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Sustainability reporting helps firms become ‘more cognizant’ of issues

FIRMS said sustainability reporting helps their companies address both the positive and the negative impacts of their businesses.

In the first two installments of the virtual Climate Investment Forum on Monday and Tuesday, listed conglomerates said they refer to available international frameworks as well as form their own reporting system for nonfinan-cial disclosures.

“We had seen that disclosing all of our positive and negative impact, actually [made us] more cognizant of the issues,” Ma. Victoria A. Tan, executive director of group risk management and sustainability at Ayala Corp., said on Monday.

“You have that responsibility to make sure that the negative impact will be addressed [as] part of risk management, [while for] the positive impact, you can amplify because it actually serves as an encouragement for others to follow,” she added.

For its part, the country’s Securities and Exchange Commission (SEC) issued Memorandum Circular No. 4, series of 2019 or the Sustainability Reporting Guidelines for Publicly Listed Companies (PLCs), which adopts a com-ply-or-explain approach.

The regulator said it is their “effort to drive publicly listed companies towards adopting a more sustainable approach in their corporate ventures.”

The guidelines provide a reporting template and PLCs are also allowed to use internationally recognized sustainability frameworks, which firms can choose depending on their goals and what they want to measure.

Metro Pacific Investments Corp. (MPIC) said the country still needs to simplify reporting frameworks for firms.

“We have to be able to fortify but simplify our frameworks and the disclosure requirements and make it relevant to what they do, and corollary to that would be assurance,” June Cheryl Cabal-Revilla, chief finance, sustainability, and risk officer at MPIC, said on Tuesday.

“Assurance would provide the discipline for accurate, fair reporting, and proper monitoring of performance and targets,” she said.

Both MPIC and SM Investments Corp. (SMIC) said sustainability reporting has to be “personal” to firms and it should be something that is done beyond compliance.

“Reporting is not the same thing as action. Reporting could really help because reporting gives you transparency as to what’s going on, it makes it hard to hide,” Timothy Daniels, consultant and head of investor relations and sustainability at SMIC said on Tuesday.

“If you do it right, it can make it very clear to you what is the priority… or what are the real risks of your business,” he added.

However, amid calls to expand sustainability reporting even for micro, small, and medium enterprises (MSMEs), reporting for smaller firms should have their own criteria that still meet the same objectives.

“There has to be a bit of a different set of criteria for SMEs as compared to PLCs, definitely, in terms of the scope, in terms of the context,” said Marla G. Alvarez, vice-president for sustainability at SM-led BDO Unibank, Inc. on Monday. — Keren Concepcion G. Valmonte

DoF urges Japan to invest more in PHL infra, manufacturing

FINANCE Secretary Carlos G. Dominguez III asked Japan on Wednesday to increase its investment in Philippine infrastructure development, manufacturing, and digitization.

Mr. Dominguez also called for stronger business partnerships in renewable energy as well as research and development.

“We have gone through a difficult episode and proved that our institutions are strong enough to keep our people safe and prosperous. We have laid down firm foundations to ensure a stable recovery towards a more inclusive economy,” he said at an economic briefing with government and business representatives in Japan.

He said that the steady decline in coronavirus disease 2019 (COVID-19) infections supports a possible full reopening of the economy by the start of next year.

As of Wednesday, the Health department reported 890 new COVID-19 infections, bringing total active cases to 17,864.

The last few months of President Rodrigo R. Duterte’s administration will be focused on speeding up the infrastructure program, Mr. Dominguez said.

“The modernization of our infrastructure should open many opportunities for Japanese businesses looking at the region for expanding their operations,” he said.

Infrastructure spending in the first nine months of the year increased by 42.1% year on year to P641.5 billion.

Foreign direct investment rose 20% to $812 million in August, although lower levels of earnings reinvestment and higher equity capital withdrawals indicate caution among investors, according to data from the Bangko Sentral ng Pilipinas. — Jenina P. Ibañez

Britain seeks ban of single use plastic plates and cutlery in England

Padraig Treanor/Unsplash

LONDON — Single-use plastic plates and cutlery and polystyrene cups could all be banned in England as the British government seeks to eliminate all avoidable plastic waste, it said on Saturday.

England uses 1.1 billion single-use plates and 4.25 billion items of single-use cutlery, most of which are plastic, per year, but only 10% are recycled upon disposal, it said.

Under proposals in a 12-week public consultation, businesses and consumers will need to move towards more sustainable alternatives.

The government also launched a separate call for evidence to address other sources of plastic pollution, such as wet wipes, tobacco filters, sachets, and other single-use cups.

Banning plastic in these items could be a future policy measure.

“There is growing recognition of the damage that plastics cause to our environment and marine life in particular. We want to reduce the use of plastics in packaging and ban its use in items linked to littering,” said environment minister George Eustice.

“We have already banned plastic straws, stirrers and cotton buds and now plan to extend the ban to cutlery and balloon sticks where alternative materials, like wood can be used.”

A ban on supplying plastic straws and stirrers and plastic-stemmed cotton buds came into force in England last year.

Forced charges for single-use carrier bags has cut consumption in the main supermarkets by 95% since 2015.

The devolved administrations of Scotland, Wales, and Northern Ireland are responsible for their own policies on plastic waste. — Reuters

BSP lets banks waive ID requirement for opening basic deposit accounts

BW FILE PHOTO

THE CENTRAL BANK will allow banks to offer basic deposit accounts (BDAs) next year to clients without any IDs to bring more Filipinos into the financial system.

Memorandum No. M-2021-065 signed by Bangko Sentral ng Pilipinas Deputy Governor Chuchi G. Fonacier on Nov. 23 directs banks to allow clients to open a BDAs by presenting a physical or online notarized certification that they do not have a valid ID.

“This is to incentivize banks to offer BDA to boost financial inclusion. But, just to clarify, the relaxed KYC (Know-Your-Customer) [process] is subject to certain conditions,” Ms. Fonacier said in a Viber message.

In the absence of an ID when opening a BDA, the memorandum said account activities will be monitored for potential abuse of the relaxed requirement.

“Suspicious transactions shall be reported to the Anti-Money Laundering Council within the prescribed period,” the memorandum said.

When deposits under a BDA breach the P50,000 limit for the account type, the bank is expected to initiate measures to convert the account into a regular deposit account. Under this scenario, the KYC rules for a regular deposit ac-count will already be applied, including the need to present an ID.

Banks that will allow clients to open BDAs without the need to present IDs will be given regulatory relief by the BSP, including waiving fees related to the application of Advanced Electronic Payment and Financial Services for 2022.

These banks will also be subjected to lower annual supervisory fees for 2022 to 2023 as the BSP will reduce their average Assessable Assets depending on the average amount of BDAs maintained in the preceding year.

In July, the BSP directed banks to accept the national ID as the sole proof of identity for those who wish to open an account. Prior to the national ID, financial institutions required at least two valid government IDs to open an ac-count.

A central bank study showed the lack of documentary requirements is among reasons that prevent Filipinos from becoming part of the formal financial system, although the main hindrance remained the lack of money (45%) fol-lowed by the view that they do not need an account (27%).

The BSP hopes to bring 70% of Filipino adults into the banked population by 2023.

Earlier this week, BSP Governor Benjamin E. Diokno said there were 7.4 million BDAs opened as of the second quarter of 2021, with aggregate deposits worth P4.9 billion. — Luz Wendy T. Noble

DTI estimates 10% of businesses in Metro Manila remain closed

THE Department of Trade and Industry (DTI) said 10% of businesses in Metro Manila remain closed even after the easing of lockdown protocols and the decline in coronavirus disease 2019 (COVID-19) cases.

Trade Secretary Ramon M. Lopez said in a radio interview Wednesday that the estimate was a projection from survey findings.

“The survey which is ongoing showed that, even if Metro Manila reopened in October, 10% of businesses remain closed. We think this means that there are some businesses that have permanently closed,” Mr. Lopez said.

Mr. Lopez said owners of the permanently closed businesses may have moved on to other venture, citing the increase in business registrations.

“They opened new businesses, as seen in higher business registrations across local government units (LGUs) and those who applied for mayor’s permits,” Mr. Lopez said.

Mr. Lopez said business registration data from LGUs showed a strong uptrend.

“In 2019, there were 1.5 million registered. When the pandemic hit in 2020, the registrations increased to 1.7 million, and now 2 million in 2021,” Mr. Lopez said.

“Those who lost their jobs started their own businesses. That is one development… Unemployment increased but the opening of small businesses also went up,” he added.

Meanwhile, Mr. Lopez said Metro Manila will continue its recovery even if Alert Level 2 is extended until the end of the year. Metro Manila is under Alert Level 2 until Nov. 30.

“Frankly, while there is that option and possibility, at Alert Level 2 we are like Alert Level 1. As we are saying, many businesses are already open. Christmas will be merrier. Social events are happening,” Mr. Lopez said.

“You need not have 100% capacity because every establishment still needs to observe minimum public health protocols, especially in indoor activities,” he added. — Revin Mikhael D. Ochave

Dining In/Out (11/25/21)

Escolta Buffet

Thanksgiving celebration at The Pen

CELEBRATE friends and family at The Peninsula Manila with a Thanksgiving feast and a favorite buffet. With so much to be thankful for during these challenging times, The Lobby will celebrate Thanksgiving with a three-course lunch prix fixe menu (P1,900, inclusive of taxes) and four-course set dinner menu (P2,600, inclusive of taxes). For more good news, Escolta’s popular buffet has reopened. Fans can expect to enjoy fresh pasta, grilled specialties, pizzas, a salad bar, addictive cheese spreads, calory-defying desserts, and more. Escolta is open for lunch and dinner from Wednesday through Saturday, with brunch served on Sunday (P1,976 for adults and P988 for children from six to 12). It is closed on Monday and Tuesday. For inquiries, orders, and reservations, call The Peninsula Manila at 8887-2888 (ext. 6694 for Restaurant Reservations and 7410 for the Christmas Store), 0917-557-8014, or e-mail diningpmn@peninsula.com.

Christmas begins at Savoy Hotel Manila

SAVOY Hotel Manila has a number of food and celebration offerings for the holidays. The Hotel’s all day dining restaurant, Savoy Café has a carefully curated menu of dishes from various cuisines which may also be enjoyed at the restaurant, and at home through takeout and delivery via Food Panda and Pick-a-Roo. If virtual gatherings are still a preferred way of celebrating or holding meetings, Savoy Café offers set menus inclusive of delivery to participants for a stress-free event. Another choice would be the hearty Savoy Christmas Trays which are platters of dishes delivered in a hot box. Try the Kare Kare, Beef Bourguignon, and Butter Chicken. For an alternative dining option that allows more privacy and personalized service, Savoy Hotel Manila has opened the Hotspot — a cozy restaurant nook can accommodate groups of 20 persons or less. Guests can feast on a five-course meal and enjoy the services of a personal dining butler. For unique gifts, the Savoy Christmas Hamper is now ready for pre-order. This basket of goodies contains freshly baked fruit cake, stolen bread, Christmas scone, pralines, merry berry cookies, and granola clusters with candy canes, soju and red wine vinegar. Sparky the Plushie is also part of the hamper. A large hamper is priced at P2,680 net, while a medium hamper is P1,980 net — they are available at Savoy Café for advance order. Whole cakes are also on offer with three special creations taking center stage: Savoy Mango Delight, Rhum Cake, and the Buche De Noel. To know more about Savoy Hotel Manila and its Christmas offers, visit www.savoyhotelmanila.com, call 5317-2869 or e-mail info@savoymanila.com.

Rémy Martin range in limited-edition coffrets

THIS holiday season, Rémy Martin is boosting the festivities through its Rémy Martin VSOP, Club, and XO, housed in exclusive gift boxes. The illustrated boxes show the odyssey of the Centaur, the emblematic symbol of the House of Rémy Martin. Each coffret comes with a golden key in the form of a QR code that opens the doors to special content on the cognac of choice. These includes tasting tips, food pairings, and a dedicated cocktail tutorial designed to match each product. The Rémy Martin VSOP box includes VSOP cognac glasses. For more information, visit www.remymartin.com.

Chef Ghaello Salva launches Dulong in Olive Oil

CHEF Ghaello Salva is taking inspiration from the Batangueño menu of his childhood. His mission is to elevate Philippine cuisine through crafting local dishes using the haute-cuisine approach. He calls his specialty “Batan-gueño fusion” because his versions of traditional Batangueño dishes are prepared and executed using French techniques. His latest culinary creation, launched just in time for the holiday season, is Dulong in Olive Oil. Inspired by the umami and salty notes of the dulong fish (silver fish), Mr. Salva realized that the native fish would be a perfect complement to the usual smorgasbord of nuts, cheese, and cold cuts. Dulong is abundant in Batangas and is characterized by its miniature size (roughly half an inch) and its rich flavor, and is commonly prepared as a fish omelette (tortang dulong). Chef Ghaello’s Dulong in Olive Oil is now available for pre-order for P250 per jar and P650 for the Christmas box set (which includes one jar of Dulong in Olive Oil, crackers, and wine). For more information visit https://m.face-book.com/Ghaello-112571936794148 or call 0917-817-1277. When serving along with bread or crackers, the chef recommends adding a dollop of honey to add a special kick of sweetness.

Malaysian treats for the holidays

NEARING the Christmas season, the Trade Office of the Malaysia Embassy is holding a Malaysia Fest in 46 Robinsons Supermarket and 11 GoRobinsons online groceries this November to showcase Halal Malaysian foods in the local market. These homegrown brands include Old Town 3 in 1 hazelnut coffee and Julie’s Le-Monde puff sandwich. Looking for halal holiday gifts for Muslim (and even non-Muslim) friends won’t be a hassle as one may find the following Malaysian products in a nearby local Robinsons Supermarket: Chinese Charm surimi and surimi-based products, which are foods that use minced fish paste or other seafood as alternatives to fish and others, reflecting the Chinese influence on Malaysian delicacies; Fusipim’s  Rich Mama fish ball flavors and Everbest  tofu-based seafood products; Chek Hup coffees and milk teas, and Old Town Coffee. Also available are Indian-inspired items including frozen flatbreads such as plain roti and paratha, a multi-layered bread with onions, and oil, and healthy, oil-less chappati. Uncle Saba’s Poppadoms is a ready-to-eat version of the classic poppadom, deep-fried bean flour dough. A former British colony, Malaysia still has a fondness for puff pastries. The brand Kawan (“friend” in Malay) has readymade pastry shells and wraps waiting to be filled. The lactose intolerant and vegans can enjoy the sweetness of the season with SoyFresh’s Hershey’s diverse catalog of chocolate variants. These are just some of the Malaysian products that can be found this month in Robinson’s Supermarkets.

Rico’s Lechon introduces new dining concepts

CEBU’S Rico’s Lechon is introducing new dining concepts in their newest — and biggest — store in Blue Bay Walk, Pasay and soon in Circuit Makati. Rico’s is bringing the Cebu’s version of dampa — Sugba, Tuwa, and Kilaw (STK) giving customers more options of original Cebuano food. STK at Blue Bay Walk in Macapagal Ave., Pasay, opened on Nov. 23. It can accommodate 160 people, with dining, al fresco, and VIP areas. Soon to come is the Merkado (palengke in Cebuano), the branch’s “paluto” area complete with an aquarium. Highlighting its best seller is the store’s own lechon roasting area. Starting Nov. 23, customers can enjoy two of Rico’s Lechon’s newest offerings — Boodle Feasta and Palayok Hotpot. Boodle Feasta features a fusion of rice, vegetables, choices of sauces, Rico’s iconic lechon, and seafoods. The feast is served in four sets, perfect for sharing. Set 1 costs P750 (serves two to four persons), Set 2 costs P2,500 (serving five to eight), and Set 3 costs P3,500 (serving nine to 12). Meanwhile, the Palayok Hotpot offers several varieties: Seafood and Vegetable, Chicken Tinowa, Fish Tinowa (Tanigue) or Seasonal Seafood, Lechon Pork Bone Soup, and Beef Bulalo hotpots. Each variety is available in medium and large sizes, good for diners, ranging in price from P580 to P1,100. Meanwhile, Rico’s Lechon Circuit Makati is set to open on Dec. 4. Pre-order for pick-up and delivery by contacting Rico’s Lechon Fulfillment Center at 0917-814-7648, 7799-0810 or the Blue Bay Walk branch at 0917-847-7541.

Jollibee launches Chick’nwich

JOLLIBEE has launched a new chicken sandwich —  the Jollibee Chick’nwich, which is dropping in selected stores this month. It is twice the size of an average chicken sandwich, made with a 100% whole chicken fillet, double hand-breaded for crunch, sandwiched in a buttery brioche bun, and a special mayo dressing and dill pickles. The Jollibee Chick’nwich will be available at all Mega Manila stores starting Nov. 23 for P130 solo, and P175 with fries and a drink. It can be safely delivered via the Jollibee Delivery App, JollibeeDelivery.com, or #87000. It is also available in drive-through and take out.

Rodolfo Pizzeria opens in Makati

THERE’S a new Italian pizza shop in Makati — Rodolfo Pizzeria. Opened just a few months ago, Rodolfo Pizzeria serves classic Neapolitan pizzas and Italian dishes. “I put it up because I wanted to make handmade Italian Pizzas accessible to Filipinos. At a time where you could barely travel, having a bite of our pizza, always freshly made and straight out of the oven, will transport you to that Italian dream vacation at a fraction of the price,” said owner and chef Jerick Magadia, of his inspiration in launching his pizza shop during the pandemic. Pizzas include the classic Margherita Pizza, Italian Sausage & Pepperoni, Quattro Formaggi, and Pepperoni Pizza. Among the Italian non-pizza classics are Mushroom Truffle Cream Spaghetti and Italian Tomato Basil Pasta (topped with local kesong puti). Rodolfo Pizzeria is at A. Bonifacio Street, Brgy. Bangkal, Makati City, call 0956-025-4686 to place orders for pickup or delivery. The pizza shop is open daily from noon to 9 p.m. To learn more, visit their website at www.rodolfopizzeria.com and follow Rodolfo Pizzeria on Facebook and Instagram.

Over 3,000 items to buy in pandamart

WITH over 3,000 items from favorite grocery stores available, restocking a pantry is easy and fast with foodpanda’s pandamart. To order, tap pandamart on the foodpanda app and enjoy delivery of snacks, drinks, fruits, vegetables, and home care items in as fast as 20 minutes. As a bonus, there is no shopper fee, and there are deals and vouchers that are available every day. Use the code PANDASMART to get P50 off.  The service is available until midnight. The service is currently available all over Metro Manila, Angeles City, Antipolo City, Bacoor City, Baguio City, Batangas City, Cainta City, Calamba City, Cebu City, Davao City, General Trias City, Lipa City, Malolos City, Mandaue City, San Pablo City, San Pedro City, San Jose del Monte City, Sta. Rosa City, and Tarlac City. More branches and cities are opening soon, catch the announcement on foodpanda Facebook and foodpanda Instagram pages.

Mang Inasal available for takeout or delivery

MANG Inasal has improved its food preparation and cooking process to achieve consistent off-the-grill goodness for its meals, including the juicy-lock grilling process which seeks to ensure the freshness and juiciness of its best-selling Chicken Inasal. Chicken Inasal meals can be ordered for at home dining via manginasaldelivery.com.ph, Mang Inasal App, GrabFood, and foodpanda.

Celebrate Christmas at Ayala Malls

This holiday season, Ayala Malls reframes the sentiment of what it means “to gather.” Gather hope Ayala Malls is extending its facilities to support local businesses and community vendors through bayanihan bazaars, a series of curated fairs in collaboration with home, food, and fashion vendors from November until the yearend. In Fests and Flavors, a group of food vendors and restaurateurs including Expofairs Management Corp., Mercato, and RestoPH initially affected by multiple restrictions have partnered with Ayala Malls to bring back food night markets for mall-goers. Additionally, the Department of Tourism (DoT) is launching Kain Na! in Ayala Malls once again to support local cuisines from Region IV-A including Calabarzon this festive season. One of the many community vendors to spot at the food market is Manong Rogelio, who serves Pinoy street-style ice cream from his Miro Ice Cream stand in Glorietta. Another is Tatay Felix Endrina, 65, the viral taho vendor whose name had spread far and wide for selling his local specialty in social events in and outside of Metro Manila. This season, catch him at Ayala Malls Circuit to support his business and enjoy a cup of sweet taho. For Feasts and Flavors, ExpoFair will set up at Circuit from Nov. 30 to Dec. 5, at Market! Market! from Dec. 1 to 13, and Alabang Town Center from Dec. 10 to 23. Feasts and Flavors (with local partners) will also be held at Ayala Malls Marikina every Friday, Fairview Terraces until Dec. 31, Centrio from Dec. 4 to 13, TriNoma from Nov. 23 to Dec. 2, Cloverleaf from Nov. 26 to 28, Ayala Center Cebu from Dec. 1 to 15 and Dec. 20 to 31, at Capitol Central from Dec. 1 to 10 and Dec. 16 to 30, UP Town Center from Dec. 2 to 5, and Feliz from Dec. 10 to 12.

Robinsons supermarket’s farm to table event

THE FRESHEST fruits and vegetables will be on sale from November 26 to 30, 2021 at Robinsons Place Galleria and Ermita’s atrium as Robinsons Supermarket holds its, “Farm to Table” event. First 100 customers of each mall with minimum purchase of Php 500 participating products will also get a chance to win a free bayong during the promo period.Robinsons Supermarket’s Farm to Table is a regular activity which features local farmers’ latest harvest with exciting offers or discounts for customers. There’s buy 1 take 1 on select fruits and vegetables, discounts and more. Sample offers include Buy 1 Take 1 on red seedless grapes, apple or chopsuey or pinakbet mixes. Besides fruits and vegetables, plants will also be on sale during this period. The event is possible thanks to Robinsons Supermarket’s partners: Dizon Farms, Organic Options, LiveGreen, Sureleaf, NXTLVL OBP, Chantelle and MCK Flowers. “Thanks to the support of our like-minded partners, Robinsons Supermarket’s Farm to Table project provides local farmers a venue to sell their goods profitably and responsibly. The program also gives consumers easy access to healthy and nutritious fruits and vegetables while supporting the local farming community,” said Ms. Lyn de Jesus, merchandising director of Robinsons Supermarket. Farm to Table is also one of Robinsons Supermarket’s sustainability program which aims to provide more opportunities for local farmers to feature and sell their produce at fair prices. To date, Robinsons Supermarket and its partners support over 700 local farmers in the Philippines. Visit Robinsons Supermarket’s Farm to Table event from November 26-30 at the atrium of Robinsons Place Galleria and Ermita.

Samsung plans $17-billion Texas chip plant, creating 2,000 jobs

SAMSUNG Electronics Co. outlined plans for a $17-billion US semiconductor plant that will add more than 2,000 jobs, widen the South Korean giant’s foothold in Texas, and bolster its role as a vital supplier in the global manufac-turing supply chain.

“Increasing domestic production of semiconductor chips is critical for our national and economic security,” US Commerce Secretary Gina Raimondo said in a statement on Tuesday lauding the deal. White House officials also said they welcomed the investment, saying in a statement that it would help “protect our supply chains” and boost domestic manufacturing.

The project will create more than 2,000 jobs, Texas Governor Greg Abbott said at a press conference announcing the plans. Samsung also said that the plant would indirectly create thousands of additional jobs once it was operational. “The implications of this facility extend far beyond the boundaries of Texas,” Mr. Abbott said. “It’s going to impact the entire world.”

Korea’s largest company will build the facility in Taylor, Texas, about 30 miles from Austin, where Samsung has invested billions in a sprawling complex that already houses more than 3,000 employees and fabricates some of the country’s most sophisticated chips. Construction on the new plant is slated to start in the first half of 2022, and production will begin in the second half of 2024.

On Tuesday, Mr. Abbott touted Texas’s low taxes and talent pool as major draws for tech companies, and called Samsung’s decision to invest in the state “a testament to the economic environment that we have built.” Samsung could also receive $3 billion in incentives from the $52-billion bill known as the CHIPS Act if it passes, Texas Senator John Cornyn said Tuesday.

Samsung executive Kinam Kim said that the company’s decision to build in Texas was based on several factors including incentive programs, local talent and “infrastructure readiness and stability.” Infrastructure is particularly important for chip operations, which need a stable supply of power. Earlier this year, a cold snap in Texas forced Samsung and other companies to pause operations. But Mr. Abbott has sought to reassure businesses that power outages won’t happen again, and that the state is now producing more power than it was earlier this year.

Samsung joins Taiwan Semiconductor Manufacturing Co. in making substantial investments in the US. The new facilities further the Biden administration’s goal of safeguarding the production of cutting-edge chips that are vital to defense as well as technologies like autonomous cars. It’s part of Washington’s broader effort to counter China’s rising economic power, as well as lure home some of the advanced manufacturing that in past decades has gravi-tated toward Asia.

A global shortage of chips this year has exposed imbalances in the industry and prompted governments from Brussels to Tokyo to court TSMC and Samsung — the two companies that make most of the world’s most advanced chips for clients like Apple, Inc. and Nvidia Corp.

“Samsung’s new plant will help narrow the gap with TSMC’s production capability by making chips at the clients’ home,” said Kim Sunwoo, an analyst at Meritz Securities. “As the US prioritizes domestic chip manufacturing, the company will be able to receive various benefits with its production base in the country.”

Neither the new Texas project nor TSMC’s $12-billion Arizona expansion are likely to alleviate chip shortages immediately. But their construction could lay the groundwork for a future American-centered chip ecosystem by at-tracting and training the component suppliers that typically spring up around such operations.

In June, President Joseph R. Biden, Jr. laid out a sweeping effort to secure critical supply chains. His administration has repeatedly voiced the need to increase semiconductor production in the US, saying that was the best way to compete with China and mitigate disruptions like those stemming from coronavirus disease 2019 (COVID-19).

Samsung spent months reviewing different sites and incentive packages before landing on Taylor. Samsung’s de facto leader, Jay Y. Lee, who walked free just months ago after serving time for corruption, greenlit the project af-ter a recent trip in the US where he met with prospective clients and partners from Alphabet, Inc.’s Sundar Pichai to Amazon.com, Inc. and Microsoft Corp.

The local government pulled out the stops, including waiving 90% of property taxes for a decade, and 85% for the following 10 years. The project could potentially receive additional tax breaks because it’s in a federal opportuni-ty zone, a program designed to spur investment in poor areas.

“Samsung is targeting American customers aggressively,” said Jeff Pu, an analyst with Haitong International Securities Group. — Bloomberg

SM to open SM City Grand Central on Friday

SM Prime Holdings, Inc. will be launching SM City Grand Central on Friday, which is located in the commercial district of Caloocan.

In a statement, SM Prime said its newest mall will add over 116,000 square meters (sq.m.) of gross floor area (GFA) to its mall portfolio.

“As the economy starts to reopen given the improving COVID-19 (coronavirus disease 2019) condition in major key areas in the Philippines, primarily here in Metro Manila, we are pleased to welcome customers to our newest mall, SM City Grand Central,” SM Prime President Jeffrey C. Lim said.

SM City Grand Central is located near transportation terminals such as LRT 1 through Monumento Station, while the mall will also have 700 parking slots.

The mall will offer six floors, housing SM staples as well as local and international brands. It will be opening with over 70% of its lease area already taken up.

SM Prime said the mall will feature The SM Store, SM Supermarket, Watsons, Miniso, Uniqlo, Crocs, Levi’s, Surplus Shop, ACE Hardware, Pet Express, Sports Central, Our Home, SM Appliance, The Body Shop, National Bookstore, China Bank, and BDO.

SM City Grand Central will also feature an indoor park set called The Skylight Park, which SM Prime said is developed “with Filipino families in mind.” Alfresco dining will be available at the park and will have a Health and Well-ness Zone.

“As when this pandemic started, SM will continue to support the government’s COVID-19 response program so that we can all look to a better and brighter year ahead,” said Mr. Lim.

SM Prime shares at the stock market rose 1.76% or 65 centavos to close at P37.50 apiece. — Keren Concepcion G. Valmonte

Digital lenders now allowed to participate in the central bank’s monetary operations

THE BANGKO SENTRAL ng Pilipinas (BSP) is allowing digital banks to participate in its monetary operations.

Circular No. 1130 Series of 2021 signed by BSP Governor Benjamin E. Diokno included digital banks as eligible participants in the BSP’s reverse repurchase agreements and overnight lending and deposit facilities.

Digital banks will also be allowed to participate in the BSP’s auctions of term deposits and 28-day bills.

“[This is] just for uniformity because other [types of] banks are also allowed to do it,” BSP Deputy Governor Chuchi G. Fonacier said in a Viber message.

Under a reverse repurchase transaction, the BSP sells government securities with a commitment to buy them back at a later date.

Meanwhile, the overnight lending facility allows banks to secure liquidity from the BSP by presenting eligible collateral and its counterpart overnight deposit facility lets lender park their cash with the central bank.

Rates for the BSP’s reverse repurchase, lending, and deposit facilities are at record lows of 2%, 2.5%, and 1.5%, respectively. The central bank has kept benchmark rates steady since 2020 to support the economy’s recovery.

On the other hand, the term deposit facility and the BSP’s one-month bills are used to mop up excess liquidity in the system and guide market rates.

The BSP last year released a framework setting digital banks apart from other types of lenders. Digital banks are required to have a minimum capitalization of P1 billion and do not need to have physical branches as they are ex-pected to offer their products and services online.

The BSP has granted the six digital bank licenses. These were given to state-owned Overseas Filipino Bank, Tonik Digital Bank, Inc. (Philippines), UNObank, Aboitiz-led Union Digital Bank, GOTyme, a partnership between the Gokongwei Group and Singapore-headquartered Tyme, and Maya Bank of Voyager Innovations, Inc.

The BSP chief last month said they will stop issuing online banking licenses in the meantime to monitor these new players and ensure healthy competition among them. — L.W.T. Noble

PSE posts 34% annual market CAP growth in October

Zoom set to lose $100 billion from peak value as pandemic gains fade

ZOOM Video Communications, Inc., the poster child of the so-called “pandemic winners” basket, is losing more of its luster.

The videoconferencing company slumped 15% to close at the lowest since June 2020. Its latest quarter showed slowing growth as people started socializing in-person — also a trend that roiled the shares of other lockdown winners Peloton Interactive, Inc. and Teladoc Health, Inc. Including Tuesday’s losses, Zoom saw about $100 billion wiped out from its market value since its October 2020 peak, which is a decline of 64% for the stock. Despite the pullback, the stock is still up nearly 500% since its 2019 debut.

Both Zoom and Peloton have given back the bulk of their gains since the pandemic’s onset, suffering lockdown withdrawal symptoms. It’s even worse for virtual healthcare company Teladoc, whose shares have slumped to Feb-ruary 2020 levels, a growing sign that the good times for companies that benefited from people stuck at home during coronavirus disease 2019 (COVID-19) are ending.

What’s more, these high-growth companies could be hurt by rising bond yields, which tend to discount the present value of future profits. That led to Nasdaq 100 Index falling 0.5% on Tuesday, adding to its 1.2% decline on Monday.

Still, some analysts are expecting Zoom to bounce back citing opportunity to grow in enterprise communications and falling valuations. Once expensive, Zoom’s recent sell-off has brought its valuation down to about 13 times forward sales — cheaper than many of its fast-growing tech peers.

“We certainly saw a lot from the quarter to like, but also a fair amount to pick on, especially given fears about Zoom post-pandemic,” wrote RBC Capital Markets analyst Rishi Jaluria. Piper Sandler’s James Fish said he liked the company’s “speedboats” of Phone, Rooms, Events, and the potential for advertising in the longer term. Both have buy ratings on the stock. — Bloomberg

Bea Alonzo is the New Tanduay Calendar Girl

ACTRESS Bea Alonzo has been named the new Tanduay Calendar Girl for 2022, joining the ranks of previous Calendar Girls that include actresses Heart Evangelista, KC Concepcion, Ellen Adarna, Barbie Imperial, and 2021’s Ivana Alawi, among others.

“She is the Tanduay Calendar Girl we need during these uncertain times,” said Marc Ngo, Tanduay Senior Brand Manager and International Business Development Manager, in a statement. “Someone who will remind us that change can be a good thing, but you have to be strong as you breeze through these changes. No stress, just be calm and collected, so you can emerge beautifully out of every situation you are in.”

He was referring to the changes that the actress has undergone over the past year, one of which was transferring to GMA after more than two decades with another network.

“She’s going through a transition in her career, a blossoming stage, if you may call it. She values her craft and her authenticity shines through,” Mr. Ngo was quoted as saying in the statement.

Apart from the Tanduay Calendar Girl project, the company is also exploring other collaborations with the actress.

In 2022, Ms. Alonzo will star in her first primetime series under GMA, and in a movie with Alden Richards, among other projects.

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