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PAL, Cebu Pacific suspend UAE-Manila flights

REUTERS

FLAG carrier Philippines Airlines (PAL) and budget carrier Cebu Pacific have both suspended flights to and from the United Arab Emirates (UAE) due to the travel ban imposed by the Philippine government.

“The Philippine government ban on travel from the UAE is extended until June 15. As such, there are no PAL flights to or from UAE (Dubai) during this period,” the flag carrier said in a statement on Wednesday.

PAL is hoping to resume Manila-Dubai flights on June 16, according to the airline’s spokesperson, Cielo C. Villaluna.

Cebu Pacific announced the cancelation of its flights to and from Dubai on Tuesday after the Philippine government extended the ban on travelers coming from the UAE, upon the recommendation of the Inter-Agency Task Force.

President Rodrigo R. Duterte has also extended the travel ban on India, Pakistan, Sri Lanka, Bangladesh, Nepal, and Oman until June 15.

Also extended until June 15 is the general lockdown in Manila and nearby cities and provinces.

Health Secretary Francisco T. Duque III said on Monday that coronavirus infections in Metro Manila were “plateauing.”

Coronavirus deaths in the country increased 0.69% to 21,158 on Wednesday from 21,012 the previous day. Recoveries rose by 6,174 to 1,167,426. — Arjay L. Balinbin

Yields on term deposits mixed ahead of inflation

BW FILE PHOTO
THE BANGKO SENTRAL ng Pilipinas’ term deposits fetched mixed yields on Wednesday ahead of the release of May inflation data. — BW FILE PHOTO

YIELDS ON THE central bank’s term deposits were mixed on Wednesday on market expectations of easing inflation pressures amid measures to boost food supply, even as risks remain on the global front.

Total tenders for the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) hit P572.605 billion on Wednesday, surpassing the P510-billion offer and the P524.301 billion in demand recorded in the previous auction.

Broken down, bids for the one-week papers reached P158.544 billion, higher than the P150 billion on the auction block but failing to beat the P159.225 billion in tenders logged last week.

Banks asked for yields ranging from 1.7% to 1.73%, a narrower margin compared with the 1.7% to 1.7315% band seen a week ago. With this, the average rate for the seven-day term deposits dipped by 0.02 basis point (bp) to 1.72% from 1.7202% previously.

Meanwhile, tenders for the 14-day papers amounted to P414.061 billion, well above the P360 billion offered by the BSP as well as the P365.076 billion in bids seen during the previous auction.

Accepted rates for the tenor ranged from 1.6875% to 1.9%, lower than the 1.725% to 2.08% band seen last week. Still, the average yield of the two-week term deposits increased by 1.46 bps to 1.786% from 1.7714%.

The BSP did not offer 28-day term deposits for the 32nd consecutive auction to give way to its weekly offerings of bills with the same tenor.

The term deposits and the short-term securities are used by the central bank to mop up excess liquidity in the financial system and to better guide market rates.

Term deposit yields ended mixed on Wednesday ahead of the release of May inflation data, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Mr. Ricafort said inflation may have eased on the back of lower tariffs on pork, but higher global oil prices due to a recovery in demand pose an upside risk.

Headline inflation likely remained unchanged for a third straight month in May, as food prices generally stabilized amid the lockdown in the Philippine capital and nearby provinces, economists said.

A BusinessWorld poll of 17 analysts last week yielded a median estimate of 4.5% for May inflation, closer to upper end of the central bank’s 4-4.8% estimate for the month.

If realized, this would mark the third straight month of steady inflation. However, it is still beyond the BSP’s annual 2-4% target and is quicker than the 2.1% print a year earlier.

The Philippine Statistics Authority will release official May inflation data on June 4.

Executive Order 134 signed earlier this month temporarily lowered the tariffs for pork products to 10% for three months under the current minimum access volume and 20% for the first three months for imports outside the quota. By the fourth to 12th month, applicable tariffs will be at 15% and 25% for in-quota and out-quota pork products, respectively. — L.W.T. Noble

Recipes to try out at home

FROM celebrity chef’s favorite ingredients, to a funky way of using a canned favorite, to special summer drinks, here are a variety of recipes to try out while stuck at home.

Chef Sau Del Rosario, Juana Yupangco’s best recipes

Le Petit Café Fleur owner and chef Sau Del Rosario and Mesa ni Misis founder Juana Yupangco reveal the recipes and special ingredients behind some of their most sought-after dishes on Solane Kitchen Moments, the LPG brand’s cooking/talk show on its Youtube page.

Aside from recipes, the two foodies also share their journey toward finding their calling, experiencing culture, and making memories through food.

Mr. Del Rosario’s legacy dishes lie in Le Petit Café Fleur in Poblacion, Makati. Café Fleur is not new — the restaurant first stood in Pampanga where people would go all the way to try the chef’s dishes. While the Makati branch makes it easier for Manileños and Southies to get their fill, Solane Kitchen Moments shares the actual recipes of the bestsellers: Crispy Pork Belly Kare-Kare, Boneless Pollo a la Plancha, and the famous Vuco Fye.

The Crispy Pork Belly Kare-Kare was one of the attractions that drew people to the Pampanga restaurant. And on Solane Kitchen Moments, Mr. Del Rosario reveals that gata (coconut milk) is the secret ingredient that makes it so rich.

Café Fleur’s Mexican dish Boneless Pollo a la Plancha is known for being flavorful. In Mr. Del Rosario’s version, he adds a Pinoy twist, which he spills in the show. He also shares the recipe for his most recent chart-topper: the buttery Vuco Fye. The pastry is a Kapampangan wordplay on buko pie and the result of him trying his hand at baking to cope with his pandemic-induced depression.

Meanwhile, Ms. Yupangco has a couple of healthy, plant-based tricks up her sleeve: her famous Upo Lasagna and her favorite travel find, Chiang Mai Salad.

Ms. Yupangco began her plant-based journey as an attempt to be healthier when her husband had high cholesterol. Now, with a non-profit organization that advocates for plant-based nutrition and a cookbook published last year, Ms. Yupangco is doing her best to promote healthy eating through her recipes — which is very much appreciated in the middle of a persistent pandemic.

One of her first original plant-based dishes is Upo Lasagna, and she shares the full recipe for it on Solane Kitchen Moments. Aside from going vegan, Ms. Yupangco also only sources ingredients that are available in the country, and in the show, she uses sitaw, sigarilyas, and okra to make Thai appetizer Chiang Mai Salad.

SPAM rice balls

Here is a recipe using SPAM Classic that can be prepared by anyone in just 10 minutes. The three-step, five-ingredient SPAM Rice Balls recipes does need one to order some items from a Japanese grocer.

Ingredients

⅓ can SPAM Classic

1 tsp oil

½ cup cooked Japanese rice

1 tbsp of Furikake

1 tsp Mirin

Procedure

1. Dice the SPAM and saute in oil until lightly brown.

2. In a bowl, mix the cooked SPAM bits with Japanese rice and mirin.

3. Lastly, form into balls (about the size of a ping pong ball) and then coat with furikake.

Using uruchimai Japanese rice, which typically has more starch and moisture, would ensure that the rice balls don’t fall apart. Mirin is a staple in Japanese kitchens — it is a cooking rice wine responsible for giving the balls a boost of umami. Furikake literally means “sprinkled over” and is something like an all-around rice seasoning that the Japanese use.

Those feeling experimental can customize their SPAM Rice Balls and share them using #SPAMRiceBallChallenge.

Summertime drinks from Monkey Shoulder

Monkey Shoulder, a blended malt whisky brand owned by William Grant & Sons, has launched its latest campaign, Summertime Drinks but #makeitmonkey, as its antidote to a pandemic-restricted summer by indulging in a spot of summertime escapism. To do so it is releasing two new limited edition Monkey Shoulder Summertime Packs (available via Monkey Shoulders retail partners) and the Monkey Shoulder: digital party guide.

The digital party guide contains all the ingredients for a cheeky summertime soiree, including recipes for nine #MadeforMixing cocktails, tips and tricks on hosting a games night, card games aplenty, and Monkey Shoulder Mixcloud playlists.

Monkey Colada

40 ml Monkey Shoulder

20 ml Koko Kanu (Coconut Rum)

60 ml Coconut Water

10 ml Fresh Lime Juice

2 fresh cut pineapple rings

a dash of sugar syrup.

To mix, simply add all ingredients to a blender, blend till smooth and add a dash of sugar syrup to taste. Pour into a glass and garnish with a pineapple leaf and pineapple chunk.

Ginger Monkey

50 ml Monkey Shoulder

120 ml Ginger Ale

1 Orange wedge

Fill a long glass with ice and add Monkey Shoulder and Ginger Ale. Then garnish with the orange wedge.

The two limited edition Monkey Shoulder Summertime Packs are available until the end of June. The Monkey Shoulder Dry Bag Pack contains one 70cl bottle of Monkey Shoulder and free dry bag, and is available at Boozy, Drinkies, Liquor, and Shotify. The Monkey Shoulder Beach Towel Pack contains two 70cl bottles of Monkey Shoulder and a free beach towel. It is available at Boozeshop, Drinkies, Liquor, and Shotify. Both are available at S&R stores except those within liquor ban areas.

Jollibee wants property investing part of its business

REUTERS

FASTFOOD giant Jollibee Foods Corp. (JFC) said on Wednesday that it is revising its articles of incorporation to allow it to invest, acquire and sell “real and personal” properties in line with its business goals.

In a regulatory filing, the listed firm said the amendment ensures that its primary purpose “expressly sets” forth the authority of JFC and its units “to invest in, acquire, own, use and dispose of real and personal properties, of every kind and description” as long as they are in line with achieving the company’s objectives.

It told the local bourse that its stockholders had cleared the proposed revision.

“The amendment will enable the Company to avail of a broader choice of corporate structures, securities and financial instruments available in the financial and commercial markets which will enhance its economic productivity (related) to the use of properties and assets, thereby strengthening its core business,” JFC said.

The company generated a first-quarter attributable net income of P153 million, a reversal of the P1.68-billion loss it incurred year on year. This was even after JFC recorded lower sales as of March.

Earlier, the firm said it is planning to issue preferred shares and is targeting to buy back up to $250 million of its perpetual green bonds through a cash tender offer this year. By doing this, it aims to “restructure its financial obligations in order to strengthen its balance sheet, spread the maturity of its financial obligations and reduce its foreign exchange risks.”

Shares in JFC at the local bourse improved 3.29% or P6.20 to close at P194.70 apiece on Wednesday. — Angelica Y. Yang

Zoom forecasts upbeat revenue, expects boost from hybrid work

ZOOM Video Communications, Inc. on Tuesday forecast current-quarter revenue above estimates, as increased adoption of hybrid work models by companies is expected to drive steady demand for its videoconferencing tools.

Zoom became a household name and investor favorite in the past year, as businesses and schools switched to its services for virtual classes, office meetings and socializing.

But with rapid vaccination efforts and life slowly returning to normal, analysts are skeptical of the sustainability of Zoom’s growth, especially with rivals Microsoft, Cisco and Google snapping at its heels.

“The extent to which Zoom can compete sustainably with the likes of Cisco and Microsoft remains to be seen over the next few quarters as we begin to enter true COVID comparable quarters,” said Joe McCormack, senior analyst at Third Bridge.

However, the San Jose, California-based company assuaged some of those concerns by forecasting current-quarter revenue in the range of $985 million to $990 million, above Wall Street’s estimate of $931.8 million, according to IBES Refinitiv data.

Shares of the company were up 2%, after falling as much as 5% in after-market trading on higher costs. In the first quarter ended April 30, costs jumped 155% to $265 million.

The surging number of free users on Zoom’s platform has led to higher costs for the company, which operates some of its own data centers.

Zoom, which had come under scrutiny for security related issues, is shifting focus on its two-year-old cloud-calling product Zoom Phone and conference-hosting product Zoom Rooms as bigger players Facebook and Google amp up their video products.

Zoom posted adjusted profit of $1.32 per share on revenue that nearly tripled to $956.2 million in the quarter, compared with estimates of a profit of 99 cents and $906 million in revenue. — Reuters

RCBC launches online payment gateway for businesses

BW FILE PHOTO

RIZAL COMMERCIAL Banking Corp. (RCBC) has launched an online platform to help businesses process electronic payments, it said in a statement late Tuesday.

The bank has rolled out RCBC PayPortal, which will help firms collect sales settled via e-commerce payments, even those without online stores.

This will allow businesses to “reduce the complexities of having to deal with several payment channels for their business payment solutions,” RCBC Senior Vice-President Enrique C. Buenaflor said.

“A major impact of the pandemic on business is the growing need for digital payments and collections. Health, security, and safety protocols, and the resulting logistical restrictions, have forced individuals and businesses to shift away from traditional methods of settling business transactions in favor of online payments. This has resulted in the accelerated adoption of new payment technologies,” RCBC noted.

For merchants with online stores, the bank said its online payment platform will connect to this via an application programming interface, a software development kit for mobile apps, and plug-ins for e-commerce sites.

Businesses will be able to collect payments from individual customers from different methods, such as credit cards, direct debit through bank accounts, online banking, electronic wallets, and via over-the-counter transactions, the bank said.

“This eliminates the need for the merchant to deal with different branches of payment and collection or enter into multiple service level agreements with service providers, which can be quite tedious,” RCBC said.

Meanwhile, for firms without online stores, they can generate payment links for their customers via their web portal or through a mobile-responsive online portal. RCBC PayPortal will allow them to view the real-time status of transactions and generate reports via an online dashboard and payment page.

RCBC said its payment gateway has “stringent” fraud management features, uses 3D Secure protocols, and is Level 1 certified under the Payment Card Industry Data Security Standard.

Shares in RCBC closed unchanged at P17.30 apiece on Wednesday.

Sale offers oven, air frier, fridge at 40% off 

SINCE we’re spending more time at home, we’re sure to have invested in a few home appliances and improvement measures for the house.

Electrolux is offering a few appliances at a discount at its Shopee and Lazada stores for the upcoming 6.6 sales. All of these items are up for grabs at 40% off, plus free shipping.

These include the Nutrifresh Inverter French Door Refrigerator, with TasteLock Crisper with NutriPlus filter that creates a sealed humid atmosphere to lock in nutrients of fruits and vegetables — keeping them fresh for seven days. It also has movable Flexstor door bins that adapt to various amounts of groceries. Another discounted item is the EKG9502X 90cm Cooking Range with Gas Hob and 130L Electric Oven, a one-stop cooking station with triple-insulated glass and a built-in fan that keeps exteriors cool while in use. Finally, there’s the E6AF1-220K 3L Explore 6 Air Fryer, which rapidly circulates high temperature air to keep food quickly sealed, keeping the outside crispy and the inside tender and juicy.

Just in case one gets the oven, here’s a vegetarian-friendly, Electrolux-vetted recipe that one can pull off with the oven:

CHEESY BEETROOT PATTIES

Makes one tray

Ingredients

200 gm walnuts

500 gm beetroots

200 gm semi-hard cheese, such as cheddar or gouda

2 cloves garlic

125 gm corn flour

1 egg

3 tbsp olive oil

1/2 tbsp white balsamic vinegar

2 tsp dried thyme

3/4 tsp rosemary

1 heaping tsp salt

freshly cracked pepper

150 gm sesame seeds, to coat

Procedure

Place the walnuts in a food processor for a few seconds to a very coarse mixture. Transfer to a large bowl.

Peel beetroot and cut in smaller pieces. Also cut cheese. Add the grater blade to the food processor and roughly grate beetroot and cheese. Transfer to the bowl with walnuts.

Add the egg, olive oil, vinegar, corn flour, spices and garlic. Mix with your hands to a sticky batter.

Form into small bowls that you flatten out slightly. Coat in sesame seeds and place on a baking tray.

Bake in oven for 20 minutes on 200 degrees Celsius.

ERC clears Ayala unit’s power transmission for Alaminos solar farm

THE Energy Regulatory Commission (ERC) has authorized a subsidiary of an Ayala-led company to develop a transmission facility that will connect its 120-megawatt peak (MWp) solar plant in Alaminos to the Luzon grid.

In a decision posted on its website this week, the commission said SolarAce1 Energy Corp. is allowed to develop and own the facility, which will link its plant to the National Grid Corp. of the Philippines’ (NGCP) Bay 69-kiloVolt (kV) substation, provided that the latter will operate and maintain it.

The transmission facility will be solely used by the solar plant in Laguna province for its dispatch.

“SolarAce1 intends that power generated by the… plant will be sold to the market on a merchant basis,” the ERC said.

The P408.02-million project will comprise of three parts, namely: the 69-kV SolarAce1 transmission line, which is estimated to be 2.2 kilometers long, a 69-kV SolarAce Alaminos Substation, and expansion work.

SolarAce1 chose to connect its solar plant to NGCP’s Bay substation since it is the closest available substation.

In its ruling, the ERC said SolarAce1, a wholly owned unit of AC Energy Development Corp which was previously acquired by AC Energy Corp., is required to also pay P3.06 million in permit fees.

The commission said SolarAce1 should execute an undertaking within 15 days upon receipt of the decision stating that it will turn over the assets to NGCP or the National Transmission Corp.

It added that failure to issue the undertaking within the prescribed period would result in the revocation of the authority granted under the ERC decision.

The ruling was signed on March 24 by ERC Chairperson Agnes VST Devanadera and four commissioners. — Angelica Y. Yang

Philippine smartphone market grew by almost 27% in Q1, but seen slowing down

FREEPIK

THE Philippines’ smartphone market grew by nearly 27% year on year, bringing in more than four million units in the first three months of the year, according to the International Data Corporation’s (IDC) Quarterly Mobile Phone Tracker.

“This was despite a 35.3% decline compared to the previous quarter’s large shipments by vendors that took advantage of the high shopping traffic during holiday season in the country,” IDC said in a statement on May 25.

It noted that the first quarter of 2021 was “the most relaxed period” since the pandemic started in 2020.

Angela Jenny Medez, market analyst at IDC Philippines, said the smartphone market continued to thrive during the quarter despite the economic contraction, indicating an increase in demand for smartphones during the coronavirus pandemic.

“Lockdown restrictions softened across the country for most of the first quarter and vaccinations started rolling out in March. This allowed more people to return to work and businesses to resume, therefore driving consumer spending and confidence,” Ms. Medez added.

The top smartphone brands in the Philippines as of the first quarter of the year according to market share were realme (21.3%), OPPO (15.3%), Samsung (14.5%), Transsion (14%), and Xiaomi (10.9%).

“With the cases rising from the middle of March, vendors started to prepare for the second lockdown by ensuring that they have the right channel setup and by being ready to fulfill orders to reach consumers,” Ms. Medez said.

“Although the smartphone market has proven to be resilient during the pandemic as people became more reliant on devices to keep them connected, we are anticipating 2021Q2/Q3 to slow down due to the rising COVID-19 cases and reimposed lockdowns, prompting vendors to extend their roadmaps,” she added. — Arjay L. Balinbin

Peso may weaken vs dollar on new COVID-19 variants

THE PESO may weaken against the dollar this month on the emergence of new variants of the coronavirus disease 2019. — BW FILE PHOTO

THE PESO could depreciate versus the greenback this month after posting gains in May as new coronavirus disease 2019 (COVID-19) variants cloud the country’s economic outlook, MUFG Global Research said on Wednesday.

“The emergence of COVID-19 variants poses uncertainties on how the pandemic will pan out in the near term. This creates uncertainties on risk sentiment, which could weigh on Philippine risk assets,” MUFG said in a note on Wednesday.

The peso closed at P47.76 per dollar on May 31, appreciating by 34 centavos or by 0.7% from its P48.10 finish versus the greenback on April 30.

The local unit also gained 26.3 centavos or 0.54% from its P48.023 close on Dec. 29, 2020.

The daily tally of COVID-19 cases in the country have gone down from their highs of around 10,000 in March and April, but the Health department last month reported that it detected infections involving variants first found in the United Kingdom and India, among others. As of Tuesday, the Philippines’ COVID-19 tally reached 1.235 million, based on Health department data.

Meanwhile, dollar flows for investments in equities are unlikely to be sustained in June, MUFG said, which could affect the local currency’s performance versus the greenback.

“The initial public offering (IPO) flows in May from one blockbuster IPO launch are one-off. As such, risks are tilted towards the downside for the peso in the near term,” it said.

Monde Nissin Corp. debuted at the stock market on Tuesday following its P55.9-billion IPO, said to be the largest in Philippine history and the biggest food and beverage public offering to date in Southeast Asia.

MUFG added that the country’s trade deficit likely narrowed due to the ongoing lockdown in the capital and nearby provinces, which could affect the peso this month.

“The reduction in import demand due to extended mobility restrictions is likely to stabilize. This means that the reduction in trade deficits would not be as substantial as that seen in the second quarter of 2020 when it narrowed to $2.9 billion from the $8.4 billion in the first quarter of 2020,” MUFG said.

The country’s trade deficit stood at $2.41 billion in March, narrower than the $2.73-billion gap a year earlier as well as the $2.71-billion shortfall in February, based on data from the Philippine Statistics Authority.

This, as imports rose 16.6% to $9.10 billion while exports jumped 31.6% to $6.68 billion. — L.W.T. Noble

Dining In/Out (06/03/21)

Pinoy Pizza at Parklet

World Cuisine Options at RWM’s Newport Parklet

RESTAURANTS in Resorts World Manila (RWM) bring their dishes street-side with the Newport Parklet, catering to guests who want to indulge in signature RWM flavors but who opt to dine al fresco. The five restaurant pop ups at Newport Parklet are: Hilton Manila’s Hua Yuan which offers a limited selection of Hua Yuan dim sum including pork cabbage dumpling, spinach pork siomai, steamed pork bun, and mushroom bun, best paired with Red Dates Fruit Milk Tea (price ranges from P500 to P700 for two); RWM’s Bolahan which offers a curated special street-side menu of Filipino staples such as grilled items (ihaw-ihaw), Pinoy street food, Pinoy-flavored pizza, and desserts, including special Halo-Halo (price range: P500 to P800 for two); Sheraton Manila’s Oori, offering popular Korean street finds including teok bokki (rice cake and fish cake in sweet and spicy sauce), eomuk tang (fish cake soup), samgyupsal, and tong dak (fried chicken with rice), plus plum lemonade (price range: P400 to P600 for two); Hotel Okura at Home offers classic Japanese favorites such as okonomiyaki, tamagoyaki, tonkatsu rice bowl, and sukiyaki udon bento, plus a selection of sake, Japanese beers, and soda (price range: P800 to P1,200 for two); Peri-Peri Charcoal Chicken offers a package that consists of a whole Peri-Peri Charcoal Chicken, one Chicken Tenders Salad, a pasta to share, four regular sides and java rice, and one liter of drink, a choice of Lime-ade or house blend iced tea (price range: P999 for four people). RWM’s Newport Parklet also offers dishes from Wolfgang’s Steakhouse, Macao Imperial Tea, Crustasia Asian Seafood Market, Fiery Style Southwestern Flaming Grill, Starbucks, and Marriott Manila. This pet- and bikers-friendly al fresco place is open daily from 3 to 9 p.m. Newport Mall Parking is free.

Earl Grey Tea selection for Father’s Day

FOR the dad who seemingly has it all, honor him with a bold and luxurious afternoon tea experience this Father’s Day with the TWG Tea Earl Grey Collection. Have a leisurely conversation over a cup of TWG Tea’s French Earl Grey — a fragrant variation on the classic, this black tea blend has been infused with citrus fruits and French blue cornflowers. A dashing tea of sophistication, perfect for catching up with your dad. Transform luxury tea-drinking into an olfactory experience by accompanying afternoon tea time with the White Earl Grey Tea Scented Candle. The French Earl Grey in Haute Couture Tea Collection (P1,895), French Earl Grey in Cotton Teabags (P1,255), and White Earl Grey Tea Scented Candle (P3,895) are available at all TWG Tea Boutiques in the Philippines and on the TWG Tea LazMall Flagship Store. TWG Tea Boutiques are located in Greenbelt 5, Central Square, Alabang Town Center, and Ayala Center Cebu.

Piattos are supersized

ICONIC snack brand Piattos is launching its new Piattos Supersized. The new Piattos Supersized is available in two flavors: the classic Cheese and the new Sour Cream and Onion. Piattos Supersized is now available at a store near you and online via Shopee and Lazada.

CCA Manila offers culinary arts management course

CULINARY school CCA Manila has partnered with the University of Asia and the Pacific (UA&P), for a groundbreaking entrepreneurial management course with a major in culinary arts. The program is a Bachelor of Science in Entrepreneurial Management Major in Culinary Arts (BSEM-CA), the first of its kind in the country. Aside from kitchen skills, students will learn how to operate a food enterprise and at the same time have the character to survive the competitive field of entrepreneurship. For inquiries, call 0917-840-8400., visit http://www.cca-manila.edu.ph, facebook.com/ccamanila or e-mail talktous@cca-manila.edu.ph.

Benguet Corp. records income surge on mining projects’ strong revenues

BENGUET Corp. reported a first-quarter net income of P518.56 million, more than nine times higher year on year, on the back of stronger revenues from its gold, nickel, and lime projects.

The listed mining company said in a stock exchange disclosure on Wednesday that revenues for the January-to-March period increased 314% to P1.28 billion from P408.46 million in the same quarter in 2020.

Revenues of the company’s Acupan gold project for the period increased 31% to P207 million due to higher production and gold prices.

“Total gold sales reached 2,387 ounces as against the prior year’s first quarter sales of 1,959 ounces. Average prices rose from $1,585.91 per ounce in first quarter in 2020 to $1,801.13 per ounce this quarter,” the company said in the disclosure.

Revenues of Benguetcorp Nickel Mines, Inc. (BNMI) for the period amounted to P1.05 billion as a result of higher shipments and nickel prices.

“The positive variance was mainly attributable to the eight boatloads of nickel ore exported during the first three months of 2021 with an aggregate volume of 435,475 tons valued at P1.05 billion compared to three boatloads weighing 158,650 tons valued at P205.2 million for the same period last year,” the company said.

“The favorable market is reflected in the increased average selling price of BNMI’s nickel exports for the quarter this year to $49.31 per ton almost double the average price of $24.87 per ton for the same period in 2020,” it added.

Revenues of the company’s Irisan lime project reached P18.4 million for the quarter, with sales volume up 19% to 1,963 tons from 1,646 tons last year.

“Lime products were sold at average price of P10,237 per ton this quarter versus P10,370 per ton in 2020 first quarter,” the company said.

Meanwhile, Benguet Corp. said its costs and operating expenses for the period also went up 68% to P571.1 million from P340.75 million last year.

“Expenses unavoidably went up due to higher corresponding production, selling expenses, and payment of excise taxes and royalty fees to the government…,” the company said.

Moving forward, Benguet Corp. said it would continue to pursue a growth strategy as it maintains precautionary measures to ensure the safety of its employees, contractors, and host communities.

On Wednesday, shares of Benguet Corp. “A” at the stock exchange rose 5.2% or 21 centavos to end at P4.25 apiece while stocks of Benguet Corp. “B” improved 2.01% or eight centavos to finish at P4.06 per share. — Revin Mikhael D. Ochave