AC Energy subscribes to P14-B shares of solar, wind subsidiaries

December 30, 2021 | 12:06 am

AYALA-LED AC Energy Corp. has agreed to subscribe to the shares of two subsidiaries for a combined P14 billion to fund the units’ separate projects in solar and wind energy development.

AC Energy disclosed to the stock exchange on Wednesday its subscription to the shares of Santa Cruz Solar Energy, Inc. (SCSEI) for P6,999,631,590 to give it a 99.99% stake in the subsidiary.

SCSEI is developing a 283-megawatt (MW) solar farm in San Marcelino, Zambales. The funds will be used by the company to build the project.

AC Energy signed the subscription agreement on Dec. 28 for 69,996,316 common A shares and 629,966,843 redeemable preferred A shares of the subsidiary.

It said the closing of the transaction is subject to its full payment of the subscription price and the necessary regulatory approval by the Securities and Exchange Commission on the increase in SCSEI’s authorized capital stock.

Separately, AC Energy disclosed on Wednesday its signing of a subscription agreement to 99.96% of the total outstanding shares of Bayog Wind Power Corp. (BWPC) for P7 billion.

The listed company subscribed to 36,218,032 redeemable preferred D shares, 29,759,408 redeemable preferred E shares, and 4,022,560 redeemable preferred G shares of BWPC. The transaction also took place on Tuesday.

“The subscription will be used by BWPC to fund continuing works for the construction of the 160-MW Pagudpud Wind Project in Barangays Balaoi and Caunayan, Pagudpud, Ilocos Norte,” It said.

AC Energy added that the project will be wholly owned by it after the board approval of the acquisition of the ownership interest of UPC Philippines Wind Investment Co. BV and Stella Marie L. Sutton in BWPC.

“The acquisition is subject to agreed conditions precedent including required partner, financing, and regulatory approvals, and subject further to execution of definitive documentation,” it said.

On Wednesday, shares in AC Energy declined by 0.18% or two centavos to close at P11.18 each. — Luisa Maria Jacinta C. Jocson

Century Properties plans P3-B bond offer

December 30, 2021 | 12:05 am

CENTURY PROPERTIES Group, Inc. is planning a P3-billion fixed-rate retail bond offering, proceeds of which will be used to partially refinance debt as well as fund capital expenditures and general corporate requirements, subject to regulatory approval.

In an e-mail to reporters on Wednesday, the Securities and Exchange Commission (SEC) said it received the registration statement of the company on Dec. 20.

It will be part of Century Properties’ P6-billion debt securities program the company also filed with the commission for shelf registration. The other tranches of the debt securities program may be issued within three years.

Meanwhile, the initial tranche comprises P2 billion worth of five-year fixed-rate retail bonds due in 2027, along with an oversubscription option of up to P1 billion.

Century plans to list the bonds at the Philippine Dealing & Exchange Corp. by next year after securing regulatory approvals.

According to its preliminary prospectus dated Dec. 17, the company plans to use P1 billion of net proceeds to partially refinance debt, P959 million to fund capital expenditures for horizontal affordable housing developments, and P985 million to fund general corporate requirements.

The company mandated China Bank Capital Corp. as the sole issue manager, lead underwriter, and bookrunner for the transaction.

On Wednesday, Century Properties’ shares at the stock market closed inched up 1.27% or 0.005 centavos to close at 40 centavos apiece. — Keren Concepcion G. Valmonte

What are Pinoys drinking?

December 30, 2021 | 12:05 am

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Fruity wine from the Iberian Peninsula

WE can talk all day about wine trends, but what are Filipinos really drinking?

Data collected by wine marketplace Winery.ph saw 54 bestsellers each given the company’s own Kavino Choice Award, out of the 2,000 different bottles they have on stock. From these, Chris Urbano, Winery.ph Managing Director and Chief Sommelier and his team constructed a taste profile of the Filipino wine drinker. “It’s the only real data-backed picture of what Filipino wine drinkers actually enjoy, not what foreign wine critics and importers think we should enjoy and place on supermarket shelves,” he said.

“The data comes from the sales of Winery.ph only. Historically, foreign wine merchants have dictated what’s on supermarket shelves by having importers pay listing fees. As a marketplace, Winery.ph is open to all importers, and it costs nothing to list wine with us, so our data is a more democratic representation of the Filipino palate,” said Mr. Urbano in an e-mail to BusinessWorld.

In an e-mail, they listed the criteria they used for selecting the bestselling wines.

Only products listed on the Winery.ph online marketplace for at least six months of the calendar year are eligible for consideration, and award coverage is limited to wines with regular single bottle selling prices of ₱300 to ₱2,500. The selections are made on the basis of average monthly gross sales value, and sales volumes made under selective promotions (like flash and clearance sales) are excluded from analysis and selection decisions. Erratic purchases far above average order value are excluded from the analysis.

“All of the winners were determined by the number of units sold, so it’s a true reflection of what Filipinos actually like,” said Mr. Urbano.

“Dealto Crianza is our top-seller out of all 54 wines in the awards — probably because it’s the most value-for-money certified-Rioja wine in the Philippine market today,” he said.

Other winners for red wines under P1,000 include: Matsu El Picaro (Toro, Spain), Amnesia Red (Alentejo, Portugal), Aloe Tree Shiraz (Western Cape, South Africa), Gonzalez Byass Beronia Crianza (Rioja, Spain), Beringer Founders’ Estate Pinot Noir (California, USA), Mont Rocher Carignan (Herault, France), Jack Estate M-R Series Cabernet Sauvignon (Coonawarra, Australia), Mitolo The Nessus Shiraz (McLaren Vale, Australia), Guadalupe Red (Alentejo, Portugal), Pepperwood Grove Cabernet Sauvignon (California, USA), and Valdivieso Cabernet Sauvignon (Central Valley, Chile).

Spanish and Portuguese wines dominate the list. “The range has been dominated by wines from the Iberian Peninsula over the past few years. This underscores the great value for money to be had from the Spain and Portuguese wine industries, and reflects that fruit-forward wine styles appeal to the Filipino palate,” said Mr. Urbano. “It definitely helps that these pair extremely well to any Spanish-inspired dishes like relleno, lechon, or menudo (stuffed chicken, whole roast pig, and a dish of pork and liver cubes) — key influences on modern Filipino cuisine.”

The more premier lines with an upper price limit of P2,500 also saw a dominance of wines from the Iberian Peninsula, but wines from more terroirs, such as those from France, Italy, and the Americas also prove popular. The list includes: Gonzalez Byass Beronia Reserva (Rioja, Spain), Dealto Reserva (Rioja, Spain), Cloudy Bay Pinot Noir (Marlborough, New Zealand), All Saints Sangiovese Cabernet (Rutherglen, Australia), Quinta do Quetzal Reserva Red (Alentejo, Portugal), Pra Vinera Reserve Cabernet Sauvignon (California, USA), Château La Gurgue Margaux Bordeaux Blend (Bordeaux, France), St. Francis Cabernet Sauvignon (Sonoma County, USA), Baron Philippe de Rothschild Mouton Cadet Reserve (Medoc, France), Claymore “Dark Side of the Moon” Shiraz (Clare Valley, Australia), Batasiolo Barolo Nebbiolo (Piedmont, Italy), and Kaiken Ultra Malbec (Mendoza, Argentina).

For white wines under P1,000, they’ve deduced that New Zealand Sauvignon Blanc is still popular. The full list includes Mayfly Sauvignon Blanc (Marlborough, New Zealand), Printhie Mountain Range Sauvignon Blanc (Orange, Australia), Montsable Chardonnay (Pays d’Oc, France), Amnesia White (Alentejo, Portugal), Kung Fu Girl Riesling (Columbia Valley, USA), Rooks Lane Chardonnay (Murray Darling, Australia), Aloe Tree Chenin Blanc (Western Cape, South Africa), Deakin Estate Moscato (Murray Darling, Australia), Beringer Founders’ Estate Chardonnay (California, USA), Mont Rocher Viognier (Pays d’Oc, France), The Ned Sauvignon Blanc (Marlborough, New Zealand), and Spy Valley Satellite Sauvignon Blanc (Marlborough, New Zealand).

Of the more premier line from this category, the winners include Cloudy Bay Sauvignon Blanc (Marlborough, New Zealand), Cloudy Bay Chardonnay (Marlborough, New Zealand), Chrismont La Zona Pinot Grigio (King Valley, Australia), Craggy Range Te Muna Sauvignon Blanc (Martinborough, New Zealand), Cape Mentelle Chardonnay (Australia), Cakebread Cellars Sauvignon Blanc (Napa Valley, USA), Gustave Lorentz Gewürztraminer (Alsace, France), Greywacke Sauvignon Blanc (Marlborough, New Zealand), Jean-Max Roger Cuvée Marnes Et Caillottes Sancerre (Loire Valley, France), Baron Philippe de Rothschild Escudo Rojo Reserva Chardonnay (Casablanca Valley, Chile), Sons of Eden Freya Riesling (Barossa Valley, Australia), and Ferro13 The Lady Pinot Grigio (Delle Venezie, Italy).

On the white wines, Mr. Urbano says, “There are also signs that Pinot Grigio is becoming a new it-grape in the wine market, while fruitier, off-dry Riesling and Gewürztraminer are starting to find favor, perhaps because of their great potential for pairing with spicy Asian food.”

Finally, for the sparkling wine category, Winery.ph lists the following as their bestsellers: Chandon Brut Sparkling NV (Mendoza, Argentina), Aimery Crémant de Limoux Grande Cuvée 1531 NV (Languedoc-Roussillon, France), Sassetti Livio Valdobbiadene DOCG Prosecco Superiore Brut NV (Veneto, Italy), Deakin Estate Azahara Sparkling Chardonnay / Pinot Noir (Murray Darling, Australia), Valdivieso Sparkling Brut Rosé NV (Central Valley, Chile), and Gustave Lorentz Crémant d’ Alsace Brut NV (Alsace, France).

“Popular with customers are Italian Prosecco for its value for money and New World sparkling Chardonnay and Pinot Noir for their fruitiness. Regions like Chile and Argentina also make the cut as bestsellers,” Mr. Urbano observed. “This list proves that you don’t have to spend much to enjoy terrific sparkling wines,” with Champagne of course, being top of mind in the popular consciousness.

Mr. Urbano makes some observations based on the winners: “A majority of the wines that won this year are fruit-forward, meaning that Filipinos appreciate (it) when their wine is led with fruit flavors like berries and citrus versus more savory notes like spices and wood.”

Basing this observation on their sales data, he said, “We can say that many Filipino drinkers appreciate two things out of their wine: fruit-forward flavors and value for money. It also tells us about where the Filipino wine drinker is today: from buying familiar big-name brands and varieties, they are now transitioning toward a stage where they’re more confident about what they like and more adventurous with what they want to try. This can be seen in the appearance of lesser-known varieties like Gewurztraminer, Riesling, and Barolo on the list.”

He also noticed that, “The data is a reflection of the fact that Filipinos are discovering that quality and price don’t always go hand-in-hand. This is a great position to be, because it is allowing more Filipinos to become more adventurous — not just with varieties, but also with brands and wine regions. The world of wine can be intimidating, but with more Filipinos finding wines they love at affordable prices, it shows that it’s not as expensive or elitist a hobby as it can sometimes appear. Wine can be enjoyed by every Filipino,” he said.

“Our mission is ‘Vino for the Filipino,’ and this means helping to unearth the Philippines’ own unique wine palate and empower our customers with the confidence to drink and enjoy wine on their terms.” — Joseph L. Garcia

Prime Strategic Holdings makes tender offer for Apex Mining shares

December 30, 2021 | 12:04 am

APEX MINING Co., Inc. said on Wednesday that it received a letter from Prime Strategic Holdings, Inc. about its newspaper notice to make a mandatory tender offer for the listed mining company’s shares at a price of P1.30 per apiece.

In a disclosure, Apex Mining received the tender offer report from Prime Strategic Holdings to acquire up to 2,213,358,981 common shares through a tender offer to all shareholders.

It set the start of the tender offer period on Feb. 14 and its end on March 14, 2022.

After the tender offer period, Apex Mining said it would make the appropriate disclosures upon receipt of the results from the bidder.

In its letter, Prime Strategic Holdings said the common shares excluded from the tender offer are those held by Devoncourt Estates, Inc., Lakeland Village Holdings, Inc., Monte Oro Resources & Energy, Inc. and members of the Apex Mining’s board of directors and officers.

On Wednesday, Apex Mining shares rose by 6.62% or nine centavos to close at P1.45 apiece.

Apex Mining’s consolidated revenues grew by 9% to P5 billion as of the third quarter of 2021, from P4.6 billion in the same period the year before.

However, the nine-month bottom line showed a net loss of P136 million from P991.3 million in the same period in 2020. — Luisa Maria Jacinta C. Jocson

Giant statues unveiled along EDSA

December 30, 2021 | 12:04 am

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TWO six-story high statues have been unveiled at the entrance of the 4.8-hectare DoubleDragon Meridian Park along EDSA in the Bay area. The stainless-steel sculptures by artist Jefrë Figueras Manuel (a.k.a. JEFRË) are called Bayani, which depicts a young person, and Pag-Asa, which depicts a figure waving at passersby along EDSA.

“I believe that the Filipino youth have the potential to be recognized as active participants in worldwide activities, hence the globe for the head. They’re both composed of very hard metal that is polished and brushed to perfection — very much like the story of the Filipino youth,” said the artist in a statement.

“We hope that this tribute to the Filipino youth, Bayani and Pag-asa, will in some way or another spark inspiration in our hearts and minds to remind all of us that the Philippines has what it takes to become a highly prosperous first world country,” said DoubleDragon and DDMP REIT, Inc. Chairman Edgar “Injap” Sia II.

The statues are expected to “complement and enhance DoubleDragon Meridian Park’s position as the most desirable office and commercial address” in the Bay Area of Pasay City, said a company statement.

Huawei, Honor, and Motorola planning to launch new foldable phones in China

December 30, 2021 | 12:03 am

HUAWEI Technologies Co., its spinoff brand Honor and Lenovo Group Ltd.’s Motorola introduced plans for new foldable phones in recent days, betting on the nascent form factor to win over the ultra-competitive Chinese market.

Each company is billing its upcoming device as a top-of-the-line handset, with Huawei pricing its P50 Pocket at 8,988 yuan ($1,410), its first foldable flagship and a Lenovo executive teasing Motorola’s third attempt at a Razr clamshell handset. Huawei is already selling its foldable device in China after announcing it in a streamed event on Dec. 23.

The smartphone market is expected to grow to 1.35 billion shipments in 2022, according to IDC data, and novel form factors and capabilities like 5G wireless networking will be key to winning over customers. Market leader Samsung Electronics Co. is already several generations into its foldables lineup, which saw its best sales yet with the release of the $999 Galaxy Z Flip 3 clamshell in August. Leading Chinese brands Xiaomi Corp. and Oppo both launched their own book-like Android devices this year while close competitor Vivo has experimented with various form factors as well. Apple, Inc. has considered the category but there are no foldable iPhones imminent.

Honor, which was sold to a government-backed consortium last year, and Motorola are looking to break into the top tier of global brands while Huawei is attempting to stage a recovery after being derailed by Trump-era sanctions. The P50 Pocket is powered by Qualcomm, Inc.’s Snapdragon 888 chipset, replacing Huawei’s in-house HiSilicon processors that it can no longer produce. Qualcomm is allowed to supply Huawei with 4G-capable variants of its silicon, limiting the appeal of the Chinese firm’s offerings at a time when 5G is an expected feature. The new foldable also runs Huawei’s Harmony OS rather than the much more universal Android, another effect of US sanctions.

The domestic market is a focus for all Chinese companies introducing foldables today in part because of the tech-savvy consumer base and in part because of Samsung’s relative lack of success there. The Galaxy device maker has established a lead in technology and market position in the US and Western Europe and it has the advantage of producing its own flexible display panels. — Bloomberg

‘The Golden Year of PHL Sports’

December 30, 2021 | 12:03 am

Says POC president Tolentino of year 2021

FOR PHILIPPINE Olympic Committee (POC) president Abraham Tolentino, the country’s breakthrough performance in the Tokyo Games last August opened doors for the country to produce more golden moments in future editions.

“Yes, the Filipino athlete can win in the Olympics. Yes, we have the capability and we will build on that success,” said Mr. Tolentino.

The optimism came after weightlifter Hidilyn Diaz delivered the country’s first Olympic gold medal in Tokyo where she had a total lift of 224 kilograms — 97kgs in the snatch and 127kgs in clean and jerk.

It capped what had become the country’s best finish in the history of its Olympic participation as boxers Nesthy Petecio, Carlo Paalam and Eumir Marcial snared a pair of silvers and a bronze, respectively, to add to the massive haul.

“This is a year of congratulations for all of us — for breaking several milestones in our sports,” said Mr. Tolentino. “The perfect description for this year is The Golden Year of Philippine Sports.”

It was made memorable that it happened amid the challenges posed by the COVID-19 pandemic.

“The year 2021 saw us attain multiple medals highlighted by that elusive gold in the Tokyo Olympics,” Mr. Tolentino said.

“The Covid-19 pandemic may have slowed us down, but the ever resilient Filipinos have again proven that we rise against the odds.”

Aside from the Tokyo medallists, the congressman from Tagaytay sees medal prospects in other Olympians.

“Although the rest on Team Philippines didn’t win a medal in Tokyo, their determination and their youth make them strong candidates when we return to the Olympic stage in Paris,” he said. “Remember, Ms. Hidilyn was a young, unassuming and innocent 18-year-old when she competed in her first Olympics in 2008 in Beijing.” — Joey Villar

Typhoon Odette affects over 50 McDonald’s stores, one remains closed

December 30, 2021 | 12:03 am

OVER 50 McDonald’s Philippines stores were said to have been hit by Typhoon Odette but the majority have since resumed operations and only one remains closed.

“We closed as many as 53 stores but was able to open them at a limited capacity over the past days,” McDonald’s Philippines PR and Communications Senior Manager Meryl Adiel T. Hernandez said in an e-mailed response to questions on Dec. 29.

“To date, we only have 1 store closed, McDonald’s store in ICM Mall Cebu,” she added.

The six regions affected by the typhoon have since been put under a state of calamity. These include Mimaropa, covering the provinces of Mindoro, Marinduque, Romblon, and Palawan; Western, Central, and Eastern Visayas; Northern Mindanao; and Caraga, with Siargao, Dinagat Islands, and Surigao City.

McDonald’s Philippines said the stores’ reopening is a priority. The stores are currently powered by the company’s power generators.

“It allows our people to continue to work and earn, and become a safe place for our customers to get a hot meal, and even charge their phones,” Ms. Hernandez said.

The fastfood chain is still waiting for full power restoration as well as the arrival of more supplies.

The company has pledged 150,000 meals for typhoon victims through its Kindness Kitchen initiative. It said special deliveries are made through air freight for hard-to-reach areas amidst logistical challenges.

McDonald’s Philippines Managing Director Margot Torres said that it has corporate partners for the initiative, such as Coca-Cola Philippines and Andrew L. Tan’s Emperador, Inc. and Megaworld Corp.

Golden Arches Development Corp., a partnership between the Tan-led Alliance Global Group, Inc. and the George Yang group, is the sole operator of McDonald’s Philippines.

“To date, we’ve already served 24,000 meals in areas like Cebu, Bohol, Iloilo, Palawan, Surigao, and Leyte,” Ms. Torres told the ABS-CBN News Channel on Wednesday. “By the end of the year, we should serve 30,000 meals.”

The rest of the meals will be distributed by January.

“Currently, we already have a number of special deliveries making their way to our stores in Butuan and Surigao to be distributed to communities nearby,” Ms. Hernandez said.

“We also have a number of container vans that are still on the way to Visayas and Mindanao to provide assistance, however are held up while awaiting roads to fully clear and reopen,” she added. — Keren Concepcion G. Valmonte

Israel’s SavorEat launches personalized plant-based 3D printed burgers

December 30, 2021 | 12:03 am

HERZLIYA, Israel — Israeli foodtech firm SavorEat on Tuesday launched a plant-based burger system personalized to each customer, one of the first companies to use 3D printing technology to cook food.

Typically, vegan burgers from companies like Impossible Foods and Beyond Meat are frozen and later cooked on a grill.

SavorEat’s technology, however, are made on site by a self-contained 3D printer with three cartridges containing oils and other ingredients. Customers can choose how much fat and protein they want in each burger, which takes about six minutes to cook.

“It’s a mix of innovation of meat alternative and digital manufacturing where we can also cook the product,” Racheli Vizman, SavorEat’s chief executive, told Reuters.

She said the firm’s burgers are made with a combination of potato and chickpea and pea protein.

Demand for meat alternatives by health and environmentally conscious consumers has jumped in recent years, while alternative protein startups raised more than $3 billion in 2020. Another Israeli company, Redefine Meat, last month started to deploy meatless whole cuts in European restaurants.

SavorEat, funded mainly by Israeli institutions and whose Tel Aviv-listed shares rose 11% on Tuesday, said its products would initially be served at a local burger chain.

The company is also collaborating with food service firm Yarzin Sela that supplies Israeli high-tech companies and forged a deal with Sodexo to serve its vegan burgers to US universities.

“There is a growing segment of people called ‘flexiterian’ — people that are actively trying to look for meat alternatives to reduce their meat consumption,” Ms. Vizman said, citing about one-third of the US population.

Oded Shoseyov, chairman and chief scientist of SavorEat, said the firm is also working on a plant-based version of a pork breakfast sausage for the US market. — Reuters

Term deposit yields down on Omicron fears

December 30, 2021 | 12:03 am

YIELDS on the central bank’s term deposits slipped on Wednesday, as demand inched higher due to ample liquidity and amid concerns on the impact of the Omicron variant.

Demand for the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) reached P534.487 billion on Wednesday, the last offering for 2021. This surpassed the P400-billion auctioned off by the central bank as well as the P508.198 billion in bids seen last week.

Broken down, bids for the one-week term deposits amounted to P196.26 billion, well above the P170-billion offering and below the P202.415 billion in tenders logged the previous Wednesday.

Accepted rates were from 1.72% to 1.78%, wider than the 1.725% to 1.7675% seen a week ago. This brought the average rate of the seven-day papers to 1.7428%, dipping by 0.67 basis point (bp) from the 1.7495% quoted previously.

Meanwhile, the 14-day papers fetched bids amounting to P338.227 billion, higher than the P230-billion offer as well as the P305.783 billion recorded on Dec. 22.

Lenders sought for yields ranging from 1.765% to 1.83%, tighter than the 1.76% to 1.88% band logged a week earlier. With this, the average rate of the two-week deposits declined by 2.95 bps to 1.8011% from 1.8306% in the prior auction.

The BSP has not auctioned 28-day term deposits for more than a year to give way to its weekly offering of bills with the same tenor.

“The auction results continue to show strong interest from market participants for the BSP’s deposit facility amid sustained ample liquidity in the financial system,” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said yields were lower as investors worry over the impact of the newest variant of the coronavirus disease 2019 (COVID-19).

“Concerns over the Omicron variant and the increase in COVID-19 cases in some countries could lead to some restrictions and could slow down global economic recovery and could also potentially ease demand/inflation,” Mr. Ricafort said in a Viber message.

In the Philippines, the infection rate has edged higher in the previous days. Cases rose by 421 on Tuesday to bring the total to 9,750, based on data from the Department of Health. Authorities have warned that cases in Metro Manila have been increasing over the holidays.

The Philippines has already detected four cases of the Omicron variant as of Tuesday.

The US and countries in Europe, as well as Australia, and China, among others, are also seeing cases spike in recent weeks.

The central bank on Wednesday said it expects inflation to range between 3.5% and 4.2% in December. BSP Governor Benjamin E. Diokno said lower oil prices could cause inflation to ease, although Typhoon Odette caused higher food prices.

In November, inflation stood at 4.2%, easing from the 4.6% in October but still above the BSP’s 2-4% target. Inflation year to date was at 4.5%, which is still above the central bank’s 4.4% forecast for 2021. — Luz Wendy T. Noble

Facebook pushes ahead with New York Farley project in bet on offices

December 30, 2021 | 12:02 am

IT’S BEEN a bright spot for a New York office market that has been hit hard by the pandemic: Technology companies have continued to sign leases in Manhattan even as employees work remotely.

That includes Meta Platforms, Inc., formerly known as Facebook, which is betting on offices despite the disruptions caused by the pandemic. While many companies have reduced their space, the social media giant is expanding in New York, with a goal of bringing workers back early in 2022.

Last year, Meta signed a lease for the redeveloped Farley Building across from Pennsylvania Station. It was the largest New York office deal in 2020. The company will occupy 730,000 square feet (67,800 square meters) at the former post office and employees will begin relocating there next year. Vornado Realty Trust, a major Manhattan landlord, developed the space, which is a central piece of a new technology and finance corridor that is taking shape just west of Madison Square Garden. That includes Hudson Yards, where Facebook already has an office and is renovating additional space with plans to move more people there in 2022.

Bloomberg got a tour of the new offices, which will be fitted with game and music rooms, art installations, libraries, cafes and expansive outdoor terraces.

The Farley Building, built in 1912, features 18 foot-high ceilings, large windows and a wraparound roof terrace for events.

Farley, a registered historic landmark, retains its original elevator banks, which Meta will convert into 1,500-square-foot libraries to be “focus areas” for employees. Desks will be situated in clusters near windows where natural light will filter in, while meeting spaces will be closer to the center of the floorplans.

The company’s office at 30 Hudson Yards, which features a cafe and event spaces, has 360-degree views.

The large windows at the Hudson Yards office provide views to the east where One Vanderbilt and the Chrysler Building are visible. — Bloomberg

Converge increases international network capacity by 1.3Tbps

December 30, 2021 | 12:02 am

CONVERGE ICT Solutions, Inc. said it increased its international network capacity by 1.3 terabits per second (Tbps) through its C2C (city-to-city) cable system, the company said in a statement on Wednesday.

The cable system connects the Philippines to Hong Kong, Taiwan, Singapore, Japan, Korea, and China. Converge said it is part of the EAC-C2C (East Asia Crossing-city-to-city) network, which spans 17,000 kilometers.

“It is our vision to make the Philippines a digital hub in Asia and securing much-needed international bandwidth is key to realizing this vision,” said Dennis Anthony H. Uy, founder and chief executive officer of Converge.

“We’re strengthening our international capacity portfolio in anticipation of tremendous demand in data in the coming years within and outside of Asia,” he added.

One Tbps is equivalent to 1,000 gigabits (Gb) of data that passes through the network with each second. Out of the 1.3 Tbps, 700 Gb per second is already active.

The additional 1.3 Tbps capacity going to Converge’s points of presents ensures that its connection is “fully redundant.” Converge said network connectivity will be maintained even if there would be a submarine cable outage.

“This additional capacity ensures sufficient and cost-effective connectivity for the fast-growing customer base of Converge, both residential and business,” Converge Chief Operations Officer Jesus C. Romero said.

On Wednesday, Converge shares at the stock exchange closed unchanged at P32.10 each. — Keren Concepcion G. Valmonte