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TransUnion advocates data analysis in resurgence vs economic paralysis

Holds virtual Big Data Summit to share best practices and open conversations with stakeholders

Global information and insights provider TransUnion (NYSE: TRU) is urging the business community to embrace the increasing role of data analytics in order to find stability during these uncertain times. By coming together and adopting best-practice and new technologies, the current economic downturn caused by the COVID-19 pandemic can start to be addressed before it escalates into a longer-term economic paralysis, reversing progress achieved in previous years.

“The cautious and reactive stance that many businesses are taking often stems from information gaps and an inability to make informed decisions. When lenders, for instance, have a limited view of their portfolio, they can find it difficult to take action. However, stifling growth has historically been an unsustainable strategy. Philippine businesses must not allow themselves to be crippled by this pandemic, and instead, embrace an information-powered recovery,” said Pia Arellano, TransUnion Philippines president and CEO.

In its virtual Big Data Summit held recently, TransUnion gathered industry leaders and wider stakeholders to tackle the challenges ahead and to discuss the path to recovery and growth. By helping inform policy and inspire data-led actions, TransUnion believes businesses can continue to provide services and solutions with confidence and fulfill their role as economic enablers.

As digital transformation accelerates, new trends and new realities emerge, which may require major upgrades in systems and possibly even business models. In the banking sector, for example, ensuring trust in a digital environment is a massive undertaking that, while slowly being rolled out even before the pandemic, continues to create challenges.

In navigating pandemic uncertainty, data insights and new technology can provide a more certain map. The use of artificial intelligence and machine learning in data analytics can ensure a wealth of insights is at hand. Data gives a rounded and more encompassing understanding of consumers or segments, which can enable businesses to create a more strategic decisioning framework on whether to engage them and how best to do it.

Pia Arellano, President and CEO, TransUnion and Arniel Ong, President and CEO, RCBC Bankard

Data solutions available in PH
Many of the challenges that businesses face have digital solutions readily available to solve the problem. It’s just a matter of employing the right solution(s) at the right time to achieve set goals.

Take lender portfolio reviews, for instance. Increased portfolio reviews — coupled with trended credit data and alerts on shifting consumer behaviors — can help businesses better address customer needs and provide instant transactions and access to finance they have come to expect.

It can answer questions like, “Will having an equal or higher credit limit vs. their first credit card result in a higher share of wallet shift in terms of spend, principal, and unbilled balances?” and “Will giving an equal or higher credit limit impact credit card delinquency or bad rate?” By unearthing off-books consumer behavior, frequent portfolio reviews can provide the basis for strategy that will drive preference and increase customer loyalty, among other capabilities.

Lending industry leaders said that they have to check their data on a daily basis now, compared to at least monthly during pre-pandemic times. The volume of data generated by digital channels now provides richer insights into how consumer behaviors change, highlighting the need for businesses to be flexible and respond to changes. In other words, they should be able to quickly react to events, as well as shifting regulatory requirements, without being hampered by in-house technology limitations.

Pursuing growth in an uncertain environment also means being open to explore market segments that were previously overlooked. Specifically, new-to-credit (NTC) consumers comprise a big chunk of the Filipino population, which presents a vast growth opportunity for proactive players. This is also a chance for lenders to attract and gain the loyalty of the tens of millions of consumers who aren’t credit-visible yet by extending them access to credit products and other services that may be critical in these trying times.

Often this is a risk that not all lenders have enough appetite or ability to take. To bridge that gap, technology providers like TransUnion have started harnessing the power of trended data and alternative data from non-traditional sources such as telecom companies to create lookalike models that generate scores to underwrite NTC consumers. This ultimately allows lenders to say ‘yes’ to more customers while keeping risk flat or even reducing it on a consistent volume basis.

Jesus Angelo ‘Biboy’ Gomez, SVP, Group Head, Credit Cycle & Enabling Services, Bank of the Philippine Islands and Aylwin Herminia ‘Mia’ P. Tamayo, FVP & Head, Credit Cards and Business Governance, EastWest Bank

Protecting businesses and consumers
As consumers become increasingly comfortable with transacting digitally, the biggest risk often comes from fraudsters who target industries with high transaction volumes. Businesses are faced with finding the balance between providing instant decisioning and transactions and successfully catching fraud, while still maintaining friction-right customer experiences lest they risk letting even the good ones get away. At this point, multi-layered defenses are necessary.

TransUnion has found that adding device intelligence to its bureau data and alternative data sources expose fraud and fraud linkages that can’t be detected by simple security questions or even face and ID scans. Its advanced insights and a global network of reported fraud enable it to help members discover their vulnerabilities and manage risk. Coupled with continuous consumer education, addressing the rise in digital fraud attempts through these technologies can also enhance the acquisition experience of genuine customers and result in growth for the business.

‘Information for Good’
TransUnion uses data, software and technology in a smart way, providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. It helps drive better decisions, enables secure friction-right customer experiences and encourages greater engagement through better offers and communication. TransUnion is driven by its purpose of helping businesses and consumers transact with confidence and achieve great things. This is ‘Information for Good.’

Guided by the principle of responsible data stewardship, TransUnion’s data security adheres to global InfoSec standards. This ensures that the information and technology that fuels its solutions are trustworthy and accurate, while also complying with local privacy and other relevant legislation around the world. In addition, it collaborates closely with members to actively manage risks related to technology adoption and data innovations.

“At a time when the pandemic poses an imminent threat of economic paralysis, data solutions offer a new perspective that promises more accurate, efficient, and inclusive results. TransUnion makes the task easier by providing a much-needed reliable basis for mutual trust between businesses and consumers. When both are better informed, they make smarter financial decisions that contribute to the growth of the economy,” Arellano said.

Pursue growth through data and information and make an impact in your industry today. For more information, visit the website or contact your TransUnion Relationship Manager.

 

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Bill amending PSA gets Senate nod

REUTERS

By Alyssa Nicole O. Tan

THE SENATE on Wednesday approved on third and final reading a bill amending the Public Service Act (PSA) to allow 100% foreign ownership in telecommunications, airlines, domestic shipping, among others.

Nineteen senators voted in favor of Senate Bill 2094, which seeks to amend the 85-year-old Commonwealth Act 146 or PSA, while three senators voted against the measure.

Certified as urgent by President Rodrigo R. Duterte, the bill is one of the key reforms expected to help boost the economy’s recovery from the pandemic.

Under the approved version, the definition of public utility was changed to those involved in distribution and transmission of electricity, petroleum and petroleum products pipeline transmission, water and wastewater pipeline distribution systems, airports, seaports, public utility vehicles, and expressways and tollways. The Constitution limits foreign ownership in public utilities to 40%.

This amendment means 100% foreign ownership will now be allowed in telecommunications, air carriers, domestic shipping, railways and subways, and canals and irrigation.

“I believe that by opening up our economy to a diverse set of investors, we could provide our fellow Filipinos with more and better choices,” Senator Mary Grace Natividad S. Poe-Llamanzares, primary author and sponsor of the bill, told the plenary on Wednesday. “We are only making our country more competitive in the world stage.”

Senators Ana Theresia N. Hontiveros-Baraquel, Francis Pancratius N. Pangilinan and Ralph G. Recto voted against the measure.

Ms. Hontiveros-Baraquel said that she was “saddened” that many critical services such as telecommunications were opened up to 100% foreign ownership when foreign participation could have been limited to 70%.

She also noted that “tech-savvy neighbors” and “rogue non-state elements” have been targeting government and military installations and other very critical infrastructure in the region. The Philippines does not have proper cyber defense operations.

“I fear that we have just brought our guards down.”

Ms. Poe, who chairs the Senate Public Services Committee, said that national security concerns were taken into consideration by placing several layers of safeguards. “The country is now open for business, but it must be according to our terms and our specific needs.”

During the period of amendments, Mr. Recto proposed to include telecommunications, domestic shipping and airlines as part of the public utility industry but lost the nominal voting.

Senator Emmanuel Joel J. Villanueva said that he had voted in favor of 100% equity for the telecommunication industry because he was for liberalizing the economy while ensuring there are safety nets.

As for the airlines, Ms. Poe noted the need to provide assistance to the pandemic-battered industry. She said the country also needs more shipping companies to provide better services to Filipinos.

The bill’s final version also amended the definition of foreign state-owned enterprises, which now refers to “an entity in which a foreign state directly or indirectly owns more than 50% of the capital taking into account both the voting rights and beneficial ownership.”

Also included was a provision that states the National Economic and Development Authority (NEDA) and the Philippine Competition Commission are to “provide periodic advice to regulators as to which subcontracts will also need to be covered by the constitutional and other legal restrictions and which ones may be delivered even by foreign-owned subcontractors without putting operational resiliency at risk.”

Mr. Recto also recommended the removal of a paragraph that states that “reciprocity may be satisfied by any form of arrangement of exchange that is beneficial to Filipinos including according to rights of similar value in other economic sectors” as determined by NEDA, to ensure a “one is to one” reciprocity.

Meanwhile, foreign chambers said the approval of the PSA bill “will create jobs, improve technology, modernize and lower the prices of services to the benefit of Filipino consumers.”

“Liberalization of the economy is one of the most important measures needed to attain similar levels of foreign investment received by ASEAN neighbors and ensure the Philippine economy’s continued recovery from the pandemic,” seven foreign groups said in a joint statement on Wednesday.

They noted Philippine infrastructure consistently ranks 6th behind Indonesia, Malaysia, Singapore, Thailand, and Vietnam in international indices.

“The PSA amendments will match policies that Singapore, Thailand, and Vietnam already allow and that Indonesia last year opened to foreign investment… And it will allow the Philippines to better qualify to be a member of advanced plurilateral trade and investment agreements such as the Comprehensive and Progressive Transpacific Partnership,” it said.

The joint statement is backed by the American Chamber of Commerce of the Philippines, Australian-New Zealand Commerce of the Philippines, Canadian Chamber of Commerce of the Philippines, European Chamber of Commerce of the Philippines, Japanese Chamber of Commerce & Industry of the Philippines, Korean Chamber of Commerce of the Philippines, and Philippine Association of Multinational Companies Regional Headquarters, Inc.

Cash remittances hit three-month high

REUTERS

By Luz Wendy T. Noble, Reporter

MONEY SENT HOME by overseas Filipino workers (OFWs) increased anew in October to mark the ninth straight month of annual growth in inflows, as more economies reopen and holiday season approaches.

Cash remittances coursed through banks rose by 2.4% to $2.812 billion year on year in October from $2.747 billion, based on data released by the Bangko Sentral ng Pilipinas (BSP) on Tuesday.

Inflows also jumped by 2.74% from $2.737 billion in September. The October remittances were the highest in three months or since the $2.853 billion in July.

Remittances in the 10-month period reached $25.929 billion, up by 5.3% from the $24.633 billion in the same period of 2020.

The higher cash remittances reflected the increase in money sent by OFWs to their families in the Philippines as Christmas approaches, Asian Institute of Management economist John Paolo R. Rivera said.

“Remittances usually increase in the latter part of the year because of the holiday rush. This is driven by the altruism motive of OFWs in providing for the consumption of their families during the holidays,” Mr. Rivera said in a Viber message.

It also helped that more economies have relaxed their restrictions, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said. In October, most countries reopened as vaccination rates improved and coronavirus disease 2019 cases declined.

“Further recovery of many economies worldwide towards greater normalcy as they move closer to herd immunity fundamentally led to more OFW employment created, thereby also supporting the recent improvement in remittances,” Mr. Ricafort said in a Viber message.

BSP data showed that the biggest remittance sources were the United States, Singapore, Saudi Arabia, Japan, the United Kingdom, the United Arab Emirates, Canada, Taiwan, Qatar, and South Korea, which accounted for 78.9% of total inflows from January to October.

Meanwhile, personal remittances that include inflows in kind inched up by 2.4% year on year to $3.117 billion in October.

For the first 10 months of 2021, personal remittances rose by 5.3% to $28.816 billion from $27.346 billion in the same period of 2020.

Last week, the central bank kept its projections for remittance growth to 4% this year.

With the emergence of the Omicron variant, risks to remittance growth remain despite its improvement in the previous months, Mr. Rivera said.

“Disruptions in mobility will affect deployment and employment, disrupting also remittance inflows and the consumption of remittance-dependent households thereby affecting the Philippine macroeconomy,” Mr. Rivera said.

The Department of Health on Wednesday confirmed that there were already two imported infections with the Omicron variant. Both patients are isolated in a quarantine facility, the agency said in a statement.

Several countries have implemented stricter border controls and travel bans after Omicron was first detected in South Africa last month. The World Health Organization has said that Omicron is a variant of concern for its higher transmissibility.

Overseas Filipinos’ Cash Remittances (Oct. 2021)

Congress ratifies bicameral report on 2022 national budget

PHILIPPINE STAR/ MICHAEL VARCAS
The 2022 national budget includes an allocation for additional coronavirus vaccines and booster shots — PHILIPPINE STAR/ MICHAEL VARCAS

CONGRESS on Wednesday ratified the Bicameral Conference Committee report for next year’s P5.024-trillion national budget.

“We are still focused on our economic recovery, so it’s not just purely health as we cannot tell how fast or slow our recovery is in the coming year so we have to be prepared either way… What people are looking right now is for work and livelihood,” Senator Juan Edgardo M. Angara, chair of the Senate Finance Committee, told reporters.

Mr. Angara expressed hope that President Rodrigo R. Duterte will sign the General Appropriations Bill (GAB) before Christmas, although he noted this would depend on the printing of the measure.

“The printing office said that they are (open) until 22. If they reopen, it might be signed after Christmas,” he added.   

Mr. Duterte should sign the measure before Dec. 31 to ensure the government does not operate on a reenacted budget.

A copy of the approved Bicameral Conference Committee report showed the Department of Public Works and Highways’ (DPWH) budget increased by P87.56 billion, bringing the total to P785.73 billion.

The Department of Education’s budget went up by P2.55 billion to P592.695 billion, state universities and colleges got an additional P32.47 billion to bring its budget to P104.18 billion.

“We increased funds (in education) because there was no budget in the President’s (version) for face-to-face (classes) since they didn’t anticipate it,” Mr. Angara said in Filipino.

The bicameral committee also raised the Agriculture department’s budget by P3 billion to P68.57 billion.

The Department of Transportation saw its budget slashed by P42 billion, ending up with only P75.24 billion.

The Department of Health’s (DoH) budget went up by P1.22 billion to P183.89 billion.

Mr. Angara said around P45-50 billion in both programmed and unprogrammed funds were allocated for coronavirus disease 2019 (COVID-19) vaccines and booster shots.

The lawmaker also said that around P20 billion was realigned in the DoH’s budget to provide healthcare workers with allowances and benefits such as hazard pay and special risk allowance.

Also, Mr. Angara said the committee also agreed to allocate P17 billion for the controversial National Task Force to End Local Communist Armed Conflict (NTF-ELCAC), adding that 95% of it will be allotted for its Barangay Development Program.

The barangay development program would provide government funding to villages that would be deemed cleared of alleged communist influence by the police, military, and local government units for projects such as farm-to-market roads and social assistance.

“That’s the menu for projects that local government units choose from, so almost all senators are united there. They did not want to put the money in maintenance, training, and the like. They want the people to see the results of the projects,” Mr. Angara said.

However, Bayan Muna Rep. Carlos Isagani T. Zarate said that the bicam report “needs a lot of improvements” to make it responsive against the pandemic.

“The health budget is still far compared to (the budget of) DPWH with P785.73 billion. This is truly tragic since more funds are needed especially for the benefits of frontliners as well as booster shots and syringes. Again, these can be sourced from the NTF-ELCAC funds,” he said in a statement.

Mr. Zarate added that the funding for the Health department is still smaller compared with the budget of the Armed Forces of the Philippines and the Philippine National Police in the reconciled version, which were at P213.78 billion and P190.69 billion respectively. — R.L.C.Ku

RCEP tariff concessions seen to result in lower PHL exports

REUTERS

By Arjay L. Balinbin, Senior Reporter

PHILIPPINE EXPORTS are expected to dip as the Regional Comprehensive Economic Partnership (RCEP), the world’s largest trade deal, enters into force on Jan. 1.

A study done by United Nations Conference on Trade and Development (UNCTAD) economist Alessandro Nicita found that Philippine exports could fall by $100 million, or equivalent to about -0.1% when measured as percentage of exports to RCEP members in 2019.

“The reason for this is the negative trade diversion effects, as some exports of these economies are expected to be diverted to the advantage of other RCEP members because [of] differences in the magnitude of tariff concessions,” it said.

After eight years of talks, the RCEP trade deal was signed on Nov. 15 last year. It includes China, Australia, New Zealand, Japan, South Korea and all 10 countries in the Association of Southeast Asian Nations (ASEAN), which account for around a third of the global population and economy.

India had opted out of the agreement, citing the risk posed by imports to its domestic industries. Based on the UNCTAD’s estimates, India’s export losses are expected to reach $900 million, and 2.1% of its exports to RCEP will be diverted to favor RCEP members.

“The export losses of countries such as Bangladesh, Pakistan, Sri Lanka and India are more significant when measured in percentage terms,” UNCTAD said.

Tariff concessions are a central principle of the agreement, which will eliminate 90% of tariffs within the trading bloc.

Aside from the Philippines, the UNCTAD study found that the RCEP tariff concessions would result in lower exports for Cambodia, Indonesia, and Vietnam.

“Some of the imports of China from Vietnam will be replaced by imports from Japan because of the stronger tariff liberalization between China and Japan,” UNCTAD said.

“Importantly, the overall negative effects for some of the RCEP members do not imply that they would have been better off by excluding themselves from the RCEP agreement, as trade diversion effects would have accrued notwithstanding,” it added.

UNCTAD pointed out that even without considering the other benefits of the trade pact beyond tariff concessions, the trade creation effects associated with RCEP membership “softens” the negative trade diversion effects.

“Overall, RCEP tariff concessions are expected to increase trade within RCEP by nearly $42 billion, equivalent to almost 2%,” it said. “Most of the effects would be driven by trade diversion (about $25 billion) away from non-member countries. Trade creation due to lower tariffs would contribute about $17 billion.”

For the Philippines, UNCTAD estimated total trade diversion at $200 million, although total trade creation is $200 million.

Japan is seen to benefit the most from RCEP tariff concessions. This is mostly because of trade diversion effects.

Japan’s exports are expected to go up by about $20 billion, an increase equivalent to about 5.5% relative to its exports to RCEP countries in 2019, UNCTAD noted.

“In 2019, Intra-RCEP trade represented about 50% of the total trade of RCEP members, reaching nearly $2.3 trillion, or 13% of global trade in goods,” it said.

The Philippines’ Trade department has been promoting the deal as a market access advantage.

RCEP Lead Negotiator and Trade Assistant Secretary Allan B. Gepty said during a Senate hearing on the matter in October that the key benefits of the trade deal for the Philippines are cheaper costs for sourcing key inputs of the manufacturing sector, convenience for businesses in trading with key free trade agreement partners, competitiveness for Philippine industries, among others.

PNOC-EC withholds consent to Malampaya deal

PNOC Exploration Corp. (PNOC-EC) said on Wednesday that it had withheld its consent to the sale of Shell Philippines Exploration B.V.’s (SPEx) 45% stake in the offshore Malampaya gas-to-power project to a subsidiary of Udenna Corp.

“As of Dec. 13 2021, PNOC-EC has officially communicated to SPEx that PNOC-EC is withholding its consent to the transaction,” PNOC-EC President and Chief Executive Officer Rozzano D. Briguez disclosed during a Senate hearing, reading the letter sent by the company to SPEx.

PNOC-EC is a unit of state-led energy company Philippine National Oil Co. (PNOC). It holds a 10% stake in the Malampaya project, which is covered by Service Contract (SC) 38.

Mr. Briguez said that after telling SPEx on Monday of the decision, it is now up to SPEx — the operator of SC 38 — to act on the withheld consent.

SC 38 is the agreement between the Malampaya consortium partners — SPEx, Chevron Malampaya LLC, and PNOC-EC — and the government covering the resource block that includes the Malampaya gas field.

In May this year, Shell Petroleum N.V. announced that it had signed an agreement with Udenna unit Malampaya Energy XP Pte. Ltd. for the sale of its 100% shareholding in SPEx.

Shell Petroleum said the base consideration for the sale is $380 million, with additional payments of up to $80 million between 2022 and 2024 “contingent on asset performance and commodity prices.”

The deal came after Udenna unit UC Malampaya Philippines Pte. Ltd. signed on Oct. 25, 2019 a sale and purchase agreement to acquire 100% of the shares of Chevron Malampaya LLC.

Chevron Malampaya is a subsidiary of Chevron Philippines, Ltd., which held a 45% non-operating interest in the Malampaya gas field.

The Chevron deal was approved by Department of Energy (DoE) Secretary Alfonso G. Cusi on March 26, 2021.

On June 8, SPEx requested for the DoE’s approval of the transfer of shares between Shell Petroleum and Malampaya Energy XP, according to information disclosed by the department in a Senate hearing in July this year.

During the hearing on Wednesday, Senate Committee on Energy Chairman Sherwin T. Gatchalian asked Mr. Briguez whether the withheld consent meant that SPEx could no longer sell its interest.

Mr. Briguez said, “we can’t enforce that for now, we don’t know how the operator will move forward, but I think it’s enough that we told them that we are withholding our consent.”

He also declined to explain how PNOC-EC arrived at the decision, but said that the company also did not include the reason in the letter sent to SPEx.

“Out of respect and deference to the other parties, we beg the committee’s understanding not to disclose the reasons behind our decision as of the moment because our other partners and our stockholders have to be informed first,” the retired general said.

Meanwhile, SPEx expressed its disappointment on the state-run exploration corporation’s decision during the six-hour hearing.

“We are very disappointed at the outcome of the decision of PNOC-EC. However, we will continue to engage with them to find out if there is anything we can do to address the concerns that might have led them to this decision,” said Kiril Caral, SPEx managing counsel.

Mr. Caral said the next step is for SPEx and PNOC-EC to meet and discuss the reasons behind the decision.

“Without the consent from PNOC-EC, we will not be able to proceed with the transaction at the moment,” he said.

PNOC-EC has the “right of to match” the offer to acquire the SPEx shares based on the joint operating agreement it signed with Chevron Malampaya and SPEx.

Under the right to match, the selling party must first offer its interest to the parties holding such right and it is only upon the refusal that the seller may offer it to other parties outside the consortium.

Earlier in the Senate hearing, Mr. Cusi admitted that he approved the decision of PNOC-EC not to match the offer of UC Malampaya to buy the 45% share of Chevron Malampaya. — Marielle C. Lucenio

IT-BPM sector seen to continue driving office demand

LEECHIU Property Consultants (LPC) said it expects the information technology and business process management (IT-BPM) sector to continue to drive demand over the next years, anticipating the market to hit pre-pandemic levels seen in 2016 or 2017.

According to the latest LPC study, office take-up surged in the last quarter to 74% to 160,000 square meters (sq.m.). The IT-BPM sector accounted for half of the fourth-quarter demand or 81,000 sq.m. 

The office market will finish with a “strong” demand of 540,000 sq.m., 48% of which is accounted for by the IT-BPM sector.

“Given that in 2021, we haven’t seen much of the POGO (Philippine offshore gaming operators) transactions, we believe that we are aiming to look at numbers closer to 2016 or 2017,” Leechiu Commercial Leasing Director Mikail C. Barranda said in a briefing on Wednesday.

The total office demand in 2016 stood at 647,000 sq.m., while 2017 booked 868,000 sq.m.

Demand from POGOs drove the office market at all-time highs in 2019 with 782,000 sq.m. in demand out of the 1.75 million sq.m. booked and in 2018, it logged a demand of 437,000 sq.m. out of the total 1.63 million.

The 540,000 sq.m. demand seen this year is still a far cry from the level seen in 2019.

“2019, specifically, is a landmark year for the Philippine office market. We’ve never seen that much transactions ever before and that was because of the POGO industry being the dominant demand driver at the time,” Mr. Barranda said.

Unrenewed leases in the fourth quarter led Metro Manila to have an 18% vacancy rate.

“POGO hotspots” suffered the pinch with the Bay Area’s vacancy rate standing at 27%, while Quezon City is at 24%. LPC said Makati and BGC still have “manageable levels” of vacancy at 12% and 13%, respectively.

Meanwhile, LPC expects the provincial office sector to see increased demand by next year. Iloilo accounted for 41% of provincial office demand, followed by Clark/Pampanga at 15%, Davao at 12%, and Cebu and Laguna, both at 9%. 

Iloilo received the second-largest demand for office spaces to host IT-BPM firms after the Bay Area.

Over the next six months, LPC said office requirements of 224,000 sq.m. “will likely conclude” and IT-BPM firms account for 132,000 sq.m. 

Asked if the demand from the new hot sector will likely match the demand seen from POGOs, which spurred the office market in 2018 and 2019, LPC Chief Executive Officer David T. Leechiu said this “depends on what the next administration does.”

“I think we have every opportunity to do so,” Mr. Leechiu said in a separate interview on Wednesday, adding that more international companies have become interested in the country’s number of growing key cities as infrastructure projects continue to improve connectivity. — Keren Concepcion G. Valmonte

Tea for Christmas

FROSTY White Chocolate Chai — PHOTOS FROM TEAINSPIRED.COM

YOU can have anything you want on Christmas Day, so why not tea?

Dilhan Fernando, Dilmah Tea CEO, made a case for serving tea-based food and drink for the holidays. On a demonstration streamed through YouTube and Facebook, Mr. Fernando said, “Let us celebrate, but we’ve also got to wash it down with something good, that tastes good, brings out the taste in our food, but also helps us to wash down all the bad stuff —  the fat and the sweets and so on.”

He is of course, talking about the family crop, tea, grown in the company’s plantations in Sri Lanka. “Tea goes magically with some of the ingredients of Christmas. Try cardamom, cinnamon — beautiful spices, all made here in Sri Lanka.”

For this demonstration, titled A Tea-Inspired Christmas, Mr. Fernando got on board chef and restaurateur Peter Kuruvita, World Champion Flair Bartender Tomek Malek, and mixologists Robert Schinkel and Albert Pizzaro, who appeared on the stream via Zoom.

Mr. Kuruvita brought out a familiar surprise called A Pink Christmas, a riff on Filipino halo-halo. “The pride of the people in their food is amazing,” he said, recalling a trip to the Philippines. He describes the dessert as having fruit, shaved ice, “crispy crunchy bits,” and milk. For his version, he makes it with strawberries, mango, and jackfruit, shaved ice, and ice cream and jelly infused with Dilmah’s Elderflower and Apple Infusion. He instructs that in case one can’t make ice cream from scratch, one may mix in the chilled tea or infused sugar syrup into commercial vanilla ice cream.

Next came Mr. Schinkel’s Frosty White Chocolate Chai. It was made with Dilmah’s Breakfast Tea, milk, white chocolate, vanilla, cardamom, cinnamon, and lemon zest. “It’s a very easy drink — but looks fancy,” he said. The tea is brewed for five minutes, infused with cardamom, whisked with white chocolate and milk infused with the cinnamon, and poured into a glass decorated with sugar (hence the “frost”).

Mr. Malek served something a little harder to put together: a cocktail called Santa’s Delivery, made with gin infused with Dilmah Mandarin Marzipan Pekoe. “Our house was always full of the beautiful mandarin smell,” said Mr. Malek, reminiscing about Christmas. The tea infusion is made by immersing a teabag in 200 ml of gin at room temperature for 30 minutes. He warns that the tea shouldn’t be left in too long or at temperatures that are too hot, otherwise, the gin would get too much of an astringent flavor.

Finally, Mr. Pizzaro demonstrated how to make the Love the Giver cocktail, made of rum and Dilmah’s Moroccan Mint green tea. During the demonstration, he placed several ice cubes both in the glass and into the shaker. “This cocktail needs to be very, very cold to be enjoyed.” The cocktail was also made of triple sec, tamarind puree, and apple juice; then garnished with a candy cane.

Here are two of the recipes from Dilmah’s tea webinar, but you can find more at Dilmah’s website for recipes, teainspired.com/dilmah-recipes. One can find resources on the website for tea pairings, or even savory dishes with some elements made out of tea. — JLG

 

A Pink Christmas

Ingredients

1 cup assorted summer berries

1 cup of apple cubes cut into 2.5 cm cubes and cooked with three Dilmah Elderflower & Apple Infusion tea bags

2 ripe mangoes (peeled and cut into 1 cm pieces)

1 cup jack fruit strips

1 large ripe banana, sliced

1 cup chopped elderflower and apple jelly*

2 cups shaved ice

250 ml (1 cup) evaporated milk

4 scoops of Elderflower and hot apple ice cream

Crunchy nut cornflakes or peanut brittle, and assorted edible flowers to serve

*For the jelly:

500 ml coconut water

80 g sugar

5 g vegan jelly powder

6 g agar-agar

8 Dilmah Elderflower and Apple Infusion tea bags

Directions

Bring coconut water to boil with sugar and tea bags.

Turn off and allow the tea to brew.

Remove the tea bags and return the liquid to the boil.

Add the jelly and agar-agar and bring to the boil, simmer for 3 minutes and then pour out onto a 20 x 20 cm tray and allow to set, cut into cubes.

Divide the fruit and jelly among 4 tall glasses. Top each glass with ½ cup shaved ice, 60 ml (¼ cup) evaporated milk and a scoop of ice cream.

Sprinkle nuts or Rice Krispies on top and serve immediately.

Frosty White Chocolate Chai

Ingredients

300 ml Dilmah Breakfast Tea (5 min. brew)

100 ml Full cream milk

40 g white chocolate

Spice combination: Pinch of vanilla (or a few drops of vanilla extract), pinch of dried ground cardamom and cinnamon

Lemon zest

Directions

Add the cardamom to the tea in the teapot.

Brew the tea for at least 5 minutes at 95°C.

Warm up the milk in a pan or microwave.

Chop up the white chocolate and dissolve it in the hot milk, add the vanilla.

Add the milk to the tea and air the mixture in chai mugs or whisk it in a saucepan.

Pour into the glass.

Garnish with a zest of lemon and a pinch of cinnamon.

Cover the bottom of the outside of the glass with food glue/honey/syrup to make it sticky.

Sprinkle sugar over the glass to give it a frosty look.

Magnolia Hotshots make winning debut in beating Terrafirma Dyip, 114-87

CALVIN ABUEVA — PBA MEDIA BUREAU

By Olmin Leyba

THE last time it played in front of fans back in March 2020 at the Smart Araneta Coliseum, the Magnolia came out on the losing end.

On Wednesday, with the crowd finally back for Governors’ Cup action at the Big Dome, the Hotshots made sure they wound up victorious this time around.

The Hotshots waylaid Terrafirma, 114-87, to make a winning debut in the import-flavored tournament and a triumphant return to same venue where 21 months ago, they yielded a 94-78 setback to San Miguel Beer in the last non-closed-door game held pre-pandemic.

The 27-point romp was also a confidence-builder coming off Magnolia’s 1-4 loss to the TnT Tropang Giga in the battle for the coveted Philippine Cup last October.

“We want to start strong and send a signal right away,” said coach Chito Victolero, remembering how their flat start in 2020 led to quarterfinal exit and strong opening in the last All-Filipino led to a finals appearance.

Mike Harris turned in a dominant 30 points and 15 rebounds as four Magnolia locals produced double-digit outputs. Calvin Abueva, fresh from his Best Player of the Conference accolade last conference, had a 17-11 while Paul Lee shot 16 and Ian Sangalang and Aris Dionisio chipped in 10 apiece.

“It’s a total team effort. Even si Mike, iyon ang gusto niya: Good ball movement at ma-involve ang locals sa offense,” said Mr. Victolero.

The Magnolia mentor shared how playing in a venue with a live audience again fired them up.

“It adds to the motivation, fire, energy, aggressiveness,” Mr. Victolero added.

Harris’ counterpart, Antonio Hester, finished with 21 markers and eight boards before hurting his neck early in the fourth.

SPNEC’s public offer nearly two times oversubscribed

LEVISTE-LED Solar Philippines Nueva Ecija Corp.’s (SPNEC) initial public offering (IPO) was nearly two times oversubscribed, its underwriter said in a statement on Wednesday. 

SPNEC is a subsidiary of Solar Philippines Power Project Holdings, Inc.

“SPNEC’s IPO was oversubscribed, receiving P5.3 billion in orders for the P2.7-billion offering, with strong demand from investors who want exposure to the first pure-play solar company to list on the PSE (Philippine Stock Exchange),” said Abacus Capital and Investment Corp.

Abacus Capital was tapped by SPNEC to be the issue manager and lead underwriter for the offer, while Investment Capital Corp. of the Philippines is a participating underwriter.

The oversubscription of the offer would lead SPNEC to have an P8.12-billion market capitalization.

SPNEC offered to the public 2.7 billion shares for P1 apiece. The company is set to list on the main board of the local bourse on Friday, Dec. 17, to mark the PSE’s 10th and last IPO this year.

The company plans to use net proceeds from the offer for the first 50 megawatts (MW) of its 500-MW solar power plant, as well as to acquire more land for the project’s expansion beyond 500 MW.

SPNEC aims to develop the largest solar project in Southeast Asia. The company is still at the pre-operating stage.

“We are grateful for the public’s faith in our ability to turn this power point into a power plant, and hope our work can live up to these expectations,” Solar Philippines Founder Leandro L. Leviste said.

The company is the first to list under the Supplemental Listing and Disclosure Rules for Renewable Energy (RE) Companies, which the PSE approved in 2011. The rules exempt RE firms from the PSE’s track record and operating history requirements.

The company was incorporated by its parent Solar Philippines in 2016. The following year, it was able to secure a service contract from the Department of Energy to develop the Nueva Ecija project, the construction of which was planned to commence by end-2021.

The Nueva Ecija project is aimed to support the Luzon grid’s thin reserves.

Meanwhile, Razon-owned Prime Infrastructure Holdings, Inc. recently made a P3.5-billion investment for a 50% stake in Solar Philippines’ three solar projects in Cavite, Batangas, and Tarlac with a capacity of 340 MW. — Keren Concepcion G. Valmonte

Accessible Pinoy foods for wine pairing

Andok’s Litson Baka (Roast Beef) is a great alternative to expensive beef steaks and pairs well with wine too.

THERE is no question that many of our favorite Filipino (or Pinoy) dishes are either deep fried, roasted, or grilled. We do know that both deep frying and grilling are not the healthiest ways to cook your food. Deep frying can add calories to the food and are rich in trans-fats (unless you deep fry with olive oil, which is quite expensive and impractical). Trans fats are associated with several diseases including cardiovascular problems, cancer, and diabetes. The problem with grilling and even roasting — specially if like me, you love those charred portions — are known to release heterocyclic amines (HAs) that are said to be cancer-causing. While these Filipino favorites are not the healthiest of foods, it is not a problem for occasional, or even seasonal indulgence. In this column I will explore foods that are super accessible to all Filipinos and are equally deserving to be paired with wines. I focus here on just red meat. This is my anti-snob take, and I will not include wagyu beef, Iberico pork, lamb loin, or other expensive and more refined meats.

I chose the following restaurants/kiosks and my favorite dishes from their menus because these are readily found here in Metro Manila as they have several branches and are local staples for takeout or delivery. The wines I am suggesting to pair with these foods are also available and were chosen based on my own experience drinking them with these local dishes.

1. ANDOK’S LITSON BAKA (THEIR VERSION OF ROAST BEEF)

Background: Andok’s was started by Sandy Javier, the brother of Danny Javier of the Apo Hiking Society and comedian George “Dyords” Javier in Dec. 1985. The name Andok’s was a tribute to the Javier patriarch, Leonardo Javier, whose nickname was Andok. Andok’s now has 300+ branches nationwide. The initial product was their litson manok (roast chicken) but over time they added litson bangus, pork chop, pork BBQ and many more. Recently, Andok’s added litson baka to their menu which is one of their best sellers already.

Taste: Andok’s litson baka comes already thinly sliced, so the meat is quite easy to chew, not as lean as most would like, but it is succulent and tender enough. Can’t be compared to Angus or Wagyu, but Andok’s litson baka is nicely flavored, layered with a sweet and Knorr-like seasoning that is well integrated into the meat. The litson baka comes with a vinegar sauce, which could add some nice extra zest to the beef, though I prefer the litson baka “as is,” especially with wine.

Wine Pair: I would recommend a New World Cabernet Sauvignon, notably American, Australian and Chilean — more of semi-dry styles, or, an alternative, is a young un-oaked Argentine Malbec.

Price: P390/400gm (estimated)

2. BALIWAG LIEMPO (PORK BELLY)

Background: Husband and wife team of Dwight and Dolores Salcedo opened their first Baliwag lechon manok kiosk (the “lechon” spelled differently from Andok’s “litson”) in Nov. 1985 — a month earlier than Andok’s. The couple named it Baliwag Lechon Manok after Dolores’ hometown of Baliwag, Bulacan. To date, Baliwag has 400+ branches nationwide.

Taste: While I have tried several versions of liempo, including those of competitor Andok’s, I really preferred the Baliwag version the most. The seasoning on the meat and the level of char are just what I look for. The meat is very tasty, and even the skin is not rubbery like others. It comes with a nice thick and sweet liver sauce, like a pseudo-diluted version of Mang Tomas lechon sauce.

Wine Pair: I recommend Tempranillo wines from Spain, whether from Rioja, Ribera del Duero or even Toro. Tempranillo has an inherent acidity that cuts through the liempo fat and has genuinely nice complementary fruit flavors. Aged Tempranillo like a Roble (semi-aged) up to a Crianza (six to 12 months in oak) would be my first choice.

Price: P205/370 gm (estimated)

3. GORDO’S CRISPY PATA (FRIED PIG TROTTERS OR KNUCKLES)

Background: Gordo’s Crispy Pata started in Sept. 2014 at Karangalan Village, Cainta, Rizal. The place was so popular that inquiries from Metro Manila came in and Gordo’s expanded and branched out to Pasig City, and then to Quezon City, and today Gordo’s has 24 stores operating in Metro Manila and Rizal. Crispy pata is their main product, but they also have Crispy Ulo (pig head) and Crispy Tenga (pig ears).

Taste: Crispy pata has always been one of Filipinos’ special occasion foods. I have ordered crispy pata in Barrio Fiesta, Max’s, Gerry’s Grill, and other restaurants, but it is so nice to see that you can buy it in a Gordo’s neighborhood kiosk. Gordo’s crispy pata is exactly what I would expect from any restaurant — the skin is crunchy and delectable, and the meat is tasty and moist. The Gordo’s crispy pata comes with their special vinegar sauce.

Wine Pair: I recommend juicy and fruit forward wines like Barossa Shiraz, Piedmont Barbera, and Grenache wines.

Price: P520/1.1 kilo (small size, estimated)

4. CHOOKS TO-GO ROAST CHICKEN

Background: Chooks To-Go started sometime in 2008 as a forward integration from the Bounty Agro Ventures (BAVI), owned by Tennyson Chen. Bounty Fresh is their main brand and they are a huge supplier of vacuum-sealed dressed chicken and chicken choice cuts in supermarkets. Chooks To-Go became their rotisserie chicken chain, and it was a big hit immediately. Unlike other roast chicken, Chooks prides itself in being delicious even without any sauce. Right now, Chooks To-Go has over 1,700 branches nationwide, and is a huge sponsor in the Philippine basketball scene.

Taste: Chooks To-Go unapologetically described their roast chicken as delicious even without any sauce. It is indeed my hands-down choice for roast chicken as it has a cured sweet ham taste that makes it so irresistible. The Sweet Roast variant is the all-time favorite of Chooks’ regular buyers, but the roast chicken also comes in two other variants: Pepper Roast and  Harissa Roast (harissa being a spicy sauce that originated in North Africa).

Wine Pair: I really like a Moscato, sweet Riesling, off dry South African Chenin Blanc, or the Anjou Blanc, also made from Chenin Blanc in Loire, France — sweeter side white wines are my go-to wines for this roast chicken.

Price: P260/whole chicken around 900 gm. (estimated)

5. ARISTOCRAT CHICKEN BBQ

Background: Engracia “Asiang” Cruz Reyes started Aristocrat in 1936 as a humble canteen along Luneta in Roxas Boulevard. Asiang wanted to name the canteen after her eldest son, Andy, who was hesitant to give his name to the small canteen as he was embarrassed by the thought that his classmates at the Ateneo would ridicule him. So Asiang’s comeback name was Aristocrat, a nice jab at her son. The rest, as they say, is history. I have fond memories of Aristocrat when, as a kid, our family would make almost bi-monthly visits to the main Roxas Boulevard branch for our favorite chicken BBQ. My other personal favorite growing up was the Adobo flying saucer sandwich, which I still occasionally crave for when I chance upon an Aristocrat branch. Aristocrat has 17 branches now.

Taste: Classic Aristocrat chicken BBQ is sweet, succulent, juicy, and charred perfectly. The set meal comes with Java rice (that famous orange colored rice made with annatto powder etc.), and atchara (pickled green papaya), and comes with their equally famous Java sauce (made with sugar, peanuts, and soy sauce).

Wine Pair: Lambrusco, especially the Lambrusco Reggiano Frizzante which is a sweet light-bodied sparkling red wine that exudes grapey flavors. I say this with no disrespect that it is no coincidence that soft drinks are best with Aristocrat chicken BBQ, and the Lambrusco Reggiano Frizzante is closest to a Fanta Grape drink you can ever find.

Price: P285/Chicken BBQ three piece-stick Meal Set

All the wines I suggested above for wine pairing are reasonably priced, and should go for below P1,000 in your favorite wine shops. The objective is to have a holiday feast with wines without breaking the bank. Most of these recommendations are comfort foods, and while they are not normally paired with wines in your usual lunch or dinner, this holiday season, add wine to upgrade these meals and feel the yuletide spirit.

Happy Holidays!

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, please e-mail the author at wineprotege@gmail.com, or check his wine training website https://thewinetrainingcamp.wordpress.com/services

KFC cuts queues to keep Japan’s fried chicken Christmas custom alive

PIXABAY

TOKYO —  A long queue of patrons running out the door of nearly every KFC has been a perennial Christmas sight in Japan but COVID-19 social distancing rules that discourage lines and place strict conditions for dining-in are threatening the custom. This year, KFC Holdings Japan, the domestic licensor of the Yum! Brands, Inc. franchise, is nudging customers to order online and then pick up their chicken at a certain time, rather than forming up in the traditional queues.

The run-up to Christmas is the company’s biggest sales week and it hopes the move will help maintain those revenues, which fell last year from a record, and let customers keep a tradition that stretches back to the 1970s.

While only around 1% of Japan’s population is Christian, the holiday’s commercial aspects have been embraced.

Company lore says the Christmas campaign was inspired by foreign customers in Japan who lamented that they could not find turkey during the holidays. The first “Kentucky for Christmas” promotion started in 1974, marketed towards couples and including a bucket of chicken along with a bottle of wine.

KFC Japan has moved up the start of the campaign this year and offered price incentives for early birds to comply with the COVID-19 rules.

“As an infection countermeasure, we’re spacing out reservations to try to limit as much as possible the times when people are bunched together,” said company spokesman Tetsuya Noguchi.

Customers have seemingly embraced the change, even seeing making the reservations as a sign of maturity.

“I made a reservation for Kentucky yesterday, so I don’t think I’ll have to run around looking for chicken this Christmas,” Rise Ito, a 24-year old musician from Tokyo wrote on Twitter. “I’ve grown up since last year!”

KFC Japan’s Christmas sales in 2019 reached a record 7.1 billion yen ($62.5 million), according to research house Shared Research, but revenue dipped in 2020 to 6.9 billon yen, amid the imposition of social distancing measures and a wave of coronavirus disease 2019 (COVID-19) cases.

Since the promotion began, the company has given out commemorative plates and statues of KFC founder Colonel Harland Sanders dressed as Santa Claus.

Other companies have gotten in on the chicken tradition, with convenience stores chains Seven & I Holdings and FamilyMart Co. offering their own holiday platters.

KFC’s market entry in Japan in the early 1970s and its Christmas push were neatly timed to a shift in the nation’s dining culture, said Eric C. Rath, a University of Kansas professor who researches the topic.

“Dining out was becoming much more frequent for families and young people, especially young women,” he said. — Reuters

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