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Drinkers, smokers seek respite from gloom by trading up

PHOTO FROM BULLEIT.COM

LONDON — Soaring inflation has made life harder for most of the world — but some people are still smoking expensive cigarettes and doing shots of fancy tequila.

From British American Tobacco to Tanqueray gin maker Diageo, cigarette and alcohol companies cited strong demand for high-end products people can’t seem to shake when they reported results last week. Far from buying cheaper alcohol and tobacco, shoppers are instead trading up.

“In hard times, I think people just want that little moment to celebrate, you know, to unwind with family, with friends with colleagues,” Diageo’s finance chief Lavanya Chandrashekar told Reuters.

The trend contributes to a pattern of affluent consumers spending big on luxury items following the COVID-19 pandemic. Lockdowns resulted in average bank balances rising and record stock markets boosted wealthy people’s investment portfolios.

Diageo, the world’s biggest spirits maker, last Thursday beat full-year sales forecasts, helped by demand for “super premium” brands such as Don Julio tequila, Johnnie Walker Blue Label, and Bulleit Bourbon. Bottles of Don Julio start at roughly £40 ($49) on Amazon.co.uk and go up into the hundreds, as do several special edition versions of Johnnie Walker Blue Label.

Food and personal goods companies such as Procter & Gamble and Kraft Heinz have seen increased competition from cheaper private label brands as consumers trade down in the face of a cost of living crisis.

People who smoke cigarettes, buy luxury products, and drink alcohol, however, tend to stay loyal to their brands even if they’re more expensive.

“There’s a fundamental difference in how consumers think about something like baked beans versus a cocktail when you’re celebrating a special occasion,” Ms. Chandrashekar said.

Diageo doesn’t have much competition from supermarket-owned brands, she said, highlighting the United States where private label represents less than 2% of the spirits market.

STICKING BY THEIR BRANDS
Alcohol consumption increased worldwide during the pandemic as people stuck at home had limited options for entertainment.

Many are now trying to drink less, but better, said Tineke Frikkee, fund manager at BAT and Diageo investor Waverton Investment Management. But the cost of living crisis and rising energy bills this winter mean that trading up may not last.

“As consumer budgets come under pressure, we may see some downtrading, so still buying a bottle of spirits, but maybe the next price tier down,” Ms. Frikkee said.

AB InBev, the world’s biggest brewer and maker of Stella Artois and Budweiser, last Thursday reported higher-than-expected profits, helped by many drinkers switching to premium beers.

Since the start of the Russia-Ukraine war, US sales of premium spirits have risen nearly 3% to $3.76 billion, according to Nielsen. Globally, sales of fine wines, champagne, and spirits are expected to rise about 6% to $155.2 billion in 2022, according to Euromonitor.

Meanwhile, sales of luxury tobacco products — cigars, cigarillos, and smoking tobacco — are expected to rise 7.5% to over $95 billion, according to Euromonitor.

British American Tobacco (BAT) has raised prices more than its competitors in some categories and is investing more in its high-end New Port and American Spirit brands, chief executive Jack Bowles said in an interview. He highlighted growth in BAT’s American Spirit organic range.

Price hikes and luxury brands helped BAT beat first-half revenue and margin forecasts Wednesday last week.

“Consumers are sticking much more with their (cigarette) brands and that’s why we didn’t see downtrading. We see premium growing in a lot of places,” Mr. Bowles said.

Outside of alcohol and tobacco, earnings last week continued a pattern of affluent consumers trading up.

Stellantis said strong pricing power and sales of high-margin cars including electric ones helped it top profit forecasts in the first half, despite rising energy and raw material costs, and semiconductor shortages.

While production problems hampered Volkswagen’s mass-market businesses, premium brands boosted the carmaker’s finances, with Audi seeing a 51% jump in operating profit and Porsche up 22%. — Reuters

PayPal complies with Indonesia’s new licensing rules

JAKARTA — US payments firm PayPal has registered as an electronic systems operator in Indonesia and its customers can now access its services, the company said on Wednesday.

PayPal was one of several websites that Indonesia blocked at the weekend because of their failure to comply with new licensing rules.

Companies were given a July deadline to register under new rules that would allow authorities to compel platforms to disclose data of certain users and take down content deemed unlawful or that “disturbs public order” within four hours if urgent, and 24 hours if not.

Johnny G. Plate, Indonesia’s communications minister, on Wednesday urged people to avoid using unregistered services “to minimize a loss that may incur, if…illegal acts occur in those private services.”

The Communications Ministry said it also unblocked access to services of the search engine Yahoo and video-game company Valve Corp., including Steam and Dota 2, on Tuesday after it said it had blocked them on Saturday.

The new licensing rules have courted controversy as activists and the public fear that the government may police social media content.

Though the licensing rules were first introduced in 2020, companies like Meta Platforms Inc. and its units — which include Instagram and WhatsApp — as well as Alphabet, Inc.’s  Google registered just hours or days before the deadline in late July. Spotify, Netflix, and ByteDance’s TikTok have also signed up.

With a young, tech-savvy population of 270 million, Indonesia is a top-10 market in terms of user numbers for a host of social media companies. — Reuters

Spectrum energizes PLDT centers with solar power

MSPECTRUM, Inc. has energized solar facilities in five business centers of PLDT, Inc. in the Visayas.

“With sustainability at the core of our operations, we also make it possible for our partners to have a sustainable energy source,” said Patrick Henry T. Panlilio, chief operating officer of MSpectrum or Spectrum, in a press release.

The solar rooftop panels were installed in PLDT’s offices in La Paz, Iloilo; Mandaue City, Cebu; Cebu City; Roxas City, Capiz; and Bacolod City, Negros Occidental have a combined capacity of 431.21 kilowatt-peak (kWp).

These projects are expected to generate 591,550 kilowatt-hours (kWh) of clean energy per year which will save PLDT an estimated P2.2 million per year.

Following the solar facilities’ energization, PLDT is expected to reduce its carbon footprint by 421 metric tons. This translates to 845,000 trees planted over 20 years and 1,678,262 kilometers reduced in vehicle travel per year, Spectrum said.

The initiative to use solar power in PLDT’s business centers in the Visayas is part of the company’s decarbonization road map that aims to reduce greenhouse gas emissions by 40% in 2030.

“Through Spectrum’s safe, reliable and end-to-end solar solutions, we empower customers to manage their electricity expenses at times when energy prices are volatile. Partnering with PLDT was an opportunity for us to enable the company to operate efficiently and sustainably and realize their goal to help preserve the environment,” Mr. Panlilio said.

Renewable energy firm Spectrum, a wholly owned subsidiary of the Manila Electric Co. (Meralco), provides tailor-fit solutions for industrial, commercial, and residential customers through an in-depth understanding of energy consumption behavior. It is backed by Meralco’s energy expertise and proven safety track record.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls.

PayMongo ties up with Trade dep’t for MSMEs’ digital transformation

ONLINE PAYMENTS enabler PayMongo Philippines, Inc. announced on Tuesday a partnership with the Department of Trade and Industry (DTI) aimed at increasing micro, small, and medium enterprises’ (MSMEs) access to financial services.

The partnership aims to help MSMEs digitize their businesses through digital payment solutions, PayMongo said in an e-mailed statement.

Under the partnership, PayMongo and DTI intend to enable MSMEs to accept online payments, manage their finances online, and reach a wider market of online customers.

“In order to extend the partnership’s reach, DTI and PayMongo will disseminate educational content and facilitate demonstrations and webinars through the department’s regional offices,” the online payments company said.

The company said the initiative is aligned with Trade Secretary Alfredo E. Pascual’s first strategic priority to upgrade, upskill, and upsize MSMEs through digitalization and digital transformation.

“DTI recognizes the need to encourage more MSMEs to digitalize their operations and bring their businesses online. Expanding the use of e-commerce will provide MSMEs bigger markets, thereby increasing their sales and revenues,” said DTI-Regional Operations Group Undersecretary Blesila A. Lantayona.

Mr. Pascual has said the digitalization effort will begin with his own agency, the DTI.

“One of my priorities is to promote digital transformation of the DTI and all our functions as well as (the transformation of) MSMEs and other enterprises,” he said in a recent television interview.

He said one of the consequences of digitalization is enhancing consumer protection by providing “information on suggested retail prices (SRPs) of any commodity.”

“That is the way to approach it. Provide the consumers with the information to serve as the basis for their decision so that there will be no retailer or seller who takes advantage of their lack of knowledge,” he added. — Arjay L. Balinbin

Dining In/Out (08/04/22)

Shang’s The Marketplace holds farmers market

IT is all set to be a “Dealightful” month as Shangri-La Plaza’s The Marketplace is bringing back its popular Farm to Table market at the Grand Atrium on Aug. 4-7 to continue its support of local farmers. The farmers’ market features a wide range of locally grown organic products, as well as some carefully curated imported selections. It also introduces a number of new experiences for mall guests this year, including the Dizon Salad Bar that lets shoppers create their own salads using fresh ingredients on the spot. For P999, mall guests can join the Fresh Harvest All-You-Can, where they can fill their baskets with as much produce as they can in 60 seconds. This will be held on Aug. 6 from 3-9 p.m. The Marketplace is also supporting the Make-A-Wish Foundation — every purchase at Farm to Table helps fill care boxes with fruits and vegetables for children who are battling critical illnesses. For updates and inquiries, follow Shangri-La Plaza on Facebook at www.facebook.com/shangrilaplazaofficial and on Instagram @shangrilaplazaofficial.

Mimi & Bros marks International Beer Day

MIMI & BROS at BGC will celebrate International Beer Day on Aug. 5, Friday. From Aug. 5-7 (while supplies last) customers will get a free bottle of beer for every purchase of chicken wings. The signature Mimi & Bros Chicken Wings come in four variations: Bobby’s Honey Lime Wings, Eddie’s Buffalo Wings, Mimi’s Truffle Honey Butter Wings, and Fish Sauce Caramel Wings. Make a table reservation by sending Mimi & Bros a Viber message at 0945-798-5176.

Mid-Autumn Treasures at Marco Polo Ortigas Manila

MARCO Polo Ortigas Manila marks the Mid-Autumn season with Lung Hin’s premium mooncakes. This year’s featured flavors are: Red bean with double egg yolks, Red lotus seed with double egg yolks, White lotus seed with double egg yolks, and Black sesame with double egg yolks. Customers may order individual boxes at P918, boxes of four mooncakes at P3,258, or boxes of six mooncakes at P4,388. Limited-edition Treasure Chests are also available. The custom-made treasure chests of four and six mooncakes are available at P3,538 and P4,638, respectively. Limited-time savings of 20% are applicable on orders of at least 10 boxes of four or 10 boxes of six, for orders placed until Aug. 31. Lung Hin’s mooncakes will be available starting Sept. 1. Lung Hin is located at Level 44 of Marco Polo Ortigas Manila. To know more about the hotel, visit www.marcopolohotels.com.   

4 new desserts mark M Bakery’s 4th year

M BAKERY has provided freshly baked classic American desserts to Filipino foodies for the last four years, opening two branches — BGC and Rockwell Powerplant Mall — and continuing to expand its dessert menu. To mark its 4th anniversary this month, M Bakery introduces four new desserts: two new featured pudding flavors as M Bakery’s Flavors of the Month, and two other desserts. The new pudding flavors are Orange Cream Soda Pudding which combines orange juice, vanilla wafers, and mandarin oranges with vanilla pudding (small P165, medium P315, large P505; and a small party bowl serving eight for P2,200 and a large party bowl serving 20 for P3,250), and S’mores Banana Pudding, which is chocolate pudding layered with graham crackers, marshmallow fluff, marshmallows, bananas, and chocolate chips (small P155, medium P305, large P395, small party bowl P2,200, and large party bowl P 3,250.) The other two desserts are Banana Pudding Cookie, packed with white chocolate chips, vanilla wafers, and Banana Pudding mix (P120 apiece) and Fully Loaded Icebox Pie with a chocolatey double fudge brownie crust is layered with cream cheese filling, fudge icing, and topped with whipped cream, caramel drizzle, mini chocolate chips, chopped Kit Kat bars, and chunks of Milky Way bars. Place an advance order for the nine-inch pie (P2,200) or avail of the bar (P395). There will also be a promo: visit M Bakery’s social media pages on Aug. 21, then four lucky winners from Instagram and Facebook will be selected on Sept. 22 and will win P4,000 gift cards and limited-edition M Bakery scented candles.

SaladStop! brings back Cauli-fornia Dreamin’

SALADSTOP! has added a classic seasonal favorite to join the Daily Bowls line-up of exclusive salads for subscribers. Previously available in 2019 and 2021 as a seasonal salad, the Cauli-fornia Dreamin’ salad is a mix of romaine, red and white cabbage, cauliflower cheese patty, broccoli, cherry tomatoes, baked mushrooms, carrots, mandarin oranges, dried cranberries, and pumpkin seeds, tossed in a creamy Basil Pesto dressing. Unique to this vegetarian salad is the Cauliflower Cheese Patty, which is made from scratch using three different types of cheeses: feta, parmesan, and cheddar. The Cauli-fornia Dreamin’ salad or wrap is now available as a Daily Bowls Exclusive. As a special treat to launch this new exclusive on the Daily Bowls menu, subscribers can enjoy 15% off on all Daily Bowls subscriptions when they sign-up until Aug. 6 at saladstop.pickup.ph. (Delivery of subscriptions start on Aug. 8.) The Daily Bowls Exclusives menu is a lineup of never-before-released salads, wraps, and warm proteins that can only be ordered with a three-day or five-day plan. Daily Bowls Exclusives are available for delivery on Fridays with every subscription plan.

Jollibee introduces new Chicken a la King Pie

JOLLIBEE is now serving Chicken a la King Pie, a new and uniquely crispy twist on a creamy classic. It features a creamy chicken-based filling in Jollibee’s signature crispy golden pie crust. Jollibee’s Chicken a la King Pie is now available in all stores nationwide for P59 (Solo), P99 (Value Meal with drink), P140 (Super Value Meal with fries and drink), and P175 (Trio). It can be delivered via the Jollibee Delivery App, JollibeeDelivery.com, #87000, GrabFood, and foodpanda. It is also available in-store, drive-through, and for take-out.

Burger King is temporarily renamed Chicken King

WITH the arrival of its newest chicken sandwich player, Chicken King, Burger King has seen it taking over BK stores. In photos launched on Burger King Philippines’ Facebook page, the restaurant’s facade, menu board, and dining area, is now all about the Chicken King. The chicken sandwich contains a generous chicken thigh muscle patty (marinated in herbs and spices and cooked to a golden brown) which is tucked between buttery potato buns with fresh tomatoes and lettuce, and topped with mayonnaise. The addition of Chicken King to BK’s menu is the restaurant’s latest move to expand its kingdom in the chicken sandwich territory. Chicken King is now available at select stores in Mega Manila, Pampanga, Rizal, Cavite, Laguna, and Bulacan, and can be ordered via  BKdelivery.com.ph, and partner delivery services like Grabfood and Foodpanda.

7-Eleven now has Korean snacks

THE HALLYU or Korean wave continues as 7-Eleven brings the Korean trend to its stores. The convenience store giant has launched 7-Fresh K-Style Snacks, a Seoul-inspired line from its 7-Fresh Asian series. The series, which started with Japanese rice snacks and kani salad, now adds Korean snacks: The K-Style Plant-based Chicken Burger (P95) made with UnMEAT patties, a buttery brioche bun, and authentic Korean glaze; K-Style Garlic Cream Cheese Bun (P49), made with a soft buttery bun and a special cream cheese garlic filling; and K-Style Egg Drop Sandwich (P85) with a buttery brioche, sweet and savory egg drop dressing, and Aguila Gourmet Meats ham. The 7-Fresh K-Style Snacks are now available in select 7-Eleven branches. The K-Style Egg Drop Sandwich is available in Rizal, Parañaque, Manila, Makati, Mandaluyong, Pasig, and Quezon City only. The K-Style Garlic Cream Cheese Bun and K-Style Plant-Based Chicken Burger are available in Rizal, Parañaque, Manila, Makati, Mandaluyong, Pasig, Quezon City, Muntinlupa, Cavite, Batangas, Laguna, and Quezon only.

Sofitel hosts a Viking party

EXPERIENCE Nordic heritage, cuisine, and culture all in one night at the SKÅL: Viking Party Manila on Sept. 24, at the Harbor Garden Tent, Sofitel Manila. There will be a buffet of Nordic delicatessen, accompanied by free-flowing drinks including aquavit, schnapps, and vodka. There will also be non-stop entertainment on stage, with hits from the 1970s, ’80s, and the iconic Swedish band, ABBA. There will also be a grand raffle with exclusive resort stays, worldwide air tickets, and other exclusive prizes from sponsors up for grab. Proceeds from this event will be donated to the Chosen Children Village Foundation, a home for mentally handicapped and orphaned children. This event is organized by the Nordic Chamber of Commerce of the Philippines in partnership with Sofitel Philippine Plaza Manila.

New drinks at Starbucks

TO CAP off the summer season, Starbucks is introducing new drinks and bringing back classic flavors. Two new Starbucks Refreshers beverages are now available: The Strawberry Açaí with Lemonade Starbucks Refreshers and the Pink Drink with Strawberry Açaí Starbucks Refreshers (both contain caffeine). Starbucks is also bringing back the Oatmilk Cocoa Series: Oatmilk Cocoa Macchiato Signature, espresso blended with smooth oatmilk and vanilla syrup, topped with cocoa sauce; Oatmilk Cocoa Frappuccino, a blend of oatmilk, espresso, and ice, topped with plant-based whipped cream, cocoa drizzle, and cocoa powder. The beverages are available in stores and via GrabFood and foodpanda. New on the menu are Chocolate Cherrific Cake, Strawberry Lemonade Cheesecake, Chunky Monkey Chocolate Cookie, Chocochip Brownie, Meatless and eggless breakfast sandwich on plant-based brioche bread, Banana Chocolate Cream Pudding, and Fusilli Meatless Bolognese. Returning to the menu are Kouign Amann and Blueberry Cheese Pocket. New Starbucks merchandise is also available Including Color Wave Cold Cups and the coffee company’s first Back-to-School collection. There is also an Eco-Camping line of tumblers and mugs made with stainless steel and compostable PLA. The merchandise is available in all Starbucks stores and on the Official Starbucks Flagship store on Lazada and Shopee while supplies last.

Commerzbank sees growth ‘clouds’ after Q2 income beats expectations

FRANKFURT — Germany’s Commerzbank swung on Wednesday to a bigger-than-expected second-quarter net profit, helped by higher interest rates and commission income, and confirmed it was on track to meet its profit target despite “clouds” on the horizon.

The return to profit at Germany’s No. 2 bank is a victory for chief executive officer Manfred Knof, who joined the company at the start of 2021 to carry out a €2-billion restructuring program involving hundreds of branch closures and 10,000 job cuts to get back on a sustainable path.

Net profit of €470 million ($478.60 million) for the three months through end-June compares with a loss of €527 million a year earlier. Analysts had on average expected a profit of €370 million, according to a consensus forecast published by Commerzbank.

Investors have been watching earnings reports of major lenders in Europe for signs that a weaker economy, higher interest rates and the war in Ukraine are weighing on their operations and outlooks.

Some of them, including rival Deutsche Bank, have reported surprisingly strong quarterly reports but voiced concerns about the economic outlook.

Germany’s banks are at the centre of a geopolitical storm because the country is particularly dependent on Russian energy and its economy will be hit hard by any supply shortages.

Mr.  Knof spoke of “bright spots and clouds” in a call with analysts.

“The most difficult and pressing question is about natural gas supply and GDP development,” he said, referring to gross domestic product (GDP).

The shares nevertheless fell 3.5% in early trade.

The bank said that it took charges of €228 million in the quarter related to the war in Ukraine, and that it had on hand €564 million for any further war-related effects or impact from energy supply disruptions.

Commerzbank reiterated that it would maintain its profit target of more than €1 billion for the full year, though it slightly raised its cost target to €6.4 billion from €6.3 billion.

During the same period last year, the German lender generated a loss due to its restructuring and after a write-off to end an outsourcing project.

Niklas Kammer, an analyst with Morningstar, said ahead of the earnings that profitability “remains challenging” for Commerzbank.

“The competitive German banking market leaves little opportunity for Commerzbank to significantly out-earn its cost of equity,” he said.

Analysts at Deutsche Bank said the earnings were good overall but noted the macroeconomic environment “still matters a lot.” — Reuters

Del Monte Pacific Limited to hold annual general meeting on August 26

NOTICE OF ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN that the Annual General Meeting (“AGM”) of Del Monte Pacific Limited (the “Company”) will be convened and held by way of electronic means on 26 August 2022 at 10.00 a.m. (Singapore time) to transact the following business:

    1. Adoption of Directors’ Statement and Audited Financial Statements for the financial year ended 30 April 2022;
    2. Re-appointment of Mr. Joselito D. Campos, Jr. as a Director of the Company;
    3. Re-appointment of Mrs. Yvonne Goh as a Director of the Company;
    4. Re-appointment of Dr. Emil Q. Javier as a Director of the Company;
    5. Approval of Dr. Emil Q. Javier’s continued appointment as an Independent Director by shareholders;
    6. Approval of Dr. Emil Q. Javier’s continued appointment as an Independent Director by shareholders (excluding the Directors, Chief Executive Officer, and their associates);
    7. Approval of payment of Directors’ fees for the financial year ending 30 April 2023;
    8. Authority to fix, increase or vary emoluments of Directors;
    9. Re-appointment of Ernst & Young LLP as Auditors of the Group;
    10. Re-appointment of SyCip Gorres Velayo & Co. (Ernst & Young Philippines) as the Philippine Auditors of the Group;
    11. Authority to issue Shares;
    12. Authority to allot and issue shares under the Del Monte Pacific Executive Share Option Plan 2016; and
    13. Renewal of Shareholders’ Mandate for Interested Person Transactions.

Notes for Shareholders:

1. Due to current COVID-19 situation, shareholders will not be able to attend the AGM in person. The AGM is being convened by way of electronic means. Shareholders must pre-register for the AGM at the pre-registration website https://conveneagm.com/sg/delmontepacific2022agm from Thursday, 28 July 2022 until 10.00 a.m. of Tuesday, 23 August 2022 to enable the Company to verify his/her/their status as shareholders.

2. A copy of the Definitive Information Statement of the Company is available in the Company’s website at the URL https://www.delmontepacific.com/investors/news-and-filings and at the PSE Edge Website at the URL https://edge.pse.com.ph/openDiscViewer.do?edge_no=803904ac779d66f33470cea4b051ca8f. A copy of this Notice will be available on the Company’s website at the URL https://www.delmontepacific.com/investors/shareholder-centre#Notice_of_AGM, on the SGX-ST website at the URL https://www.sgx.com/securities/company-announcements, and on the PSE EDGE website at the URL https://edge.pse.com.ph/companyDisclosures/form.do?cmpy_id=642.

3. Alternative arrangements relating to the (i) attendance at the AGM via electronic means (including arrangements by which the AGM can be electronically accessed via live webcast); (ii) submission of questions to the Chairman of the Meeting ahead of the AGM (in addition to being able to ask questions live); and (iii) voting by appointing the Chairman of the Meeting as proxy at the AGM, are set out in the accompanying Company’s announcement on participation in AGM via electronic means dated 28 July 2022.

4. Shareholders at record date at the close of business on 24 August 2022 are entitled to attend and vote at the AGM. A Shareholder entitled to attend and vote at the AGM is entitled to appoint the Chairman of the Meeting to attend and vote in his/her/its stead. The Chairman of the Meeting need not be a Member of the Company. Where a shareholder (whether individual or corporate) appoints the Chairman of the Meeting as his/her/its proxy, he/ she/it must give specific instructions as to voting, or abstentions from voting, in respect of a resolution in the form of proxy, failing which the appointment of the Chairman of the Meeting as proxy for that resolution will be treated as invalid.

The accompanying proxy form and voting instruction form for the AGM may also be accessed at the Company’s website at the URL https://www.delmontepacific.com/investors/shareholder-centre#Notice_of_AGM, on the SGX-ST website at the URL https://www.sgx.com/securities/company-announcements, and on the PSE EDGE website at the URL https://edge.pse.com.ph/companyDisclosures/form.do?cmpy_id=642.

5. If a Depositor wishes to appoint the Chairman of the Meeting to attend, speak and vote at the AGM, then he/she/it must:

(a) complete and deposit the Depositor proxy form at the office of the Share Transfer Agent:

i. in Singapore – Boardroom Corporate & Advisory Services Pte. Ltd., 1 Harbourfront Avenue, Keppel Bay Tower #14-07, Singapore 098632

ii. in Philippines – BDO Unibank, Inc. Trust and Investments Group – Securities Services (Stock Transfer), at its office address at the 45th Floor BDO Corporate Center Ortigas, East Tower, 12 ADB Avenue, Mandaluyong City, Philippines, for the attention of Ms. Concepcion E. Foronda or Ms. Gesan Tesiorna, or

(b) submit via email

i. In Singapore, to DelMonteAGM@boardroomlimited.com

ii. In Philippines, to bdo-stocktransferteam2@bdo.com.ph

In either case, at least forty-eight (48) hours before the time of the AGM.

Due to the current COVID-19 situation, shareholders are strongly encouraged to submit the completed proxy forms electronically via email.

6. If the Depositor is a corporation, the instrument appointing a proxy must be executed under seal or the hand of its duly authorized officer or attorney.

By Order of the Board

Antonio E. S. Ungson
Company Secretary
28 July 2022

 

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Alternergy gets DoE’s approval for offshore wind contract

ALTERNERGY Holdings Corp. said on Wednesday that its unit secured a service contract from the Energy department for exclusive rights to explore, develop, and utilize wind resources in Calavite Passage, Occidental Mindoro.

“We believe that offshore wind will play very crucial role in the Philippines energy supply security in the medium term, and a key priority of the current administration,” Alternergy Chairman Vicente S. Pérez, Jr. said in a press release.

The wind energy service contract was between the Department of Energy (DoE) and Pililla AVPC Corp. for a project Mr. Pérez described as “situated within one of the six zones identified by the World Bank with high offshore wind potential.”

Following the DoE approval of the contract, the Calavite Passage offshore wind project will conduct technical studies and resource assessments. The project covers 78,000 hectares between northwest Mindoro and Lubang Island.

Alternergy said that the project would boost the DoE’s target for renewable energy (RE) to have a 35% share in the country’s energy mix by 2030 and a 50% share by 2040.

Mr. Pérez said that while offshore wind is a “nascent industry,” there is a growing interest in it from different stakeholders.

“At the present, the development of offshore wind projects could be quite challenging. But we are committed to pioneer this technology in the country,” he said.

Northern Mindoro is said to have an offshore wind potential capacity of 5 gigawatts, and the estimated average wind speed in the area is more than 11 meters per second.

Alternergy said that the Calavite Passage offshore wind project forms part of its goal of building 1,245 megawatts of renewable energy capacity in the next five years. — Ashley Erika O. Jose

Battling the carbon crisis: the need to enhance operational efficiency

SCIENTISTS have warned us with proven evidence that our planet is on the verge of a climate crisis. It brings our attention to how global warming is a distressing fact. Climate change has impacted our planet so much that every year, a gigantic 750 billion tons of ice melt as a result of global warming. The temperature of land and ocean has risen at an average rate of 0.08°C every decade since 1880.

One of the sectors that is accountable for such impacts is logistics. Despite the fact that any economy relies so much on the transportation and logistics industry, these sectors also contribute significantly to the increase in carbon emissions; thus, climate change.

Transport in Southeast Asia is responsible for 40% of global greenhouse gas emissions and 23% of carbon dioxide (CO2). As one of the most at-risk parts of the globe, Southeast Asia’s many coastal regions and island cities are lagging in climate action and may bear the brunt of climate change. The Indonesian government has renewed its commitment to reduce greenhouse gases by 29% below business-as-usual rates in 2030, which will help counter the adverse effects of climate change by the end of the decade.

BATTLING THE CARBON CRISIS: THE TECHNOLOGY IMPERATIVE
Many governments around the world are also taking action to reduce CO2 emissions by implementing regulations and adopting policies that can help businesses to manage their logistics and transportation processes. Apart from government policies, implementing tech-driven supply chain and logistics management on a larger scale can help logistics stakeholders to build resilient and sustainable supply chains.

Below are some critical ways for logistics-powered businesses to reduce their carbon footprint while saving costs:

1. Decreasing miles traveled

An online report shows that cutting off the number of miles traveled by vehicles, optimizing delivery routes, and avoiding traffic gridlocks can help reduce harmful CO2 emissions by 37 million metric tons per year. Smart logistics management tools reduce the distance traveled by 5% and lower trip volumes by 6%, making the drivers more time-efficient in executing the delivery tasks.

2. Reducing empty miles

Empty miles or deadhead miles occur when a transport vehicle delivers goods to its destination but returns to base with an empty container. Automated logistics solutions overcome this problem by ensuring that each vehicle’s capacity is entirely utilized during each journey.

3. Boosting productivity with order clubbing and multi-drop pickup

Logistics providers who still practice traditional delivery management may require massive investments in infrastructure and drivers to deliver orders. The smart route order clubbing and multi-drop/pickup feature allows managing multiple orders in a single trip to improve delivery efficiency.

4. Reducing returns

Delays in deliveries are one of the main reasons behind the increase in the number of returns. Returning goods causes landfill waste of 5 billion pounds in the US alone, contributing to 15 million metric tons of CO2 emissions. These numbers are predicted to increase by 30% by 2030.

Incorrect/poor quality addresses are also a cause of delay. Advanced logistics solutions automate order dispatching and AWB generation, eliminating the risk of error in the delivery addresses. Geocoding helps convert addresses into exact coordinates that direct drivers to the precise delivery location.

Increasing CO2 emissions is not just an environmental problem; it is also a business problem. Businesses have to exercise best practices that help bring financial and sustainability benefits to the ecosystem.

 

Soham Chokshi is the CEO and Co-Founder of Shipsy.

How many liters of gas can a Filipino buy for an average net wage?

An average Filipino can buy 192 liters of gas using his entire net pay in a month, according to the 2022 edition of the Petrol Index by research firm Picodi.com. Since 2019, the index assesses the relation between retail pump prices and salaries. The Petrol Index is computed by dividing the average monthly net wage by an average price of a liter of gas. The Philippines was the fifth-lowest net monthly wage-to-per liter gasoline price in the region, ahead only of Cambodia (170 liters), Indonesia (164 liters), Pakistan (158 liters), and Sri Lanka (105 liters). Meanwhile, average price of fuel in the country rose by 36.9% in June to P83.45 per liter from P60.95-per-liter average in January, Picodi.com said. This placed the Philippines as the fourth-highest average price increase in the region in the first half of the year, after Sri Lanka (129.5%), Pakistan (52.2%), and Indonesia (47.7%).

How many liters of gas can a filipino buy for an average net wage?

How PSEi member stocks performed — August 3, 2022

Here’s a quick glance at how PSEi stocks fared on Wednesday, August 3, 2022.

Peso sinks further vs dollar on Fed worries

BW FILE PHOTO
THE PESO declined further against the dollar on Wednesday on lingering worries over aggressive US Federal Reserve hikes. — BW FILE PHOTO

THE PESO retreated further versus the greenback on Wednesday after hawkish signals from US Federal Reserve officials and rising tensions between the United States and China.

The local unit closed at P55.74 per dollar on Wednesday, depreciating by 30.5 centavos from its P55.435 finish on Tuesday, based on data from the Bankers Association of the Philippines.

The peso opened Wednesday’s session at P55.55 versus the dollar, which was also its intraday best. Its weakest showing for the day was at P55.777 against the greenback.

Dollars exchanged rose to $922.1 million on Wednesday from $777.17 million on Tuesday.

“The peso exchange again weaker for the third straight day… but still near one-month lows nevertheless, after the healthy upward correction of the US dollar versus major global currencies and also the healthy upward correction of US Treasury yields, amid hawkish signals from Fed officials on the need to continue fighting elevated inflation,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The peso weakened after various Fed officials dismissed views that the rate hikes by the US central bank might be nearing its end,” a trader said.

San Francisco Fed President Mary Daly, Cleveland Fed President Loretta Mester and Chicago Fed President Charles Evans said separately on Tuesday that they will continue to support hikes to curb US inflation, which hit another 40-year high in June.

The Fed raised rates by 75 basis points (bps) for the second straight meeting in July. It has hiked borrowing costs by 225 bps since March.

The peso also declined due to geopolitical risks after US House Speaker Nancy Pelosi visited Taiwan, causing China to announce missile tests and drills in the area, Mr. Ricafort said.

“The local currency might continue to depreciate as the escalating geopolitical risks between US and China might drive renewed safe-haven demand for the greenback,” the first trader added.

For Thursday, the first trader sees the peso moving from P55.65 to P55.85 per dollar, while Mr. Ricafort expects a P55.60 to P55.80 range. Meanwhile, a second trader gave a wider trading band of P55.60 to P55.90. — K.B. Ta-asan

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