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PHL climbs six notches on download speed ranking 

PHILIPPINE STAR/ MICHAEL VARCAS

OVERALL mobile download speeds in the Philippines had increased to 15.1 megabits per second (Mbps) in the last quarter of 2021 from 7 Mbps in the first quarter of 2019, or before the adoption of fifth-generation (5G) network, according to UK mobile analytics company Opensignal Ltd.

Out of 100 global markets, the Philippines ranked 67th at the end of the fourth quarter last year in terms of 5G’s impact on the mobile network experience, better than the 73rd ranking in the first quarter of 2019.

Countries with the highest download speeds in the 5G era were South Korea (129.7 Mbps), Norway (78.1 Mbps), The Netherlands (76.5 Mbps), Canada (64.1 Mbps), and Switzerland (62 Mbps).

The Philippines was followed by Indonesia and Peru in the ranking at 14.4 Mbps, Kazakhstan (13.9 Mbps), Chile (13.8 Mbps), Malaysia (13.5 Mbps), Colombia (13.1 Mbps), and India (13 Mbps).

Countries with the worst download speeds in the 5G era were Afghanistan (2.8 Mbps), Sudan, (4.7 Mbps), Cameroon, (6.1 Mbps), and Somalia (6.2 Mbps).

According to Opensignal, most countries that saw the greatest increase in average download speeds were either “earlier or later” 5G markets.

The Philippines is among the earlier markets, where there was an increase of 8.2 Mbps between the first quarter of 2019 and the fourth quarter of 2021.

Globe Telecom, Inc. launched its 5G service in the Philippines in June 2019, while PLDT, Inc. launched its own the following year.

Opensignal said, however, that the best of 5G experiences has yet to come.

“We expect speeds to rise considerably as more 5G spectrum becomes available for use, even in markets that already offer 5G,” it said.

“Responsiveness will improve with updated 5G technology. Networks will support many more devices simultaneously. Reliability should be boosted,” it added.

On games experience, Opensignal said that users in most markets have yet to feel the impact of 5G. But the Philippines ranked 66th, with 41.2 Mbps, at the end of 2021 across 100 global markets, a big jump from 86th at the start of 2020.

Countries with the best games experience were South Korea (88.5 Mbps), The Netherlands (85.5 Mbps), Czech Republic (83.8 Mbps), and Denmark (79.9 Mbps).

Meanwhile, countries with the worst games experience in the 5G era were Uganda (29.8 Mbps), Afghanistan and Zimbabwe (30.3 Mbps), and Madagascar (30.6 Mbps).

“Current 5G networks based on the initial 5G standards do not significantly improve the characteristics of mobile services that underpin a great real-time multiplayer gaming experience,” Opensignal said.

“Notably, a great games experience requires a combination of low latency, little packet loss and low jitter among other characteristics,” it added.

Opensignal noted that for now, most 5G services use early versions of the 5G. “There are already several versions of 5G either at various stages of development or which have been finalized and will soon see widespread commercial deployments.”

Meanwhile, in its “Global Mobile Network Experience Awards 2022” report, a ranking of the world’s mobile network operators on the real-world user experience they provide, Opensignal saw Globe being a “global rising star” in terms of video experience, voice app experience, download speed experience, upload speed experience, and fourth-generation (4G) availablity.

PLDT’s Smart Communications, Inc. was also a global rising star in video experience, games experience, voice app experience, and download speed experience.

Opensignal said that users of Globe reported the second largest percentage increase (6.6%) in 4G availability in the Asia-Pacific region between the second half of 2020 and the same period of 2021.

Meanwhile, Smart users saw the greatest percentage improvement in their games experience between the first six months of 2020 and the same period last year — an increase of 42.9%, followed by Smartfren in Indonesia (26.9%), India’s Jio (20.5%), and Taiwan’s GT (16.7%).

“Smart takes third position globally in terms of percentage improvement in voice app experience with a rise of 19.4% ahead of Globe. However, Globe is also a global rising star in this category with a respectable increase of 8.6%,” Opensignal noted.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

PetroEnergy to focus on solar, offshore wind farms

RAWPIXEL.COM-FREEPIK
RAWPIXEL.COM/FREEPIK

PETROENERGY Resources Corp. targets to add 400 megawatts (MW) to its portfolio in the next three to four years, while it plans to build three offshore wind farms in the long term, a company official said.

“In the next one to two years, we will add 100 MW of new solar projects and another 300 MW in the next three to four years, while in the long term we are betting on offshore wind because of the advantages of the offshore wind in scaling up the renewable energy generation,” said PetroEnergy Vice-President Francisco G. Delfin during the Rizal Commercial Banking Corp. (RCBC) virtual forum on sustainability on Wednesday.

In December, the Energy department endorsed to the grid operator three offshore wind projects of PetroEnergy subsidiary PetroGreen Energy Corp. for a study on their impact on the power grid system. These projects will be In Northern Luzon, Northern Mindoro, and East Panay.

The company, through its subsidiary PetroWind Energy, Inc., has the 36-MW Nabas-1 wind project, which started operations in 2015.

Mr. Delfin added that offshore wind energy projects are more flexible as they do not have limitations on size and accessibility unlike solar and geothermal projects.

He said the company is considering partnering with financial institutions and other companies for the wind farms as these are costly.

Energy Undersecretary Felix William B. Fuentebella said the country holds a potential 178 gigawatts of offshore wind energy.

He also said he is confident that government would achieve its goal of having 35% of the country’s energy mix sourced from renewables by 2030.

“However, there will be lot of improvements and a lot of things that need to be synergized. That’s why we are urging the grid operators to comply to their contracted requirements because we need them to contract as the secondary price gaps in the wholesale electricity spot market are too low,” he said.

“Contracting is the key to shield us form the volatility of prices,” he added.

Mr. Delfin said PetroEnergy is also planning to expand its 32-MW Maibarara geothermal power plant, but this will take a back seat as the company’s priority is its new solar and offshore wind projects.

On Wednesday, shares in PetroEnergy rose by two centavos or 0.47% to close at P4.30 each. — Marielle C. Lucenio

AG&P books floating storage for LNG import terminal

ABU Dhabi National Oil Co. Logistics and Services will provide a containment vessel for the import terminal from its fleet of eight LNG ships.

ATLANTIC, Gulf & Pacific International Holdings Pte. Ltd. (AG&P) on Wednesday announced the signing of a 15-year contract with an Abu Dhabi company to charter a 137,512-cubic meter storage vessel for its liquefied natural gas (LNG) import terminal project in Batangas Bay.

In a media release, AG&P said Abu Dhabi National Oil Co. Logistics and Services (ADNOC L&S) will provide a Japan-built, moss-type containment vessel as a floating storage unit (FSU) for the import terminal from its fleet of eight LNG ships.

“We are privileged to have ADNOC [L&S], a foremost global leader in LNG logistics, as our partner to transition the Philippines to cleaner fuel through AG&P’s Philippine LNG import terminal,” said Joseph Sigelman, the AG&P group’s chairman and CEO.

The chartered vessel will be part of the company’s offshore/onshore terminal with an initial storage capacity of five million tons per year, allowing it to provide LNG supply in extreme weather conditions.

The FSU will be commissioned along with the operations of the first phase of the LNG import terminal in July.

ADNOC L&S CEO Abdulkareem Al Masabi said that by providing AG&P a storage solution it is also extending the operational life of its asset, which can lead to growth opportunities for the logistics company.

“Our project with AG&P in the Philippines will contribute to the economic growth of the country by leveraging the potential of clean LNG for power generation,” he added.

Alexander P. Gamboa, managing director and global head of business development Atlantic, Gulf & Pacific Company of Manila, Inc., said in an interview with BusinessWorld on Friday that the company is “all hands on deck” in rushing the completion of the integrated LNG terminal in Batangas.

He said the project would help provide energy security in the country.

“This essentially replaces Malampaya. The terminal will not only supply Korean Electric Power Corp.’s 1,200-megawatt (MW) power plant in Ilijan, Batangas, but will also supply LNG to the 1,300-MW power plant of the SMC Global Power Holdings Corp., which will be built beside the terminal,” he said. — Marielle C. Lucenio

Sudden Fed hikes seen leading to volatile market

THE US Federal Reserve’s interest rate hike could result in volatility across the globe, an analyst said, adding that the market is already pricing in a series of rate increases until the end of the year.

“It remains to be seen, but my initial impression is that this could have a knee-jerk negative reaction on our risk assets, stocks, and also bonds as the Fed will show that they are committed to have a more frequent rate hike path,” SB Equities, Inc. Research Head Angelo B. Taningco said in a BusinessWorld Insights webinar on Wednesday.

He said the market is pricing in seven rate hikes, one for each of the Federal Open Market Committee meetings until yearend. The market is also pricing in a 50-basis point hike in March.

In the US market, the eventual Fed interest hike has already been priced in, Mr. Taningco said.

However, he said “there’s still potential volatility in the sense that the market is still blind when it comes to the other side of monetary tightening, which is the balance sheet reduction.”

“As we know, the Fed has expanded its balance sheet close to $9 trillion already with purchases of government securities and that has to be reversed in order to also contain inflation so we do not know yet to what extent, how much the balance sheet reduction will be,” Mr. Taningco said.

“If it surprises the market, then we’ll have another bout of volatility, which could reverberate across emerging markets as well,” he added.

Meanwhile, Investagrams Chief Marketing Officer and Co-Founder John Michael Lapiña said more foreign funds should come into developing countries, including the Philippines, Vietnam, and Thailand.

He said the country could also attract more foreign investments if it is more lax with foreign investors. He said there is also “a need to list more companies in the market” as the country is behind in terms of the number of listed firms.

“For the country to really grow the exchange, to really grow the market, we need to put in more volume coming from foreign institutions… we need to make it more attractive to them, for us to have a really stable growth,” Mr. Lapiña said. — Keren Concepcion G. Valmonte

Ayala unit posts 11% profit growth as economy reopens

AYALALANDLOGISTICS.COM

AYALALAND Logistics Holdings Corp. (ALLHC) reported income and revenue growth in 2021 as the company continues to see demand for industrial lots and as the company increased its leasable area by 8%.

In a statement on Wednesday, ALLHC said its businesses “gained momentum” due to the country’s economic reopening. The company reported a net income of P780 million in 2021, an 11% increase from the P702.8 million the company logged in 2020.

“Despite the ongoing crisis, ALLHC showed commendable operations in 2021. Our performance remained sound, and we posted healthy growth, enabling us to carry on with our growth aspirations,” ALLHC President and Chief Executive Officer Maria Rowena M. Tomeldan said.

ALLHC registered a 7% topline growth last year to P3.99 billion from P7.32 billion in 2020. The company’s total warehouse gross leasable area (GLA) increased 8% to 224,000 square meters (sq.m.) from 207,000 sq.m.

The company’s industrial lot sales grew 62% to P2.05 billion from P1.27 billion year on year. Revenues from its warehouse leasing business grew 16% to P404 million from P348 million in 2020.

However, earnings from its commercial leasing segment declined to P419 million, 20% lower than the P526 million generated in 2020.

“We are optimistic that business activity will continue to improve this 2022,” Ms. Tomeldan said.

Earlier this month, ALLHC announced its acquisition of a 64,000 sq.m. ready-built facility in Sto. Tomas Batangas. ALogis Sto. Tomas increased its leasing portfolio to 288,000 sq.m.

ALLHC shares at the stock exchange went up 5.68% or 26 centavos to close at P4.84 apiece on Wednesday. — Keren Concepcion G. Valmonte

Care packages

COVID Care Essentials — PHOTO FROM GETWELLSUPPLIES.COM

From oximeters to soup — everything one needs to get through isolation

IN these very unkind times —  the elections, the pandemic, conflict, and all the things that keep us awake at night —  gestures of love and kindness go a long way. There is now a business selling care packages that can be a way to express those feelings to someone you love or even yourself.

Get Well Supplies has a variety of gift hampers that contain items that may help during an illness. The COVID Complete Care package (P3,200), for one, can see a loved one through a 14-day stretch in isolation. It contains, among other items, an oximeter, a thermometer, alcohol and disinfectants, masks, vitamins and supplements (such as Vitamin C and Zinc, melatonin, Vitamin D3, and fish oil capsules), and even lozenges, mouthwash, and a tub of Vicks Vaporub. Then there is the Get Well Soup package which contains packs of frozen soup (a Sampler Pack, P670, contains tomato, mushroom, and of course, chicken soup). And, poignantly, a box for expressing sympathy to someone grieving: The Compassion Box (P3,000). It includes a box for the keepsakes of someone who has passed, a journal, a calming candle, chamomile tea, and healing crystals (amethyst, moonstone, rhodonite, and rose quartz).

“We are a gifting company that is focused on offering practical items that help people in their journey towards recovery. We do not claim to heal a person’s mental or physical sickness; we put together practical and functional items that are complementary in their recovery process,” said Java Gancayco, co-founder of Get Well Supplies.

Ms. Gancayco started the business after her husband’s own bout with COVID-19, early in the pandemic in 2020.

“Our company is inspired by the kindness of the people around us. When my husband got COVID around July-August of 2020, our friends rushed to our aid and offered to help us in whatever way they can. They were very generous to offer their time and resources to make sure we were okay. We learned firsthand that people are willing to go out their way to look out for people they care about and to make their presence felt in challenging times,” she said in an e-mail to BusinessWorld.

She recalls that at that time there was very little information on what to do or what to have handy when someone was infected with COVID-19. “Information on what products to have and what actions to do next were not that organized at that time, which leaves people confused and feeling more helpless,” she said.

“Our friends, upon learning that our household is affected by COVID, had to do their own research as to what items are necessary for COVID patients. In the process, they had to physically go to different stores to buy everything on their list/s. We were so touched by their efforts and thoughtfulness, but at the same time, we felt bad that they had a challenging time putting everything together. We felt that there should be an easier, better way to show kindness and support, and that’s when we’ve decided to put up GWS.”

The Get Well Supplies website contains a disclaimer: “The vitamins and supplements inside each GWS Care Package are not medicinal drugs and should not be used to treat symptoms of any disease. Please consult your physician for possible treatment options.” Ms. Gancayco, explains, however, that “The contents in our care packages are backed by research and recommended by medical professionals. For example, we have consulted with a doctor and medical professionals in putting together the contents for our COVID care packages. In the process of putting together a care package, we made sure that the contents are safe and complementary in the journey towards recovery. We will continue to do the same for our upcoming packages for different illnesses.”

She reminds customers though: “The statement about the vitamins and supplements in our COVID care packages is there to remind people that these vitamins and supplements are NOT medicinal drugs — patients will still need to take their doctor-prescribed medicines. We understand that patients would have varying symptoms and different medical histories, so it is still necessary to consult with their respective healthcare providers to get the most suitable treatment plan.”

RESTORATIVE SOUP
The word “restaurant” apparently came from eateries that served a restoring broth, thus enshrining the age-old belief that soup can help during an illness. Whether or not this is true (though your mother and grandmother will still push a bowl towards you), Ms. Gancayco says, “Soups, when prepared with healthy ingredients, can have nutritional benefits. Our soups are made with all-natural ingredients without the bad stuff —  such as condiments, preservatives, and thickeners. In addition, our signature soup variants are carefully chosen to have the ingredients that aid recovery.”

Their soups are prepared by a commissary that specializes in healthy foods. “We do, however, give them directives on the production, like what ingredients to have and avoid and which variants to include,” she said. She cites that the tomatoes are rich in antioxidants, that chicken soup has anti-inflammatory properties and contains amino acids, while mushrooms “help modulate the immune system.”

She further cites an article from Psychology Today (https://www.psychologytoday.com/us/blog/minding-the-body/201810/soup-ology-the-science-soups-appeal) that discusses how soup helps the mind during illness, bringing comfort through the idea of care, (literal) warmth, and boosting one’s appetite.

One day, the pandemic will end, and we hope that that day comes sooner rather than later. With a business model founded around the pandemic, how will this company carry over into a post-pandemic future? “As you’ve pointed out, people naturally will still experience sickness even if it’s not COVID,” said Ms. Gancayco. “In addition, setbacks and trials are inevitable. We aim to be the go-to brand that can provide the necessary items and offer the in-demand service that will help people and/or their loved ones make challenging times a bit easier and more convenient,” she said.

“While our company started with COVID care packages, we will soon be offering other product offerings and services,” she added, saying that the company plans to offer more lines on their first anniversary this April.

“We’re grateful to have kind and generous (not to mention, loyal) customers who continuously use our service and buy our products. While we’ve had customers share how our products have helped their loved ones get through COVID, most of the heartwarming messages that we get are more about the convenience and practicality of our service.”

Visit getwellsupplies.com for details and orders. —  Joseph L. Garcia

Ovialand revenues up 90%   

PROPERTY developer Ovialand, Inc. posted a 90% revenue growth from the sale of 433 house-and-lot units across its development projects.

In an interview with BusinessWorld on Wednesday, the company said it generated an unaudited P873 million last year from P462 million in 2020. Ovialand said the majority of its sales were taken out by financing institutions such as the Home Development Mutual Fund or Pag-IBIG Fund.

The company said the sales were derived from its four developments, namely: Phase 1 and 2 of its Sannera project, Savana, and Caliya project in Candelaria, Quezon. Ovialand increased prices by 3-8% last year.

“It’s a result of increasing [prices of] raw materials but we also want to retain our value for money. So even if there’s a slight increase in our price, we’re still aiming to give our clients the best ‘value for money’ house-and-lot that they can buy at that price point,” Ovialand President Marie Leonore Fatima Olivares-Vital said.

In a statement on Wednesday, Ovialand said it is looking to complete 600 houses in Southern Luzon “and begin expanding in areas where it is poised to grow its market share.”

Ovialand is working on its 10-hectare Santevi project in San Pablo, Laguna. The company previously said it would invest P850 million in the development, which is a house-and-lot project done in collaboration with Japan’s Kyushu Yaesu Co. Ltd.

The company is also eyeing to launch three new projects by 2023.

Ovialand is planning to raise capital with a P1.5-billion initial public offering (IPO) this year, proceeds of which will be used for its current projects but 50-60% or “a big chunk of it will be used for land banking for the next five years.”

It aims to purchase 50 hectares this year and next, with a goal of expanding its current 43-hectare land bank to 200 hectares in the next five years. The company is hoping to build 3,000 house-and-lot units across the country yearly by 2025.

“We’re trying to do a very disciplined approach with the growth and attacking it in a per region level so that management will be able to execute it efficiently and effectively rather than spreading the organization to so many places at once,” Ms. Olivares-Vital said.

Ovialand has tapped China Bank Capital Corp. to be the underwriter for its P1.5-billion IPO. — Keren Concepcion G. Valmonte

Do low-carb diets help you lose weight? Here’s what the science says

FARHAD IBRAHIMZADE/ UNSPLASH

In the 1970s, low-carb diets were all the rage. The Dr. Atkin’s Diet Revolution book claimed carbohydrate restriction was a “high calorie way to stay thin forever.”

Carbohydrates are found in breads, cereals and other grains, fruit, vegetables and milk. They’re also in ultra-processed fast foods, cakes, chips, and soft drinks.

These days, low-carb diets are promoted as a weight-loss solution, to beat heart disease and as better for diabetes. But how do these claims match up with the latest research?

A new review of the evidence found long-term low-carb dieters lost just under a kilo more weight than other dieters. However the review concluded there was no evidence low-carb diets have any additional health benefits.

In fact, if you’re on a low-carb diet, you’ll need to pay closer attention to what you eat to make sure you get enough essential vitamins, minerals, dietary fiber and other phytonutrients.

The Cochrane review included 61 randomized controlled trials (the highest level of evidence) with almost 7,000 adults with excess body weight. About 1,800 had type 2 diabetes. People in the healthy weight range were not included.

The reviewers compared weight-loss diets that varied in carbohydrate content:

• lower carbohydrate diets. This included very low-carb or ketogenic diets (less than 50 g of carbs a day or less than 10% of your total energy from carbs) and low-carb diets (50-150 g of carbs per a day, or less than 45% of total energy from carbs)

• “balanced” carbohydrate diets (150+ grams of carbs a day, or 45-65% of your total energy from carbs)

The reviewers found that among adults with excess body weight (but who didn’t have type 2 diabetes), those following lower-carb diets for three to 8.5 months lost, on average, one kilogram more weight than those on balanced carb diets.

However, when they ensured restrictions in energy intake were the same in both groups, by providing the food or meal plans, the difference was about half a kilogram.

In longer-term weight-loss interventions lasting one to two years, the average difference in weight-loss between those on low-carb versus balanced carb diets was just under one kilogram.

The average weight lost by groups on any weight-reducing diet varied greatly across the trials from less than one kilogram in some, up to about 13 kg in others.

The studies in adults with type 2 diabetes found greater initial weight loss on low-carb diets compared to balanced carb diets: 1.3 kg over three to six months. However, in longer interventions that lasted between one to two years, there was no difference.

In the small group of studies that included a maintenance period at the end of the weight-loss intervention, there were no differences in weight-loss in adults either with or without type 2 diabetes.

There were no significant differences in other health measures, including blood pressure, cholesterol, blood sugar control, or risk of constipation. And they found no important clinical differences in results based on the extent of participants’ carb restriction.

Overall, the review shows that whether you prefer a lower carb or a balanced carb eating pattern, both can work for weight loss.

Carbohydrate is a macronutrient. Your body uses it to produce energy to fuel your muscles, brain, lungs, and other vital processes.

Healthy foods with carbs —breads, cereals and other grains, fruit, vegetables and milk — are packed with other important nutrients, especially dietary fiber, thiamine, calcium and folate.

Without careful planning, a low-carb diet could also be lower in these nutrients. So how can you ensure you’re consuming enough? Here’s what to look out for — and some lower- and higher-carb options.

Dietary fiber is needed to keep your bowel function regular and promote growth of healthy bacteria in your colon.

Lower carb sources: spinach, fresh and frozen mixed berries, almonds, cauliflower

Higher carb sources: wholegrain bread, apples, chick peas, sweet potato.

Thiamin or vitamin B1 is needed to supply energy to your body’s tissues and is used to metabolize carbohydrates.

Lower carb sources: trout, tuna, sunflower seeds, beef, yeast extracts

Higher carb sources: brown rice, black beans, whole meal bread, yoghurt.

Calcium is needed for strong bones.

Lower cab sources: hard cheese, canned salmon with small bones, almonds, firm tofu

Higher carb sources: yoghurt, milk, soft cheese.

Folate is essential for growth and is used to manufacture DNA, your genetic code. Adequate intakes are especially important for women, as folate is needed to prevent neural tube defects in infants during pregnancy.

Lower carb sources: green leafy vegetables, avocado, broccoli, peanuts

Higher carb sources: whole meal bread (Australian bread-making flour is fortified with folic acid), fortified wholegrain cereals, brown rice, oranges.

Ultimately, if you love carbs and want to lose weight, you can. Plan to lower your kilojoule and carb intake by not eating ultra-processed, energy-dense, nutrient-poor (junk) foods, while still eating carbohydrates from healthy foods.

Clare Collins is a Laureate Professor in Nutrition and Dietetics at the University of Newcastle, NSW and a Hunter Medical Research Institute (HMRI) affiliated researcher. She is a National Health and Medical Research Council (NHMRC) Leadership Fellow and has received research grants from NHMRC, ARC, MRFF, HMRI, Diabetes Australia, the Heart Foundation, the Bill and Melinda Gates Foundation, the nib foundation, Rijk Zwaan Australia, WA Deptartment Health, Meat and Livestock Australia, and Greater Charitable Foundation. She has consulted to SHINE Australia, Novo Nordisk, Quality Bakers, the Sax Institute, Dietitians Australia and the ABC. She was a team member conducting systematic reviews to inform the 2013 Australian Dietary Guidelines update and the Heart Foundation evidence reviews on meat and dietary patterns.

 

Erin Clarke and Rebecca Williams are affiliated with the School of Health Sciences, College of Health, Medicine and Wellbeing, The University of Newcastle, NSW, Australia.

Toyota to launch all-new Avanza as demand rises 

TOYOTA

TOYOTA Motor Philippines Corp. (TMP) is set to launch the all-new Avanza on March 7 to meet the continuous rise in the local demand for commercial vehicles.

In a statement, the car manufacturer said that reservations and inquiries on the new Avanza will begin on March 1 across all authorized dealerships in the country. Select dealerships will also offer test drives to interested customers soon after the official launch date.

TMP disclosed that the 2022 iteration of the Avanza in the country will be available in four grades and five colors, with the retail price beginning at P813,000.

“TMP has been bullish in introducing compact cars in the commercial vehicle segment that will be attractive to customers looking for a reliable, efficient, plus easy and fun to drive rides,” the company said.

According to TMP, the Avanza was last refreshed in 2019. The new model joins the recently introduced Raize under a group of products designed under a new global architecture platform.

“Our mobility requirements are rapidly evolving, especially after the disruptions caused by the pandemic, but one thing remains constant — Filipinos will always need a reliable car that can offer ample, comfortable space for the family, including extended family members,” TMP First Vice-President for Vehicle Sales Operations Sherwin Chualim said.

“This has always been the strength of the Avanza, but for this 2022 release, expect even more value-for-money features on top of its striking style upgrades inside and out,” he added. — Revin Mikhael D. Ochave

Anyone can bake

If you have the right cookbook

THERE’S a notion that baking can be a challenge: there’s the precise measurement of ingredients, the crippling fear of making a mistake —  and of course, the sheer dissatisfaction of chewing through a cookie as hard as a rock, or else a cake so dry it ruins a day. Celebrity chef Myke “Tatung” Sarthou’s book, Baking Simpol, is meant to remedy that.

The cookbook is hitting physical bookstores next month (it is already selling on online platforms).

“Baking seems to be the holy grail of cooking. It is where even experienced cooks and chefs sometimes fail because it’s a totally different ball game. The mechanics and chemistry of it all are more complex and thus, need a little more understanding for you to be successful with it,” he says in the book. The book has 243 pages, and is written in a conversational tone — Mr. Sarthou describes a Hummingbird Cake as such: “It’s like a banana cake but with pineapple. It will make you happy.”

Late last year, Mr. Sarthou’s Simpol the Cookbook brought home awards in two categories at the Gourmand World Cookbook Awards: one for Easy Recipes at Home, and another for Celebrity Chef – World category. “I did not have lofty aspirations for the Simpol cookbook when I sat down and wrote the manuscript. My mantra from the very beginning was, well, simply, to make cooking ‘simpol’ for everyone. So, it was less about displaying flair and sophistication and more about convincing readers to actually try cooking their own meals. That motivation must have resonated with the judges at the Gourmand World Cookbook Awards,” he said.

“At the same time, Filipino cuisine continues to enjoy its moment under the global culinary spotlight. Filipino ingredients, dishes, and restaurants are gaining recognition abroad. Foreign foodies taking notice of our cuisine for the first time and novice Filipino cooks trying their hand at cooking both find a common ground in this humble book,” he said.

The same spirit is infused in this new work. “Having a baking manual made by Filipinos for Filipinos is important because it is able to place the methods and the ingredients in the local context,” said the chef. “For one, ‘room temperature’ as referenced in foreign books may not be as we know it here. Ingredients listed in the book are also readily available in local groceries.”

One may think that after the pan de sal and the buko pie and pili tarts and whatnot, it’s easy to assume that baking in the Philippines isn’t as strong a force as one might like. Mr. Sarthou disagrees. “All it takes is one careful look at our neighborhood bakeries to argue that baking is actually a big part of the Philippine culinary tradition. We boast of a plethora of baked goods that can rival those of other cuisines. I try to highlight these recipes in the cookbook, especially those that I enjoyed in my youth. Coconut macaroons, torta bisaya, binangkal, alfajores, inipit, and taisan loaf are just a few of these delicious Filipino baked goods found in Baking Simpol. The mission of this book is to bring these baking traditions into our homes.”

At the same time, he does know that baking hasn’t reached many Filipino homes. “We have to destigmatize baking. I think the fear that many home cooks harbor towards this cooking method is unfounded. At the end of the day, it’s just that — another cooking method. There are simple and complex stews and roast dishes as there are for baking.”

He recalls a childhood story rooted in baking, that shapes his career to this day:

“I, for one, started baking really young at eight years old. In fact, this was my first exposure to cooking. Preparing savory dishes came later. The first recipe I learned is a one-egg cake. It was my mother who held my hands throughout the process that involved measuring, sifting, and mixing. It was a fun and delicious experience that has led me to my culinary career today. I hope to be the same influence on my readers,” he said.

“I want to make baking simple and enjoyable that it becomes part of their everyday lives.”

VERSATILITY
Mr. Sarthou is also a restaurateur, and many people have fond memories of his restaurants Talisay and Pandan. However, because of the COVID-19 pandemic, many people have not been able to visit them in almost two years. In that gap, however, Mr. Sarthou has diversified his interests.

Between 2020 to 2021, Mr. Sarthou has boosted his content on his YouTube channel, released three cookbooks, and has become co-owner and president of Vertikal Media, under which lies their publishing arm, Vertikal Books, which published his works.

While his restaurants have reopened in the breathing space provided by the reduction of COVID-19 cases, he looks back at how he (and his readers and viewers) diversified in the years since.

“Filipinos have found more confidence in the kitchen during the pandemic. At the height of the community quarantines, Filipinos who were stuck at home and without access to their favorite restaurant fare were forced to prepare [food to satisfy] their cravings at home. Food trends also required home cooks to up their kitchen game. Imagine, baking sourdoughs at home even became a thing. Chefs like me had to be creative to remain relevant during this time. I’m thankful to have bolstered my calling of guiding home cooks in their culinary journey during this period… I remain committed to my mission to share what I know in the kitchen.” —  Joseph L. Garcia

TDF yields mixed on inflation outlook, geopolitical tensions

YIELDS on the central bank’s term deposits ended mixed on Wednesday amid higher inflation expectations and growing tensions between Russia and Ukraine.

Total bids for the term deposits of the Bangko Sentral ng Pilipinas (BSP) reached P571.048 billion on Wednesday, above the P500-billion offer but lower than the P637.875 billion in tenders last week.

Broken down, the seven-day papers fetched bids amounting to P259.007 billion, going beyond the P190 billion auctioned off by the BSP but failing to beat the P302.236 billion in bids a week ago.

Accepted rates were from 1.625% to 1.6995%, inching down from the 1.65% to 1.7125% margin in the prior auction. This caused the average rate of the one-week papers to decline by 1.13 basis points (bps) to 1.6745% from 1.6858% previously.

Meanwhile, tenders for the 14-day deposits amounted to P312.041 billion, slightly above the P310 billion auctioned off by the BSP but lower than the P335.639 billion seen the previous week.

Banks asked for yields ranging from 1.659% to 2.39%, increasing from the 1.65% to 2.2% on Feb. 17. With this, the average rate of the two-week deposits rose by 8.38 bps to 1.7882% from 1.7044% in the prior auction.

The central bank has not auctioned off 28-day term deposits for more than a year to give way to its weekly offering of securities with the same tenor.

The term deposit facility (TDF) and the 28-day bills are used by the BSP to mop up excess liquidity in the financial system and to better guide market rates.

The average yields on the term deposits were mixed after the central bank raised its inflation forecasts for 2022 and 2023, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The BSP’s policy-setting Monetary Board on Thursday kept benchmark interest rates at record lows, as widely expected by the market. However, BSP Governor Benjamin E. Diokno appeared to be less dovish as he hinted on an “eventual normalization” of policy once recovery is sustained or if inflation risks arise.

At the same meeting, the BSP said they expect inflation this year to average at 3.7%, faster than the 3.4% given in December but still within the 2-4% target and slower than the 4.5% in 2021. The inflation forecast for 2023 was likewise raised to 3.3% from 3.2%.

BSP officials said higher global oil and nonoil prices may cause faster inflation this year.

Mr. Ricafort said there were also concerns over rising tensions between Russia and Ukraine and its impact to oil prices.

Russia has ordered its troops to support separatist region in Ukraine earlier this week, Reuters reported. As a retaliatory move, Western nations including the US, UK, and Germany imposed economic sanctions by restricting their business deals with Russia and the conflicted areas.

Amid such tensions, oil prices hit its highest level since 2014 at nearly $100 a barrel on Tuesday. An official from the US State department assured that the current tensions in Ukraine will not risk the supply flow of oil and gas to global markets. — L.W.T. Noble with Reuters

ACEN sells power barge to SPC for P39 million

AC Energy Corp. (ACEN) on Wednesday said it had executed a deed of absolute sale and assignment to sell its 32-megawatt (MW) power barge 102 (PB 102) to SPC Power Corp. for P39.2 million.

In a disclosure to the exchange, ACEN said the sale was finalized on Feb. 22 and that the proceeds from the deal will be used to fund the firm’s renewable energy projects.

PB 102 is an oil-fired diesel power barge with four units each with a capacity of 8 MW. It is in Brgy. Obrero, La Paz, Iloilo City. Power barges are floating power plants that are ideal for energizing coastal areas.

In a separate disclosure, SPC said the transaction was closed after the Power Sector Assets and Liabilities Management Corp. (PSALM) approved the assignment of the lease agreement covering the mooring site of PB 102.

The valuation of PB 102 was based on the expected beneficial value from the purchased item as spare parts for SPC’s existing unit as well as the market value of the hull, SPC said.

In Sept. 15, 2021, ACEN inked an asset purchase agreement with SPC subsidiary SPC Island Power Corp. (SPIC) for the sale and purchase of PB 102 and PB 103, which SPIC intended to assign to SPC.

SPC then accepted SPIC’s assignment of obligation and rights and authorized the purchase of the power barge on Dec. 9. The parties have yet to finalize the absolute sale of PB 103.

On Jan. 21, ACEN sold its power barge 101 for P126 million to Razon-led MORE Power Barge, Inc. an affiliate of MORE Electric and Power Corp., which distributes power in Iloilo City.

ACEN no longer has an operating power barge and will reinvest all proceeds from the sale of its three power barges to its renewable energy projects. The firm targets reaching 5,000 MW of net attributable capacity and becoming the largest renewable energy platform in Asia by 2025.

As of November 2021, ACEN has around 3,000 MW of attributable net capacity, of which renewable energy capacity accounted for a share of 83% or 2,509 MW.

At the local bourse, the firm’s shares slipped 21 centavos or 2.37% to close at P8.65 apiece on Wednesday. — Marielle C. Lucenio

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