Macau’s gambling operator Suncity ceases junket operations

December 13, 2021 | 12:06 am

EMBATTLED Macau gambling operator Suncity Group ceased its junket operations as of Friday, according to people familiar with the matter, following the arrest of its founder amid Beijing’s ongoing crackdown on the casino hub.

Sun City Gaming Promotion Company Ltd., Suncity’s junket business arm, said it can’t operate because partnerships with other casinos were halted, and company systems were suspended due to legal proceedings, according to an internal notice seen by Bloomberg News.

Suncity employees were notified late on Friday and no follow-up arrangement has been announced, said the people, who asked not to be identified because the information is private. Employees have yet to receive November salaries because company systems and accounts are frozen under the investigation, the people said.

A representative for Suncity didn’t immediately respond to a request for comment outside of normal business hours.

Alvin Chau, who controls Suncity Group, was arrested late last month on allegations of establishing overseas gambling platforms and carrying out illegal virtual betting activities. Suncity has since closed all of its VIP gaming rooms in Macau’s casinos, and was said to have told some staff it will stop paying them amid concerns over cash flow.

Suncity’s travails have rocked the world’s biggest gambling hub, already reeling as the government intensified regulatory oversight. Some casinos, including Wynn Macau Ltd. and Melco Resorts & Entertainment Ltd., decided to close VIP gambling rooms run by junkets given the scrutiny on Suncity, Bloomberg News reported earlier.

Junkets, which have been in the cross-hairs of Beijing’s crackdown for allegedly facilitating money laundering, account for some 75% of Macau’s roughly $3 billion in annual VIP gaming revenue. They provide a service that is part upscale travel agent and part money changer for big spenders in Macau.

Shares of Suncity Group’s listed arm, which doesn’t include its junket operation, were halted on Thursday and will resume trading on Monday. They have plunged 46% since Nov. 30. Mr. Chau resigned on Dec. 1 from his posts as chairman of the board of Suncity Group and as an executive director. — Bloomberg

Septième Rebelle brings Sansó’s textile prints to life

December 13, 2021 | 12:06 am

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BEFORE becoming known as a painter of landscapes, seascapes, and florals, Juvenal Sansó designed patterns and prints for fabric. Decades after he created them, these prints have come to life on contemporary couture pieces.

Manila-based couture label Septième Rebelle and Fundacion Sansó collaborate on “Sansó Textile Designs X Septième Rebelle: A Fashion and Art Exhibit”, presented at Galerie Joaquin in One Bonifacio High Street Mall in Bonifacio Global City.

Fundacion Sansó is a non-stock, non-profit organization created to preserve, conserve, and promote Mr. Sansó’s artistic legacy.

“The collaboration started when we started activating the lesser-known bodies of work of Mr. Sansó,” Fundacion Sansó director Ricky Francisco told BusinessWorld in a joint Zoom interview with Septième Rebelle founder Robert Bjorn O. Santos.

“Not many people know he was also a very prolific textile designer,” Mr. Francisco said.

EARNING A LIVING
The 92-year-old Spanish-born Filipino painter worked on textile designs while he was a student at the École Nationale des Beaux Artes in Paris, France. This was his way of supporting himself when the Philippine Central Bank had set caps on the financial support that could be sent by his father from Manila.

“When [Mr. Sansó] went to Paris in 1951, he had to make money because there was a rule back then, after the Second World War, that only $150 can be brought out of the Philippines at any given time. His family could only send [him] $150 to live in Paris,” Mr. Francisco explained.

While in Paris, Mr. Sansó met some people who connected him with textile designers in Paris and to fashion houses. He created textile designs for them from the 1950s to the ’60s.

“The textile design enabled him to meet people like (Italian fashion designer) Elsa Schiaparelli, who introduced him to the owner of the gallery in Paris who gave him his first solo exhibition as a painter,” Mr. Francisco said. “It also enabled him to meet Gian Carlo Menotti, the (Italian-American) director and composer who gave him his first opera break (as a costume designer) at the Festival of Two Worlds in Spoleto, Italy in the late 1960s.”

Mr. Sansó’s hand-painted textile designs included florals and foliage, as well as geometric shapes and abstract patterns. The House of Balenciaga was his biggest client.

USING THE PRINTS
Fashion designer and founder of Septième Rebelle, Robert Bjorn O. Santos, pursued design courses in the Istituto Marangoni-Paris, London College of Fashion, and Central Saint Martins. He has a personal preference for asymmetric details, diagonal cuts and slashes. Mr. Santos balanced these details with the aesthetic of the 1950s and 1960s of Mr. Sansó’s textile patterns.

Prior to finishing 38 looks for the exhibition, the team went through almost 200 of Sansó’s textile designs.

“We had to choose the designs that were really representative of Mr. Sansó’s work… It has to have a good representation of each of the genres that he is capable of doing,” Mr. Santos said. “So, when we finally settled on the designs, I had to look for fabrics that would mimic how these textile designs look like.”

For the exhibit, Mr. Sansó’s hand-painted original designs on fabric were digitally printed and clothes using the printed fabric were produced.

In the exhibition are 38 looks which are divided based on color palette, and these are juxtaposed the actual paintings of Sansó. Limited edition Septième Rebelle embroidered bags with patterns inspired by the textile designs are also on display.

“I basically combined a printed piece of clothing with something with more solid colors, just to balance it out. I [also] used a lot of different materials, different trims to make the finishing of clothes more presentable,” Mr. Santos said, adding that he also used beadwork, applique, and ribbon trims in the pieces, which is uncommon for his designs.

“We can live without those [details], however, I felt it would be more of an homage to the artist if we exerted more effort in making some things more beautiful,” he said.

“When people say Sansó, they think of Brittany [in France] or flowers,” Mr. Francisco said. “We wanted to show that he had the journey before he reached the success, and that he was able to do a lot of things.”

“Sansó Textile Designs X Septième Rebelle: A Fashion and Art Exhibit” is on view until Dec. 20, at Galerie Joaquin, One Bonifacio High Street Mall in BGC, Taguig City. The collection is also part of fundraising efforts in partnership with Fundacion Sansó. Follow @fundacion_sanso and @septiemerebelle on Instagram. — Michelle Anne P. Soliman

Mango farmers urged to manage tree canopy to raise fruit quality

December 13, 2021 | 12:05 am

MANGO farmers who do not properly manage canopy growth run the risk of less productive cultivation because the overlap in trees forces fruit to grow in the shade, to the detriment of quality and harvest volume, agronomists said.

Graciela L. Caballero, who chairs the agroforestry department at Southern Philippines Agri-Business and Marine and Aquatic School of Technology (SPAMAST), said at a conference on Friday: “Mango has been allowed to grow in an unlimited manner, more horizontally than vertically.”

She was speaking virtually at the Farms and Industry Encounters through the S&T Agenda (FIESTA) conference on Mango, organized by the Department of Science and Technology, to propagate know-how on mango industry best practices.

“Akala kasi ng karamihan, the bigger the tree, the more the income. Sa ngayon, alam na natin na ito ay mali (Most people seem to believe that the bigger the tree, the more the income. We now know that this approach is wrong),” she said.

Speakers said other benefits of canopy management include minimizing the spread of disease and making pesticide spraying more effective.

“Some mango growers in the Philippines do not follow the concept of allotted space wherein trees are only allowed to grow in the limits imposed by the distance of planting,” SPAMAST associate professor Eddie B. Batoctoy said at the conference. “Mango trees are allowed to grow indefinitely. Consequently, canopies overlap within a few years.”

“Mango trees (are) shy bearers, but they respond well to pruning, which will make them regular bearers,” Mr. Batoctoy said. Pruning improves air circulation and helps keep pests and diseases in check, allowing the trees room to flower and fruit.

The canopy management initiative aims to point the way for farmers to rehabilitate unproductive mango trees, and “optimize nutrition and canopy management techniques with the aim of improving fruit quality, size, and yield,” Mr. Batoctoy said.

Marilou M. Benitez, an associate professor at Visayas State University, said one other portion of the growing process that needs to be better managed is the post-harvest stage, which is where “product salability and income are assured” and where diseases are likely to be introduced.

Anthracnose is the most prevalent disease in mango trees. A latent infection, the disease is caused by fungi and speeds up decay in plants.

“Fruit left in contact with the ground will gain heat and be easily infected,” she added. “The bruising of fruit is due to inappropriate harvesting, and dropping is very common,” Ms. Benitez said.

The time of harvest can also influence product quality. “Harvesting is done early or mid-morning, so that the cool environment can result in reduced product heat and increased picker efficiency,” she said.

Ms. Benitez said practices to manage post-harvest deterioration include hot water treatment, which reduces the respiration rate of the fruit, delays decay, and maintains firmness.

She also cited the need for minimizing sun exposure and using appropriate containers for transport.

The mango industry employs 2.5 million farm workers. — Luisa Maria Jacinta C. Jocson

North Star Meat plans to put up more distribution hubs

December 13, 2021 | 12:05 am

MEAT RETAILER North Star Meat Merchants, Inc. is planning to establish distribution hubs in Iloilo and Palawan as part of its expansion efforts, the company’s chief executive officer said.

The company intends to put up distribution hubs in Puerto Princesa and Coron in Palawan and Iloilo, North Star Meat Chief Executive Officer Anthony Ng said at a recent virtual briefing.

“We are eyeing to improve our network. But these are just plans. It can change. We’re looking at Iloilo and Palawan,” Mr. Ng said.

The company’s main cold storage warehouse and meat cutting plant, which has a capacity of four million kilograms, is in Tabang, Bulacan. It also has a cold storage facility in Cebu which can store 858,000 kilograms of meat.

The company’s distribution hubs also serve as the base for its retail operations, according to Mr. Ng.

“It is capable of distribution and also has meat fabrication rooms for retail. That is where we do our cutting and packing of frozen meat for dispensing to convenience stores,” he said.

“If I am allowed to be a little bit ambitious, then I want to break ground next year at least,” he added.

Meanwhile, North Star Meat Chief Financial Officer Jed Tan said the company sees a “very positive” outlook for 2022 in terms of sales following the increase in the purchasing power of customers amid the country’s ongoing economic recovery.

Mr. Tan added that the company is targeting P9.1-billion worth of sales for 2021, an improvement from the P6 billion recorded in 2020.

“During the Christmas (season), the company’s sales are typically at least 50% higher. On top of that, we also have restaurant clients that have been ordering a lot since the economy opened up,” Mr. Tan said.

Previously, the company announced its intention to conduct an initial public offering (IPO) to raise up to P4 billion for the expansion of its cold storage capacity to six million kilograms by 2022.

Mr. Ng said during the briefing that the planned IPO is crucial to North Star Meat, adding that it will enable the company to grow.

The company’s products are a combination of imported and local supply, he said, adding that imports are sourced from Europe and North America, while local products come from the Visayas and Mindanao.

North Star Meat is an end-to-end fresh and frozen meat retailer that operates in all SM markets, including WalterMart and Alfarmart, across the Philippines. It has 397 meat shops and over 2,200 skilled butchers. — Revin Mikhael D. Ochave

Uniqlo parent unveils sustainability plan

December 13, 2021 | 12:05 am

FAST Retailing is unveiling an ambitious sustainability plan, with targets set up through 2030 all the way to 2050.

During a press conference in Japan (streamed through Zoom to 12 countries) Koji Yanai, Group Senior Executive Officer of Fast Retailing (the company behind the brand Uniqlo), discussed the retail group’s sustainability commitments, as well as what they had achieved before 2021. “There are things we must do [toward] the future, and there are things we can do right now,” said Mr. Yanai through a translator.

Some of the things they achieved in 2019 include introducing the use of recycled materials. According to the company, by the summer of 2022, about 15% of the polyester used in their clothing will be derived from recycled PET bottles. This initiative began by the introduction of polo shirts in 2019 that used recycled polyester, while waist bags in 2021 used 30% recycle nylon.

A statement said, “The company is expanding its introduction of materials that place a lower burden on the environment, starting with synthetic fibers such as rayon and nylon.”

The year 2019 also saw the beginning of the gradual abolition of single-use plastic in its stores. Since September that year, plastic shopping bags have gradually been replaced with more environmentally friendly paper bags. In Sept. 2020, Uniqlo and GU (another one of Fast Retailing’s brands) introduced a charge for paper bags at all stores in Japan, where 70% of customers now decline shopping bags. From 2020, the company began consolidating packaging materials used in product transport into a single material to simplify recycling. From 2021, in order to recycle packaging materials and waste from product transport, the company launched proof-of-concept areas for recyclables separation, collection, and processing in some Uniqlo and GU stores.

One of the most ambitious goals they have set will be achieving carbon neutrality by 2050. Efforts to do so include reducing their carbon emissions by 20% in 2030. By the end of the fiscal year of 2021, eight Uniqlo stores in Japan achieved Gold Level certification by LEED (Leadership in Energy and Environmental Design). By Aug. 2021, all 64 Uniqlo stores from nine markets in Europe had switched over to renewable energy. By the end of 2021, all stores in North America and in some countries in Southeast Asia will complete this switch.

Fast Retailing also put forward a thrust in protecting the rights of workers. Since 2017, Fast Retailing has published a list of core sewing partner factories, and since 2018, expanded the list to include core fabric mills. By March 2022, the company plans to publish a list of all sewing partner factories it has ongoing dealings with.

In addition to audits at garment factories and core fabric mills, the company aims to establish traceability across the whole supply chain, from upstream spinning mills to raw material level.

Through Fast Retailing site visits, audits by third party organizations, and third-party certifications, the company will identify and correct any human rights or labor environment issues at an early stage. This also includes a gender equity-based policy, including an increase in the representation of female management in the company to 50% by 2030, hiring people with disabilities, and enhancing LGBTQ friendliness of environments for both employees and customers.

“We would like to provide to the world a new way of fashion,” said Mr. Yanai in his speech. “We are all connected in various ways throughout the globe. This is [what] we keenly felt through this pandemic. Just one country becoming very wealthy and enriched and thriving — that is not going to be acceptable, tolerated, going forward.” — Joseph L. Garcia

SEC issues warning versus four entities

December 13, 2021 | 12:04 am

THE Securities and Exchange Commission (SEC) has warned investors against the investment solicitation programs of Wow Negosyo, U-Trade Beauty and Wellness Products Trading, U-Bet Trade International Opc, and Kinney Infotech Corp.

In three separate advisories, the regulator said none of the entities have the necessary licenses to collect investments from the public.

According to SEC, Wow Negosyo is a company of Wealth on Web Company/WOW Company/WOW Trade, for which the regulator issued an advisory in October for its investment activities.

“Wow Negosyo is not registered as a partnership nor as a corporation with the SEC. Hence, it is not authorized to solicit investments from the public as it has not secured prior registration and/or license to solicit investments from the commission as prescribed under Section 8 of the Securities Regulation Code (SRC),” the commission said.

The regulator said it received inquiries on Wow Negosyo’s newly approved “complan” under Wealth on Web Company/WOW Company/WOW Trade.

“The public is advised not to invest or stop investing in any investment scheme being offered by Wow Negosyo and exercise extreme caution in dealing with any individuals or group of persons soliciting investments or recruiting investors for and on behalf of Wow Negosyo,” SEC said.

At the same time, the commission said a certain Phoebe Evangelista Gracilla heads both U-Trade Beauty and Wellness and U Bet Trading International (U-Trade).

It said U-Trade has several investment plans, including a scheme that promises investors passive income worth 500% of their investment within a 25-day “lock-in” period and other referral commissions.

U-Trade Beauty and Wellness Products is registered with Department of Trade and Industry, while U-Trade is registered with SEC. However, neither is licensed to solicit investments from the public.

SEC added that both the Gracilla-led entities are also not registered as virtual asset service providers (VASPs) with the Bangko Sentral ng Pilipinas. Both also lack the certificates of authority as a money service business as required under the guidelines for VASPs.

Kinney Infotech is luring the public to invest “with the promise of high monetary rewards or profits.” It is offering a “project plan” from basic package of P5,000 with a guaranteed return of 18,600, while a “supreme package” of P40 million with P93,6000.

SEC said that while Kinney Infotech is registered with the commission, it is “not authorized to offer, solicit, sell, or distribute any investment/securities to the public.”

The regulator warned that those involved in the operations or those who act on behalf of U-Trade Beauty and Wellness Products, U-Trade, and Kinney Infotech may be “prosecuted or held criminally liable” under Section 28 of the SRC.

Violators may be fined with as much as P5 million and/or a penalty of 21 years behind bars, SEC said.

BusinessWorld tried to reach out to the four entities. — Keren Concepcion G. Valmonte

Treasury bill, bond rates may decline this week

December 13, 2021 | 12:04 am

RATES OF government securities on offer this week could decline in line with the lower yields at the secondary market.

The Bureau of the Treasury (BTr) on Monday will auction off P10 billion in Treasury bills (T-bills), broken down into P2 billion in 91-day debt papers, P3 billion in 182-day instruments, and P5 billion in 364-day securities.

The government will also offer P20 billion in reissued seven-year bonds with a remaining life of six years and eight months on Tuesday.

“I think yields for T-bills will move about 5 basis points (bps) down and yields for the reissued 7-year notes will range from 4.45% to 4.65%,” a trader said in a Viber message.

“It appears that investors started purchasing securities towards the long end of the curve after the BTr rejected all bids for the 10-year notes last week,” the trader added.

The BTr last week rejected all bids for its offer of reissued 10-year T-bonds, even as tenders reached P42.44 billion.

Had the BTr fully awarded the offer, the tenor’s average yield would have declined by 5.9 bps to 5.071%. However, this would have been higher than the 4.99% quoted for 10-year bonds at the secondary market before the auction.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that government securities on offer this week may see lower rates as they track secondary market yields.

Yields on government securities at the secondary market mostly declined last week following the release of November inflation data. Rates fell by an average of 1.05 bps week on week, based on the PHP Bloomberg Valuation Service (BVAL) Reference Rates of Dec. 10 published on the Philippine Dealing System’s website.

At the secondary market on Friday, the 91-, 182-, and 364-day T-bills were quoted at 1.2039%, 1.4505%, 1.6774%, respectively, based on the PHL BVAL Reference Rates.

Meanwhile, the seven-year bonds fetched a yield of 4.5843%.

The BTr made a full P10-billion award of the T-bills it offered last week. The securities fetched bids worth P41.285 billion, more than four times the offer and also beating the P37.65 billion in bids seen a week earlier.

Broken down, the government sold the programmed P2 billion in three-month securities with tenders amounting to P13.3 billion. The tenor saw its average rate slip by 0.9 bp to 1.155% from 1.164% in the prior auction.

Meanwhile, the BTr raised P3 billion as planned through the 183-day debt papers as bids hit P16.012 billion. The six-month instruments fetched an average rate of 1.443%, down by 0.6 bp from 1.449% a week earlier.

The government also borrowed P5 billion as programmed via the one-year T-bills as demand hit P11.973 billion. The 365-day T-bills fetched an average rate of 1.643%, up by 0.7 bp from 1.636% previously.

On the other hand, the Treasury partially awarded its offer of reissued seven-year bonds on Oct. 26, raising P19.315 billion. The papers, which had a remaining life of six years and nine months at that auction, fetched an average rate of 4.468%, higher by 26.1 bps than the 4.207% quoted when the series was last offered on Oct. 5.

For this month, the government is looking to raise P70 billion via the local market: P30 billion from T-bills and P40 billion through T-bonds.

It wants to raise P3 trillion from local and external sources this year to help fund a budget deficit that is expected to hit 9.3% of economic output. — L.W.T. Noble

The Camry-turns in hybrid form

December 13, 2021 | 12:04 am

VELO_ANGEL_IMG-3803 — PHOTO FROM ANGEL RIVERO

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The country’s favorite executive sedan dons an electrified suit

AS FAR as I can remember, the Toyota Camry has long been an extremely popular choice of sedan among executives and business leaders. I would even go as far as saying that among Filipinos, it has always been perceived as an aspirational model — a kind of success symbol — when one does well in work and begins to crave for more comforts in life while maintaining that Filipino-ingrained sense of practicality.

This is how I knew the Camry growing up. And not so surprisingly, with us entering the third decade of the 21^st century, the Toyota Camry still remains one of the strongest-selling models in its vehicle category in the country. To demonstrate, at the end of 2020 alone, the Camry nabbed a robust 71% share of vehicle sales in its segment.

The cool news is that Toyota Motor Philippines (TMP) has just, over the weekend, announced the introduction of the Camry’s 2022 model update — and it now comes as a hybrid! You heard me right: The latest model now joins its smaller siblings in Toyota’s hybrid sphere in the Philippines, making it the latest hybrid electric vehicle (HEV) addition to join the Prius, Corolla Altis Hybrid, and Corolla Cross Hybrid. And as we already know, hybrid vehicles are easier to adapt to in the Philippines because they don’t require any additional charging infrastructure, or demand any significant changes in driving behavior. Toyota’s HEV technology allows for its hybrid vehicles to easily and automatically switch between using an internal combustion engine to using its hybrid battery’s power, based on the amount of available charge and the driving conditions involved (like current speed and acceleration).

“A favorite among customers worldwide, the Toyota Camry is well-loved for its powerful elegance that comes with quality, durability, and reliability. We have redefined greatness with this executive sedan. This is leadership that remains to be responsible,” shared a very enthusiastic Toyota Motor Philippines President Atushiro Okamoto.

The Camry name is actually taken from the Japanese word “kanmuri,” which means “crown.” Having said that, some people even refer to the Camry as the “king of sedans,” having maintained such a strong and consistent market desirability through the years.

The 2022 Toyota Camry hybrid comes equipped with a 16-valve, four-cylinder in-line engine paired with a hybrid powertrain that offers the option of full EV mode (speed and power-permitting). It also carries the latest version of the Toyota Safety Sense suite of features, and comes with an upgraded infotainment system. On the dash is a nine-inch display audio compatible with Apple CarPlay and Android Auto. And providing a luxurious auditory experience for its occupants is a nine-speaker JBL sound system. Wireless charging is available in the cabin; a splendid moonroof completes the upscale interior.

The new Camry comes in the following exterior hues: Platinum White Pearl Mica, Metal Stream Metallic, and Attitude Black Mica. Prices start at P2.335 million.

2022 Fashion trends for a world in transition

December 13, 2021 | 12:04 am

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NEXT year, 2022, will be all about the hope to transition back as close as possible to normalcy, facing the world anew with work-leisure ensembles that do not compromise comfort, versatility, and function.

Next year’s fashion trends were announced by WGSN, a giant trend forecaster comprised of a team of over 250 experts and data scientists that curate an immense online library of insights and inspirations in fashion, retail, and the whole lifestyle industry.

Fashion designer and industry expert Ionica Abraham Lim said, “2022 fashion would be best described as a time for joyful expression.”

“We are now going back to a more tailored look but with a softer approach in materials. We focus on items that we are familiar with but mixed with something that we are looking forward to,” said the educator from the De La Salle-College of Saint Benilde School of Design and Arts, which utilizes WGSN as a learning tool and experience for its students.

Amid the new hybrid set-up, 2021 trends such as above-the-keyboard dressing and loungewear will be transformed into more defined looks that adapt from work to leisure. Elevated basics that showcase relaxed volumes, handcraft textures, playful digital and organic art prints, layered and oversized details likewise represent optimism and excitement for this new chapter.

Womenswear is leaning on items that are both staycation-and-outdoor-friendly with classic lines and soft textures. The new work set-up calls for business casual in relaxed shapes and more polished looks while the highly anticipated social gatherings will see a comeback for playful and textured outfits.

“Familiar silhouettes with innovative design details such as ruching and digital prints made from ethically sourced materials will help raise the classic cuts,” Ms. Lim added.

“People are more ready and willing to experiment with new trends that embody their emotions while still looking for practical products that will offer cross functionality,” Ms. Lim explained. “The 2020 trends will help shape our lives as we go into the new normal.”

For multi-purpose accessories, she suggested sunhats and scarves that can double as additional protective wear, as well as statement shoulder bags made from different woven materials that also offer modular elements. Heart motif jewelry likewise balance the negative events.

With a promising year ahead, the trends do not only look at elevated basics and joyful aesthetics but also anticipate diverse and high chroma core colors that will usher in optimistic expressions.

For men, clean and crisp lines in natural linens offer effortless outfits that go beyond resort wear. Outdoor style in neutral tones plus functional and modular design are also popular head-turners. For the younger market, the interesting clash of prints and punk is sure to exhibit one’s unique personality.

“We are certainly living in an extraordinary time where change happens so quickly more than before but in fashion, these events only lead to more creativity and innovation,” Ms. Lim explained.

Teen IM Daniel Quizon two points ahead of chess championship

December 13, 2021 | 12:04 am

CALL the 2021 Philippine National Chess Championships a Daniel Quizon show.

Mr. Quizon added training partner and fellow International Master (IM) Michael Concio, Jr. on Sunday to his growing list of victims to continue to show dominance midway through the 12-player tournament being done at the Solea Hotel and Resort in Mactan, Cebu.

In a duel between the tournament’s youngest players and World Cup veterans, it was the 17-year-old Mr. Quizon who outplayed the 16-year-old Mr. Concio in 39 moves of a Benko Gambit as the former zoomed to a perfect six points while keeping his stranglehold of the lead with five rounds to go.

The win, coupled by a 62-move loss by erstwhile No. 2 IM Ricky de Guzman to IM Ronald Dableo in their King’s Indian showdown, further widened Mr. Quizon’s lead to a full two points.

At distant No. 2 were Messrs. De Guzman and Dableo with four points each while IMs Jan Emmanuel Garcia and Paulo Bersamina agreed to a quick draw to share No. 4 with 3.5 points apiece.

And the Asian Juniors blitz champion could further stretch his lead if he could hurdle Mr. De Guzman in their seventh-round duel at press time.

A triumph in this 11-round event would earn Mr. Quizon P80,000 and a seat to the Hanoi Southeast Asian Games next year and the 2023 Asian Indoor and Martial Arts Games in Bangkok and Chonburi, Thailand.

Mr. Quizon was also hoping to earn rating points here as he plans to resume his Grandmaster title campaign early next year.

The 12-player event is being bankrolled by PSC chair William Ramirez, POC President Abraham Tolentino, NCFP President Prospero Pichay, Jr, Chess Movement, Inc. chair Ariel Potot, PCSO general manager Royina Garma and Atty. Roel Canobas. — Joey Villar

Agtech companies boom as investors target climate-friendly technology

December 13, 2021 | 12:04 am

INVESTORS have poured a record $7.8 billion into agriculture technology (agtech) deals so far this year, amid booming demand for climate-friendly investments, food security and productivity gains, according to researcher PitchBook.

Companies working on precision agriculture, which involves monitoring of crops for increased efficiency, got about $380 million in funding in the third quarter, while indoor farming startups got about $525 million, according to a report on Wednesday. Startups working on agricultural biotech, which include plant breeding and GM crops received most of that funding in the third quarter, with $976 million.

Farmers are facing pressure from both sides, from suppliers and governments who demand reduced greenhouse gas emissions, and the impact of climate change making weather and growing conditions more unpredictable.

“There’s been a step-change in investment opportunities in the sector, which is being driven by increased availability of new technologies which can be applicable,” said Mark Lynch, a partner at Oghma Partners, a corporate finance advisory company in London. Across the market, “the relative appetite for risk has gone up because returns are so poor,” he said.

The biggest deals included $430 million for California-based company Pivot Bio, which makes alternatives to nitrogen fertilizer, and $321 million for indoor growers Bowery Farming. — Bloomberg

Cisco says PHL companies shifting to modern cybersecurity technologies

December 13, 2021 | 12:03 am

SOME 35% of cyber technologies used by Philippine companies are outdated, Cisco Systems, Inc. said, but most are already starting to modernize their approaches by investing in “zero-trust” strategy and secure access service edge architectures.

More than half or 52% of the respondents from the Philippines consider their cybersecurity infrastructure complex, Cisco said in an e-mailed statement on Sunday, citing its latest study, the Security Outcomes Study Volume 2.

Cisco polled over 5,000 security and privacy professionals in 27 markets around the world, including more than 2,000 professionals from 13 markets in the Asia-Pacific region.

“Organizations are facing multiple challenges while operating in this environment, including complexity in connecting users to applications and data across multiple cloud platforms, inconsistent security policies across disparate locations and networks, difficulty in verifying identity of users and devices, lack of end-to-end visibility of their security infrastructure, etc.,” the company said.

Many companies in the Philippines are now addressing the problem by investing in modern cybersecurity technologies and approaches.

“Ninety percent of respondents in the Philippines said their company is investing in ‘zero-trust’ strategy, with 51% saying their organizations are making steady progress with adopting it and 39% saying they are at a mature state of implementing it,” Cisco said.

Moreover, 87% of the respondents from the Philippines indicated that their companies are investing in secure access service edge architecture, or SASE, with 46% saying they are making good progress toward adopting it and 41% saying their implementation is at mature levels.

Cisco defines SASE as an architecture that combines networking and security functions in the cloud to enable secure access to applications wherever users work, and zero trust as a security strategy that involves verifying the identity of each user or device that connects to an organization’s network to mitigate security risks.

Organizations that have mature implementations of the zero-trust strategy or SASE architectures are seen to have more robust security operations than those with nascent implementations.

“These two approaches are key to building a strong security posture for companies in the modern cloud-first and application-centric world,” the company said. — Arjay L. Balinbin