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Apple to hold special event on Sept. 14; new iPhones expected

APPLE, Inc. said on Tuesday it would hold a special event on Sept. 14, which most industry watchers believe will be used to unveil a new line of its flagship iPhones.

Since 2013, Apple has delivered new iPhones around September like clockwork. The tech giant, which launched a redesigned iPhone with 5G connectivity last year, is not expected to make radical changes this year, with most analysts pointing to small technical updates to the phone’s processor and camera system.

“Upgrades rates peaked in 2021 on 5G, we expect upgrade rates to moderate but still drive high volumes in 2022,” JPMorgan analyst Samik Chatterjee wrote in a note, adding that he still expects a record year thanks to higher sales of the lower priced iPhone SE.

The new line of smartphones is expected to expand the Portrait mode feature to video and also have higher-quality video recording format, according to a Bloomberg report.

The Portrait mode uses the phone’s depth sensor to focus on faces while blurring the background, allowing amateur photographers to produce high-quality snaps.

Apple was not immediately able to comment beyond the invitation sent to the media.

The mid-September launch results in a sales surge in the last week of Apple’s fiscal fourth quarter as millions of avid shoppers snap up the newly releases iPhones.

Last year, however, the event got delayed by a month because of the coronavirus disease 2019 (COVID-19) pandemic, meaning opening-weekend iPhone sales were not included in fourth-quarter results.

The event also helps Wall Street analysts model their sales projections for the holiday shopping season in Western markets, typically Apple’s largest sales quarter.

Known for its splashy phone launches packed with hundreds of journalists at its sprawling campus in Cupertino, California, Apple has turned to virtual events since last year because of the pandemic. — Reuters

Two local firms in Forbes’ under billion-dollar list

ONLY two Philippine companies — Century Pacific Food, Inc. (CNPF) and RFM Corp. — were included in Forbes Asia’s roster of top-performing publicly listed small and mid-cap firms in the Asia-Pacific region this year.

Released annually, the list identifies the top 200 publicly listed firms out of 20,000 in the region with sales under a billion dollars and have consistent top and bottom line growth based on available public full-year annual results as of Aug. 12.

CNPF recorded $974 million in sales with a net income of $78 million, its market value is pegged at $1,792 million.

Meanwhile, RFM generated $317 million in sales and $26 million in net income, with a market value of $301 million.

This year’s roster highlighted healthcare and pharmaceutical-related companies, as well as tech and logistics firms that benefitted from the global e-commerce boom.

The list is unranked and companies that are included were scored based on their overall track record for debt, sales, and earnings-per-share growth in the most recent one-year and three-year period, as well as their strongest one- and five-year average returns on equity.

Its criteria also made sure to consider the geographic diversity.

Forbes Asia said it excluded companies with “serious governance issues,” management issues or legal troubles, questionable accounting, and those with environmental concerns.

State-controlled firms and subsidiaries of larger companies were excluded from the list. — Keren Concepcion G. Valmonte

Irish food board recipe contest on again

BORD BIA, the Irish Government Food Board, is once again calling for recipes for its East Meets West Culinary Competition, now on its third year. Like last year’s competition, it will be held online.

The prize pool includes P325,000 in prize vouchers, a cooking class with renowned chefs Philip John Golding and Mark Hagan, a luxurious hotel staycation with Irish breakfast, and high quality chef’s kit supplies.

A group of world-renowned chefs, as well as representatives from Bord Bia, will review all the entries by the end of September. The shortlisted top 10 semi-finalists will receive a cooking kit to create and will have to submit a three-minute video of their dishes, made using both European pork and beef from Ireland. They will then be evaluated, and the top five finalists will be chosen to showcase their world-class Filipino culinary talents. The final selection of winning recipes will be made at a final cook-off which will be scheduled by the end of November.

The competition will be judged by an Irish chef from Dublin, Mark Hagan, who is the Executive Chef of The Grand Hyatt Manila in Bonifacio Global City. Partnering with Mr. Hagan is Philip John Golding, the Founding Chairman of Disciples Escoffier International Asia – Philippine Delegation and the Founding Chairman and President of World Master Chefs Society – Philippine Delegation. Completing the panel of judges is the winner of last year’s East Meets West Culinary Competition in the Philippines, Donie Bigcas, who is a recent culinary student graduate from Center for Culinary Arts Manila. Mr. Bigcas won last year with a dish called Bisperas ng Pista (Eve of the Festival): it was made of braised hamonado (cured) pork jowl, sweet potato puree, and pineapple atchara (pickle).

European pork and beef from Ireland are now available online through One World Deli on Lazada.com.

For more information about the competition visit https://europeanporkbeef.com/ph, or on Facebook at facebook.com/EUPorkandBeefPH/ and Instagram instagram.com/euporkbeef_ph/.

Yields on BSP’s term deposits up after August inflation quickened

PHILIPPINE STAR/KRIZ JOHN ROSALES
TERM DEPOSIT yields inched up due to faster-than-expected August inflation. — PHILIPPINE STAR/ KRIZ JOHN ROSALES

YIELDS on the central bank’s term deposits inched up on Wednesday as August inflation came in faster than expected.

Demand for the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) reached P614.05 billion on Wednesday, bigger than the P550 billion on offer but a tad lower than the P618.3 billion in bids recorded for the previous week’s auction.

Broken down, bids for the seven-day papers reached P191.36 billion, breaching the P160-billion program. However, this was lower than the P232.84 billion in tenders seen during last week’s offering.

Banks asked for yields ranging from 1.69-1.85%, a higher and wider band compared with the 1.675%-1.739% a week ago. This caused the average rate of the one-week term deposits to rise to 1.714% from 1.712% previously.

Meanwhile, the two-week term deposits attracted tenders worth P422.712 billion, higher than the P400 billion the BSP auctioned off on Wednesday and the P385.46 billion in demand seen the previous week.

Accepted rates for the tenor fell within 1.705%-2%, a narrower band compared with the 1.7%-2.21% margin logged last week. As a result, the 14-day papers fetched an average rate of 1.752%, up from 1.738% a week ago.

The BSP did not offer 28-day term deposits for the 46th consecutive auction to give way to its weekly offerings of bills with the same tenor.

The term deposits and the 28-day bills are used by the BSP to gather excess liquidity in the financial system and to better guide market rates.

“Today’s auction results show the continued preference of market participants toward the shorter tenor. Nevertheless, market conditions remain normal amid sustained ample liquidity in the financial system,” BSP Deputy Governor Francisco G. Dakila said in a statement on Wednesday.

Term deposit yields went up as inflation picked up in August, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said via Viber.

The Philippine Statistics Authority reported on Tuesday that headline inflation accelerated to 4.9% last month from the 4% logged in July, as food prices continued to spike.

This was the fastest headline print in 32 months or since the 5.1% recorded in December 2018. It was also faster than the 4.4% median estimate in a BusinessWorld poll conducted last week and was at the higher end of the 4.1-4.9% estimate of the central bank.

Inflation averaged at 4.4% in the first eight months, breaching the central bank’s 2-4% target and 4.1% forecast for the year.

Rates also went up after the government backtracked on its earlier decision to ease restrictions in Metro Manila, Mr. Ricafort said. He added that yields also tracked the rise in the 10-year US Treasury bond’s rate.

Presidential Spokesperson Herminio L. Roque, Jr. said on Tuesday that Metro Manila will remain under modified enhanced community quarantine until Sept. 15. The government had previously announced that the country’s capital will be under the least restrictive quarantine classification until the end of the month as it plans to implement targeted lockdowns to boost economic activity.

The country is currently facing its worst coronavirus outbreak yet due to the more contagious Delta variant.

The Health department reported 18,012 new infections on Tuesday, bringing the country’s active cases to 158,637. — B.M. Laforga

Biggest test in Bitcoin’s history has a rocky start in El Salvador

PIXABAY

EL SALVADOR’S experiment using Bitcoin had a rocky start as its price crashed on its first day as legal tender, while the rollout was hampered by technical glitches.

The cryptocurrency plunged as much as 17% to its lowest level in a month amid news that the government disconnected its Bitcoin wallet early on Tuesday to fix problems.

By late morning, the issues appeared to have been overcome, and President Nayib Bukele tweeted that the app was again available for download.

The largest cryptocurrency fell as low as $43,050 in New York Tuesday, before paring losses. Mr. Bukele said his country had taken advantage of the crash to “buy the dip,” adding 150 coins to take its total holding to 550, worth about $26 million.

The Bloomberg Galaxy Crypto Index, which tracks some of the largest cryptos, lost as much as 19%, while other smaller digital assets also sold off. 

El Salvador’s plan represents the biggest test for Bitcoin in its 12-year history. Both enthusiasts and detractors of cryptocurrencies are monitoring the experiment to see if a significant number of people want to transact with Bitcoin when it circulates alongside the US dollar, and whether it brings any benefits to the violent, impoverished Central American nation.

If the experiment is a success, other countries may follow El Salvador’s lead. Its adoption will get an initial boost from the government’s Bitcoin wallet Chivo, which comes pre-loaded with $30 worth of the currency for users who register with a Salvadoran national ID number.

Businesses will be required to accept Bitcoin in exchange for goods and services and the government will accept it for tax payments. The plan is the brainchild of El Salvador’s 40-year old president, who says it will draw more people into the financial system and make it cheaper to send remittances.

“This is brave new world stuff,” said Garrick Hileman, head of research for the London and Miami-based Blockchain.com. “We are in unchartered waters with this launch, but I’m glad to see this experiment happen overall, and I think we’ll learn a lot from it.”

BITCOIN ATMS
Mr. Bukele’s administration has installed 200 Bitcoin ATMs around the country that can be used to exchange the cryptocurrency for US dollars. The Finance Ministry created a $150-million fund at state-run bank Banco de Desarrollo de la Republica de El Salvador, Bandesal, to back the transactions.

Twitter users on Tuesday reported being able to pay for services such as breakfast at McDonald’s with Bitcoin. Still, the dollar will remain the national currency for public accounting purposes and merchants who are technologically unable to receive the e-currency will be exempt from the law, the government has said.

El Salvador’s dollarized economy is heavily reliant on remittances sent home by migrants overseas, which totaled $6 billion last year and account for roughly a fifth of gross domestic product. Mr. Bukele says Bitcoin could save Salvadorans $400 million a year in fees for these transactions.

PUBLIC SKEPTICISM
While Mr. Bukele himself enjoys approval ratings of more than 80%, a poll last week by El Salvador’s Universidad Centroamericana Jose Simeon Canas found his Bitcoin law is widely unpopular. Two-thirds of respondents said the law should be repealed while more than 70% said they prefer to use US dollars instead.

The International Monetary Fund warned of the risks of using Bitcoin, which lost nearly half its value from April to May, and the World Bank declined a request from El Salvador’s government to help the government adopt it, citing environmental and transparency drawbacks. The Bitcoin news also helped trigger a sell-off of El Salvador’s dollar bonds, though they have since pared losses.

“Crypto is sexy but untested and complicated especially for a country like El Salvador,” Stifel Nicolaus & Co. managing director Nathalie Marshik said. “It’s extremely risky, and there is the question of, is the Bandesal fund big enough? The regulations look like the law, put together really quickly. It’s a big question mark.”

WATCHING CLOSELY
While the Bahamas launched its own central bank-backed digital currency this year, the Sand Dollar, and Venezuela has its own e-money called the Petro, these are very different from a decentralized cryptocurrency such as Bitcoin, whose users value its independence from governments and central banks.

Other governments in the region will be watching closely. Last month, Cuba moved to legalize cryptocurrency already being used on the island, while lawmakers in other countries such as Panama and Uruguay have proposed similar legislation.

Salvadoran bonds were the worst performers in emerging markets on Tuesday, according to data collected by Bloomberg, after the country’s top court ruled last week that the president can run for a second term. The US criticized the decision and said it damages bilateral relations between the two nations. Debt due in 2041 fell as much as 5%, the most in four months, to trade at 86.6 cents on the dollar. — Bloomberg

Aboitiz Construction sees upward momentum via ‘Big Shift’ strategy

LIMA TECHNOLOGY PARK

ABOITIZ Construction, Inc. (ACI) said on Wednesday that it expects its “upward momentum” to continue until the end of the year, as it implements a strategy aimed at upskilling its work force as well as streamlining and digitizing its processes.

The company is “implementing its ‘Big Shift Strategy’ this 2021, which targets the improvement of financial performance, processes enhancement, and people development,” ACI said in an e-mailed statement.

“The construction firm, which started operations in Cebu 45 years ago, is optimistic that its upward momentum will continue for the rest of the year,” it added.

ACI’s “Big Shift Strategy” involves work force upskilling to take on bigger roles to sustain business growth amid the pandemic crisis.

The company is streamlining and digitizing its financial processes. Its strategy is expected to result in “cost efficiency and better resource management.”

It recently won a contract to construct a warehouse and office buildings with a floor area of about 26,000 square meters in Parañaque City.

ACI also bagged a deal for the design and construction of a 6,000 square-meter warehouse in Iloilo.

“Within [its] infrastructure portfolio, Aboitiz Construction disclosed the award of the design and build of an additional overhead transmission line project, one substation, and the construction of a water infrastructure project all inside the LIMA technology park in Batangas,” it said.

“The firm was awarded another design and build project for the largest independent fuel storage facility in the Philippines,” ACI added, referring to a project that involves structural and piping works for the corporation’s liquid fuel depot in Subic.

It has also received notice to proceed with the shutdown works for a coal power plant in Sarangani province in Mindanao. — Arjay L. Balinbin

In surprise move, Britney Spears’ father asks for conservatorship to end

LOS ANGELES — Jamie Spears, the father of Britney Spears, on Tuesday asked a Los Angeles court to end the pop singer’s 13-year conservatorship, saying circumstances have changed in recent months.

In an unexpected development, Jamie Spears, who in 2008 set up the court-sanctioned arrangement that governs the singer’s personal and business affairs, said in a court filing that he believed the judge should “now seriously consider whether this conservatorship is no longer required.”

“If Ms. Spears wants to terminate the conservatorship and believes that she can handle her own life, Mr. Spears believes she should get that chance,” read the petition to terminate the legal arrangement.

Britney Spears, 39, has been seeking for months to have her father removed as the overseer of her $60-million estate. She told the court in June the arrangement was abusive and humiliating.

Jamie Spears said for the first time last month he was willing to step down but gave no timeframe. Britney Spears also has a second guardian in charge of her personal and medical affairs.

Tuesday’s petition went further than the previous attempt, asking the court to end the conservatorship entirely.

“Ms. Spears has recently demonstrated a level of independence that calls into question whether a conservator of the person is required,” the filing said, citing the singer’s hiring a lawyer of her own choosing and driving alone again.

The decision to end the conservatorship rests with Los Angeles judge Brenda Penny. The matter is due to be discussed at a hearing on Sept. 29.

The “Stronger” singer was placed under the conservatorship in 2008 after suffering a public mental health breakdown. The nature of her mental health issues has never been revealed.

In late 2009, she returned to performing, recording several more albums, and going on sell-out world tours until her last performance in late 2018. The conservatorship then came under increasing scrutiny from fans in the #FreeBritney movement.

Ms. Spears, who posts frequently on her Instagram page from her mansion outside Los Angeles, did not refer to the petition by her father on Tuesday. — Reuters

Credit Suisse names new compliance chief after twin scandals

CREDIT SUISSE Group AG named Rafael Lopez Lorenzo as chief compliance officer, filling the last gap left by the exit of Lara Warner after the twin hits from Greensill Capital and Archegos Capital Management.

Mr. Lopez Lorenzo, currently head of group internal audit, will take over Oct. 1 from Thomas Grotzer, who filled the role on an interim basis since the departure of Warner, according to a statement on Wednesday.

The Swiss bank already in July hired David Wildermuth from Goldman Sachs Group, Inc. to become chief risk officer, a position Warner also held.

Credit Suisse chairman Antonio Horta-Osorio is working to rebuild the management ranks, after the bank was hit harder than any other by Archegos, which collapsed just days after the Swiss bank had to freeze a $10-billion group of funds it had run with Greensill Capital.

The scandals marked the culmination of a series of missteps that had raised concerns about the bank’s controls, risk management and corporate culture, and prompted a shakeup at the top.

Since then, the bank separated the role of chief risk officer and chief compliance officer, created new credit-risk roles and recouped $70 million in pay including bonus claw-backs.

About two dozen people were punished for their role in the Archegos scandal, and executives have been paring risk, including downsizing the prime brokerage business by more than a third and cutting ties with clients it sees as posing greater likelihood of losses.

Mr. Horta-Osorio has been seeking to bulk up the bank’s risk oversight after the problems. The bank also in August said it nominated former UBS Group AG executive Axel Lehmann to head the board of directors’ risk committee and ex-chief risk officer at Lloyd’s Banking Group Juan Colombas for a seat on the board.

Mr. Colombas previously served under Mr. Horta-Osorio as chief risk officer at Lloyds from 2011 to 2020.

After a string of external hires in recent months, the appointment of Mr. Lopez Lorenzo shows the bank is also still willing to promote from its risk and compliance functions internally.

Mr. Lopez Lorenzo has been the bank’s chief internal auditor for the past five years, previously working as a managing director at JPMorgan Chase & Co. in New York, where he was global audit head of the corporate and investment bank, according to his LinkedIn profile. 

In addition to bulking up the bank’s risk department, Mr. Horta-Osorio is conducting a strategic review of the bank after the incidents, which he’s said were worse than anything he’d lived through over three-and-a-half decades working at banks.

Credit Suisse also named Christine Graeff as head of human resources, succeeding Antoinette Poschung, who is retiring at the end of January. Ms. Graeff is currently head of communications, a role she will hand over to a successor who has yet to be named. — Bloomberg

South Korea’s ‘Generation MZ’ leads rush into the ‘metaverse’

SEOUL — South Korean engineer Shaun has big plans to develop the parcels of land he has snapped up for millions of won (thousands of dollars) in recent years into long-term money-spinners.

“I’m planning to design my building which is suitable to host K-pop live performances and K-drama screenings,” the 30-year-old investor told Reuters. “That can probably lead to a profitable business model in two to three years.”

And construction won’t be hampered by any coronavirus pandemic-spurred labor shortages or increased costs. Shaun’s grand project is all in the blockchain-based virtual world Decentraland.

The “metaverse” may be a futuristic prospect for most of the world, but it’s increasingly a reality in South Korea where soaring home prices and income inequality have enticed the so-called Generation MZ, or Gen MZ, into alternative online worlds.

Their digital avatars play games, walk around with friends, host social gatherings, shop and party — and make plans to build cities and profitable businesses.

Shaun, who declined to be identified other than by the name of his Decentraland avatar, has gradually immersed himself in the platform over the past three years.

Users can buy land in this virtual world with the aim of hosting real businesses there, like a nightclub that charges users for access. Just like in the real world, the success of the businesses and the communities around them can raise the value of your virtual land.

And investment managers, telecom firms and even the South Korean government are all plugging in.

Samsung Asset Management expects its Samsung Global Metaverse Fund, launched in late June, to easily beat its goal of drawing 100 billion won ($86.49 million) by the end of 2021, with around 1-2 billion won flowing in every day.

Choi Byung-geun, Samsung Asset Management vice president, said interest in the metaverse had grown since the pandemic as people worked remotely. The Samsung fund launched just two weeks after KB Asset Management’s KB Global Metaverse Economy Fund.

“With global big tech companies such as Facebook seeing their business direction shifting toward the metaverse, the industry is raking in money,” Mr. Choi said.

SK Telecom, the country’s largest mobile carrier, launched a metaverse ‘ifland’ in July where denizens can host and attend meetings with other animated avatars.

“As the social trend shifted to non-face-to-face due to the pandemic era, the demand (for metaverse services) jumped,” an SK Telecom official told Reuters. “There are thousands of rooms being created everyday and tens of thousands of daily users.”

SK Telecom is part of a “Metaverse Alliance” launched by the South Korean government in mid-May that includes more than 200 companies and institutions.

A Ministry of Science and ICT official told Reuters the government hopes to play a lead role in the metaverse industry. In a 604.4 trillion won budget for 2022 unveiled last week, the government earmarked 9.3 trillion won to accelerate a digital transformation and foster new industries such as the metaverse.

MZ GENERATION
South Koreans have been especially open to the attractions of the metaverse, even though it remains unclear to what extent a full replication of real life is possible, or how long it will take to develop.

Social experts attribute the interest to the disgruntled MZ generation — a term coined in the country that merges Millennials and Generation Z, encompassing those born between 1981 and the early 2010s.

As the coronavirus pandemic has dragged on, a new lexicon has sprung up in South Korea for the “untact” — the opposite of “contact” — economy.

“The craze for the metaverse reflects the sadness and anger of the MZ generation due to polarization,” said Kim Sang-kyun, an industrial engineering professor at Kangwon National University who has published two best-selling books on the metaverse since late 2020.

“They do not consider the metaverse as an alternative or replacement of reality, instead it’s just another part of their lives,” said Kim. “They are the generation that has communicated with the world through devices since birth, unlike the older generation.”

For 37-year old Choi Ji-ung, it was frustration with real estate prices and regulations in the physical world that drove him to buy property in geolocation-based platform Earth 2.

Mr. Choi’s 50 million won investment in the pricey Gangnam district in Seoul on Earth 2 is something he can only dream of in the real world.

“It was easy to purchase and not as expensive as I thought,” he said.

Fueling many of the metaverse platforms are non-fungible tokens (NFT), intangible digital assets encompassing everything from artworks and videos to clothes and avatars, which are purchased with cryptocurrency.

Decentraland offers a limited number of digital land parcels, or LAND, in the form of NFTs that are acquired using MANA, a fungible token that acts as the game’s currency. MANA, an altcoin, can be purchased with fiat currency on limited cryptocurrency exchanges or in a swap with digital currencies like bitcoin or ether.

As in the real world, land parcels located closer to popular districts are more valuable than others. Some land parcels that sold for about $20 each when Decentraland launched in 2017 now change hands for hundreds of thousands of dollars.

As the platform develops, Shaun and other landowners believe they will be able to make money by using their land for a variety of commercial businesses, such as building concert venues and charging admission for performances.

Changes and developments to Decentraland are overseen by the Decentraland Foundation, which was set up as a nonprofit organization to act on behalf of users.

PROPERTY DEVELOPERS
Wang Keun-il, a 36-year-old fintech entrepreneur, owns lands in North Korea’s capital Pyongyang, Vatican City and Egypt on Earth 2, where he plans to build a profitable tourism or educational business.

Earth 2, which launched in November, is not a fully-fledged metaverse environment, but rather a marketplace for selling digital tiles which represent parts of the Earth. Users cannot currently “enter” the land they have bought, meaning Mr. Wang has taken a gamble on a world that is yet to materialize.

Earth 2 Chief Executive Shane Isaac told Reuters South Koreans were the most active users on the platform, based on self-affiliation, spending about $9.1 million, followed by the United States with $7.5 million and Italy with $3.9 million.

Decentraland said its platform had more than 7,067 active users from South Korea in the 30 days to Sept. 1, second only to the United States.

“People won’t forget about or move away from the industry once things return to something resembling normality,” Dave Carr, a communications lead for Decentraland Foundation, told Reuters.

“If anything, this period will define the most important, valuable or relevant entities and experiences.”

On the stock market, net purchases of gaming firm Roblox Corp. made it the top foreign stock purchased in June and July, Korea Securities Depository (KSD) data showed.

Shares in local AR and VR technology firms MAXST and WYSIWYG STUDIOS have soared in recent months.

Earth 2 investor Mr. Choi is conscious of potential metaverse pitfalls but excited: “Depending on the point of view, some could see it as a ridiculous thing or a bubble, but some see it as an opportunity.” — Reuters

Japan’s Hitachi tapped to provide elevators to north-south railway

JAPANESE multinational conglomerate Hitachi, Ltd. announced on Wednesday that the government has tapped its subsidiary in the Philippines to provide elevators and escalators for the North-South Commuter Railway (NSCR) Phase 1 project.

“Hitachi Elevator Philippines Corporation… has received an order for 67 units of elevators and escalators for the development of the North-South Commuter Railway Phase 1 project as its first railway system project,” the company said in an e-mailed statement.

The 38-kilometer first phase of the 148-kilometer NSCR project aims to connect Malolos in Bulacan to Tutuban in Manila, serving seven stations. It is expected to accommodate more than 200,000 commuters daily.

Hitachi Elevator Philippines has been awarded a contract to supply 13 elevators and 26 escalators for the railway project’s Manila, Meycauayan, Marilao, and Bocaue stations.

The company will also deliver eight elevators and 20 escalators for Balagtas, Guiguinto, and Malolos stations.

“All the units are to be installed by May 2023,” it said.

The entire NSCR project is expected to accommodate about 830,000 passengers per day once fully operational. — Arjay L. Balinbin

Dining In/Out (09/09/21)

SaladStop! comes out with Yeobo Yeobo grain bowl

THE YEOBO YEOBO warm grain bowl is making a comeback in SaladStop! for a limited time only. It is made with warm quinoa, baby spinach, baked mushrooms, edamame, sweet corn, alfalfa sprouts, grated cage-free eggs, topped with beef bulgogi, and dressed with a Korean chili vinaigrette. This Korean-inspired bowl is protein-packed, with one bowl having more than 20% of a person’s daily protein requirement. The Yeobo Yeobo grain bowl is available at all SaladStop! branches in Metro Manila (except SM Megamall) for P395 from Sept. 7 until Oct. 25 only. To learn more about SaladStop! and the nutritional information of its salads, wraps, and grain bowls, visit www.saladstop.ph.

Jollibee Champ now available in Jr. sizes

FOR THOSE looking for a more affordable but still flavorful, juicy, and filling burger, Jollibee is introducing the Champ Jr., a junior-sized version of the iconic Jollibee Champ. The Champ Jr. is made with 100% pure beef that also comes in Amazing Aloha Champ Jr. and Bacon Champ Jr. variants at prices that are affordable. The Champ Jr. is available for P69 solo, while the Amazing Aloha Champ Jr. and Bacon Champ Jr. are available for P90. Have them delivered via the Jollibee Delivery App, jollibeedelivery.com, #87000, GrabFood, and foodpanda. It is also available in Drive-Through and Take Out.

Ajinomoto shares nutritious recipes online

AJINOMOTO shares easy-to-cook, nutritious, and affordable recipes on its Facebook page at Cookmunity by Ajinomoto Philippines and its website at www.cookmunitybyajinomoto.com. Among the most recent recipes shared are: Vegetable Kebab with Grilled Chicken featuring zucchini, corn, chicken breast, onions and bell peppers; Hawaiian Fish Burger made with tilapia fillet as substitute for the traditional beef, plus pineapple, romaine lettuce, and tomato; Asian Salad with Oyster Sauce Dressing made with easy-to-find fruits and vegetables such as cucumber, lettuce, carrots, tomatoes, orange and singkamas (jicama), and grilled filleted chicken breasts; and, Fish Fillet in Mango Salsa with breaded fish fillet, ripe mangoes, onions, cilantro, green pepper, honey and lemon. The recipes feature such Ajinomoto products as Crispy Fry Seasoned Crumbs, Sarsaya Liquid Seasoning, Sarsaya Oyster Sauce, and Crispy Fry Fish Breading Mix. The recipes reflect the Ajinomoto Creating Shared Value framework and Eat Well, Live Well commitment, as the company continues to develop ideas and create products to improve the nutrition of Filipino families.

Sisig available at GrabFood

GRABFOOD’S partner restaurants offer unique and original sisig concoctions. There is Manam’s Corned Beef Sisig (it also has Pancit Sisig, Sizzling Bangus Belly Sisig, House Squid Sisig, and House Tofu Sisig); Pancit Sisig by Dencio’s, with light noodles that complement the savory dish; Buddy’s Pancit Lucban at Longganisang Lucban’s Sisig Pizza which combines two crowd-favorites into one dish, and Buddy’s Chamsisig, with noodles and vegetables partnering the meaty sisig; Sisig Burrito and Sisig Rice by the cloud kitchen Kraver’s Canteen; and Salmon Sisig by Sushi Kenzie. Other twists on the traditional sisig (which is chopped pig’s face which is broiled and grilled with other ingredients) include Locavore’s Lechon Oyster Sisig, King Sisig’s Sisig Lumpiang Shanghai, and Mexi-Ko’s Sisig Quesadilla and Taco.

TWG Tea joins 9.9 Sale

SHOP TWG Tea’s collection of teas and accessories on its LazMall Flagship Store from Sept. 9 to 11 to enjoy exclusive 9.9 Sale promotions. Its suggestions include White Sky Tea, French Earl Grey, 1837 Green Tea, Moroccan Mint Tea, 1837 Black Tea, and English Breakfast Tea. Also available are TWG Tea Scented Candles. They are available at all TWG Tea Boutiques in the Philippines and the official LazMall Flagship Store.

Silver Swan, Datu Puti remain Pinoys’ favorite food brands

SILVER Swan and Datu Puti are two of the Most Chosen Food Brands in 2020, according to the 2021 Kantar Asia Brand Footprint report. The recently released report found that Silver Swan rose in the rankings by one place as it bagged the Top 2 Most Chosen Brand in the FMCG Category in 2020 with almost 500 million Consumer Reach Points. Datu Puti also ascended one spot in claiming the Top 12 Most Chosen Brand in the same category and retained its position as the Top 4 Most Chosen Brand in Food. Meanwhile, UFC also garnered the 12th Most Chosen Brand in Food of 2020. The Brand Footprint uses Consumer Reach Points (CRP) as basis for the rankings. This metric measures how many households across the country were buying the brands, and how often they were bought. Aside from soy sauce, Silver Swan also offers a wide range of condiments and food products such as vinegar, fish sauce, salted black beans, chili sauce, hot sauce, oyster sauce, Worcestershire sauce, and most recently, the Wow Sarap Seasoning Granules. Datu Puti is the pioneer vinegar brand in the Philippines. It has grown into a megabrand of condiments with the addition of soy sauce, fish sauce, oyster sauce, and barbecue marinade, among others. UFC is the Philippines’ first and only banana catsup brand, established in 1969. It has expanded from banana catsup to include products such as chili sauces, rice mix, spaghetti and tomato sauce, ready recipes, cooking oil, sinigang mix, gravy, and spices. Silver Swan, Datu Puti, and UFC are all brands under NutriAsia, a leading producer, marketer, and distributor of sauces and condiments. It is also home to iconic Filipino brands like Mang Tomas, Golden Fiesta, Papa, Mafran, and Jufran.

Crimson Hotels and Resorts, Quest Hotels join Sept. Online Sale

CHROMA Hospitality, Inc., the management company of Crimson Hotels and Resorts and Quest Hotels is offering exclusive markdown rates at HSMA’s (Hotel Sales and Marketing Association International, Inc.) online sale dubbed “SOS” September Online Sale from Sept. 15 to Oct. 15 at https://hsma.org.ph/sos in support of igniting the local tourism industry. To book all Crimson and Quest Hotels offers, log on to www.hsma.org.ph/sos during the SOS sale dates. Among the dining offers are a P1,000 dining voucher that can be purchased for P700 or a P2,000 dining voucher for P1,300 for use at Crimson Filinvest City’s Firehouse Pizza and Baker J restaurants (visit https://bit.ly/cfcmsos or e-mail alabang.sales7@crimsonhotel.com. Meanwhile, Crimson Resort and Spa, Mactan and Crimson Resort and Spa, Boracay are offering special room rates, spa services and more. Visit https://bit.ly/CRSMSOS2021 or call Crimson Resort & Spa Mactan at 401 9999 or e-mail info.mactan@crimsonhotel.com, or https://bit.ly/crsbsos or e-mail boracay.reservation@crimsonhotel.com. The Quest Plus Conference Center, Clark also has a special for its private villas plus golf course use, visit https://bit.ly/2WQU4Rg or e-mail clarkrsvno1@questhotelsandresorts.com for details. Quest Hotel, Tagaytay is offering a Tagaytay Weekend Getaway. For details, visit https://bit.ly/tagaytaysos2021 or e-mail tagaytayrsvn1@questhotelsandresorts.com. Quest Hotel Conference Center, Cebu also offers a special stay package. Visit https://bit.ly/QHCCSOS2021 or e-mail cebuinfo@questhotelsandresorts.com for details.

Moody’s affirms China Bank credit rating

BW FILE PHOTO
MOODY’S Investors Service affirmed China Banking Corp.’s credit rating. — BW FILE PHOTO

MOODY’S INVESTORS Service affirmed China Banking Corp.’s (China Bank) “Baa2” rating and “stable” outlook, citing the lender’s ability to maintain robust capitalization, profitability and liquidity amid the coronavirus pandemic.

In a disclosure to the local bourse on Wednesday, China Bank said Moody’s affirmed its long-term counter-party risk and deposit rating of Baa2 on Sept. 3, saying the bank’s risk management is “commensurate” with its risk appetite.

The credit rater also said the “stable capitalization and profitability” of the lender and its strong liquidity could support business expansion moving forward.

“[Meanwhile], credit challenges are risks to asset quality on account of the economic shock caused by the coronavirus, and the bank’s modest funding profile, with a relatively high share of corporate deposits,” the bank said, citing the report of Moody’s.

China Bank’s rating is a notch higher than the minimum investment grade and is in line with the country’s sovereign credit rating.

“The ratings include a one-notch uplift for government support, based on Moody’s expectation that the Philippine government will likely provide support for China Bank’s depositors and senior unsecured creditors if needed,” the Sy-led lender said.

“This assessment reflects the bank’s significance to the Philippine banking system,” it added.

China Bank saw its net income climb by 39% to P7.3 billion in the first half from the P5.2 billion it booked in the same period last year.

Shares at China Bank inched up by 20 centavos to P24.30 apiece on Wednesday from P24.10 each on Tuesday.