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Peso depreciation may prompt BSP to normalize policy stance

BW FILE PHOTO

MORE SUBSTANTIAL peso depreciation could force the central bank to make “sizeable” policy adjustments by mid-2022, the Bank of the Philippine Islands (BPI) said.

BPI, in a statement on November inflation data on Tuesday, said food prices that have stayed elevated due to supply disruptions could be vulnerable to a surge in transport costs and typhoons.

Although inflation was mostly driven by supply issues this year, the bank said demand has been contributing to inflation through the exchange rate.

“The peso has weakened by around 5% this year mostly due to imports and improvement in demand. This has created a pass-through effect, amplifying the increase in food and energy costs,” BPI said.

“Substantial peso depreciation due to import expansion and hawkish [US Federal Reserve] policy might force the central bank to make sizeable adjustments in their policy settings in mid-2022.”

A rate hike in the first half is unlikely due to the campaign season leading up to the national elections, it added.

Headline inflation in November eased to 4.2%, the lowest since the 4% posted in July. Still, this exceeded the BSP forecast of 3.3% to 4.1% for the month.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno last week said the central bank will continue its accommodative monetary policy amid the threat of Omicron variant of the coronavirus disease 2019 (COVID-19). The Monetary Board has kept policy rates at record lows since 2020 to support the economy amid the crisis.

On Tuesday, the peso strengthened after inflation eased, appreciating by 3.5 centavos to close at P50.375 per dollar.

BPI said it continues to expect the peso to weaken against the greenback in the medium term as imports recover after more of the population is vaccinated against COVID-19.

“Dollar demand may pick up and keep the exchange rate above the 50 level. Meanwhile, the possibility of tighter Dollar supply may contribute further to Peso depreciation. The Federal Reserve recently announced how it will unwind its bond purchases, thereby exerting additional pressure on the local currency,” the bank said. — Jenina P. Ibañez

London’s Connaught Bar tops list of World’s Best Bars again

AGOSTINO PERRONE

FOR the first time since 2019, The World’s 50 Best Bars were awarded in a live ceremony in London this week with the ceremony taking place at the Roundhouse (and on Facebook Live).

This year’s winner was the same as last year’s: London’s Connaught Bar, at the Connaught Hotel. “The hotel has actually been open for over a century. Since the tenure of Agostino Perrone, it has been growing in stature for the past decade, helping to reinvent the martini cocktail and show the world precisely how good, intuitive, and interactive service can be,” said Mark Sansom, Content Editor for The World’s 50 Best Bars, during the awards ceremony.

Upon accepting his award, Director of Mixology at the Connaught Mr. Perrone said, “The sky is very dark out there. Only one star can shine… if it’s all of us: we are all the stars in this room tonight. We’re going to shine. We’re going to make a beautiful sky for the people who are lost out there.

The awards are organized annually by William Reed Business Media, the same company behind The World’s 50 Best Restaurants. The awards are chosen by 600 voters, with the world divided into 28 regions, headed by the same number of Chairs.

“Voters are simply asked to name the seven bars in which they have enjoyed the best experience over the previous 18 months. There are no pre-determined criteria, though there are strict voting rules. Voters must have visited the bars they vote for during the voting period, and they cannot self-nominate or nominate a bar in which they have any financial interest. Guest bar shifts and pop-ups do not qualify for votes,” says their website.

Singapore had the most number of bars on the list with five, followed by Mexico City with four. London, New York, Barcelona, Hong Kong, Shanghai, Buenos Aires, and Sydney all had three bars each on the list.

“We salute you for your ongoing work in supporting the promotion of the hospitality sector, and indeed for helping us push 50 Best forward with the right values to the fore,” said Mr. Sansom at the awarding ceremony.

“There’s little I can say about the last 20-odd months that has not been said already. But I will tell you that it is good to be back.” — JLG

The World’s 50 Best Bars list  follows:

1.) Connaught Bar: London, UK

2.) Tayēr + Elementary: London, UK

3.) Paradiso: Barcelona,Spain

4.) The Clumsies: Athens, Greece

5.) Florería Atlántico: Buenos Aires, Argentina

6.) Licorería Limantour: Mexico City, Mexico

7.) Coa: Hong Kong, China

8.) El Copitas: St Petersburg, Russia

9.) Jigger & Pony: Singapore

10.) Katana Kitten: New York, USA

11.) Two Schmucks: Barcelona, Spain

12.) Hanky Panky: Mexico City, Mexico

13.) Insider Bar: Moscow, Russia

14.) Baba Au Rum: Athens, Greece

15.) Manhattan: Singapore

16.) Atlas: Singapore

17.) Zuma: Dubai, UAE

18.) The SG Club: Tokyo, Japan

19.) Drink Kong: Rome, Italy

20.) 1930: Milan, Italy

21.) Presidente: Buenos Aires, Argentina

22.) Maybe Sammy: Sydney, Australia

23.) Cantina OK!: Sydney, Australia

24.) Salmon Guru: Madrid, Spain

25.) Handshake Speakeasy: Mexico City, Mexico

26.) No Sleep Club: Singapore

27.) Camparino in Galleria: Milan, Italy

28.) Café La Trova: Miami, USA

29.) Little Red Door: Paris, France

30.) Dante: New York, USA

31.) Kwānt: London, UK

32.) Bar Benfiddich: Tokyo, Japan

33.) Tres Monos: Buenos Aires, Argentina

34.) Attaboy: New York, USA

35.) Lucy’s Flower Shop: Stockholm, Sweden

36.) MO Bar: Singapore

37.) Sips: Barcelona, Spain

38.) Baltra Bar: Mexico City, Mexico

39.) Sober Company: Shanghai, China

40.) Tjoget: Stockholm, Sweden

41.) Epic: Shanghai, China

42.) Charles H: Seoul, South Korea

43.) Tippling Club: Singapore

44.) Above Board: Melbourne, Australia

45.) Galaxy Bar: Dubai, UAE

46.) Re: Sydney: Australia

47.) Sidecar: New Delhi, India

48.) Union Trading Company: Shanghai, China

49.) Darkside: Hong Kong, China

50.) Quinary: Hong Kong, China

Aces escape Santos-led Northport in PBA Governors’ Cup opener

JERON Teng and the Alaska Aces escaped a Northport Batang Pier comeback to open the 2021 PBA Governors Cup on Wednesday. — PBA MEDIA BUREAU

THE Alaska Aces soured a spectacular Northport debut for Arwind Santos after they beat the Batang Pier, 87-85, in the Philippine Basketball Association (PBA) Governors’ Cup at the Ynares Sports Arena in Pasig on Wednesday.

In the opening game of the conference, the Aces had to endure a Northport fightback led by Mr. Santos, who scored 12 of the last 16 points for the Batang Pier, after they squandered a double-digit lead in the fourth quarter.

Northport actually took the lead, 85-84, with 39 ticks left after a second chance bucket from Greg Slaughter.

But Robert Herndon quickly atoned for his split at the charity stripe before Slaughter’s bucket with a turnaround jumper to give Alaska back the lead.

Jeron Teng split at the line to make it just a one-possession game with six seconds remaining.

Robert Bolick missed on the potential game-winner from halfcourt to give Alaska the win.

Oluseyi Ashaolu top-scored for the Aces with a double-double of 20 points and 14 rebounds.

Player of the Game Mr. Teng, meanwhile, scattered 19 points with four boards, three assists and one block.

Mr. Santos stuffed the stat sheet in his first game with Northport as he finished with 23 points, seven boards, one assist, three steals and four blocks. — Luisa Morales 

PSE plans IPO forum for BoI-registered firms

BW FILE PHOTO

THE Philippine Stock Exchange (PSE) will a conduct forum to discuss the process of conducting an initial public offering (IPO) to encourage companies registered with the Board of Investments (BoI) to tap the capital markets.

In an e-mailed statement on Wednesday, PSE President and Chief Executive Officer Ramon S. Monzon said the Omnibus Investments Code of 1987 provides that when feasible and considered desirable, the BoI may require its registered companies “to list their shares of stock or directly offer a portion of their capital stock to the public and/or their employees.”

“Our objective for organizing this forum is to create awareness among these companies on the benefits and advantages of raising capital and listing in the Exchange,” Mr. Monzon said.

The Powering Future Market Leaders forum is scheduled on Friday, Dec. 10, and is done in partnership with the Department of Trade and Industry (DTI) through the BoI.

BoI Governor Marjorie O. Ramos-Samaniego and PSE’s Mr. Monzon will be delivering speeches at the virtual event.

Meanwhile, panelists for the discussion will include D&L Industries, Inc. President and CEO Alvin D. Lao and Cebu Landmasters, Inc. Director and Chief Finance Officer Beauregard Grant L. Cheng. The two executives will share their IPO journey.

BDO Capital & Investment Corp. President Eduardo V. Francisco will be moderating the round table discussion.

“We will also present, explain, and hopefully, demystify the requirements and procedures in the listing process,” Mr. Monzon said.

PSE Chief Operating Officer Roel A. Refran and DTI-BoI Executive Director for Investment Assistance Service Bobby G. Fondevilla will be at the forum for a question-and-answer segment. — Keren Concepcion G. Valmonte

Regulators, industry gearing up for development of open finance in PHL

FINANCIAL INDUSTRY players and regulators are preparing the body that will oversee the development of open finance in the country.

Fintech Philippines Association Chief Legal Officer Mark S. Gorriceta said a transition group handling the policy and standard developments on open finance has started to meet weekly last month.

The group was set up by the Bangko Sentral ng Pilipinas (BSP) and assisted by the World Bank and the International Finance Corp., he said.

“Basically, the purpose of the OFOC (open finance oversight committee) is that it will be the transition group that will lead the implementation of initiatory and transition-related activities pertaining to the establishment of a formal OFOC structure, and to formulate policies pertaining to open finance,” Mr. Gorriceta said at a forum hosted by the Fintech Philippines Association on Tuesday.

The transition body’s members include representatives from industry groups, including universal and commercial banks, thrift banks, digital banks, e-money issuers, operators of payment systems, and the financial technology industry.

The BSP in June released an open finance framework, which allows customer consent-driven data sharing for the purpose of providing more financial services to Filipinos.

The central bank said open finance use cases revolve around customer identification, payment transaction, credit scoring and enhancing customer insight, as well as anti-money laundering monitoring and compliance.

Bankers Association of the Philippines President Jose Arnulfo A. Veloso said open finance will give customers a chance to make informed investment decisions and create a portfolio appropriate for their financial needs based on a consolidated view of account information from third-party providers that are typically fintech firms.

Mr. Veloso said industry players will ensure players in the open finance ecosystem will work under the same standard of respect for data privacy and information security.

“Open finance has significant implications on data privacy and information security to areas which require careful consideration given the almost daily news of data breaches and cybersecurity incidents that occur globally,” he said.

Meanwhile, Visa, Inc. Country Manager for the Philippines and Guam Dan Wolbert highlighted the four areas that financial players will focus on in open finance for transparency. These include ensuring customers know what data they are sharing, having them know who has access to that data and its use cases, and the duration for the data usage.

“Consumer trust and informed decision making are critical and will be fundamental to widespread adoption of open banking and data sharing products here in the Philippines,” Mr. Wolbert said.

“Consumers should be given an option to be able to revoke their data permissions,” he added. — L.W.T. Noble

Paella with a twist for the holidays

DON MANOLO’s Adlay Paella by Chef Kevin Christian Ereñeta, CHS, MSFS of Benilde Culinary Arts

OF FILIPINO-Spanish descent, chef Kevin Christian Ereñeta has adapted his family’s heirloom paella recipe for the holidays.

Named after the chef’s father, Don Manolo’s Adlay Paella features adlay — also known as adlai, Job’s Tears or coix seeds — a plant native to Southeast Asia whose grains are a substitute for rice or corn. The same plant is widely utilized as a cereal, traditional medicine, soups and to make liquor.

“Adlay is a delicious and versatile functional food,” Mr. Ereñeta said. “It is also very Filipino — it gives the dish more character, gravity, and depth.”

A Culinary Arts graduate from De La Salle-College of Saint Benilde School of Hotel, Restaurant, and Institution Management, Mr. Ereñeta has a goal to improve traditional dishes with the aid of science.

While he pursued a master’s degree in Food Science from the University of Santo Tomas, he became interested in functional foods — ingredients that offer health benefits that extend beyond their nutritional value — through his mentors and scientists Dr. Rosario S. Sagum and the late Dr. Trinidad P. Trinidad from the Department of Science and Technology Food and Nutrition Research Institute.

He trained under the award-winning chef Linda R. Junio, and honed his skills at the kitchen of Café Ilang Ilang of the historic five-star Manila Hotel. He teaches the next generation of chefs at Benilde.

Mr. Ereñeta’s heirloom recipe follows.

DON MANOLO’S ADLAY PAELLA

(Makes five servings)

Ingredients

Caldo/Stock

30 ml olive oil

300 gm prawn heads and shells

30 ml brandy

3 L water

225 gm mussels, cleaned

225 gm Manila clams, scrubbed

225 gm squid, cleaned and skin removed

300 gm or 8 pcs prawns, trimmed and deveined

ADLAY

60 ml olive oil

100 gm Spanish chorizo, bias cut (include fat)

225 gm pork belly medium, diced

250 gm chicken thighs, cut into 2.5 cm

25 gm tomatoes, diced

25 gm bell peppers, diced

25 gm onions, diced

10 gm garlic, minced

370 gm adlay

5 gm Spanish paprika

1 gm saffron

960 ml caldo

30 gm green beans, ends peeled and blanched

25 gm lemon wedges

50 gm whole pitted black olives

Rock salt as needed

Pepper as needed

Procedure:

1. Make the caldo by searing prawn heads and shells in a pot with olive oil until prawn heads and shells appear to have a whitish orange color.

2. Deglaze with brandy and reduce until nearly dry.

3. Pour water and simmer for two hours with a temperature of 70°C or until a rich dark orange color stock has been achieved. Remove prawn heads and shells once done.

4. Blanch all seafood in the caldo. Set aside and cover.

5. Season the pork belly and chicken thighs with salt and pepper.

6. Sear the pork, chicken, and chorizo individually in a paellera using the fat from the chorizo and olive oil. Remove the pork, chicken, and chorizo after searing. Set aside.

7. Reduce the heat and sweat the sofrito (onions, garlic, tomatoes and bell peppers) over low heat (60°C).

8. Pour the adlay and cook until each granule is covered in fat.

9. Season the adlay with salt, pepper, paprika, and saffron.

10. Continue cooking the adlay for one minute over low heat (60°C).

11. Pour the caldo and season with salt and pepper.

12. Return the pork, chicken, and chorizo into the pan. Distribute the components evenly.

13. Cover the pan and simmer over medium heat (75C) for 30 to 45 minutes or until cooked al dente.

14. Re-blanch seafood and blanch green beans. Adjust the paella seasoning as needed.

15. Top the adlay with the seafood, green beans, and lemon wedges.

Alex Eala wins Orange Bowl juniors opener

FILIPINA TENNIS SENSATION ALEX EALA — ALEX EALA FB PAGE

ALEX M. Eala maintained her mastery of American Charlotte Owensby with a 6-2, 6-3 win to start the JA Plantation Orange Bowl junior championships at the Frank Veltri Tennis Center in Florida on Tuesday.

Eager to end her productive season on a high note, Ms. Eala scored an easy repeat win over her rival following a similar straight-set win in the third round of the US Open in September.

This is Ms. Eala’s second event after an early exit in the W25 Milovice in the Czech Republic that had marked her return from a foot injury that sidelined her for two months.

Ms. Eala, the No. 2 seed in singles, will face Kristyna Tomajkova of the Czech Republic in the second round, while also competing in the doubles event. 

The 16-year-old Filipina and her partner Solana Sierra of Argentina are ranked third coming into a first-round duel against the US pair of Krystal Blanch and Madeleine Jessup.

Ms. Eala will be shooting for her second Orange Bowl doubles title after winning the 2019 edition with Evialina Laskevich of Belarus. 

Ms. Eala (2,443 points) regained her spot at No. 3 in the world junior rankings behind Kristina Dmitruk of Belarus (2453) and Andorra’s Victoria Jimenez Kasintseva (2889) in the International Tennis Federation (ITF) rankings released this week. 

She was also recognized in a resolution by the House of Representatives this week for her historic girls’ doubles championship in the 2021 French Open earlier this year. — John Bryan Ulanday

ICTSI says more upgrades at MICT next year

LISTED International Container Terminal Services, Inc. (ICTSI) on Wednesday said it will carry out more upgrades at its flagship Manila International Container Terminal (MICT) next year.

MICT’s yard utilization is at 63.02% as of September, ICTSI said, noting that this remains “manageable” in light of the pandemic crisis.

“A substantial part of the ICTSI Group’s 2022 budget has been earmarked for [the] MICT upgrades that will further strengthen MICT’s capacity to effectively serve the world’s larger box ships and the increasing volume that comes with a recovering economy,” the company said in an e-mailed statement.

The second phase development of MICT’s Berths 7 and 8 is being fast-tracked, it noted.

“ICTSI is likewise refurbishing Berths 1 to 5 and their backup areas, including the installation of an additional 450 reefer plugs for 40 footers, and upgrading the yards of Berths 1 to 5.”

There is a planned acquisition of eight new hybrid rubber-tired gantries (RTGs) as part of the company’s goal to have an “eco-friendlier” port operation.

“Expected to further improve service levels at the terminal, the new RTGs will further reduce emissions by 50% compared to previous RTGs,” it said.

It also plans to decommission MICT’s first quay crane this year, “which will be replaced over the next three years by three new quay cranes — all capable of servicing larger vessels of over 12,500-TEU (twenty-foot equivalent unit) capacity.”

Moreover, ICTSI reported that its social responsibility arm, the ICTSI Foundation, is leading two environmental initiatives.

“Cameras have already been installed at the mouth of the Pasig River…, as part of preliminary work for the foundation’s partnership agreement with Finnish NGO RiverRecycle to pioneer a sustainable river waste collection system for MICT’s immediate communities,” it said.

“To address the potential issue of ballast water contamination from foreign ships, the foundation and the Diliman Science Research Institute continue to test prototypes for the foundation’s Water Ballast Treatment System Project, which, upon completion, can easily be carried on and off large cargo vessels visiting MICT to decontaminate ballast water prior to release into the sea,” the company added. — Arjay L. Balinbin

Amazon cloud outage hits major websites, streaming platforms

GLENN CARSTENS PETERS-UNSPLASH

A MAJOR OUTAGE disrupted Amazon’s cloud services on Tuesday, temporarily knocking out streaming platforms Netflix and Disney+, Robinhood, a wide range of apps and Amazon.com, Inc.’s e-commerce website as consumers shopped ahead of Christmas.

“Many services have already recovered; however, we are working towards full recovery across services,” Amazon said on its status dashboard (https://status.aws.amazon.com).

Amazon’s Ring security cameras, mobile banking app Chime and robot vacuum cleaner maker iRobot, that use Amazon Web Services (AWS), reported issues according to their social media pages.

Trading app Robinhood and Walt Disney’s streaming service Disney+ and Netflix were also down, according to Downdetector.com.

“Netflix, which runs nearly all of its infrastructure on AWS, appears to have lost 26% of its traffic,” Doug Madory, head of internet analysis at analytics firm Kentik, said.

Amazon said the outage was related to network devices and linked to application programming interface, or API, which is a set of protocols for building and integrating application software.

Downdetector.com showed more than 24,000 incidents of people reporting issues with Amazon, including Prime Video and other services. The outage tracking website collates status reports from a number of sources, including user-submitted errors on its platform.

Users began reporting issues around 10:40 a.m. ET on Tuesday and the outage might have affected a larger number of users.

Amazon has experienced 27 outages over the past 12 months related to its services, according to web tool reviewing website ToolTester.

In June, websites including Reddit, Amazon, CNN, PayPal, Spotify, Al Jazeera Media Network and the New York Times were hit by a widespread hour-long outage linked to US-based content delivery network provider Fastly, Inc., a smaller rival of AWS. — Reuters

Hotel/Travel News (12/09/21)

Peninsula Christmas

Celebrating the holidays at The Peninsula Manila

WITH The Peninsula Manila transformed into a festive destination, enjoy a Manila holiday getaway this season with the special Pen Days of Christmas room package. The magic of the holidays starts when checking into a luxurious guest room or suite where no expense has been spared to ensure the guest’s health and well-being. Junior guests will also be gifted with a story and activity book from Looking for Juan that is the result of years of collaborative efforts with Filipino creatives to promote children’s literacy. For every confirmed stay, The Pen together with Looking for Juan will donate an extra book to children from underprivileged communities. The Pen Days of Christmas room package includes complimentary daily breakfast for two adults and two children ages six to 12 at The Lobby. During the festive staycation, take time to indulge in other award-winning dining, take a dip at the breezy outdoor pool, schedule a work out at The Peninsula Fitness Center, or book a relaxing massage. The Pen Days of Christmas room package starts at P6,500 for a Deluxe Room (inclusive of taxes). For inquiries or further information on The Peninsula Manila’s Pen Days of Christmas room package, call 8887-2888 (trunk line), extension 6630 (Room Reservations), e-mail ReservationPMN@peninsula.com, visit Stories from The Tree | The Peninsula Manila, or talk via PenChat, The Peninsula Manila’s 24-hour e-concierge by using this link: https://bit.ly/PenChatFacebook.

Christmas at Edsa Shangri-La

EDSA Shangri-La, Manila ushers in the yuletide season with a special staycation in a Deluxe Room starting at P6,000++ per night. Enjoy breakfast for two persons, guaranteed early check-in at 8 a.m., in-room wired Internet and Wi-Fi access, complimentary use of the lagoon-shaped swimming pool, Aqua Play and kiddie pool with slide, and access to the world-class Health Club. This offer is available until Dec. 31. The property has also been awarded with the Safety Seal by the Department of Tourism, acknowledging the hotel’s effort to meet protocols and regulations set by the government. For reservations and inquiries, call 8633-8888 or e-mail manilaedsa@shangri-la.com.

Take a private flight to vacation island

TAKE off on a private jet, helicopter, or single-engine aircraft by Ascent Flights Global to the exclusive and all-villa Banwa Private Island. Ascent features more private air options for a luxurious and seamless experience, whether flying directly to the island or through any of Palawan domestic airports. Every charter flight is tailored to the guest’s needs, meticulously organized from inquiry until well after arrival. The most favored and convenient charter flight from Manila to Banwa Private Island is through an eight-seater Cessna Grand Caravan EX seaplane, landing directly on the doorstep of the exclusive resort. Complementing the seaplane and multiple helicopter options, newly available Ascent aircraft include the Cessna Turbo 206H suitable for small groups of up to five passengers and perfect for adventure travels with its versatility and cargo space. Meanwhile, the Cessna 172SP Skyhawk for three passengers is considered as the most successful aircraft for its reliability and comfort. For groups of up to eight passengers, the Swiss crafted Pilatus PC-12NG offers the ultra-modern cabin experience, equipped with what is needed to relax, work or share in-flight moments. For guests wishing to share a private island experience with larger parties of up to 14, the Gulfstream jet is the aircraft of choice. Roundtrip private flight rates start from $5,700 from Manila to San Vicente, the closest airport to the island, with onward journey in a premium sports utility vehicle followed by a short and scenic speedboat transfer to the island. For more information and reservations, contact the reservations team through mobile/WhatsApp: 0917-888-2864, send an e-mail to reservations@banwaprivateisland.com or visit www.banwaprivateisland.com. For air and land transfer inquiries or bookings, e-mail banwa@ascent.flights or visit www.ascent.flights.

Australia weighs central bank digital currency, crypto rules

AUSTRALIA is weighing plans for a central bank-issued digital currency alongside the regulation of the crypto market as it seeks to overhaul how the nation’s consumers and businesses pay for goods and services.

The government will consult on a digital version of cash that will be universally accessible, according to notes from a speech to be delivered by Treasurer Josh Frydenberg in Melbourne Wednesday. At the same time, it will consider a licensing framework that will allow crypto transactions within a regulated environment. It expects advice to be received on both by the end of 2022.

“If we do not reform the current framework, it will be Silicon Valley that determines the future of our payments system,” Frydenberg said in the speech. “These are significant shifts which we need to be in front of.”

The Reserve Bank of Australia and some of its biggest global peers are trying to come to terms with emerging payment technologies pioneered by tech giant including China’s Ant Group Co. Additionally, Meta Platforms, Inc.’s Diem project is building a global payments network that could service its own stablecoin — digital assets that attempt to peg their value to something like the US dollar — or central bank digital currencies.

The rapid growth of cryptocurrencies — which are distinct from digital ones issued by central banks — is posing a potential threat to monetary regimes and adding urgency to debates on handling cross-border money transfers. More than 800,000 Australians have made transactions with digital assets since 2018, according to the Australian Taxation Office. 

Australia needs to nurture the industry as a “hub of innovation,” according to Jonathon Miller, Australian managing director of crypto-exchange Kraken. He is hoping any new regulation won’t go overboard.

“What we’ve seen in other markets, where there’s too heavy a hand, is a rejection of the market,” he said in a Bloomberg Television interview on Wednesday.

The government’s proposed reforms are in response to three separate reviews of the nation’s payments system and similar developments in the UK, Singapore and Canada. Australia is already part of a Bank for International Settlements experiment on the use of central bank digital currencies aimed at creating a more efficient global payments platform.

The RBA said Wednesday it had concluded a project examining the potential use of a wholesale type of central bank digital currency using distributed ledger technology — as opposed to the retail version proposed by the government. The bank said it would continue its research, without saying whether it would launch a wholesale currency. — Bloomberg

Philippine junior chess champions crowned

FIDE Master Alekhine Nouri and Mhage Gerriahlou Sebastian went through contrasting routes to emerge the new champions in the Philippine National Juniors Chess Championships at the PACE in Quezon City late on Tuesday.

Mr. Nouri, 15, needed to just draw his last two games with Ronald Canino and Israelito Rilloraza to clinch the boy’s title while Ms. Sebastian, 15, had to go through the wringer to snatch the girls crown.

Mr. Nouri finished with seven points to fend off Adrian Othniel Yulo’s desperate attempt to catch up with the former.

The 13-year-old Mr. Yulo won his final round duel with Jeremiah Luis Cruz and wound up at second with 6.5 points.

Ms. Sebastian, for her part, smashed Rinoa Mariel Sadey and then saw erstwhile solo leader Ruelle Canino unravel against 2019 title-holder Vic Glysen Derotas to zoom to the top with 7.5 points.

It was a heartbreaking ending for the 13-year-old Ms. Canino, who needed just to draw to rule the tournament bankrolled by PSC chair William Ramirez, NCFP President Butch Pichay, POC President Abraham Tolentino and Chess Movement, Inc. chair Ariel Potot. — Joey Villar

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