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Hacker tournament brings together world’s best in Las Vegas

IMAGE VIA DEFCON HACKING CONFERENCE/FACEBOOK

LAS VEGAS — A team of hackers from two US universities won the “Capture the Flag” championship, a contest seen as the “Olympics of hacking,” which draws together some of the world’s best in the field. 

In the carpeted ballroom of one of the largest casinos in Las Vegas, the few dozen hackers competing in the challenge sat hunched over laptops from Friday through Sunday during the DEF CON security conference that hosts the event. 

The winning team included participants from Carnegie Mellon University, its alumni, and the University of British Columbia. 

The contest involves breaking into custom-built software designed by the tournament organizers. Participants must not only find bugs in the program but also defend themselves from hacks coming from other competitors. 

The hackers, mostly young men and women, included visitors from China, India, Taiwan, Japan, and South Korea. Some worked for their respective governments, some for private firms and others were college students. 

While their countries may be engaged in cyber espionage against one another, the DEF CON CTF contest allows elite hackers to come together in the spirit of sport. 

The reward is not money, but prestige. “No other competition has the clout of this one,” said Giovanni Vigna, a participant who teaches at the University of California in Santa Barbara. “And everybody leaves politics at home.” 

“You will easily find a participant here going to another who may be from a so-called enemy nation to say ‘you did an amazing job, an incredible hack.’” 

The game has taken on new meaning in recent years as cybersecurity has been elevated as a key national security priority by the United States, its allies and rivals. Over the last 10 years, the cybersecurity industry has boomed in value as hacking technology has evolved. 

Winning the title is a lifelong badge of honor, said Aaditya Purani, a participant who works as an engineer at electric car maker Tesla Inc. 

This year’s contest was broadcast for the first time on YouTube, with accompanying live commentary in the style of televised sports. 

DEF CON itself, which began as a meetup of a few hundred hackers in the late 1990s, was organized across four casinos this year and drew a crowd of more than 30,000, according to organizing staff. 

On Saturday afternoon, participants at the “Capture the Flag” contest sat typing into their laptops as conference attendees streamed in and out of the room to watch. Some participants took their meals at the tables, munching on hamburgers and fries with their eyes fixed on the screens. 

Seungbeom Han, a systems engineer at Samsung Electronics, who was part of a South Korean team, said it was his first time at the contest and it had been an honor to qualify. 

The competition was intense and sitting for eight hours a day at the chairs was not easy. They did take bathroom breaks, he said with a laugh, “but they are a waste of time.” — Reuters

Russia forecasts export gas price will more than double in 2022 

Gazprom headquarters in Moscow, Russia. — WIKIMEDIA COMMONS

MOSCOW — Russia forecasts its average export gas price will more than double this year to $730 per 1,000 cubic meters before gradually falling until the end of 2025, as pipeline gas exports decrease, an economy ministry forecast seen by Reuters showed. 

Gas flows from Russia, Europe’s top supplier, are running at reduced levels this year after one route was shut when Moscow sent troops into Ukraine in February, some European countries were cut off for refusing to pay for gas in rubles, and a dispute broke out over repairs to a turbine for the Nord Stream 1 pipeline from Russia to Germany. Gas prices have surged as a result. 

Russia’s economy ministry forecasts that pipeline gas exports by Gazprom will fall to 170.4 billion cubic meters (bcm) this year, compared to its forecast published in May of 185 bcm and versus 205.6 bcm exported — in 2021. 

It anticipates the gas volumes will continue to fall beyond this year but did not give any explanation. 

As a result of already tight supplies, Gazprom’s average gas price was forecast to be $730 per 1,000 cubic meters (cm) in 2022, more than double the $304.6 per 1,000 cm charged last year, and representing a 40% increase compared to the previous forecast of $523.3 per 1,000 cm. 

RISING OIL OUTPUT 

Russia has started to gradually increase its oil production after sanctions-related curbs and as Asian buyers have increased purchases, leading Moscow to increase its forecasts for output and exports until the end of 2025, the document showed. 

Gazprom has also said gas supplies are increasing to China, but has not provided detail and Europe remains by far the bigger market for Russian gas. 

Higher oil export volumes, coupled with rising gas prices, would help Russia to earn $337.5 billion and $255.8 billion from energy exports this year and next, respectively. The economy ministry did not reply to request for a comment. 

Last year, Russia earned $244.2 billion from energy exports, the ministry said. Overall, economy ministry forecasts seen by Reuters earlier this week suggest Russia’s economy is dealing with sanctions better than Moscow initially feared and will contract less than expected. — Reuters

Marcos OK’s review of BOT Law rules

PHILIPPINE STAR/ MICHAEL VARCAS

By Diego Gabriel C. Robles

THE NATIONAL Economic and Development Authority (NEDA) has been directed by President Ferdinand R. Marcos, Jr. to review certain provisions of the revised rules of the Build-Operate-Transfer (BOT) Law.

“We have already received the President’s directive to review the implementing rules and regulations (IRR) of the BOT Law. We are presently awaiting the convening of the committee to review the rules,” Socioeconomic Planning Secretary Arsenio M. Balisacan said during the Economic Journalists Association of the Philippines (EJAP) forum on Wednesday.

The previous administration came out with the revised guidelines for the Republic Act (RA) No. 7718 in April.

“We have received several private sector stakeholders’ comments expressing their concerns over specific provisions of the IRR. Of course, careful review of the rules requires that we perform a balancing act: encouraging private investment to promote job creation, technological innovation, and product competition while protecting the public interest,” Mr. Balisacan said.

He said the President is aware of the issues raised by the private sector on the revised rules.

Business groups and some economists have raised concern over the rules, saying it compels private proponents to shoulder more risk while relieving the government of responsibility for delayed deliverables.

However, the NEDA chief declined to give details on changes to the IRR, but said discussions might revolve around the Material Adverse Government Action (MAGA) clause and arbitration issues.

“There are many other things but some of the revisions, I believe, are useful [and] are very good, and they should be kept. But I would like to see how that will move forward,” Mr. Balisacan added.

According to Section 12.22 of the BOT Law’s revised IRR, the government cannot be taken to court for arbitration.

Additionally, it defines MAGA as “any act of the Executive branch, which the project proponent had no knowledge of, or could not reasonably be expected to have had knowledge of, prior to the effectivity of the contract; and that occurs after the effectivity of the contract, that: specifically discriminates against the project proponent; and has a material adverse effect on the ability of the project proponent to comply with any of its obligations under the contract.”

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that “the risk and income sharing should be fair for both the government and the private sector participants so that the costs, as well as the financing required, would be predictable.” 

He also noted the importance of the sanctity of contracts and clear settlement procedures in case of disputes.

Makati Business Club Executive Director Francisco Alcuaz, Jr. earlier said there is a need to cancel or defer the implementation of the revised IRR.

“The new IRR takes the ‘partnership’ out of public-private partnership by putting all the risk with (the private sector) and taking away provisions that would allow (for) a fair, predictable return,” he said.

INFRASTRUCTURE PUSH
The NEDA is still waiting for Mr. Marcos to sign the executive order (EO) before starting the review of the BOT rules.

“We have to have the presidential authority to review it,” Mr. Balisacan said, adding the review may take place as early as next week.

The NEDA, along with the Public-Private Partnership Center, is already conducting its own consultation with private sector stakeholders.

“We have to look at economics; all the angles to make sure that, in the end, it is socially beneficial, it is economically beneficial, [and] it’s financially viable… In the end, it’s all about viability and it’s the government’s objective. In the end, we don’t want projects that [are] quite risky for government,” Mr. Balisacan told reporters on the sidelines of the forum. 

The Marcos administration is looking to attract more investments in infrastructure through public-private partnership.

“In light of the fiscal bind we find ourselves in, the use of public-private partnerships (PPPs), has emerged as an essential mode of financing the infrastructure that the economy needs. We expect the infrastructure push to support present and future growth drivers such as the manufacturing, tourism, IT-BPOs, and creative sectors,” Mr. Balisacan said.

SRA faces overhaul after import mess

GRANULATED WHITE SUGAR and sugar cubes are seen in this picture illustration taken on Dec. 16, 2018. — REUTERS

By Kyle Aristophere T. Atienza and Luisa Maria Jacinta C. Jocson, Reporters

PRESIDENT Ferdinand R. Marcos, Jr. on Wednesday said the Sugar Regulatory Administration (SRA) will be reorganized, following the resignation of key officials who signed a sugar importation order without his approval.

“We’ll reorganize the SRA and then we will come to an arrangement with the industrial consumers, the planters, the millers, suppliers of sugar so that whatever available supply would be released to the market,” Mr. Marcos, who chairs the agency’s board as Agriculture secretary, said in a mix of Filipino and English.

Mr. Marcos expects the sugar agency to be reorganized “before the end of this week.”

Three members of the SRA board, including an Agriculture undersecretary who served as Mr. Marcos’ representative, quit after Mr. Marcos said he did not approve the order allowing the importation of up to 300,000 metric tons (MT) of sugar. 

The President said he is leaving it up to legislators to investigate the matter, so he can focus on resolving the sugar shortage. 

Mr. Marcos said if the remaining supply will still not be enough, “we will be forced to make an importation.” He earlier said the Philippines might only need to import 150,000 MT of sugar, half of the 300,000 MT earlier proposed by the SRA.

“It’s the same situation in all the agricultural commodities in the Philippines. We don’t want to import as much as possible. But the problem is that our production is not enough,” he said. “The price has been increasing.”

Mr. Marcos said he has been negotiating with traders to lower the price of sugar.

“They first offered P80 per kilo. But I asked them to bring it down to P70. We’re getting there,” he said.

Based on the latest data from the SRA, the average price of refined sugar in wet markets in early August rose by 79.5% to P95 per kilogram from P52.93 in the similar period a year ago. The average price of raw sugar in wet markets also climbed by 57.7% to P71.43 from P45.29.

Socioeconomic Planning Secretary Arsenio M. Balisacan expressed concern over the rising prices of sugar and their impact on local food manufacturers and small businesses.

“You need to have a balancing act. While we protect our farmers from headwinds, we also have to ensure that the tools that we employ to protect our farmers do not harm the rest of the economy, especially that we are trying to get poverty reduced and the economy moving at high-growth trajectory,” he said during the Economic Journalists Association of the Philippines forum on Wednesday.

Mr. Balisacan said they need to talk to the sugar planters to ensure there is sufficient supply.

“The supply has to grow. The local production has to grow. Imports should be allowed, otherwise prices will continue to skyrocket,” he said.

‘MONOPOLY OF THE STATE’
Leonardo A. Lanzona, who teaches economics at the Ateneo de Manila University, called for the abolition of the SRA, saying the private sector should be allowed to import freely without regulation.

“The SRA had functioned much like the National Food Authority (NFA) which regulated the supply of rice mainly through its control of imports in order to stabilize prices,” Mr. Lanzona said, recalling that the NFA was riddled with “corruption and inefficiency” and was unable to fulfill its mandate.

“We are seeing the same situation in the SRA. In this case, we should simply allow the private sector to determine the imports it needs. We should close the SRA and end the import monopoly of the state,” he added.

The government should allow foreign investors to own and operate sugar mills “to enhance competition, efficiency and innovation,” Mr. Lanzona said.

“Protection of the local sugar industry needs to be dismantled,” he said, noting that regulation has prevented sugarcane farmers from selling their products “closer to the competitive price.”

Terry L. Ridon, a former lawmaker, said without the SRA, the local sugar industry will lose government protection.

“While lowering sugar prices is certainly the concern of all, a balancing act needs to be made to ensure the survival of the local sugar industry, including poor farm workers dependent on sugar production,” Mr. Ridon said in a Messenger chat.

Industry stakeholders should disclose the actual status of local sugar supply and “answer inconvenient questions as to why sugar workers remain the poorest in the nation, despite decades of sugar plantation operations,” he added.

The SRA fiasco should prompt Mr. Marcos to designate a new Agriculture secretary, said policy analyst Michael Henry Ll. Yusingco.

“The President is primarily responsible for the entire Executive branch. For this reason, each department must have a designated secretary because the President cannot realistically give his 100% attention to every department in the Executive branch,” he said in a Messenger chat.

“A qualified person has to take care of the day-to-day operational details for him, hence the alter-ego principle.”

Mr. Yusingco said the new Agriculture secretary should be an expert in the field, not a political appointee. He noted the SRA fiasco “reflects badly on his leadership, especially if authorities find that corruption was involved.”

“The embarrassment is exacerbated by the fact that the President was actually the designated (Agriculture) secretary. Obviously, the presumption as well as the public expectation will always be that he was fully aware of the SRA’s actions and decisions.”

NO NEED FOR IMPORTS
Meanwhile, sugar producers warned the government against allowing imports at the start of harvest season.

“Our mills are starting to harvest… If this harvest is lacking, then we agree with the President’s plan to import by October. But let’s wait and see if this harvest can augment supply,” Philippine Chamber of Agriculture and Food, Inc. President Danilo V. Fausto said in an interview on DZMM Teleradyo on Wednesday.

Mr. Fausto said the combined production of sugar farmers is 8,000 MT per day. He noted there is still an unused inventory of 171,769 MT available, 75% of which is for industrial use.

“We need to visit the warehouses to verify. That’s why I am wondering if they are saying there’s a shortage. Only when we are in a shortage do we turn to importation. You will kill the sugar industry and its workers… as long as we harvest, there should be no importation,” he added.

The SRA earlier estimated that raw sugar production in the crop year ending Aug. 31 will be 1.8 million MT, down 16% from the previous season.

United Sugar Producers Federation President Manuel R. Lamata said that prices will likely stabilize soon as the milling season begins.

“We have imported sugar also arriving as earlier ordered by SRA. We hope they will also locate where the imported sugar that came in is, so that it goes to the markets to help stabilize the price,” he said in a Viber message.

Samahang Industriya ng Agrikultura President Rosendo O. So said the SRA should consult with producers, importers, distributors, and traders to determine the appropriate import volume if the need arises.

“The volume will depend, that is why we need to speak to manufacturers. Whatever the remaining balance is, it should be the only import volume cleared. We are looking at around 100,000 MT, depending on production from October to December,” Mr. So told BusinessWorld Live on Wednesday.

The Foundation for Economic Freedom (FEF) said that the sugar crisis will likely impact the income of businesses and food processors, particularly small food vendors.

“We have been informed that a number of our bottling and fruit juice companies have cut down on the number of workers they hire because of inadequate sugar supply and the soaring prices of sugar in the country,” the group said in a statement.

The FEF said that the government should shift toward more “market-based solutions” while modernizing the industry to make it globally competitive.

IMPACT ON CONSUMERS
Meanwhile, Eric Teng, president of the Restaurant Owners of the Philippines (RestoPH), said in a Viber message to BusinessWorld that restaurants serving food with high sugar content may need to raise prices.

“We all need sugar. Not just in restaurants but practically in every household. For our coffee, desserts, cakes, etc. We hope the government, the Sugar Regulatory Administration, and sugar planters can recover normal supply as soon as possible and lessen the worsening food inflation and supply problem,” Mr. Teng said.

He said restaurants may likely adjust prices “minimally” to not “scare away customers.”

“For sugar, I do not know if we have alternatives and I do not know if substitutes are acceptable. If a restaurant is serving high sugar content products, I suppose their prices need to go up,” he said.

The Philippine Chamber of Food Manufacturers, Inc. (PCFMI) Chairman and President Rita Imelda B. Palabyab said the group informed Mr. Marcos of a shortage of premium refined sugar that companies need for food and beverage products, “which is affecting their capability to produce goods.”

She said PCFMI is confident that “the solution to the sugar supply shortage, specifically premium refined sugar, will arrive very soon.”

Mondelez Philippines, Inc. said that they are “not as affected” by the sugar shortage, since their products such as chocolates, Oreo biscuits, and Tang powder juice are manufactured in other Southeast Asian countries.

“The products that require sugar are manufactured outside of the Philippines. The sugar shortage does not necessarily impact us because we have the supply for our products based in other plants in other countries. We get our products as finished goods already,” Mondelez Philippines Vice-President and Managing Director Aleli H. Arcilla said during a media briefing in Quezon City on Wednesday. — with Revin Mikhael D. Ochave and Diego Gabriel C. Robles

BSP to keep hawkish stance for rest of 2022

Customers are seen at an outdoor restaurant in Antipolo, with the Ortigas skyline in the background, May 27, 2021. — PHILIPPINE STAR/ MICHAEL VARCAS

By Keisha B. Ta-asan

BANGKO SENTRAL ng Pilipinas (BSP) Governor Felipe M. Medalla did not rule out further interest rate hikes this year, after the widely expected tightening at its meeting today (Aug. 18).

“As to whether there will be more rate hikes in the remaining meetings (this year), we will not rule them out,” he said at the Economic Journalists Association of the Philippines forum on Wednesday.

“Now exactly how many rate hikes that would require, it’s hard to forecast because a lot of the things that drive inflation may subside.”

The BSP is widely expected to raise the benchmark rate today, with most analysts forecasting a 50-basis-point (bp) increase. If realized, this would bring the benchmark rate to 3.75% from the current 3.25%

A BusinessWorld poll last week showed 13 out of 18 analysts expect the Monetary Board will raise its benchmark interest rate by 50 bps, and three seeing a 25-bp increase. Only two analysts expect the BSP to keep rates unchanged. 

The BSP is maintaining a hawkish stance as it seeks to tame inflation, which quickened to a near four-year high of 6.4% in July.

Inflation averaged 4.7% in the January to July period, above the BSP’s 2-4% target band for the year, mainly due to soaring food prices and higher transport costs.

The central bank in June raised its average inflation forecast for this year to 5%, from 4.6% previously.

For 2023, the BSP’s inflation forecast was revised upward to 4.2% from 3.9% previously. Average inflation is expected to decline to 3.3% in 2024.

“We should aim for a point lower than 4% next year and a point close to 3% in the following year. Of course, the rest of the term of the current president, (inflation) should be between 2-4%,” Mr. Medalla said. 

Socioeconomic Planning Secretary Arsenio M. Balisacan said inflation, particularly in food, may dampen the economy’s recovery as well as poverty reduction efforts.

“As Governor Medalla has already pointed out, inflation remains a challenge, especially for the poor. I want to add that food inflation, especially, is a primary determinant of poverty simply because food constitutes a more significant proportion of the expenditure of poorer households,” Mr. Balisacan said. 

“For the poorest 10% of the population, food and beverages constitute nearly 60% of food expenditures. Rapid increases in food prices could very well dampen the effect of economic growth on poverty reduction,” he added. 

Asked what measures the government could implement to bring down food inflation, Mr. Balisacan said he favors targeted subsidies for the most vulnerable sectors.

“We should not use price controls to control inflation or temper food prices, because that does more harm than good, especially for the medium and longer term now,” he said.

“What we can do instead is to use the, no matter how small, resources to target the very vulnerable, particularly the poor groups through the 4Ps or cash transfers,” he added, referring to the Pantawid Pamilyang Pilipino Program (4Ps).

Mr. Balisacan said the government is ramping up the issuance of national IDs to ensure those who are deserving of subsidies will receive them.

“Moving forward, we just need to make markets more competitive, more efficient, reducing barriers to entry particularly in sectors that are highly protected so that you don’t get into a situation where the demand is rising,” he added.

Meanwhile, Mr. Medalla reiterated the BSP’s policy settings remain supportive of economic growth despite the current tightening cycle.

Bank of the Philippine Islands (BPI) Lead Economist Emilio S. Neri, Jr. said the economy can absorb more rate hikes this year as the key policy rate is still below the pre-pandemic level.

“There are criticisms to not hike so much because the second-quarter numbers were weak. But if you think about it what was the weakness of the second quarter, it was inflation right?” Mr. Neri said in an interview on the sidelines during the forum.

“So you have to continue the fight against inflation to provide a better environment for growth. That’s why they have to continue rate hikes,” he added.

The Philippine economy expanded by 7.4% in the second quarter.

The government is targeting a 6.5-7.5% gross domestic product for this year.

D&L Industries set to export 50% of its products

D&L Industries, Inc. will target to export 50% of its products upon the rolling out of its First Industrial Township expansion next year in an economic zone in Batangas.

“We are hopeful that by the beginning of next year, the domestic economy will be in a much more stable position when things are really back to normal. And hopefully, other economies all over the world will also be back to normal and that should bode well for our export,” D&L Industries President and Chief Executive Officer Alvin D. Lao said in the Philippine Stock Exchange’s Star Investor Day on Wednesday.

The plant is located in an area under the Philippine Economic Zone Authority (PEZA), Mr. Lao said, adding that it means “we are required to export a minimum of 50% of what we make and that export target is something that we have been planning for quite a while.”

According to the Special Economic Zone Act of 1995, corporations registered with the PEZA to engage in manufacturing in the customs territory or in the non-restricted areas within the ecozone are required to export at least 50% of products produced in the area.

The Batangas expansion is expected to open at the beginning of next year after it has been delayed because of the pandemic.

In the first half, the company’s export contribution stood at 34% at P7.7 billion, a 69% growth versus last year, driven by its plants’ continued operations amid the pandemic and some market share grab.

“For our plants, we have been able to continue to operate even during [the pandemic] and even during the volatile period where raw materials’ prices were continually going up, we are able to lock in a lot of our raw material supplies and make sure that we would not get cut,” Mr. Lao said.

“We had a lot of customers who were having difficulties sourcing from their original [suppliers and] because we are able to continually access supply to our raw materials that meant we can continually service not just our existing customers but some new customers as well,” he added.

China, with its ongoing lockdowns, is expected to remain the biggest export market for D&L Industries next year.

“We’ve been able to maintain exports mostly within Asia-Pacific. We have some markets like China, which are currently experiencing a lot of lockdowns but we heard that there are some improvements announced,” Mr. Lao said.

He said there had been announcements of days of lockdowns being reduced and target dates for the return of face-to-face classes.

“There are some signs that lockdowns are going to end soon so going forward, China definitely will still be a big market for us,” Mr. Lao added.

On Wednesday, shares in D&L Industries rose by 20 centavos or 2.67% to P7.68 apiece. — Justine Irish D. Tabile

Shakey’s to spend P362 million for store expansions in second half

SHAKEY’S Pizza Asia Ventures, Inc. said that it will be fully exhausting the remaining P362 million from its capital expenditure budget this year on store expansions of its five brands in the second half.

“The team will be busy with expanding these brands and that is the priority but we’ll be on the lookout for any ‘wow-ing’ or fantastic opportunity that may come. If it comes, it comes, but what we’ll be focusing on is growing organically with the brands that we have now,” Shakey’s President and Chief Executive Officer Vicente L. Gregorio said during the Philippine Stock Exchange’s Star Investor Day on Wednesday.

In the first half, the company spent P288 million from its largest capital expenditure budget to date — P650 million — for store network expansion.

“We had the highest allocated budget for this year compared to anytime in Shakey’s history,” Mr. Gregorio said.

As of June this year, the company’s existing brands opened 10 new stores from 316 last year: seven company-owned and three franchisee-owned.

The Shakey’s group has five brands to date: Shakey’s Pizza Parlor, Peri-Peri Charcoal Chicken and Sauce Bar, Project Pie, R&B Tea, and Potato Corner.

Potato Corner, which it agreed to acquire late last year, opened 101 new outlets in the first semester, bringing its outlet network count to 1,265 excluding those in Indonesia.

“We are ready to scale up the business even more and we want to strengthen the roster of our brands to fuel growth for 2022,” Mr. Gregorio said.

Despite being present in more than 38 countries, Potato Corner remains to be “under-penetrated” locally. More establishments in the country can be tapped for outlets of the food kiosk chain, Mr. Gregorio noted.

Mr. Gregorio said: “In international, the floodgate has been opened, there have been a lot of inquiries and we just want to fine-tune our international program making sure it’s gonna be ‘wow-ing’ and profitable for all our franchise partners.”

“The brands that we have — Shakey’s, Peri-Peri, and Potato Corner — have the potential to grow domestic and international,” he added.

On the stock exchange on Wednesday, Shakey’s shares rose by 2.46% or 19 centavos to P7.92 apiece. — Justine Irish D. Tabile

Citicore’s REIT plans to grow portfolio to 950MW by 2025 

CITICORE Energy REIT Corp. (CREIT) is targeting to grow the capacity under its portfolio to 950 megawatts (MW) by 2025, its top official said on Wednesday.

In a virtual press briefing, CREIT President and Chief Executive Officer Oliver Y. Tan said that as of 2022, the total installed capacity of its tenants is at 145 megawatts of direct current (MWDc). The 121 megawatts of its sponsor’s project pipeline are yet to be infused into CREIT, he added.

The company invests in income-generating renewable energy properties. Lease income from its asset portfolio generates a steady revenue stream.

According to Mr. Tan, the Clark solar power plant accounted for 21.7% of the 145-MWDc installed capacity, which the company estimated will be able to reduce approximately 231,720 tons of carbon dioxide (CO2) annually.

For the entire design life of the power plants, the capacity translates to an aggregate reduction of 7 million tons of CO2, he added.

Mr. Tan said that CREIT is looking to expand its agro-solar projects, which allow solar plants and vegetable farmers to coexist in the area where solar power plants are being operated. The concept is said to have been pioneered by the Citicore group locally.

“We always welcome new technology, other technology as long as it is renewable and clean energy,” he said.

In the second quarter, CREIT reported a net income of P300.84 million, more than four times higher than the P65.68 million earned in the corresponding period last year.

On Wednesday, CREIT shares slipped by 1.22% or P0.03 to close at P2.42 apiece. — Ashley Erika O. Jose

Pardon My French provides food for the body and soul

SHRIMP Cocktail in sweet chili sauce

WHEN we think about French food, it’s easy to think about feasts with sauces and names that are hard to pronounce, and a snooty chef towering over one’s shoulder wincing at your choices. Thankfully, Pardon My French in Bel-Air’s Jupiter St. dispenses with the pretension and we could all just have a good time.

One doesn’t even have to sit down to have a good time.

During a launch on Aug. 15, guests were invited to sing and dance, as the restaurant is a bit of a revival of the concept of the supper club. Fellow dinner guest, folk singer Noel Cabangon, certainly did not back out from singing. It also helps that Pardon My French occupies the space vacated by live music venue Strumm’s, which closed during the pandemic.

Julio “Jun” Sy, Tao Corp. founder and president, had passed by the space and decided to lease it from the owners after the closure of Strumm’s. Tao Corp. owns Pardon My French through subsidiary, PYC Foods Corp. Pardon My French’s siblings under PYC include the trendy One World Deli, One World Kitchen, One World Butchers, and Chef Sau del Rosario’s Cafe Fleur and Sawsaw.

During dinner, Mr. Sy said that his house looked just like the restaurant, with a live band setup due to his own passion for music. Just before the pandemic, he had also picked up a passion for cooking. When they opened Pardon My French in May, he had decided to combine these two passions in one place. “I always like to say that it’s food for body and food for the soul, when you have good food and music combined.”

FOOD FOR THE BODY
The dinner kicked off with French classic Escargot, baked with garlic herb butter. Next came a shrimp cocktail in sweet chili sauce, emphasizing the French-Asian fusion in the restaurant. Still, aside from the playful addition of the fresh and tender shrimp, the dinner had yet to excite; especially since the next course was a Caesar Salad.

We were fortunately mistaken, since this salad was a reeducation in the pre-war resort classic. A whole romaine heart was topped by a crispy strip of bacon, a bit of toast and cheese as a giant crouton, a six-minute egg, and an anchovy dressing that combined French methods with the original Caesar dressing. For a salad, it was robust, and strangely filling despite its spareness.

Next came a Pondicherry Prawn Curry Indienne, named after the French foothold in India. During the colonial period, the colonizers shared their own culinary traditions with the locals, resulting in a curry made with cream and white wine, a recipe replicated in this version. The next course was Chateaubriand, tenderloin oven-roasted and topped off with mustard and herbes de provence. The curry was addictively spicy, with perfectly tender prawns. The steak, meanwhile, coming from the restaurant’s sibling One World Deli, through US-based brand Braveheart Beef, was soft and moist, sure — there was nothing much to say because the meat’s quality said everything. However, both the curry and the steak share a characteristic that makes one think twice while eating: should one keep chomping to maintain the high of the taste, or should one slow down and savor?

Dessert was a lovely Lemon and Mascarpone Cheesecake (perfectly cream), and a dark chocolate delice (light, almost like fluff, but creamy and substantial; not to mention rich in its chocolate taste).

Another Tao group member had been a distributor of Indonesian coffee brand Kopiko in the Philippines. Mr. Sy said that in 2018, there was a pivot from their companies from importation and distribution to go into the food and beverage sector, partly due to a confidence in the Philippine market.

“We’re going to be a very fast-rising middle-class market,” he told BusinessWorld in an interview, crediting this to a young population. “Despite the pandemic, we believed in the future of F&B.”

We’ve tried it out in some of the other restaurants in the group, and noticed that food there is made seriously, but not taken too seriously. It’s good to have a very good meal with very little fuss. Mr. Sy said, “We try not to be pretentious about things. We want to be as authentic as we can.”

During his speech, Mr. Sy noted that there were once two birthday parties held at Pardon My French. “You could see that the old folks were behaving like kids, and the young kids were behaving like adults,” he said with a bit of laughter. During our visit there, what he said was true: the “kids” (20 and early 30-somethings) were busy fixing their things and rushing home, while the “adults” (they’d rather not talk about their ages) had zero pretensions and were as authentic as they could be: dancing to “Dancing Queen,” as performed by the house band.

Pardon My French is located at 110 Jupiter St., Bel-Air, Makati. The restaurant is closed on Mondays. For reservations, contact 0917-823-0091. — Joseph L. Garcia

Meralco seeks competitive bids for 200-MW supply

MANILA Electric Co. (Meralco) has sought competitive offers for the supply of 200 megawatts (MW) of baseload supply starting in 2024.

In a press release on Wednesday, Meralco said it has started the competitive selection process (CSP) to challenge Solar Philippines Batangas Baseload Corp. (SPBBC).

SPBBC offered a P4.65 per kilowatt-hour (kWh) headline rate at a 100% plant capacity factor and a similar rate for a levelized cost of electricity for 20 years. The company proposed to source the supply and guaranteed output from its 1,800-MW solar project and 1,800 MW-hour (MWh) battery storage currently under development.

SPBBC assures 24/7 availability of supply through its backup power from other plants in its renewable energy (RE) portfolio.

Meralco’s third-party bids and awards committee said that interested bidders have until Aug. 31 to submit their expression of interest. The pre-bid conference is set for Sept. 1, while the deadline for bid submission is on Oct. 5.

It said late submissions and requests for additional time will not be allowed in all stages of the bidding process.

Based on the CSP’s approved terms of reference, the supply may be sourced from a single or portfolio of power plants provided that commercial operations are not earlier than February 2019 but not later than March 2024.

The CSP further provided that the power supply will cover full contract capacity. Meralco said that if an RE portfolio is not available, the power supplier may supply from any source other than the wholesale electricity spot market.

Last month, Meralco also sought bidders to challenge Ahunan Power, Inc.’s proposal to supply 500-MW of Meralco’s mid-merit requirements from RE starting in 2026.

According to Meralco, the CSP round is in compliance with the Department of Energy’s Renewable Portfolio Standards or RPS policy and part is part of the power distributor’s efforts to source 1,500 MW of its requirements from RE sources.

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. — Ashley Erika O. Jose

Conrad honors Champions of Sustainability

CONRAD Manila’s Champions of Sustainability 2022 with their Prosperity Bags to celebrate Mid-Autumn Festival

CONRAD Manila recently recognized six outstanding Filipinos as Champions of Sustainability for their commitment and meaningful contribution in driving the social, environmental, and commercial welfare of various communities.

Named as Champions of Sustainability were Ormoc Mayor Lucy Torres-Gomez, People Asia Magazine editor Joanne Rae Ramirez, Masungi Georeserve Managing Trustee Ann Dumaliang, social entrepreneur Illac Diaz, Maginhawa Community Pantry founder Ana Patricia Non, and artist Leeroy New.

The hybrid recognition was held in celebration of the coming Mid-Autumn Festival, themed “Prosperity” as an homage to the awardees’ accomplishments in line with the hotel’s Travel With Purpose advocacy.

Conrad Manila’s General Manager Linda Pecoraro said in a statement, “As we will soon welcome the Mid-Autumn Festival celebration, we would like to give tribute to six Champions of Sustainability. They all represent prosperity — through inspiring others and contributing to various sustainable endeavors throughout the country. They have shown how we can all be purposive now and in the future. We celebrate the Mid-Autumn Festival or Lunar Reunion through Filipino elements and Chinese traditions.”

A highlight of the event was the official unveiling of Conrad Manila’s Mid-Autumn Prosperity handcrafted bags, which was presented to each Champion of Sustainability. It is the brainchild of the Conrad Manila team together with Filipina artisan Reese Fernandez Ruiz of Rags2Riches. Each “Lunar Prosperity” bag, which comes in two signature colors — Periwinkle Blue and Coral — is packed with Conrad Manila’s signature mooncakes, specially prepared by Executive Chef Eng Yew Khor of China Blue by Jereme Leung and his team.

PROMOTERS OF SUSTAINABILITY
Celebrity and Mayor of Ormoc, Leyte Lucy Torres-Gomez was the first awardee. Prior to her first term as mayor this year, she had served as Representative of the 4th district of Leyte since 2013. According to a statement, among her “significant accomplishments as the chairperson of the House Committee on Tourism include filing House Bill No. 7229 seeking to integrate and establish pertinent policies and regulations to ensure sustainability in the tourism industry. She spearheaded the protection and restoration of the Banaue Rice Terraces; 6200: Mission Possible Project of Leyte IV, supporting relief efforts, boosting tourism, and adopting sustainability principles.”

Via Zoom, Ms. Torres-Gomez thanked the hotel. “For me being recognized as a Champion of Sustainability will only inspire me to expand my vision and efforts in my hometown. I would like to emphasize, especially in today’s event, how there is an inseparable bond between social, environmental, and climate wellness on the way to economic development. Only when profit is made with people and planet in mind that we can achieve true sustainability.” 

Next up was journalist and People Asia Magazine editor Joanne Rae Ramirez, whose magazine’s People of the Year Awards, Men Who Matter Awards, Women of Style and Substance Awards recognize people who “steer sustainable economic growth in their respective fields.” She had also served as editor of the Presidential Press Staff during the administration of former President Corazon Aquino. Ms. Ramirez is also a Rotary Club of Manila tourism awardee as “an industry leader with significant support and contributions to the development and promotion of sustainable tourism in the country.”

“It is an honor to be recognized not just for my work as a journalist, but also for my efforts to be a Champion of Sustainability. Actually, I think I am more of a soldier than a champion. A soldier who champions sustainability through everyday use of the three R’s: Reuse, Reduce, and Recycle: as a homemaker, a professional, and a citizen of this planet,” she said in a speech during the event. “We are here on a lease, and it is a privilege.”

ECO WARRIORS
Ann Dumaliang, managing trustee of the Masungi Georeserve, was awarded next. Masungi, a 450-hectare area of land, was damaged and depleted because of quarrying and deforestation. Ann and her sister Billie fought it out in protecting the land against illegal quarries and loggers. “Today, Masungi has transformed into a model for privately driven conservation, sustainable reforestation, and geo tourism; while educating the community and benefiting the local economy,” said a statement.

“I dedicate this award ultimately to our rangers who stay at the frontlines of defending our forests, and all environmental defenders who continue what they do despite the risks. The Philippines, as some of you might not know, is actually the deadliest country for land defenders in Asia for decades now. It’s a big deal that people continue their vocations despite these huge risks,” said Ms. Dumaliang.

The next awardee, social entrepreneur Illac Diaz, phoned in from Miami, Florida. Mr. Diaz is the Founder/Executive Director of the Liter of Light Foundation, a non-governmental organization that advocates for sustainable energy while providing their own lighting solutions (made of electric parts and recycled plastic bottles) to communities to combat energy poverty. “We affect one million people a year,” he said. “Truly, a business that does good, especially for the environment, for Filipinos, and of course, for all mankind, is the greatest investment of all.”

SUSTAINABILITY THROUGH COMMUNITY AND ART
While it had been announced that Maginhawa Community Pantry founder Ana Patricia Non would not be present during the awards, she had phoned in despite an illness to thank Conrad Manila for the award. “Noong sinimulan ko po ang community pantry, ang goal niya naman po ay ma-sustain ng mga tao iyong buhay nila (When I started the community pantry, its goal was to really help people sustain their lives),” she said. Her efforts during the pandemic inspired a movement to create community pantries across the nation, and led to her recognition as a US Ambassador’s Woman of Courage Awardee earlier this year.

“Ang pinaka-mahalagang i-sustain ay ang bayanihan na meron tayo na nasa culture talaga natin (The most important thing to sustain is the communal kinship that is truly in our culture),” she said.

Lastly, artist Leeroy New was awarded for his large-scale works that use recycled and sustainable materials.

He said, “I hope that by continuing to engage in this practice, I hope to show that there’s so much that can be done if we shift our attention to coming up with solutions using artistic practice as a means to be a viable solution for handling these environmental problems that we have right now.” — J.L. Garcia

Megawide lists P4-B fixed-rate bonds on PDEx

MEGAWIDE Construction Corp. listed on Wednesday P4-billion fixed-rate bonds on the Philippine Dealing and Exchange Corp. (PDEx).

“The issue received total tenders of P6.71 billion and was 2.24x oversubscribed from the P3.0-billion base issue amount during the offer period, which ran from July 28 to Aug. 05, 2022,” the company said in a statement to the stock exchange.

According to the construction company, a total of P4 billion was raised, comprised of Series A (P1.6 billion maturing in 3.5 years at a rate of 6.9506%) and Series B (P2.4 billion maturing in five years at a rate of 7.9663%).

Proceeds will be used to refinance the company’s short-term debts, fund its capital expenditures, and meet other general corporate requirements.

“Amid the global tension and local developments, the strong take-up of our maiden bonds reflects the investing community’s continued trust and confidence in Megawide’s strategic objectives and long-term direction,” Megawide Chairman and Chief Executive Edgar B. Saavedra said.

The company said RCBC Capital Corp. and SB Capital Investment Corp. served as joint issue managers, joint lead underwriters and bookrunners for the exercise, with RCBC – Trust and Investment Group acting as trustee and Security Bank Corp. as market maker.

“Megawide’s long-term growth story, anchored on its pivot to developmental infrastructure, and financial management road map sit well with investors,” said Jose Luis F. Gomez, president and chief executive officer of RCBC Capital Corp.

“We believe this is one of the main reasons why there was a very healthy demand and oversubscription for the offer,” he added.

For his part, Megawide Group Chief Financial Officer Ramon H. Diaz said the completion of the offer was “very timely,” as the company was able to issue ahead of another policy rate hike implementation by the Bangko Sentral ng Pilipinas, which could have affected the pricing.

“Aside from relieving some pressure off bank lines especially under uncertain times, we are able to stretch our maturity towers as we replace short-term with longer-term tenors,” he added. — Arjay L. Balinbin

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