Dining In/Out (04/15/21)

April 15, 2021 | 12:01 am

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Mimi & Bros launches comfort frozen food line

THE BONIFACIO Global City restaurant Mimi & Bros, which is known for its comfort food, is launching a line of freshly made, easy-to-order frozen food that anyone can add to their pandemic pantries. “Stressful times call for feel-good, nostalgic food. These days, people find solace in more familiar and indulgent items but we want to make sure they have a healthier option. Our frozen items are made fresh daily, with no artificial preservatives and extenders — just 100% comfort food,” said chef Ed Bugia, the head of the Food & Beverage division of MFT Group of Companies, which owns Mimi & Bros.,in a statement. These frozen items are Homemade Chicken Nuggets, Corn Dogs, Sausages, Snapdogs, and Handcut Fries. The restaurant’s all-time bestseller, Corn Dogs, made with Mimi & Bros’ signature batter and juicy hotdogs, costs P250 for eight pieces, while the Homemade Chicken Nuggets sell for P299 per 500 grams and the Handcut Fries are P199. The Sausages are available in three variants — Chorizo, Andouille, and Tex-Mex. Each 500 grams package is sold for P339. The Snapdogs sell at P299 for 500 grams. To order, send a message to the restaurant’s Facebook Messenger (m.me/mimiandbros) to launch the online ordering app. Payment can also be done on the restaurant’s Facebook Messenger. Both ready-to-cook and ready-to-eat options are available for same-day delivery.

Sekaya Botanic Infusions now available in eco-friendly teabags

SEKAYA Botanic Infusions botanical blends, originally introduced in loose-leaf format, now come in eco-friendly tea bags. It is also launching a new infusion. The different infusions serve different functions, helping with health concerns from stomach discomfort, to sleep quality, to mental alertness. Each blend is put together based on the therapeutic properties of its ingredients, and are largely a combination of leaves, bark, roots, seeds, and fruits of different plants known for their traditional medicinal value. The current eight Sekaya Botanic Infusion variants are now available in both loose-leaf and tea bags. They include Aftermeal Treat that helps alleviate stomach discomfort after a meal, Cozy Calm for after a stressful day, and Easy Nightcap for better quality sleep. There’s Energy Mix and Gentle Detox, Liver Vitality and Skin Cleanse. Pu-erh Trim can help in managing cholesterol and weight. Sekaya is also introducing a new infusion created to strengthen the body’s immunity. Immune Brew, which is exclusively available in tea bags, contains organic echinacea purpurea lemon balm leaves, olive leaf, elderflower, lemon peel, elderberries, goldenseal herb, and ginger root. The tea bags are made of plant-derived materials that are biodegradable and non-toxic. The brand is also using pyramid tea bags to give the botanicals more room to freely float around and release each infusion’s flavor, aroma, and phytoactives and nutrients. All Sekaya Botanic Infusion variants are made with 100% organic plant ingredients that are non-GMO and non-irradiated, and have been certified organic by the United States Department of Agriculture and Quality Assurance International. Sekaya Botanic Infusions come in reusable cans of 16 tea bags starting at P550 and boxes of eight teabags starting at P275. The teabags are now available via Facebook (@sekayaph), Instagram (@sekayaph), the Synnovate Flagship Store in Lazada, and S Sentials Online Store in Lazada, Shopee and Zalora.

Sony PlayStation 5 up for grabs in Tic Tac contest

MINTS brand Tic Tac has launched its “It’s Good To Chill” campaign, with two Sony PlayStation 5 and two Apple AirPods up for grabs every week until May 21 in the #TicTacForTheWin challenge. To join, purchase any flavor of Tic Tac 14.5 gm or higher. Snap a photo of your single-receipt purchase and upload it to www.TicTacWin.com. Every receipt upload is equivalent to one raffle entry and a chance to win any of the prizes for the week. Winners are announced at the end of each week through the website and are also contacted via email. For more details about #TicTacForTheWin, visit Tic Tac’s Official Facebook Page https://www.facebook.com/tictacpilipinas or www.TicTacWin.com.

RCBC’s sustainable loans hit P52B in 2020

April 15, 2021 | 12:01 am

RIZAL COMMERCIAL Banking Corp. (RCBC) continued to boost its sustainable lending portfolio through credit for green and social projects related to transport, energy, water management, and housing.

RCBC said in a statement on Wednesday that its sustainable loan portfolio reached P52.165 billion in 2020. Broken down, P32.722 billion funded 15 eligible green projects and P19.432 billion went to 9,947 social projects.

More than half (61%) of its eligible green portfolio consists of renewable energy projects related to clean transportation and energy efficiency (18%), and sustainable water management (3%).

Meanwhile, its social portfolio includes affordable housing projects (36%), employment generation (32%), access to essential services (24%), and socioeconomic advancement and empowerment (8%).

“As the economy gradually rises from the ruins of the pandemic, RCBC will be a strong partner in support of the BSP (Bangko Sentral ng Pilipinas), not just in rebuilding, but in championing the ESG (Environmental, Social, and Governance) agenda and sustainable practices,” RCBC President and CEO Eugene S. Acevedo was quoted as saying.

In 2020, the bank said it will stop financing coal-fired power projects in the Philippines in support of the Department of Finance’s drive to hike the country’s share of renewable energy power source to 43%.

Meanwhile, the bank raised P17.8 billion through 2.5- and 5.25-year ASEAN sustainability bonds in March, which it said will be used to refinance green and social projects.

RCBC’s net income fell 7% to P5 billion in 2020 from P5.388 billion in 2019 as it ramped up loan loss provisions during the crisis.

Its shares closed at P17.14 apiece on Wednesday, down by 36 centavos or 2.06% from its previous finish. — LWTN

Apple to hold special event on April 20

April 15, 2021 | 12:01 am

APPLE, Inc. said on Tuesday it was holding a special event on April 20, with many expecting the tech giant to launch new iPad Pro models and other products ahead of its annual developers’ conference in June.

Apple’s cryptic invitation for the media did not give much away and read: “Spring Loaded.” The event will be live-streamed on the company’s website from its campus in Cupertino, California, it added.

Earlier, Apple’s virtual assistant Siri, which is known for stonewalling curious Apple fans quizzing it about new products and upcoming events by directing them to the company’s website, prematurely revealed the iPhone maker’s plan to hold an event next Tuesday.

When asked by Reuters reporters about Apple’s next event on their iPhones, Siri responded by displaying a message that said, “the special event is on Tuesday, April 20th, at Apple Park in Cupertino, CA. You can get all the details on Apple.com.”

Apple typically launches new hardware in March before releasing the latest version of its iOS software at its annual developers’ conference later in the summer.

This year, the company is yet to host any product-launch events although technology news websites have speculated that the company may unveil new iPad Pro models and the long-awaited device tracker, dubbed AirTags, at the upcoming event.

Known for splashy launches packed with hundreds of journalists at its sprawling campus, Apple has turned to virtual events since last year because of the COVID-19 pandemic. — Reuters

How PSEi member stocks performed — April 14, 2021

April 15, 2021 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Wednesday, April 14, 2021.

Philippines ranks 42^nd out of 172 economies in administered COVID-19 vaccination doses

April 15, 2021 | 12:00 am

Peso gains vs dollar on improved outlook for PHL banking sector

April 14, 2021 | 9:00 pm

THE PESO strengthened against the greenback on Wednesday after Moody’s Investors Service raised its outlook on the local banking industry.

The local unit closed at P48.499 versus the dollar on Wednesday, gaining 5.6 centavos from its previous finish of P48.555, based on data from the Bankers Association of the Philippines.

The peso opened the session at P48.52 per dollar. Its weakest showing was at P48.53 while its intraday best was at P48.46 against the greenback.

Dollars exchanged rose to $664.35 million on Wednesday from $451.9 million on Tuesday.

Rizal Commercial Banking Corp. Chief Economist Michael R. Ricafort said the peso gained versus the dollar after Moody’s upgraded the country’s banking system’s outlook to stable from negative.

Moody’s on Tuesday raised its outlook on the banking sector, saying it expects an improvement in lenders’ operating environment amid a “mild economic recovery.”

The ratings agency in April 2020 revised the sector’s outlook to negative when the country was in a lockdown that was expected to put pressure on banks’ profitability and asset quality.

Meanwhile, a trader said the peso climbed following the release of US inflation data.

“The peso strengthened anew from easing inflationary concerns decline after US core inflation remained relatively muted from February levels,” the trader said in an e-mail.

US consumer prices rose by the most in more than 8-1/2 years in March as increased vaccinations and massive fiscal stimulus unleashed pent-up demand, kicking off what most economists expect will be a brief period of higher inflation, Reuters reported.

The report from the US Labor department on Tuesday also showed a firming in underlying prices last month as the broader reopening of the economy bumps against bottlenecks in the supply chain, capacity constraints and higher commodity prices.

The consumer price index (CPI) jumped 0.6% last month, the largest gain since August 2012, after rising 0.4% in February. A 9.1% surge in gasoline prices accounted for nearly half of the increase in the CPI. Gasoline prices rose 6.4% in February.

Excluding the volatile food and energy components, the CPI increased 0.3% after nudging up 0.1% in February. The largest gain in seven months in the so-called core CPI was driven by a rise in rents as well as hotel and motel accommodation prices, which rebounded 4.4% after falling 2.7% in February.

The core CPI increased 1.6% on a year-on-year basis after rising 1.3% in February. The Federal Reserve tracks the core personal consumption expenditures (PCE) price index for its 2% inflation target, a flexible average. The core PCE price index is at 1.5%.

For today, Mr. Ricafort gave a forecast range of P48.45 to P48.54 per dollar, while the trader expects the local unit to move within P48.40 to P48.60. — L.W.T. Noble with Reuters

PSEi up on bargain hunting, slowdown in cases

April 14, 2021 | 9:00 pm

STOCKS inched up on Wednesday after the country logged lower coronavirus disease 2019 (COVID-19) cases the day prior and as investors went bargain hunting following days of decline.

The 30-member Philippine Stock Exchange index (PSEi) improved by 65.42 points or 1.01% to close at 6,523.21 on Wednesday, while the broader all shares index gained 30.81 points or 0.77% to end at 3,984.62.

“Market moved up today on bargain hunting after a lower infection [rate] of [four digits] was reported yesterday that somewhat created a positive sentiment among investors,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said via text message on Wednesday.

The Health department reported 8,571 new COVID-19 infections on Tuesday, which brought the country’s tally to 884,783.

The PSEi also rose “due to aggressive buying at the closing auction, particularly in index heavyweights such as AC (Ayala Corp.), SM (SM Investments Corp.), SMPH (SM Prime Holdings, Inc.), BDO (BDO Unibank, Inc.), BPI (Bank of the Philippine Islands) and JGS (JG Summit Holdings, Inc.),” China Bank Securities Corp. Research Associate Zoren Philip A. Musngi said via e-mail.

“Notable events that may have driven the bullish sentiment today are the prioritization of several economic bills for foreign investment and the strong March figures for car sales,” Mr. Musngi said on Wednesday.

All sectoral indices posted gains on Wednesday. Financials went up by 24.71 points or 1.8% to 1,390.93; holding firms improved by 77.47 points or 1.17% to close at 6,677.70; property increased by 21.93 points or 0.69% to 3,201.14; services gained 7.68 points or 0.53% to 1,434.56; industrials rose by 35.86 points or 0.41% to 8,696.43; and mining and oil inched up by 22.19 points or 0.26% to end at 8,353.18.

Value turnover declined to P4.68 billion on Wednesday with 1.73 billion shares switching hands, from the P6.1 billion with 1.93 billion issues seen the previous day.

Diversified Securities’ Mr. Pangan said this is below average and is “indicative of most investors [being] cautious and staying on the sidelines.”

Advancers beat decliners, 111 to 81, while 55 names closed unchanged.

Net foreign selling slowed to P710.73 million on Wednesday from the P1.42 billion in net outflows seen on Tuesday.

Mr. Pangan said the upside momentum of the index may continue if “infection rates sustain their downside trend.”

Meanwhile, China Bank Securities’ Mr. Musngi expects the PSEi to finish between 6,440 to 6,650 in the near term.

“[This is] due the lack of meaningful upside catalysts and multiple headwinds from concerns around COVID-19 and lockdown developments, high inflation, economic growth, unemployment, rising bank NPLs (nonperforming loans), and geopolitical tensions with China,” he said. — Keren Concepcion G. Valmonte

Moody’s warns of risks in rolling back QE

April 14, 2021 | 8:34 pm

MOODY’S INVESTORS Service said emerging markets face risks in the timing of their unwinding of quantitative easing (QE) measures as economies recover.

“Extending quantitative easing when an economic recovery is already underway would make it more difficult to roll back, especially if not supported by strong institutional frameworks. On the other hand, prematurely withdrawing quantitative easing could tighten financial conditions and jeopardize a nascent recovery,” Moody’s said in a note Wednesday.

It added that risks from quantitative easing and the unwinding process will depend on institutional frameworks and macroeconomic fundamentals, noting that emerging economies have varying debt servicing capacities.

“Prolonged use of (QE) also heightens the risk that a government will use monetary policy to monetize debt. The erosion in central bank independence, and escalation of inflation expectations and loss of investor confidence, would have a destabilizing effect on the exchange rate,” it said.

Moody’s noted the Bangko Sentral ng Pilipinas (BSP) implemented QE through its repurchase agreement with the National Government and bond purchases in the secondary market.

BSP Governor Benjamin E. Diokno has said the bank has extended the maturity of the P540-billion zero-interest loan it granted to the National Government by another three months. It was originally supposed to have been repaid in March, although another three-month extension is allowed by the Bayanihan II economic stimulus law.

Mr. Diokno also said the bank will carefully assess the timing of the QE exit in order to maintain financial stability.

“So far we have not seen core inflation in emerging markets accelerating as a result of these programs, because of the wider effects of a shortfall in overall demand,” Moodys said.

Philippine gross international reserves hit $105.16 billion at the end of February, sufficient to cover 12 months’ worth of imports of goods and payments for services. It can also cover 7.5 times short-term foreign debt based on original maturity and 5.2 times based on residual maturity.

Inflation was 4.5% in March, above the 2-4% target but lower than the 4.7% in February. Core inflation, which strips out volatile items like food and oil, was at 3.5%.

Central bank officials have said the recent uptick in inflation is not demand-driven and is caused by price pressures from low supply which are better addressed by non-monetary measures. — Luz Wendy T. Noble

SEC to exempt financial, multilateral institutions from registering securities

April 14, 2021 | 8:33 pm

THE Securities and Exchange Commission (SEC) has proposed to exempt from registration securities offered by financial and multilateral institutions, which it deems to be sufficiently regulated by other entities.

The current registration requirements are detailed in Sections 8 and 12 of the Securities Regulation Code (SRC).

Securities offered by government financial institutions will also be exempt from Section 12, which outlines the registration procedures.

“Any evidence of indebtedness issued by a financial institution that has been licensed by the BSP (Bangko Sentral ng Pilipinas) to engage in banking or quasi-banking shall be exempt from registration under Section 8.1 of the Code,” the SEC said.

These also include those issued to the BSP through open market or rediscounting operations, and bills from the sale of goods and services.

Securities issued by multilateral financial entities (MFEs) via any agreement involving the Philippines will also be exempt.

MFEs planning to issue securities are required to publish an offering circular in the SEC-stipulated format, which must include details on the issuer and the security, the background of the MFE, and information on the guarantee.

Exemptions will also apply to other items indicating evidence of indebtedness, as long as these meet the following requirements: issued to not more than 19 non-institutional lenders, payable to a specific person, not negotiable nor assignable and held until maturity, and not exceeding P150 million.

Meanwhile, the purchase, sale, and distribution of these securities and other post-trade activities should still comply with the provisions of the Code.

“The purchase and sale of such security shall not be exempt from the coverage of the provisions of the code on civil and other related liabilities, and other applicable provisions of the code on fraud,” the SEC said.

Issuers may also be asked to disclose information on their business operations, financial condition, and use of proceeds, among others.

Registration requirements will also not apply to securities issued and sold to a registered securities dealer, accounts managed by registered brokers, licensed investment companies, government-maintained funds, trust corporations, and unit investment trust funds established under the rules and regulations of the BSP.

Securities sold to BSP-licensed quasi bank entities, pre-need companies, authorized collective investment schemes, listed professional fund managers will also be exempted from Sections 8 and 12 of the SRC.

The SEC is accepting comment on the proposal until April 20 through its Markets and Securities Regulation Department. — Keren Concepcion G. Valmonte

Legislators declare intent to oppose higher pork import quota

April 14, 2021 | 8:32 pm

meat-pork-inspection — PHILIPPINE STAR/ MICHAEL VARCAS

LEGISLATORS are gearing up for a fight after the government announced plans to expand the allowable quota of pork imports, saying that allowing more pork into the country at lower tariff rates will cost the government billions of pesos in revenue.

The opposition was coalescing following a proposal to drastically increase the minimum access volume (MAV), the quota within which imports are charged low tariffs.

Senator Franklin M. Drilon said in a radio interview Wednesday that based on data presented at a hearing of the Senate Committee of the Whole on April 12, pork imports in the last 10 years averaged 125,000 metric tons (MT), a level of imports sufficient to keep pork prices in a range of P180 to P200 per kilogram.

“This is why we cannot see the reason why pork tariffs should be lowered and the MAV allocation of pork imports to be increased. The government can potentially lose P11 billion… (from) lower tariffs,” Mr. Drilon said.

As a result, Mr. Drilon said a proposed joint resolution will be filed, supported by Senators Cynthia A. Villar and Francis N. Pangilinan, to revoke Executive Order (EO) No. 128, which lowered the tariff rate on pork imports.

He added that if Congress fails to act on President Rodrigo R. Duterte’s recommendation to increase the pork import MAV quota within 15 days, it will be deemed approved under Republic Act No. 8178 or the Agricultural Tariffication Act.

“We cannot act on the recommendation since it was given to us during the Senate’s last session day on March 26. It is impossible. But this shows that the power to determine the number of pork imports is with Congress,” Mr. Drilon said.

“The remedy we see is to create a joint resolution to reset the MAV allocation to its previous volume, or approve an allocation under the 125,000 MT average import level for the last 10 years,” he added.

Mr. Duterte has recommended that Congress increase the MAV allocation by 350,000 MT, adding to the current quota of 54,210 MT, in order to address the supply deficit projected by the Department of Agriculture of 400,000 MT.

On April 7, Mr. Duterte issued EO 128 which lowered the tariff on pork imports within the MAV quota to 5% in the first three months, increasing to 10% in the following nine months.

The EO also reduced the tariff on out-of-quota pork imports to 15% in the first three months, rising to 20% in the succeeding nine months.

Previously, pork imports within the MAV quota paid 30%, while out-of-quota imports were charged 40%.

Meanwhile, the MAV scheme applies to farm commodities that can be imported with lower tariffs in order to facilitate trade, and is part of the commitment of the Philippines to the World Trade Organization.

Agriculture Secretary William D. Dar has also a suggested retail price (SRP) for imported pork products, with imported pork shoulder (kasim) at P270 per kilogram, and imported pork belly (liempo) at P350 per kilogram.

Mr. Dar said no new SRP will be issued for domestic pork products.

The new SRPs for imported pork replaced EO 124, which lapsed on April 8. It had capped the price of kasim at P270 per kilogram, liempo at P300 per kilogram, and whole chicken at P160 per kilogram.

Pork supply is tight because of the impact of African Swine Fever on domestic growers, leading to rising prices and threatening another inflation crisis.

Marikina City Rep. Stella Luz A. Quimbo said in a statement Wednesday that the reduction of pork import tariffs is premature because importers can price their products without concern for competition, reducing the possibility that lower tariffs will help bring down retail prices.

Ms. Quimbo added: “If the government is allowed to import pork at the new reduced tariffs and sell directly to consumers, then importers will face competition. This is one way to ensure that reduced tariffs will translate to lower prices in the markets.”

“Otherwise, importers can simply purchase low and continue to sell high in the market, especially if they engage in anti-competitive practices such as price fixing,” she added.

Seventeen House legislators filed a joint resolution Wednesday seeking the termination or withdrawal of EO 128, and the rejection of the planned increase in the pork MAV.

Signatories to the proposed joint resolution were Rep. Carlos Isagani T. Zarate; Rep. Jose Christopher Y. Belmonte; Rep. Argel Joseph T. Cabatbat; Rep. Eufemia C. Cullamat; Rep. Sarah Jane L. Elago; Rep. Jonathan Keith T. Flores; Rep. Janette L. Garin; Rep. Edcel C. Lagman; and Rep. Noel L. Villanueva; Rep. Geraldine B. Roman; Rep. Rico B. Geron; Rep. Ferdinand R. Gaite; Rep. Edgar R. Erice; Rep. Lorenz R. Defensor; Rep. France L. Castro; Rep. Arlene D. Brosas; and Rep. Rose Marie J. Arenas.

“EO 128 would (cause) irreparable damage to the pork industry and to the agricultural sector as a whole,” according to the resolution.

“The further decline of the pork industry will also affect many allied industries, including poultry, corn farmers and coconut farmers, and other such industries using or dependent on pork products will likely impact on the country’s agricultural development,” it added. — Revin Mikhael D. Ochave

IC orders new pricing system for catastrophe cover by next year

April 14, 2021 | 8:31 pm

PHILSTAR

THE Insurance Commission (IC) said all non-life insurance companies must adopt and implement new rates and a new rating structure for all their catastrophe risk policies starting April 2022.

Insurance Commissioner Dennis B. Funa issued Circular Letter 2021-27 dated April 12 asking the non-life industry to implement the sustainable catastrophe insurance premium rates and formally establish the Philippine Catastrophe Insurance Facility (PCIF).

He also announced a consultation with the sector to determine the rates, inviting companies to send representatives to the technical working group for the PCIF and help draw up the structure, governance and other implementation details of the facility.

“(The process will include) the commitment of the participating non-life insurance companies to adhere to the established sustainable catastrophe insurance premium rates through the compulsory cession to the PCIF,” according to the circular.

It said in surrendering the right to set rates for the facility, the industry will charge a “reasonable percentage or maximum limit” per risk and per policy as agreed by the non-life insurance sector, led by the Philippine Insurers and Reinsurers Association.

The cessions to the PCIF should start by April 2022, the IC said, in consideration of active reinsurance agreements of non-life insurers.

The facility was established to help non-life insurance companies better manage disaster-related exposure and expand the sector’s capacity to take on more risk.

It allows nonlife insurers to share the risks associated with catastrophe insurance products by pooling them in the facility.

Prior to the PCIF, insurance companies with natural disaster-related insurance products entered into reinsurance agreements overseas.

Pooling resources in the PCIF and keeping them within the country will help the nonlife sector boost its premium base and eventually expand the catastrophe insurance products these companies offer.

The Philippines is one of the most disaster-prone countries in the world, frequently hit by typhoons, flooding, landslides, volcanic eruptions and other extreme climate patterns such as El Niño and La Niña. — Beatrice M. Laforga

Finland sees potential in PHL digitalization, climate change projects

April 14, 2021 | 8:31 pm

THE Finnish ambassador has conveyed interest in possible collaboration with the Philippines in climate change mitigation and digitalization projects, the Department of Finance said in a statement Wednesday.

Finnish Ambassador to Manila Juha Pyykkö made the remarks in a recent video meeting with Finance Secretary Carlos G. Dominguez III, according to the statement. He also listed smart city development, education, and digital healthcare as possible areas of investment.

Mr. Pyykkö said he would like Finnish investors to “have another look at the Philippines,” citing its stable economy and strong medium-term outlook.

Mr. Pyykkö was the first resident ambassador dispatched by Helsinki since Finland reopened its diplomatic mission in January. It had shut down its embassy in Manila in 2012.

He said the reopening of the embassy should facilitate closer business ties. — Beatrice M. Laforga