Aboitiz unit completes fourth Davao terminal berth

May 27, 2021 | 12:04 am

ABOITIZ Construction, Inc. has finished building its fourth station on the Davao International Container Terminal (DICT) berth in Panabo City.

The 33-meter wide and 177-meter long structure is intended to improve the turnaround time for vessel loading, the company said in a press release on Wednesday.

“With the design and construction of Berths, DICT is now the biggest modern container terminal in Mindanao,” Aboitiz Contruction Director, President and Chairman Anton Mari G. Perdices said.

The length of the container terminal berth totals around 600 meters, and it can moor up to three Post-Panamax vessels.

“More vessels can now dock at the terminal to bring more produce and agricultural products in and out of the region, potentially creating demand,” Aboitiz Construction said.

The company hired 121 workers for the project, with 72% hired locally.

Aboitiz Construction is the construction arm of the Aboitiz group.

Listed holding firm Aboitiz Equity Ventures, Inc. posted a P7.6-billion consolidated net income for the first quarter, or a 275% jump from the previous year.

Shares in AEV went up 2.71% or 95 centavos to close at P35.95 apiece on Wednesday. — Jenina P. Ibañez

Tête-à-tête over tea

May 27, 2021 | 12:03 am

dilmahtea — GREEN TEA and black tea have exactly the same benefits, says Dilmah founder Merrill J. Fernando. — DILMAH CEYLON TEA COMPANY/ DILMAHTEA.COM

TEA is usually a meditative drink, fit for relaxing or thinking about the day (whether it’s the day’s beginning or end). There was a lot to think about during Dilmah’s talk on May 21, or International Tea Day.

A Sri Lankan family tea company, Dilmah was pioneering the concept of Single Origin Tea in 1988. Fresh unblended tea is a hallmark of the brand.

The talk was an interview between father and son, current Dilmah CEO Dilhan Fernando, and his father, founder Merrill J. Fernando. The talk was supposed to be broadcast on Facebook Live, but due to a tropical storm in Sri Lanka, the Fernandos streamed on a recorded podcast. The younger Mr. Fernando noted on how the storm affected their audio quality.

The older Mr. Fernando officially founded Dilmah in 1988, though he had been in the tea business since at least the mid-1970s. “I had other ambitions. I wanted to become a lawyer and defend people who were accused unfairly, and fight for them in court of law,” he told his son. Still, tea wove its spell early on. He said that when he was around 14 or 15, he visited a tea plantation and saw how clean and clear the air was, and the smell of tea all around the plantation, “Especially around the tea factory,” he recalled. “I loved the smell.” After his secondary education, he found an opportunity to join the tea business. “I’m still learning. Tea is a huge subject.”

His son posed questions from friends and viewers, which he answered quite sagely. One was about tea and health benefits. The senior Mr. Fernando said, “From the very beginning, health benfits in tea were known to the Japanese and the Chinese — Asians. Now, when it was brought to the West, these health benefits were minimized because they added sugar and milk.”

“Tea strengthens the immune system, because tea has unique richness in plant-based antioxidants,” his son noted. “This is the foundation of how tea enhances our immune system and helps you resist disease of any sort. It is not a cure. There are cures in tablets and other medicines. But it is part of a healthy regimen of healthy diets and so forth.”

On the question of health again, Mr. Fernando père cleared up a common misconception, that green tea is healthier than its more processed sibling, black tea.

“Green tea and black tea have exactly the same benefits — except catechins’ content is green tea is higher than in black tea. However, polyphenols in black tea cover up what is short in black tea in the form of catechins,” he explained.(Catechins are a potent antioxidant while polyphenols iare thought to boost digestion and brain health, and protect against heart disease and diabetes.)

“Most people believe that green tea is better maybe because green tea was first introduced in the world.”

He also talks about what he thinks is the best way to drink tea: “The best way to drink tea; to draw all of its benefits, is to drink black tea. If it must be sweet, use bees’ honey. No more.”

On the subject of sweetness, he also discusses success: “Success must never be used alone. That is greed. Share your success with the poor and the needy.” — J.L. Garcia

Goldman Sachs Group forms wealth venture with China’s largest lender

May 27, 2021 | 12:03 am

GOLDMAN SACHS Tower in Jersey City, USA — AKSHAY SADARANGANI /UNSPLASH

GOLDMAN SACHS Group, Inc. received approval from Chinese regulators to set up a wealth management joint venture in the world’s second-largest economy to go after an asset pool it estimated will surpass $70 trillion by the end of this decade.

Goldman Sachs Asset Management will hold 51% in the venture, while the wealth arm of Industrial & Commercial Bank of China Ltd. (ICBC), the world’s largest bank by assets, will own the remainder, the firms said on Tuesday.

Financial groups are rushing to capitalize on the opening of China’s $54-trillion financial industry. Goldman, JPMorgan Chase & Co and UBS Group AG are adding staff and expanding their footprint in everything from investment banking to asset management. Most foreign financial institutions have identified wealth management as a prime focus with investable assets estimated to double over the next few years.

“This joint venture with China’s pre-eminent financial institution will accelerate our objective of establishing a leadership position in one of the world’s largest, fastest-growing wealth management opportunities,” Tuan Lam, head of the client business for Asia Pacific, ex-Japan, at Goldman Sachs Asset Management, said in a statement.

Investable assets in China are set to surpass $70 trillion by 2030, with about 60% to be allocated to non-deposit products such as securities, mutual funds and wealth management products, according to Goldman Sachs research.

The firm is investing heavily and has plans to double its workforce in the country. It has been on an unprecedented hiring spree in mainland China and Hong Kong in the first four months of the year, adding 320 people, including about 70 dealmakers.

A new partnership with ICBC, which has more than 16,600 outlets, will boost Goldman’s distribution network and access to wealthy customers.

Beijing-based ICBC had 680 million personal banking clients by the end of last year, with the balance of personal financial assets under management reaching 16 trillion yuan. ICBC’s wealth management unit alone had more than 25 million customers, 89,000 private banking clients and 722,000 corporate customers.

Under new regulations introduced last year, foreign firms can take full control of their mutual fund joint ventures with the approval from the securities regulator, or seek partnerships with a local banks. More than 40 overseas companies have set up joint ventures and some have applied for greater control.

Amundi SA in December 2019 became the first foreign firm to be allowed to take control of a wealth management venture, owning 55% of a Shanghai-based company with Bank of China holding the rest.

BlackRock, Inc. and Temasek Holdings Pte have won approval to start an asset-management business in China along with China Construction Bank. Schroders was approved to set up a joint venture with Bank of Communications earlier this year.

JPMorgan said in March it is investing 2.67 billion yuan ($417 million) in China Merchants Bank Co.’s wealth management unit.

Still, not everyone is going all in. Fund giant Vanguard Group, Inc. earlier this year ditched plans for a wholly owned mutual fund license and is instead teaming up with Ant Group Co. on a joint robo advisory. — Bloomberg

SEC extends governance report submission deadline to June 30

May 27, 2021 | 12:03 am

THE Securities and Exchange Commission (SEC) has extended the submission deadline for the integrated annual corporate governance reports (I-ACGR) of publicly listed companies (PLCs) for a month to June 30.

“In recognition of the difficulties that the COVID-19 (coronavirus disease 2019) pandemic and the imposition of the General Community Quarantine may present on the ability of PLCs to timely comply with this requirement, the commission hereby extends the deadline for the filing of I-ACGR until June 30,” the SEC said in a notice.

Listed companies are required to submit the reports on May 30 for each year that it is listed on the Philippine Stock Exchange.

The commission said listed firms do not need to file a request as the deadline extension automatically applies. However, those who can submit on the original deadline may do so.

SEC BAGS GOVERNANCE AWARD
Meanwhile, London’s Cambridge International Financial Advisory has given the SEC a Global Good Governance (3G) Advocacy and Commitment Award for putting forward good governance in the country’s corporate sector. It was awarded virtually on Tuesday.

“This recognition affirms the SEC Philippines’ resolve not only in creating a good corporate governance climate in the country but also in promoting sustainable business practices and stakeholder centricity among its corporate constituencies,” Emilio B. Aquino, chairperson of the SEC, said in a statement on Wednesday.

The 3G Awards recognizes individuals and institutions for efforts in governance and sustainability through transparency, social responsibility, sustainability, impact, and innovation.

Winners are chosen from three main categories, namely: government and politics, corporate sector, and social sector and philanthropy.

The SEC has adopted corporate governance codes, sustainability reporting guidelines, among others. It also conducts forums with stakeholders to discuss corporate governance issues and participates in global development initiatives.

“We have been and shall remain to be a champion and purveyor of good corporate governance and sustainability,” Mr. Aquino said. — Keren Concepcion G. Valmonte

Firms urged to spend on digital resilience

May 27, 2021 | 12:03 am

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INVESTING in digital resilience is important for companies amid these changing times, as highlighted by the coronavirus pandemic, as this will help firms be more innovative in delivering their services.

Digital resilience is the ability to restore, and also find opportunities, within business operations during such shifting times. Its goal is to have digital capabilities regardless of how the world changes.

According to research group IDC, spending on digital resilience as it relates to core infrastructure investment and innovation is projected to accelerate in 2021.

Resilience investments grew fastest in Asia-Pacific, which IDC said correlates with the region’s overall response to the pandemic compared to Europe and North America.

“The digital transformation that is happening now has dramatically altered how we work and live. It has changed the role of many businesses because the needs of their customers and the expectations of consumers are continuing to evolve so very rapidly,” Karrie C. Ilagan, managing director of Cisco Philippines, said at BusinessWorld’s May 2021 Virtual Economic Forum on Wednesday.

“Digital resilience is about being ready for change, for disruptions. It is one’s ability to readily adapt… and the ability to find opportunities in these shifts in environment… If we can invest in right technology that can deliver on most or all of these, there’s a big chance the Philippines can stand head-to-head with [more prosperous countries],” Ms. Ilagan said.

Digital infrastructure that creates an environment of innovation — and is rooted in cloud computing and cybersecurity — has to be in place so what can be delivered digitally can be delivered digitally, she said.

“All are not in silos and have to be integrated together,” she added.

Among the key technology trends shaping the world today, Ms. Ilagan shared, are the following:

Cloud — the accelerated move to cloud computing is highlighting the need for cloud native technologies.

Apps — their use has shifted from the periphery to the forefront as they become the primary interface between consumers and businesses.

Hybrid — the blended work model is seen as the next work force disruption and is expected to continue for the foreseeable future.

Security — the foundational piece for any digitalization effort, which has gone beyond the responsibility of information technology departments.

5G and Wi-Fi 6 — the next generation of game-changer technologies with the potential to connect the unconnected in the country.

Edge — the type of computing done at the source of the data so apps can be more relevant to where it brings the most value.

“Work is no longer just a place that you go to. It’s no longer a physical office. It’s something that you do from anywhere… Businesses have to accept that this setup is here to stay,” she said.

Among the obstacles to creating an agile and secure network include the lack of resources and the delivery of services. There are, however, opportunities in areas of collaboration, Ms. Ilagan noted.

“At the start of the pandemic, we worked with the DoH (Department of Health) to help them respond quickly,” she said. The DoH has performed 2.3 million minutes of services and meetings over Webex, Cisco’s videoconferencing application, according to the company.

“There is an urgent need now to simplify systems and place a strong focus on better — and not just more — cybersecurity. I don’t think anybody can successfully be digitally transformed unless they take to heart cybersecurity,” Ms. Ilagan said.

The multinational conglomerate also launched a financing program for micro, small, and medium enterprises (MSMEs) to help them access technologies needed to elevate their competitiveness at fixed, 0% interest, tree-year payment terms.

“The best way to help [MSMEs] is to provide them with technology,” Ms. Ilagan said. — with a report from Patricia B. Mirasol

Password stealers targeting PHL users rise by 22%

May 27, 2021 | 12:02 am

INTERNET security firm Kaspersky said the password stealers it detected and blocked increased by 22.5% to 55,597 in the first three months of the year from 45,367 in the same period a year ago.

“It is known that Southeast Asia homes the most active social media users in the world. At the same time, the region is witnessing a massive digital shift at a breakneck speed,” Yeo Siang Tiong, Kaspersky’s general manager for Southeast Asia, said in an e-mailed statement on Monday.

Mr. Yeo noted that there are now 400 million online consumers in the region, “a number predicted to happen not until 2025.”

“Hence, it is expected that cybercriminals would be very interested to take over our virtual accounts brimming with financial and confidential data,” the Kaspersky official added.

The cybersecurity and digital privacy company defines password stealers as a “type of malware that steals account information.”

“In essence, it is similar to a banking Trojan, but instead of intercepting or substituting entered data, it usually steals information already stored in the computer: usernames and passwords saved in the browser, cookies, and other files that happen to be in the hard drive of the infected device,” the company said.

Meanwhile, the Philippines’ neighbors, Indonesia and Thailand, saw a slight decrease in the passwords stealers that Kaspersky detected and blocked in the first quarter.

Password stealers blocked in Indonesia fell by 2.1% to 109,932 from 112,255, while Thailand saw a decline of 6.3% to 73,268 from 78,186 previously.

In Malaysia, password stealers blocked in the first quarter jumped by 61.3% to 180,576 from 111,919 in the same quarter a year ago, while Singapore saw an increase of 78.8% to 29,875 from 16,706 previously. Password stealers in Vietnam also rose by 46.5% to 375,436 from 256,303.

“As we harness the power of technology and the internet, we urge everyone to strengthen their online locks regularly. Like how we improve our security systems as our houses accumulate more assets, we should also be more thorough on how we secure our online properties as we store more data in it,” Mr. Yeo said. — Arjay L. Balinbin

Pandemic delays completion of Spain’s Sagrada Familia beyond 2026

May 27, 2021 | 12:02 am

sagrada-familia2 — Barcelona’s Sagrada Familia — SAGRADAFAMILIA.ORG

BARCELONA — Souvenir shops are mostly closed and only a few tourists gaze at Barcelona’s Sagrada Familia, a stark contrast from the hordes of visitors before the pandemic, but the board running Antoni Gaudi’s unfinished basilica hopes that will change soon.

It will reopen from May 29 on weekend mornings after closing in October, hoping to benefit from the easing of coronavirus restrictions and expected tourism recovery in Spain, the world’s second-most visited country before the pandemic.

The UNESCO World Heritage Site has been hit hard by the collapse of international travel. Revenues have plummeted — the main source of financing for the building’s completion — halting construction work for nine months.

“We had forecast to finish the work in 2026. Regretfully, this will not be possible,” Sagrada Familia’s director general Xavier Martinez told Reuters during a visit to the basilica, on which Gaudi worked from 1883 until his death in 1926.

“It could be in 2030, 2035, 2040. I would be lying if I were to say a precise date,” he said, adding it would take time to recover pre-pandemic revenue levels for construction to regain pace.

But Mr. Martinez said he was certain the Modernist-style building will be completed, with 18 towers, during his generation and was optimistic that tourism arrivals would start growing in the second half of the year.

WILL TO OVERCOME
Chief architect Jordi Fauli said: “The Sagrada Familia has faced other moments of difficulty,” referring to construction almost being canceled in 1910 and stopping during the Spanish Civil War in the 1930s.

“The construction board and people have always had the will to move forward and overcome. Our goal is to make Gaudi’s beautiful project a reality,” he said, speaking next to a tower dedicated to the Virgin Mary which should be completed by December, reaching 138 meters (453 feet).

Amid the financial constraints, the board decided to focus this year on finishing the tower — completing 75% of the overall project — as part of a 6-million-euro ($7-million) budget.

By contrast, it spent 60 million euros on construction in 2019 when around 4.5 million people from 120 countries visited the basilica, with foreign visitors accounting for more than 90%.

The board had initially set similar goals for 2020 but then the pandemic hit, visitor numbers shrank to around 600,000 and revenues were 15% of those in 2019.

Once completed, the Sagrada Familia will have three facades and be crowned by a 172.5-meter tower dedicated to Jesus Christ, making it Barcelona’s tallest building.

Yet to be decided is whether to build an outdoor staircase that would likely mean demolishing at least one residential building. A commission involving local government and neighbors on the issue was canceled last year due to the pandemic.

The government wants the commission to resume soon, said a municipality spokesman.

Mr. Fauli said the staircase was included in Gaudi’s drawings and the overall construction follows the original project, but a neighborhood association has questioned it. — Reuters

Yuan climbs to 3-year high as PBoC signals comfort with currency’s recent rally

May 27, 2021 | 12:02 am

Chinese-Yuan_withScribbles — BW FILE PHOTO

CHINA’S YUAN advanced to a three-year high in onshore markets as the central bank signaled that it’s comfortable with a recent rally by setting a strong daily reference rate.

The currency gained as much as 0.3% to 6.3943 per dollar in onshore markets, the highest since June 2018, while rising 0.4% offshore. The People’s Bank of China (PBoC) set its fixing at 6.4099 per dollar, in line with the average estimate in a Bloomberg survey of traders and analysts.

The reference rate helped dispel concerns that the PBoC will seek to slow a yuan rally that has made the currency the best performer in Asia this year. Traders are closely watching the central bank after recent mixed messages from officials over whether the currency should keep appreciating to contain rising imported commodity costs.

“They are unlikely to be putting any hard defense for any specific level so long as market demand and supply remains relatively balanced,” said Becky Liu, head of China macro strategy at Standard Chartered Bank Ltd. in Hong Kong. The fixing “suggests that the PBoC is returning to a more neutral stance,” she said.

State media also chimed in with comments supporting the yuan. The China Securities Journal quoted analysts on Wednesday as saying that the currency could rise further due to the nation’s economic recovery and capital inflows. The Shanghai Securities News reported that the yuan could rally to as high as 6.2, citing Citic Securities Co., the country’s biggest brokerage.

The currency has advanced more than 2% this year in onshore markets. On Tuesday, it breached 6.4 against the dollar in offshore markets, reaching its strongest level since June 2018.

Traders are laying more bets on yuan gains.

The one-month risk reversal of the offshore yuan dipped below zero for the first time in more than two years this week, suggesting investors expect further appreciation. Dollar-yuan’s forward points slid to a three-month low, also reflecting confidence in the Chinese currency.

“Fundamentally, there’s still an argument for yuan appreciation, especially as the dollar is weaker,” said Eddie Cheung, senior emerging markets strategist at Credit Agricole CIB. “The key for the authorities is ensuring that markets do not become too one-sided. As long as that remains the case, then the yuan can still appreciate.”

Traders were concerned with the PBoC’s stance before Wednesday’s fixing because Beijing had taken various steps to slow the currency’s appreciation. State-owned banks were seen bidding for the dollars on Tuesday as the yuan breached the 6.4 level in offshore markets. This month, the authorities had set the fixing at weaker-than-expected levels in all except four sessions.

The currency’s advance since April has been fueled by weakness in the dollar, as Federal Reserve officials pushed back against tapering expectations. There’s also growing demand for the yuan as foreign investors piled into Chinese bonds for their yields and inclusion in global indexes. The country’s economic rebound from the pandemic has also helped boost sentiment.

The onshore yuan gained 0.2% to 6.3975 as of 11:22 a.m. in Shanghai, while the offshore currency rose 0.4% to 6.3880. — Bloomberg

Ayala group backs climate-related disclosures

May 27, 2021 | 12:02 am

SIX Ayala-led business units have committed to support the international Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD) as the group prepares for the country’s shift to a low-carbon economy.

The TCFD gives recommendations for better disclosures, which may promote more informed investments, and credit and insurance underwriting decisions, and in turn, help stakeholders understand climate-related risks.

Listed conglomerate Ayala Corp. said in a press release on Wednesday that its units Ayala Land, Inc., Bank of the Philippine Islands, Globe Telecom, Inc., AC Energy Corp., Manila Water Co., Inc., and Integrated Micro-Electronics, Inc. will undergo a “gap analysis” based on the TCFD’s pillars — governance, strategy, risk management, and metrics and targets.

The six Ayala companies join over 1,800 TCFD supporters across the world, marking another milestone for the group since it started reporting on TCFD disclosures in 2019.

Each business unit will give disclosures based on the TCFD’s recommendations and come up with strategies that adhere to the four pillars. Adopting these suggestions will help firms develop a more resilient financial system, the group said.

“This decisive effort of the Ayala group to collectively support TCFD is in line with our aspiration to be a regional leader in the field. This is a common ground for our largely diversified group, one that speaks of our continued commitment to transparency and accountability,” Fernando Zobel de Ayala, president and chief executive officer of Ayala Corp., said in a statement.

Aside from showcasing the company’s longevity and resilience, the adoption of the globally recognized suggestions will help the conglomerate navigate through the country’s financial landscape as it prepares for the shift to a low-carbon economy.

Ayala Land President and CEO Bernard Vincent O. Dy said the TCFD’s recommendations will help provide a clear framework on disclosing material climate-related information.

“By adopting TCFD recommendations, the company will have a more thorough understanding of climate risks and opportunities. We can then continue to align our future investment strategies so that we can effectively transition to a lower-carbon economy,” he said.

Ayala energy platform AC Energy said that it is on its way to shifting to a low-carbon portfolio.

“The company will be divesting all its coal assets by 2030 and scaling up renewable investments, which is expected to exceed 5 GW (gigawatts) by 2025,” said AC Energy President and CEO Eric T. Francia.

The TCFD, chaired by founder of Bloomberg L.P. Michael R. Bloomberg, was established by the Financial Stability Board. The board is an international body that monitors and makes suggestions on the global financial system.

Shares of Ayala Corp. improved by 3.2% or P23 to finish at P742 apiece in the local bourse on Wednesday. — Angelica Y. Yang

What is ‘Other’ in my iPhone storage, why is it taking up so much space and how do I clear it?

May 27, 2021 | 12:01 am

IF you’re an iPhone user, check your storage now by selecting Settings, then General and then iPhone Storage.

You’ll probably see a lot of recognizable categories eating up your storage — apps, photos, and so on. But there is one, often rather large category, that may raise concerns: “Other.”

It’s shaded light grey and often represents a significant proportion of the overall storage available.

For more detail, scroll down and tap the “Other” category (right at the end). It doesn’t say much — just that it includes caches, logs and other resources in use by the system. Not very illuminating.

Logs are records of actions undertaken on, or by, our phones. A phone may, for example, log that it connected to a Wi-Fi network, established a Bluetooth connection with a device, backed up some data or opened a web page. In most cases, the log files are simple records that do not occupy much space — often only a few megabytes.

Caches, however, can be a much greater problem for clogging up your “Other” storage.

When we stream media such as movies and music on an iPhone, the phone will download as much of the content as possible. One of the main reasons for this is to minimize the dreaded spinning wheel you see when content is buffering.

All this content (referred to as a “cache”) needs to be stored somewhere and it rapidly fills up your device.

This cached content extends to a wide range of applications including your web browser (such as Safari, Chrome or Firefox) and apps like Facebook, Instagram, Twitter, and TikTok.

While cached data may not seem to need much space, it is surprising how large streamed media content can be — not to mention the image-rich social media apps we love so much.

Looking through the list of apps and their storage allocations will quickly show how storage is being consumed. In this screenshot above, for example, you can see Facebook is consuming 2.17 gigabytes.

However, if we look on the App store, it says the Facebook app only requires 255.4 megabytes. So somehow the app is occupying an additional 1.9GB. Where is this extra 1.9GB coming from? It’s likely caches of images, videos and other content your phone had to store in its own memory storage so you could scroll through Facebook without encountering the dreaded “buffering” spinning wheel.

The most effective solution is also the most radical. To truly minimize “Other” storage, you would need to back up your phone, reset it and, finally, restore your phone from the backup.

This process will remove most of the “Other” storage being used on your iPhone, but takes a bit of time and effort.

Unfortunately, cached files will be recreated with most common iPhone usage. But there are some things you can do to reduce storage consumption.

If you’re not keen to reset, try exploring the apps using up cache space on your iPhone.

Social media apps are a good starting point as they often cache lots of images and videos. While most don’t provide an option to delete their cached data, removing and reinstalling the app will remove all cache files.

Another likely culprit is your web browser (typically Safari on most iPhones).

From the Settings menu, scroll down to Safari and select “Clear History and Website Data”. This will remove most cached data associated with your web browser.

If you’re using another browser, such as Chrome or Firefox, repeat the steps with that browser in Settings.

If you want to keep going, consider removing old SMS and iMessages.

Standard written text messages occupy minimal storage, but photos and videos shared between family and friends can consume significant storage over time.

Under Settings, scroll down to Messages, then to the Message History option. The default is to keep messages “forever”. Changing this to a shorter duration can reduce space requirements considerably.

A final option is to consider offloading apps. Modern iPhones let you remove infrequently used apps. While this will not necessarily reduce your use of cache storage, it can free up valuable space.

There is no simple solution to managing iPhone storage usage. Minimizing photos and videos will help, but there is a lot of space allocated to apps and their cached data.

But with careful tending, we can try to keep on top of unexpected storage usage without having to wipe our devices. — Reuters

Dining In/Out (05/27/21)

May 27, 2021 | 12:01 am

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‘Flavors of Pampanga’ opens at Clark

THE DEPARTMENT of Tourism (DoT) presents the food festival Flavors of Pampanga: Manyaman!, a showcase of the diverse culinary heritage and rich food history of the region, particularly in Pampanga, often called the Culinary Capital of the Philippines. It will be held on May 28 in Clark, Pampanga and will feature cooking demonstrations by culinary experts, including chef de cuisines from hotels in Clark. The event will be broadcasted live and streamed online through the DOT-Region III official Facebook page, and the public is invited to be part of it. The DoT, through its Central Luzon Regional Office, is also organizing ¡SABROSO! — A Filipino and Spanish Food Fair, which will highlight and showcase Filipino dishes that were influenced by the Spanish people. Such dishes will be prepared and demonstrated by celebrity chefs from Central Luzon. This event is expected to be held in November. The DoT is also developing a Farm, Food and Pilgrimage Tour covering the provinces of Pampanga, Tarlac, and Nueva Ecija. The DoT-Region III will also launch the “Slow Food, Slow Travel Caravan” featuring Slow Food of Bacolor, Lubao, and Sasmuan heirloom recipes in Pampanga. Leisure travel is now allowed in the Province of Pampanga, following the health protocols. Pampanga and Clark are open to all. However, Metro Manila, Bulacan, Cavite, Laguna and Rizal, known as NCR Plus, is under general community quarantine “with heightened restrictions” until May 31. Only essential travel is allowed in and out of NCR Plus.

Locally Sourced trade fair returns to Robinsons Malls

AFTER a brief hiatus, Locally Sourced, a homegrown trade fair organized by Robinsons Malls and the Department of Agriculture, is back in several Robinsons Malls till May 30 — and this time it’s on wheels. Fresh produce from farmers will now be sold “on wheels” allowing the caravan to hop from one Robinsons Mall to another. The next stops will be Robinsons Place Manila on May 27-28, and Forum Robinsons on May 29-30. There will be vegetables, fruits, seafood, and more sold at pocket-friendly prices.

TWG celebrates International Tea Day

WHILE International Tea Day falls on May 21, that does not mean the celebration can’t continue by exploring TWG Tea’s collection of exclusive tea blends for different times of the day. Start your morning with a stimulating cup of English Breakfast Tea (P1,895 for Loose-Leaf Haute Couture Tea and P1,255 for Cotton Teabags), which was originally blended as an accompaniment to the traditional English breakfast. Strong and full-bodied with light floral undertones, this TWG Tea broken-leaf black tea is perfect with morning toast and marmalade. In the afternoon, take a pause with a cup of Sweet France Tea (Sweet France Tea, P1,255 for Cotton Teabags), a graceful TWG Tea blend combining green tea with exotic flowers that is reminiscent of the elegance and refinement of France. Unwind in the evening with a soothing cup of White Sky Tea (White Sky Tea, P1,355 for Cotton Teabags). Yin Zhen white tea leaves lend their crystalline flavor to this blend, while Ylang Ylang flowers impart their exquisite and fragrant oil to this fruity blend. An ideal tea that calms the body before bedtime, white tea is known to have the highest concentration of polyphenols and anti-oxidants which lower your body temperature and stimulate the immune system. The blends are available in all TWG Tea Boutiques in the Philippines and on the TWG Tea LazMall Flagship Store. TWG Tea Boutiques are in Greenbelt 5, Central Square, Alabang Town Center, and Ayala Center Cebu.

Supporting the F&B industry amidst the pandemic

MORE than a year since quarantine restrictions were imposed across the country due to the coronavirus disease 2019 (COVID-19) pandemic, many of the bars and restaurants continue to face challenges because of the stringent measures on capacity, social distancing, liquor bans, curfews, or outright restriction on operations. Conscious of the pandemic’s impact on the F&B sector across the country, the Alcoholic Beverages Alliance of the Philippines (ABAPI) reached out to its bar partners to provide subsidies for affected employees. ABAPI is comprised of the leading international alcohol beverage producers, as well as importers and distributors in the country such as Diageo, Pernod Ricard, Moët Hennessy and Brown-Forman — owners of alcohol brands such as Johnnie Walker, Absolut Vodka, Hennessy and Jack Daniels. Over 700 employees of 45 bars such as The Spirits Library, The Belle and Dragon, Oto, Polilya, Futurist, Kondwi, Ms. Gee, LIT, Versus Barcade, Nokal, Kampai, Bank Bar, Rue Bourbon, Sage Bar, Yes Please, Dillinger, Tipsy Pig and Reserve Fort received a subsidy from ABAPI in the form of vouchers from Grab worth over P2,000 each. From being an economic driver pre-pandemic with revenues hitting an estimated P1 million in 2019, the F&B sector faces an unprecedented situation. To revive the sector, ABAPI members support measures that will enable the sale re-opening of bars and restaurants with adherence to social distancing and safety guidelines.

Grab offers P1 Deals for new users in select cities

THE GRAB app is offering P1 deals — from P1 delivery to P1 meal flash sales — for the whole month of May in select cities nationwide. Running until June 30, new Grab users can avail of a P1 delivery fee promotion. They can order from in-demand restaurants and have the food delivered for only a peso, with no minimum fee. This promo is open to all new Grab users from Cebu, Pampanga, Davao, Bacolod, Iloilo, Baguio, Cagayan De Oro, Lipa, Dumaguete, Tarlac, Olongapo, and Zamboanga. Meanwhile, regular GrabFood user can avail of GrabFood’s Piso Weekends with P1 delivery fees every weekend in May. Then there is Grab’s Piso Festival with McDonald’s and Chatime. For a minimum order of P400 from May 27 to 30, customers at McDonald’s in Bacolod, Baguio, Cagayan de Oro, Davao, Cebu, Pampanga, Dumaguete, Iloilo, Lipa, Zamboanga, and Olongapo will get a burger for free. Meanwhile, Chatime customers in Bacolod, Baguio, Cebu, Iloilo, Lipa, Olongapo, Pampanga, and Tarlac will get a large pearl milk tea for free for a minimum order of P350 from May 24-27. Watch out for more Grab Piso Deals by following Grab Philippines on Facebook, Instagram, and Twitter.

McDonald’s offers Minions-inspired shake and fries

MCDONALD’S has introduced a new Minions-approved limited-edition Banana Caramel Shake and Garlic Cheddar McFlavor Fries. The new Garlic Cheddar McFlavor Fries gives a quirky twist with a balanced blend of creamy cheese relish and garlic aioli dressing. Meanwhile, the Banana Caramel Shake is made with creamy soft serve, combined with milk and topped with Banana Caramel syrup. Pair the Banana Caramel Shake with the Garlic Cheddar McFlavor Fries in the Minions Combo which starts at P145. Available in all McDonald’s stores nationwide via dine-in, take out, drive-through, pick-up, McDelivery, and via GrabFood and foodpanda.

Wall Street watchdog sees little need to ramp up banks’ capital

May 27, 2021 | 12:01 am

WALL STREET’S new watchdog said he’s generally comfortable with big bank capital levels, signaling he won’t erode earnings by cranking up demands.

Michael Hsu, who this month became acting head of the Office of the Comptroller of the Currency (OCC), said he has no plans to “open it up and do a bunch of surgery” on rules that dictate the amount of capital and liquid assets that lenders must stockpile to protect against losses. Such regulations are crucial to the industry because they determine how much of firms’ profits can be returned to shareholders through dividends and stock buybacks.

Mr. Hsu, who was hand-picked by Treasury Secretary Janet Yellen, is the OCC’s third temporary leader this year. While some of his predecessors have pursued aggressive policy agendas, the former Federal Reserve official said his main focuses will be making sure the agency is doing its job and rethinking some of the actions implemented during the business friendly Trump administration.

“I don’t believe in dilly-dallying, but I do believe in being measured and deliberative,” Hsu said in a Monday interview. “I’m not coming in here and shooting off a bunch of directives.”

The OCC, an independent bureau of the Treasury department, is powerful because it regulates the national banking operations of JPMorgan Chase & Co., Citigroup, Inc. and other lending giants. Hsu’s calculated approach might frustrate progressives, as they’ve been been eager for President Joe Biden to appoint financial watchdogs who will dramatically tighten Wall Street’s leash.

But Mr. Hsu’s stated plans to largely leave capital and liquidity rules intact could also disappoint banks. Their lobbyists have been pushing regulators to dial back Wall Street’s so-called capital surcharge — a capital requirement that only the largest and most complex banks face.

While Mr. Hsu is the first head of a banking regulator installed by the Biden administration, he said he’s not doing its bidding. Mr. Hsu said he’s had no communications with the White House and also hasn’t discussed significant policy issues with Treasury. Still, he said his priorities include combating financial inequality and climate change, goals that are in-line with the administration’s.

Mr. Hsu, who demurred about whether he’d be interested in a permanent OCC appointment, said he’ll behave as if the job is short-term. That means he will focus on the most pressing matters, which include the government’s approach to regulating cryptocurrencies and financial technology firms.

Banking regulators have launched a small “sprint team” to assess how banks should handle digital tokens, Hsu said. The team met for the first time on May 21, he said, and it’s designed to move fast because trading of virtual currencies has exploded during the pandemic.

“There’s no time,” said Mr. Hsu, adding that behaviors that normally would have evolved over several years changed in just one during the global lockdowns.

Mr. Hsu laid out a four-point agenda when he testified last week before the House Financial Services Committee: examine whether banks have grown too complacent about potential hazards, protect the financial system from risks posed by global warming, encourage more lending to underserved communities and respond to the rise of digital finance.

In the interview, he said battling complacency may prompt regulators to revisit a crackdown on Wall Street bonuses, “because it gets to the incentives around risk-taking.” — Bloomberg