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Dining In/Out (06/09/22)

Support local farmers with Ayala’s Eat and Box All-You-Can 

GET as many mangoes as you can stuff in a box for P200 or as many vegetables as you can stuff in a box for just under P700. This is the come-on from Ayala Malls’ Alagang AyalaLand Program and Rural Rising (RuRi) Box All You Can offer. At the height of the pandemic, the non-profit organization RuRi helped distressed Filipino farmers get back on their feet by sending rescue trucks to areas where there was an over-production of produce and paying the farmers above-farm gate prices. Recently, however, with RuRi’s limited capacity, it has been difficult to purchase all their produce and thereby meet the full depth of the farmers’ daily needs. After RuRi mused on this dilemma in a Facebook post, Ayala Malls offered the Activity Center of Alabang Town Center for three days to support the cause and bring local goods within the reach of patrons. Participants could collect all the fruits and vegetables they could fit inside a 14x14x8 box within 10 minutes. The success of Box-All-You-Can at Alabang Town Center prompted the continuation, as well as a variation, of the effort. Now Ayala Malls and RuRi invite everyone to a Mango Eat-All-You-Can on June 11 for P200 and a Box-All-You-Can for P699 on June 12. Both one-day events are happening exclusively at Market! Market! Guimaras’ famous mangoes will be on offer at the Mango Eat-All-You-Can for P200. Just like in any buffet, the mangos cannot be boxed or taken home. Registrants also have the option to donate the yellow mangoes to a worker, a security guard, a rider, or a driver, for the same price. Pick and reserve a time slot in advance by signing up here: http://bit.ly/MAYC-RRPH. Meanwhile, for the Box-All-You-Can on June 12, shoppers can fill a 14” x 14” box with as many locally produced fruits and vegetables as they can for P699. The produce includes fresh beets, carrots, radish, cauliflower, eggplant, cabbage, corn, potato, pineapple, papaya, lettuce, and more, coming from all around Luzon. Register in advance for this one-day event here: https://bit.ly/BAYCatMM-RRPH. Alabang Town Center is also preparing for round two with RuRi at a Fruit-All-You-Can event on July 9 to 10. 

Sofitel to launch new Filipino-French bistro

LE BAR, one of Sofitel Manila’s dining destinations, celebrates its grand launch on June 16, in partnership with local producers Auro Chocolate, Esguerra Farms, Aba Pardes Hyrdoponic, and Malagos Farmhouse. This night will also be highlighted by their wine partner from Möet Hennessy, the official distributor of Whispering Angel, one of the world’s best rosé. Sofitel Manila’s Executive Chef Bettina Arguelles launches the latest menu of Le Bar highlighting Filipino flavors while incorporating French culinary techniques. “It has always been my dream to showcase Filipino cuisine and support locally sourced products,” said Ms. Arguelles in a statement. The new Le Bar menu takes homey Filipino dishes which are given a luxurious twist. The new unique concept of Filipino-French “bistronomy” will be introduced at Le Bar’s grand launch on June 16 for P3,500 per person. Book a seat at (+63) 2 8832-6988 or e-mail H6308-FB12@sofitel.com

The International Bazaar returns with focus on food

ON Sunday, June 12, the International Bazaar Foundation, Inc. (IBF) in cooperation with the Department of Foreign Affairs (DFA) together with SM Mall Of Asia (MOA), will be hosting Shop, Taste & Celebrate, IBF’s first bazaar since the pandemic. The event will be held at the SM MOA Music Hall from 10 a.m. to 10 p.m. Participating countries include Argentina, Australia, Belgium, Cambodia, China, Denmark, Indonesia, Japan, Malaysia, Myanmar, New Zealand, Peru, Romania, South Africa, Sri Lanka, Syria, Tanzania, Thailand, Ukraine, Vietnam, and the United Arab Emirates.There will be manuka honey from New Zealand, juices from South Africa, Ceylon tea products from Sri Lanka, various pastries and desserts from Syria, and local fabrics and weaves from the HABI Foundation and Dita Sandico. This fund-raising bazaar aims to foster and strengthen the friendship shared between the Philippines and the rest of the world, all while raising awareness through sumptuous food, music and signature products. Alongside this mini-bazaar is the ASEAN Food Fest which will be showcasing signature dishes and cuisines from the various ASEAN member states. Try Brunei Darussalam’s nasi pusu with egg or Cambodia’s favorite breakfast dish, num banh chok Khmer. Indonesia will be highlighting their famous sate ayam and nasi goreng while Lao PDR will offer a salad of papaya, chicken, and sticky rice. There will be two iterations of Malaysia’s nasi lemak, served with a side of either beef rendang or spiced fried chicken. Myanmar’s unofficial national dish, a rice noodle soup served in a hearty fish-and-shallot-based broth called mohinga will be available. There will be Filipino specialties such as Via Mare’s pancit luglog, puto bungbong, and bibinka. Ensaymada from Baby Pat Breads and Pastries updated with such flavors as peanut butter Choc Nut will also be for sale. There will also be laksa from Singapore, bagoong fried rice and shrimp pad thai from Thailand, and banh mi from Vietnam. Like the ASEAN Ladies Foundation, Inc. on Facebook and view a variety of ASEAN cooking videos on the DFA Special Projects Unit’s YouTube channel.

Diamond Hotel food fest features chef Tatung Sarthou

REDISCOVER the Flavors of the Archipelago at Diamond Hotel during the Filipino Food Festival from June 6 to 12, featuring dishes by award-winning celebrity chef, restaurateur, best-selling cookbook author, and YouTuber Tatung Sarthou. To celebrate Philippine Independence, the Corniche Lunch and Dinner buffet spread spans the cuisines of Luzon, Visayas and Mindanao for P3,300 net per person. These include Pako salad, Kinilaw na tuna and Sinuglaw to Sinampalukang manok, Papaitan soup and Beef hinalang, to Pancit pusit, Callos, Balbacua, Pinaggang and Beef kulma. The carving section will highlight the popular Lechon belly roll and Roast beef adobo. Dessert includes Browa, Torta Bisaya, leche flan, buco pie, and more. Guests spending P5,000 net at the Corniche Buffet will get a chance to win roundtrip airline tickets for two persons via Cebu Pacific Air to any local destination of choice at a raffle. For restaurant reservations, call (02) 8528-3000 or reserve online via onlineshopping.diamondhotel.com.

Chefs Del Rosario, Boutwood join plant-based movement

TWO of the country’s top chefs — Sau Del Rosario and Josh Boutwood — have made the choice to join the plant-based movement. In collaboration with Nestle Philippines’ Harvest Gourmet brand, they both created a pair of burger dishes for their respective restaurants in an effort to test out the appeal of plant-based “meat” among their customers. Mr. Del Rosario created a plant-based Adobo burger with pinakbet okoy and Buffalo wings with calamansi aioli and a Korean-inspired plant-based Burger with ssam jang, kimchi, and nori flavored fries. The latter is currently available to order from his Cafe Fleur restaurant menu. These flavorful creations were made using Harvest Gourmet Sensational Burger and Harvest Gourmet Chargrilled pieces. Mr. Boutwood, on the other hand, made his own creation of I Can’t Believe It’s Not Meat Burger made with Harvest Gourmet Sensational Burger, Colby Jack cheese, charcoal grilled cucumber relish, burger sauce, chipotle sauce, and micro greens. He also made a plant-based Honey buffalo (chicken) sandwich made with Harvest Gourmet Schnitzel, coleslaw, and secret sauce, available for a limited time at his Test Kitchen. For a limited time only, Nestlé Professional Philippines is offering Harvest Gourmet products at a special discount of up to 36% on both e-commerce and wholesale platforms. Harvest Gourmet products are available through Nestlé Professional Philippines and e-commerce partners: Rare Food Shop, Lazada, Shopee, and Wholemart PH.

First MUJI Coffee opens in the Philippines

JAPANESE lifestyle brand MUJI has just opened its newest store in the Philippines in Central Square. The 1,400 sqm space in Central Square —  at the corner of 5th Avenue and 30th Street in Bonifacio Global City (BGC) — is over three times the size of its previous store in Bonifacio High Street. This expanded store in BGC will also have new features starting with MUJI Philippines’ first ever MUJI Coffee — a small space where customers can relax, work, or spend time with friends and family. MUJI Coffee offer coffee, tea, and some light snacks that are inspired by Japanese treats. It is equipped with MUJI furniture, which customers can experience while they take a break inside the store. All the coffee and select tea beverages served will make use of coffee beans and tea leaves that are certified by the Rainforest Alliance, an international non-government organization that fights against deforestation and climate change. And like all of its merchandise, MUJI will offer MUJI Coffee products in sustainable or recyclable packaging to help conserve the environment. With Bonifacio Global City known as a “walkable city,” MUJI will make free drinking water available to customers and guests through its Water Refilling Station. Customers are encouraged to bring their own reusable bottle instead of buying water in single-use plastic bottles. To complement this service, MUJI Central Square will also carry Reusable Water Bottles available for purchase. The new store will also have the biggest display of MUJI Walker active wear, Children’s Wear, and Innerwear. In addition, MUJI Central Square will also carry specialty products and services such as the MUJI Labo unisex clothing line, Open MUJI, and free consultation services with its Interior, Styling, and Experience Advisors. MUJI is offering a free MUJI Eco Card to all MUJI Members. To complete the MUJI Eco Card, Members need to accumulate nine stamps which can be done by using their own reusable bags in lieu of MUJI packaging when shopping in any MUJI Philippines store, or by using the MUJI Water Refilling Station with their own reusable water bottle. Once all nine stamps are completed, MUJI Members can either receive a free 12 oz drink at MUJI Coffee, or get a P100 discount (with a minimum purchase of P500) applicable in any MUJI store. In the Philippines, MUJI is also located at Greenbelt 3, Power Plant Mall at Rockwell, Shangri-La Plaza East Wing, and SM Mall of Asia.

DoT rolls out Calabarzon farm tourism circuits

AS part of the reboot of the tourism industry in the  Calabarzon Region (Cavite, Laguna, Batangas, and Quezon provinces), the Department of Tourism (DoT) recently rolled out its culinary circuits caravan to showcase notable farm tourism sites and their unique farm-to-table dining experiences. Also known as the Southern Tagalog Region, it is among the most visited areas for Metro Manilans because of its proximity and good road network. The farm tour circuits consist of accredited establishments which tour operators and travelers can customize to savor the rich culinary and cultural heritage of the five provinces. The region currently has 26 accredited farm tourism establishments, many of which are also recognized by the Department of Agriculture’s Agricultural Training Institute (ATI) as community farm schools. In addition, there are also scores of farm-themed resorts and restaurants in the region that are accredited by the government tourism agency. Farms are safe alternatives to crowded tourist spots because of their open spaces, fresh air, physical distancing, and freshly cooked dishes. Among the region’s farm tourism sites recommended by the DoT are Terra Verde Ecofarm, Bounty Harvest Farm, EMV Flower Farm Indang, Luntiang Republika Ecofarms, and The Weekend Farmer in Cavite; Casa San Pablo in San Pablo City, Graco Farms & Leisure, Silent Integrated Farm, Farmshare Prime, and Jasif Integrated Farms in Laguna; Don Leon Nature Farm, Mileah Bee Farm, and Lica Farms in Lipa City in Batangas; Flor’s Garden and Nature Haven in Antipolo City, FDRJ Camping Sites Rental, and Pili Paninap Farms in Rizal; and for Quezon, there’s Francesca de Banahaw, Bukid Amara, and Linang ni LK Restaurant.

Lyger Coffee delivers cups of coffee to customers

FIVE-MONTH-OLD brand Lyger Coffee joins the bustling local coffee scene with their premium mini cups of coffee, which can be delivered right to the customer’s doorstep by end-to-end fulfillment company, LOCAD. Made from pure Arabica coffee beans from the mountains of Colombia, the first crystallized coffee in the country goes through an innovative process of freeze-drying. This method of crystallization brings out the best in the coffee beans: clear-cut flavors and aromas at a much higher level than regular dried coffee. It comes in tiny cups into which customers can pour any kind of hot or cold liquid — water or milk — for coffee within literally 20 seconds. Lyger Coffee currently comes in americano and latte flavors. The cups of coffee are delivered to the customer via LOCAD. Lyger is set to add more items over the next few months. Plus, together with a local NGO, Lyger has launched their Return Your Mini Cups Program which recycles used mini cups by turning them into construction bricks. To encourage their patrons to join them in this advocacy, Lyger gives away freebies to those who send back 50 empty mini-cups.

Manila Water expands east zone network 

MANILA Water Co., Inc. reported on Wednesday that its east zone network has expanded to 5,290 kilometers of water pipelines as of March as part of its ongoing expansion.

“Through these additional water lines, Manila Water will be able to continuously expand the water service coverage for the whole east zone and will substantially serve additional customers beyond its central distribution system,” Manila Water Corporate Communications Affairs Group Head Jeric T. Sevilla said in a statement.

Mr. Sevilla said that the expanded network serves a population of 7.3 million and gives them 24/7 access to clean, reliable, and potable water supply.

“The water quality in all plant outlets and distribution lines are all compliant with the Philippine National Standards for Drinking Water which regularly samples and tests water for physical, chemical, and microbiological parameters,” he added.

Manila Water also said it is continuing its expansion of sewer network for wastewater treatment in its 41 sewage treatment plants.

As of March, total kilometers of sewer pipes laid has reached nearly 447 kilometers.

“These lines will ensure that wastewater coming from households and other residential establishments will be conveyed through this sewer network for treatment so that it will be returned safely to water bodies without polluting them,” Manila Water said.

The water concessionaire works with the Metropolitan Waterworks and Sewerage System in providing water and wastewater services to Marikina, Pasig, Makati, Taguig, Pateros, Mandaluyong, San Juan, portions of Quezon City and Manila, and several towns of the nearby province of Rizal.

At the stock exchange on Wednesday, Manila Water shares rose by 1.1% or 20 centavos to close at P18.40. — Luisa Maria Jacinta C. Jocson

Yulo, gymnastic team off to Qatar for world qualifier

THE YULO-LED Philippine gymnastic squad — GYMNASTICS ASSOCIATION OF THE PHILIPPINES

CARLOS “Caloy” Yulo is eyeing nothing less than a third world title. But first things first, the pocket-sized wonder from Leveriza, Manila would have to qualify via the Asian Artistic Gymnastics Championships slated for June 15 to 18 in Doha, Qatar.

“Yes, the Doha event serves as a World Championship qualifier,” said Gymnastics Association of the Philippines president Cynthia Carrion.

The 22-year-old Mr. Yulo will spearhead the Philippine team also composed of John Ivan Cruz, Juancho Miguel Besana, Justine Ace de Leon, Jan Gwynn Timbang and John Matthew Vergara, who all teamed up with the former in snaring the men’s team all-around silver medal in last month’s Hanoi Southeast Asian Games.

It was one of the medals that Mr. Yulo plucked to complete a fantastic five-gold, two-silver haul.

Ms. Carrion herself will be accompanying the group along with a coaching staff consisting of Munehiro Kugiyama, Reyland Capella and Jumpei Konno when they fly to Doha on Sunday.

Unless disaster struck, Mr. Yulo is expected to breeze through qualification being a two-time world champion in floor exercise in Stuttgart, Germany in 2019 and in vault in Kitakyushu, Japan last year.

The World Championships is set Oct. 29 to Nov. 6 in Liverpool, England this year.

And there is hope Mr. Yulo brings with him the whole team too. — Joey Villar

Philippines ranks 53rd in internet inclusivity list

The Philippines placed 53rd out of 100 countries in the 2022 Inclusive Internet Index, commissioned by Meta and developed by Economist Impact. The index assessed national-level internet inclusion in 100 countries across four categories: availability, affordability, relevance, and readiness. With an overall score of 72.3 out of the possible 100, the Philippines was the eighth least inclusive internet environment in Asia. It improved in the relevance pillar, led by gains in e-entertainment usage and value of e-finance and e-commerce. However, the Philippines declined in affordability due to increasing postpaid tariff and fixed-line monthly broadband costs. Availability slightly improved but gender gap in internet and mobile phone access widened from a year ago.

Philippines ranks 53<sup>rd</sup> in internet inclusivity list

Little cheer for Russian beer lovers as sanctions bite

ENGIN AKYURT/UNSPLASH

“SORRY, that was the last bottle of Czech beer we had,” said a waiter at a central Moscow restaurant, a month after Russia sent troops into Ukraine and the West imposed sweeping sanctions.

More than 100 days into what Russia calls a special military operation in Ukraine, foreign alcohol is still available in Moscow pubs, but the once ample reserves are dwindling.

“Some pubs accumulated large stocks when it all started. But, as far as I know, there have been no new deliveries ordered and confirmed after Feb. 24,” said Alexander Skripkin, who manages two bars in Moscow.

Many foreign companies including leading Western brewer in the country Carlsberg, Anheuser-Busch, and Heineken, have suspended sales in Russia and shipping trade has plummeted.

That has pressured the economy and affected the habits of Russians used to a lavish selection of foreign-made alcohol.

“The beer situation is very cheerless,” said Anton, a 36-year-old IT expert who works for a state financial organization in Moscow.

“Not to mention Paulaner, Pilsner Urquell and other tasty stuff, I’m not at all confident if Russian beer is here to stay. There are problems not only with beer imports but even with imports of hops,” he added.

Russian breweries depend heavily on imports of raw materials, such as hops.

“Complications with sending money to suppliers in Europe and America, as well as the disruption of supply chains, are now the two most difficult issues,” Russia’s association of beer producers said, citing Beer Resource, one of Russia’s largest distributors of raw materials for breweries.

In early March, Carlsberg, AB Inbev, and Heineken halted the production and sale of their flagship beers in the country and they have since said they will sell their businesses there.

CARGO SHIPMENTS
The world’s biggest foreign container lines —  including the top three MSC, Maersk, CMA CGM —  have temporarily suspended cargo shipments to and from Russia, while European Union countries sharing borders with Russia and Belarus have barred cargo vehicles registered in those countries from entering.

“There is no Guinness any longer and it won’t return, at least for now,’ a bartender at the White Hart, a large English-style pub in central Moscow next to the central bank, said. It used to sell the stout for 690 rubles ($10.83) per pint.

Diageo, which makes Smirnoff vodka and Guinness, began its own distribution in Russia in 2006 and once noted enormous growth potential in the country. It said in March it had suspended all exports to Russia as well as local manufacturing of its beers.

But Guinness, which has one-year shelf life when stored in kegs, was still available at two pubs nearby where bartenders said they were selling stocks with little hope they would be replenished any time soon.

“We have stocks that should be enough for half a year,” said a representative of beer importer Nice Beer based in a Moscow suburb.

Foreign-made strong alcohol could also become scarce.

Warehouses are almost empty and restaurants are selling old stock, said Sergei Mironov, Moscow’s restaurant business ombudsman, state news agency RIA reported.

Russia President Vladimir Putin has said the sanctions will rebound on the West and provide new opportunities for Russian firms.

“Sometimes when you look at those who leave —  thank God, perhaps? We will occupy their niches: our business, our production — it has already grown, and it will safely sit on the ground prepared by our partners,” Mr. Putin said on May 26.

With foreign alcohol flows drying up, bars and stores are considering locally produced drinks.

“We’ve started looking for domestic alternatives to foreign beers and, as a result, the selection has changed drastically. Imported alcohol is now 20-50% more expensive, while local beers are slightly cheaper than imported ones used to be before Feb. 24,” Mr. Skripkin said. — Reuters

CTA partially grants geothermal firm’s tax refund claim

THE Court of Tax Appeals (CTA) has partially granted the tax refund claim of Philippine Geothermal Production Co., Inc. (PGPCI) of excess input value-added tax (VAT) traced to zero-rated sales for the first three quarters of 2016.

In a 30-page ruling on June 3, the court’s second division ordered the Bureau of Internal Revenue (BIR) to refund or issue a tax credit certificate to the company in the amount of P23.4 million of its P28.3-million initial claim.

“In sum, the petitioner (PGPCI) has sufficiently proven its entitlement to the refund or issuance of tax credit certificate in the reduced amount of P23.4 million,” according to the ruling written by CTA Associate Justice Jean Marie A. Bacorro-Villena.

The tax court said PGPCI presented credible official receipts to substantiate the amount entitled to it.

The company is primarily engaged in developing and exploiting geothermal energy among other products. It is likewise registered with the Department of Energy (DoE) as a developer of geothermal energy resources.

The commissioner of internal revenue argued that the company withheld documents from the BIR that should prohibit the appeal to the court.

The tribunal noted that the commissioner did not specify any of the documents allegedly withheld by the petitioner.

“It, thus, becomes imperative for the taxpayer to show the CTA that not only is he entitled under substantive law to his claim for refund or tax credit, but also that he satisfied all the documentary and evidentiary requirements for an administrative claim,” the CTA said, citing Supreme Court jurisprudence.

“Consequently, a taxpayer cannot cure its failure to submit a document requested by the BIR at the administrative level by filing the said document before the CTA.”

In a separate dissenting opinion, CTA Associate Justice Lanee S. Cui-David voted to deny the company’s claim for refund since she said its sales did not qualify for VAT zero-rating.

Ms. Cui-David cited the Renewable Energy Act of 2008, which requires a company registered as a developer of geothermal resources to secure a certificate of endorsement from the DoE to avail of a VAT zero-rating.

“The failure of petitioner to show that it was issued a certificate of endorsement by the Department of Energy on a per transaction basis, its alleged sales/receipts, if any, do not qualify for VAT zero-rating,” the magistrate said. — John Victor D. Ordoñez

Banks to enter the metaverse

PIGGYBANK-UNSPLASH

By Patricia B. Mirasol, Reporter

CUSTOMERS expect instant gratification from services, be it in finance or other sectors. Because service delivery mechanisms are changing, finance is moving towards a 24/7 model, and the metaverse is going be a part of it, said an expert at IBM’s “The Future of Finance” forum.

“People expect an intuitive and seamless integration of their lives… Whether it’s the storefront or the web, you’re expected as a company to deliver service across all experiences,” said Tuhina Singh, CEO and co-founder of Propine, a Singapore-based licensed digital asset custodian.

“Metaverse is going to change the financial industry, but it will also change everything. Imagine this entire physical world, and then [imagine] a digital world, and you being able to transcend [both worlds] seamlessly,” she said.

Banks in countries launching digital currencies will be able to tap the metaverse “a lot quicker,” said Balagopal Ravibalan, senior principal for solution consulting at SunTec Business Solutions, a relationship-based pricing and billing company headquartered in Kerala.

About 100 countries are actively evaluating central bank digital currencies (CBDCs), the International Monetary Fund said in February. CBDCs are electronic cash that create a direct connection between consumers and a central bank and are pegged to a country’s currency.

Countries where CBDCs have already been launched include the Bahamas and Nigeria. Meanwhile, countries that are already developing CBDCs include the United States and India.

“The options are limited for now, but… in the future, as we see more of an impetus in that direction, banking in the metaverse is going to be a reality,” he said. “Not today, but by 2030 or beyond that.”

Banks are “obviously cautiously optimistic” when they talk to media, but in a March 2021 World Economic Forum attended by banks from all over the world, Ms. Singh said what was discussed was the ongoing digitization of every aspect of our lives.

“The question on the table was, ‘What are the different models to go from point A to point B?’… This was every single bank in the world,” she told the participants of the roundtable discussion. “It’s very instructive for us to know where we are all headed.”

The metaverse is another channel that can facilitate interactions between people at a different level, said Juan Madera, the financial services sector leader for ASEAN at International Business Machines (IBM) Consulting.

“It can be a very interesting proposition for non-tangible assets like art or music,” he told BusinessWorld in a separate interview.

“We are not constrained by any channel,” added Mr. Madera. “Our clients tend to be ubiquitous, and therefore we have to support them in that aspect.”

Mark Zuckerberg, whose company Meta is building the metaverse, is betting that this virtual environment where users can work, socialize and play, will be the successor to the internet.

Transactions via PhilPaSS average P1.6 trillion daily from 2016 to 2020

TRANSACTIONS coursed through the Philippine Payment and Settlement System (PhilPaSS) grew at a quick pace in recent years, the Bangko Sentral ng Pilipinas (BSP) said in a statement on Wednesday.

BSP Governor Benjamin E. Diokno said at a conference held by the Bank of Japan’s Institute for Monetary Economic Studies last month that PhilPaSS transactions grew by “leaps and bounds,” recording an average of 6,400 daily transactions valued at P1.6 trillion from 2016 to 2020. Mr. Diokno was a panelist at the conference.

This is in contrast to PhilPaSS’ first five years of operations, where just 1,400 transactions valued at P350 billion per day were seen, Mr. Diokno said.

Meanwhile, for the first quarter of 2022, PhilPaSS Plus recorded over 327,000 transactions, currently worth P147.63 trillion. This translates to about 3,600 transactions per day worth P1.64 trillion. In March alone, 128,598 transactions were made that were valued at P47.87 trillion.

PhilPaSS is a real-time gross settlement system that processes and settles high-value transactions between banks, through demand deposit accounts of the banks maintained with the BSP.

The growing number of settlements by financial institutions prompted the BSP to upgrade the PhilPaSS system to PhilPaSS Plus on July 26, 2020.

PhilPaSS and PhilPaSS Plus were designated as systematically important payment systems last year.

PhilPaSS Plus is part of the BSP’s Digital Payment Transformation Roadmap, under which the central bank targets to have 50% of payments done through digital channels and at least 70% of Filipino adults having transaction accounts by 2023. — T.J. Tomas

World Bank’s GDP growth forecasts for select East Asia and the Pacific economies

World Bank's GDP growth forecasts for select East Asia and the Pacific economies

Would you like a sign language lesson with that cookie?

PHOTO COURTESY OF CARAVAN FOOD GROUP AND GEN DIOKNO

STARTING a business with a higher purpose had always been the goal for young entrepreneur Francis Carl Reyes. In 2017, he had a concept that sounded crazy — an ice cream business completely staffed by deaf people. He used his savings from working in the United States and ventured into artisanal rolled ice cream with the Elait brand and partnered with the College of Saint Benilde to hire their deaf scholars. The company provided what was once a dream for many PWDs — a job.

However, when the coronavirus disease 2019 (COVID-19) pandemic broke out, the Caravan Food Group had to downsize since its kiosks were located inside now-deserted malls. But the downtime did allow management to reflect further on their business offerings, and they realized that what could work was a full-service restaurant/cafe where families and friends sit down and enjoy time together. The decision was made to take Overdoughs, which started out as kiosk known for their mini “chonky” cookies (also known as “chonkies”), and expand it.

But it would be more than just a regular restaurant — it would also be a venue for learning.

“More than a cafe, I really want the place to be a venue for learning Filipino Sign Language… I would like to create greater awareness and create a more inclusive society and people,” said Mr. Reyes, the owner of Overdoughs Cafe.

He encouraged Hand and Heart and the School for Deaf Education and Applied Studies SDEAS — College of Saint Benilde to use the venue for Sign Language class sessions, creating more opportunities for the Deaf and the general public to forge interactions and friendships. A beautiful diverse friendly community that is.

As important as the purpose of the cafe is, one must never forget the food. Aside from chonkies, Overdough Café now serves OD Fat Fries, Sourdough Pizzas (Truffle and Threeshrooms, Sam and Kim Cheese, Scallops and Honey Bacon Flavors), Skillet Cookies ice cream, chicken combos and several other dishes.

Overdoughs Cafe is located at the 2F of Promenade at the Greenhills Shopping Center in San Juan. — Elyse G

Synergy Grid included in MSCI World Small Cap Index

SYNERGY Grid & Development Phils., Inc. said on Wednesday that it had been included in the MSCI World Small Cap Index about six months after the listing of its shares from its follow-on offering.

In a statement, the indirect controlling shareholder of power transmission operator National Grid Corp. of the Philippines (NGCP), the Philippine-listed company’s current market capitalization of around $1.24 billion places it above the median capitalization of the index.

It said MSCI World Small Cap Index’s median capitalization was at around $963.76 million as of the April 29, 2022 index update.

“The inclusion of Synergy Grid in the Index in a short amount of time from its listing late last year is proof of the notable performance of its main asset, NGCP. It is an affirmation as well that the route taken to list at the time we did was well-received by the market,” said Synergy Grid Vice-Chairman Robert Coyiuto, Jr.

The holding firm had its follow-on offering on Nov. 10, 2021.

“The MSCI World Small Cap Index captures small cap representation across 23 Developed Markets (DM) countries. With 4,502 constituents, the Index covers approximately 14% of the free float-adjusted market capitalization in each country,” Synergy Grid said.

Privately owned NGCP has 25-year concession and a 50-year Congressional franchise to operate the country’s power transmission grid, which links power generators and distribution utilities to deliver electricity.

Synergy Grid indirectly controls 60% of the outstanding capital stock of NGCP, which is its only operating asset, with an effective equity interest of 40.2%.

On Wednesday, shares in Synergy Grid rose by 0.33% or four centavos to close at P12.18 apiece.

French smartphone brand Wiko now in the Philippines

FRENCH smartphone brand Wiko Mobile is now in the Philippines and last week launched the Wiko T50 to mark its entry into the market.

The T50, priced at P11,999, is the latest release from its T-series line and has a design “based on elegant French aesthetics, and innovative advanced display, camera and performance features into the hands of its young users,” Wiko said in a statement last week.

“Wiko wants to make smartphone technology accessible to all. Our users all around the world tell us that they love the French design aesthetic of our phones which help them make a personal statement about their aspirations for simplicity, elegance, comfort, innovation, freedom, and enthusiasm,” said Violetta Jovanovic, global marketing director of Wiko Mobile.

“I am sure that the new generations in Southeast Asia who love gaming and photography, sharing their lives and experiences on social media will enjoy this device,” added Ms. Jovanovic.

The T50 offers a “superlative” photography experience as it features triple AI cameras. The rear array is made up of the main 64-megapixel (MP) high resolution camera, an 8-MP ultra-wide angle lens, and a 2-MP macro camera.

The main camera has an aperture of f/1.9 and a 1/1.7-inch sensor that can produce photos with dimensions as high as 9216 x 6912 pixels, while the wide-angle lens has a 120-degree field of view. Meanwhile, the macro camera has an aperture of f/2.4.

As for its front camera, the T50 has a 16-MP selfie lens that can also use AI to enhance portraits and shoot wide-angle shots.

The phone has an edgeless 6.6-inch LCD display with an FHD+ 2400 x 1080-pixel resolution.

“The slim 20:9 aspect ratio makes it comfortable to hold when making calls, taking photos and videos, and typing messages. The bezels around the Wiko T50’s display are so narrow that the screen appears edgeless, with an incredibly high screen ratio of more than 94%,” Wiko said.

The T50 also supports 40-watt fast charging, with its battery having a capacity of 4,000mAh.

The phone runs on Android 11 and has a storage capacity of 128GB. The Wiko T50 is available in three colors: Aqua Green, Lively Pink, and Midnight Black. It is now available on Wiko’s official Shopee and Lazada stores.

Wiko was founded in 2011 in France. The company said its strength lies in its “deep understanding of its target audience — combining the latest technologies and sense of lifestyle, packaged in an easy-to-use form that is trendy yet designed to look sensuous and appealing at the same time.”

“Having positioned itself to target the Gen Z market segment, Wiko continues to invest in R&D to offer best-in-class quality smartphones. With a DNA of high performance and long-lasting batteries, Wiko has gained the recognition of more than 30 million users in 35 markets, emerging as one of the top smartphone brands in the European market and now arriving to Latin America,” the company said.

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