exceeded its goal of launching 30 new stores for the year after opening its 31st store, which is a stand-alone Shakey’s Pizza outlet in Sorsogon City.

In a statement on Wednesday, the company said its newest branch in the Bicol region also marks its 310th outlet.

“Shakey’s, with its strong balance sheet and healthy cash generation, is in a good position to accelerate our store expansion program. We are fully prepared to accommodate the resurgence of the Filipino consumer,” said Vicente L. Gregorio, president and chief executive officer of Shakey’s.

The company is “expanding its footprint outside of Metro Manila” through franchisees.

Shakey’s said it is ramping up its store expansion efforts as it prepares for the country’s reopening. All of its new stores are reportedly profitable.

It also recently launched its 48th Peri-Peri Charcoal Chicken store as well as the first independent R&B milk tea store in the country, which is said to be the “first drive-through milk tea store in the country.”

“We look forward to continuing on this road to recovery. We are expecting PIZZA to return to profitability by yearend, especially with the holiday season looking bright, and, if all goes well after the holidays, we hope to go on full throttle entering 2022,” Mr. Gregorio said.

Shakey’s shares at the stock exchange grew 2.76% or 25 centavos to close at P8.70 apiece on Wednesday. — Keren Concepcion G. Valmonte

The taste of Quiapo

CREAMY and spicy beef rendang

A RECENT dinner tried to explain what the Manila district of Quiapo means to the Philippine consciousness, by serving up delicacies that can only be found on its streets.

On Nov. 13, students from the Introduction of Cultural Heritage class of the Ateneo de Manila University, taught by Dr. Fernando Zialcita, threw an online dinner called “Quiapo À La Carte: Food Culture in Transit,” with dishes chosen by book designer, food writer, and culinary historian Ige Ramos, as prepared by chef Waya Araos-Wijangco (of Gourmet Gypsy).

“We celebrate this event every year in relation to the field school where we had our research,” Mr. Zialcita said during the dinner, which was held via Zoom. Other locations which were celebrated in this manner in previous semesters include Bohol, Tayabas, Silay, Vigan, and Carcar. “Now, it’s high time to celebrate the food of a district in Manila, and that’s Quiapo,’ he said.

Ang pagkatao ng isang komunidad at kanyang lutuin ay magkasanib. Nagiging mahalagang expresyon hindi lang ng panlasa ng komunidad ang lutuin, kundi pati na rin ang kanyang kasaysayan at kabuhayan (The personality of a community and its cuisine work together. Cuisine becomes not only an expression of a community’s taste, but of its history and livelihood),” he said.

Pinagaralan namin kung paano naiba ang Quiapo sa kanyang mga landmarks, sa kanyang pang-araw-araw na pamumuhay at sa kanyang lutuin (We studied what made Quiapo unique by its landmarks, its daily life, and its cuisine).”

QUIAPO AS MELTING POT
As it is, Quiapo takes its name from a floating water lily species, locally known as Kiyapo — much like how Manila took its name from another plant; tying their destinies together (and giving homage to the Pasig River which gave them life).

The area was one of the country’s earliest settled sites, and throughout the various periods of the nation’s history, its changes have reflected the country’s own. It had been a site for the homes of some of the country’s elite, as well as the site of continued pilgrimage for the Black Nazarene in Quiapo Church. It has been a center of commerce, from the various businesses that have set up shop there, owned and managed by Filipinos of various extractions. At the same time, as one of the busiest districts in the capital, it has served as audience and stage for major political events, such as the Plaza Miranda bombing.

Mr. Ramos, explained how he thought up the dinner, which started out as an idea for a reflection paper for the audited classes he attended last June at the Ateneo Social and Cultural Laboratory. “We studied the link that connects the conservation of local heritage with responses to climate change. Quiapo was the chosen site this year,” he said.

“I’ve always been interested in Quiapo as a cultural food space, where food moves together with the natural landscape, changing urban planning, and, most especially, people’s transitory qualities,” he said. “Constantly moving, evolving; like an organism, it is born, nurtured, lives, and dies — completing the cycle of life.”

Different cultures have left their imprint upon Quiapo, reflected in the food and faith available there. In the same district, three cultures are present: the Spanish influences are seen through Quiapo church and San Sebastian Church; the Muslims are represented through the Golden Mosque, while the shops and eateries in the area are mostly Chinese-owned. The fortune-tellers and albularyos (herbalists) selling potions in the perimeter of Quiapo Church, meanwhile, point to deeply rooted Filipino folk beliefs, with some infusions of pre-colonial religion with a form of folk Catholicism.

“Beneath the mestizo-influenced cuisine, there are various food influences that one can glean in Quiapo. There are street food vendors, albularyos selling herbs and potions, fast foods, halal eateries, bakeries, and, at one point, a distillery, and, to this day, a big market situated by the river for easy access to produce and fresh ingredients benefitting both buyers and sellers,” said Mr. Ramos.

“There’s also the sinification of Philippine cuisine, or rather, the Filipinization of Chinese cuisine,” he said, pointing to vendors of taho (soybean custard in caramel sauce) and the various bakeries and eateries selling hopia (a local version of moon cake which is filled with mung beans), lumpia (spring rolls), mami (noodle soup), and siopao (Chinese savory filled buns).

The Golden Mosque built in 1972, of course, had to make room for the halal cuisine that would fill the stomachs of the Muslims who would worship there (which Mr. Ramos points out, is closer to the cuisines of our Southeast Asian neighbors).

“Quiapo is indeed a melting pot and these foodscapes are now part of the Philippine culinary canon, and are now embedded in our gastronomic DNA.”

Mr. Ramos quoted from Mexican poet and Nobel Prize winner Octavio Paz: “The melting pot is the social ideal that when applied to culinary art, produces abomination.” Mr. Ramos said, “I assure you that there’s nothing abominable with what you will partake tonight, especially when it comes from the kitchen of chef Waya.”

QUIAPO DINER
The dinner consisted of two bento boxes: one for merienda cena (a heavy afternoon meal), and the other for dinner, which had halal dishes.

The first course was Lumpiang Sariwa (fresh spring rolls) prepared in the manner of the one at the Globe Theater. The eatery has been around since the 1950s, serving its version of the dish made of heart of palm, crushed peanuts, and a homemade sauce — and, best of all, the whole thing costs P25.

Next up was the Rainbow Clubhouse sandwich with Excelente Ham, both pointing to efforts of Chinese entrepreneurs. The rainbow bread was made by Bakerite, which was established in 1946 when Wong Tong Liong, a baker of Chinese extraction, made a deal with a soldier for a truckload of flour. The rainbow bread has been a fixture at many Filipino children’s parties since. It was filled with Excelente Deboned Chinese Cooked Ham, whose popularity still rests within its lone site in Carlos Palanca St. in Quiapo (once known as Echague).

The second bento box showed a creamy and spicy beef rendang (stewed in coconut milk and spices), but also a veritable piece de resistance any chef would be proud of: Chicken Piaparan with Palapa, served with pastil. The pastil (cooked rice with a shredded meat topping wrapped in banana leaves) was tinted a delicate blue (presumably with the use of ternate flowers), and was served with Chicken Piaparan, a Maranao delicacy which saw chicken simmered in coconut milk and turmeric. This was served with palapa, a condiment of toasted grated coconut flavored with spices, but especially a scallion indigenous to Mindanao, turmeric, ginger, and chili (an uncle once joked that this was the reason why the Spanish came to the Philippines in the first place).

BUHAY QUIAPO
While guests on the Zoom call munched on these, Dr. Roz Li of Bakas Pilipinas (a New York-based heritage NGO) introduced Buhay Quiapo, a joint project of Bakas Pilipinas and the Department of Sociology and Anthropology of the Ateneo de Manila University.

“Quiapo is very big in the consciousness not just of people in Manila, but of the whole country,” she said. She pointed to Quiapo’s significance in the aesthetic, historical, religious, and economic sense, which is why it needs saving. As Mr. Ramos said, “We learned how to introduce new things, but we discarded the old and squandered our cultural capital,” pointing to Quiapo’s decline in the last 40 years or so.

Ms. Li said, “Now is a critical time for Quiapo. Although deteriorated, you can still feel its rich history and sense of place. Quiapo is presently under threat of obliteration, neglect, and new development.”

The objectives of the project include assessing the current state of Quiapo’s cultural heritage with a view towards conservation and revitalization, as well as identifying stakeholders, and formulating strategies with a view towards sustainable development and “overcoming poverty and inequality through creative and cultural human intervention approach.” Ms. Li summarizes it as: “How can Quiapo’s heritage improve the lives of the people in the community?”

Dinner concluded with closing remarks from Joel Oana, Senior Urban Planning and Development Consultant with the Manila City Planning Office. “Food is a key element in creating places. It fosters friendship and partnerships,” he said. “People, place, and partnership are what I consider in my planning practice as the key factors in the success of urban regeneration, and can only be sustained by caring and committed communities.”

Buhay Quiapo, with the partnership of the Ateneo Department of Sociology and Anthropology, will hold a series of talks beginning Nov. 19 called the “Living Heritage: Heritage Forum Series.” Find more details about the talks on facebook.com/ateneosocioanthro. —  Joseph L. Garcia