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Gov’t makes full award of bonds

BW FILE PHOTO
THE BUREAU of the Treasury fully awarded the reissued five-year bonds it offered on Wednesday. — BW FILE PHOTO

THE GOVERNMENT made a full award of the reissued Treasury bonds (T-bonds) it offered on Wednesday as rates went up, with the market anticipating the result of the US Federal Reserve’s policy review.

The Bureau of the Treasury (BTr) on Wednesday raised P35 billion as planned via the reissued five-year T-bonds with a remaining life of four years and five months.

Tenders reached P46.65 billion, higher than the offer but lower than the P56.08 billion in bids fetched the last time these debt papers were auctioned off on Oct. 12, where the government made a full award.

The five-year notes fetched an average rate of 3.762% on Wednesday, up by 18.6 basis points from the 3.576% quoted for the tenor during the previous auction.

This was also slightly higher than the 3.75% quoted for the five-year bond at the secondary market prior to the auction, based on the PHL Bloomberg Valuation Reference Rates published on the Philippine Dealing System’s website.

National Treasurer Rosalia V. de Leon said in a Viber message to reporters after the auction that the higher rates submitted by investors in recent offerings were expected due to high inflation and expectations that the Fed would start reducing its asset purchases by this month.

“But we are in good cash position for rejection,” Ms. De Leon said.

A bond trader likewise said Wednesday’s T-bond auction attracted modest demand due to Fed taper bets.

“Strong two-way interest continued to be evident in the secondary market also ahead of October CPI (consumer price index) figure of the country to be released on Friday, so some maybe conservative on holdings ahead of the said risk events,” the trader said in a Viber message.

The US Federal Reserve is expected to announce at the conclusion of its policy meeting on Nov. 2-3 that it would taper its $120-billion monthly bond purchases.

Meanwhile, Philippine inflation likely quickened in October due to a continued rise in pump prices and a spike in food costs due to a severe tropical storm, analysts said.

A BusinessWorld poll of 21 analysts yielded a median estimate of 4.9% for the October CPI, which matches the midpoint of the 4.5-5.3% forecast given by the Bangko Sentral ng Pilipinas (BSP).

If realized, headline inflation will exceed the 2-4% BSP annual target range for the third straight month. This will also be faster than the 4.8% seen in September and the 2.5% a year earlier.

The Philippine Statistics Authority will release October inflation data on Nov. 5.

The BTr plans to raise P200 billion from the domestic market in November, or P60 billion via weekly offers of T-bills and P140 billion from weekly T-bond auctions.

The government wants to borrow P3 trillion from domestic and external sources this year to help fund a budget deficit seen to hit 9.3% of the country’s gross domestic product. — Jenina P. Ibañez

Wine press dating back 2,700 years discovered in northern Iraq

DOHUK, Iraq — Archaeologists have excavated the first, and what they believe is the oldest, industrial wine press in northern Mesopotamia dating back more than 2,700 years and coinciding with a sharp rise in wine demand among the ruling imperial elites of Assyria.

One of the world’s earliest empires, Assyria was located in the northern part of Mesopotamia — most of modern-day Iraq, as well as parts of Iran, Kuwait, Syria, and Turkey.

“This is a quite unique archaeological finding, because it is the first time in northern Mesopotamia that archaeologists are able to identify a wine production area,” said Daniele Morandi Bonacossi, Professor of Near Eastern archaeology at the university of Udine and director of the Land of Nineveh Archaeological Project in the Kurdistan Region of Iraq.

Unearthed at the archaeological site of Khanis, near the northern Iraqi province of Dohuk, the discovery’s value lies partly in its historical context, Mr. Bonacossi added.

Assyrian scripture has previously pointed to an increased demand in wine, especially among members of court and the broader social elite. It was used in various ceremonial practices among the rich.

Archaeobotanical remains have also shown an expansion in vineyards in the area at that time.

“In the late Assyrian period, between the 8th and the 7th century BC, there was a dramatic increase … in wine demand and in wine production,” said Mr. Bonacossi. “The imperial Assyrian court asked for more and more wine.”

The discovery includes 14 installations carved into mountain rocks. The upper, square-shaped basins were used by people to press grapes underfoot, extracting the juice which ran off into the lower circular basins.

The grape juice was then collected in jars, fermented and sold on a large scale.

The site was discovered by a group of Italian archaeologists from the university of Udine in cooperation with antiquities authorities in Dohuk.

The teams are working on adding the ancient structure to the UNESCO world heritage list. — Reuters

Century Pacific books higher earnings in Q3

CENTURY PACIFIC Food, Inc. (CNPF) booked a P1.26-billion net income in the quarter ending September, 22% higher than the P1.03 billion logged a year ago, as its topline improved by 21%. 

In a regulatory filing on Wednesday, the company said its topline reached P14.08 billion in the third quarter from P11.68 billion in the same period last year on the back of double-digit sales growth and “favorable tax rates.”

Its OEM export business posted a 49% growth in sales for the third quarter, driven by the faster reopening of global markets.

Meanwhile, its branded segment, which accounts for the majority of company revenues, posted a 13% growth year on year in the period due to the resilience of its consumer staples.

“Consumer sentiment has been impacted by the ongoing pandemic. Thus, they continue to prioritize consumer staples and affordable goods. As a result, our core segments and value-for-money portfolio are demonstrating robust performance,” Richard S. Manapat, chief financial officer at CNPF, said in a statement.

For the first nine months, the company reported a net income of P3.98 billion, up by 21% from P3.28 billion in the same period last year “despite cost pressures.” The company said its consolidated revenues grew by 12% to P41.08 billion from P36.79 billion.

CNPF said it continues to benefit from the implementation of the Corporate Recovery and Tax Incentive for Enterprises law. It also received an income tax holiday for its new tuna plant.

“We are now at the homestretch, grateful for the strong results posted thus far. We continue to expect that CNPF will end the year with a topline growth between 10 to 15% and a bottom line growth closer to 20%,” Mr. Manapat said. 

“Overall, we are pleased with the results of the past nine months,” he said. “We have been able to post a healthy bottom line, giving us room to reinvest in innovations and capacity expansion, which will, in turn, generate quality manufacturing jobs.”

CNPF earlier increased the capacity of its coconut facility by 50% and commissioned a 5.2-megawatt solar photovoltaic plant for its tuna and coconut facilities.

The company also launched two new brands during the period, dipping into the pet food category with Goodest and its dairy portfolio expansion to the chocolate malt segment with Choco Hero. It also started the global expansion of its plant-based meat alternative brand unMEAT.

CNPF shares went up by 0.92% or 25 centavos to close at P27.50 apiece on Wednesday. — K.C.G. Valmonte

PSE clears Sta. Lucia Land’s follow-on offer

THE PHILIPPINE Stock Exchange (PSE) on Tuesday evening approved the application of Sta. Lucia Land, Inc. (SLI) for the listing of up to three billion shares for its follow-on offering (FOO).

“The Exchange’s approval of the conduct of the FOO and listing of the Company’s shares is subject to its compliance with all of the conditions and post-approval requirements of the Exchange,” the PSE said in a listing notice. 

The company is planning to offer one billion to 2.5 billion common shares to be priced at P2.38 to P3.29 apiece, with an overallotment option of up to 500 million common shares. Its price-setting date is set on Nov. 5, Friday. 

It aims to conduct its offer period beginning Nov. 11 until Nov. 17, with Nov. 26 eyed for the tentative listing of the shares.

SLI could raise up to P9.87 billion should the shares be priced at the highest end of its price range and if the overallotment option is exercised.

The listed property developer plans to use net proceeds from the offer to partially finance its capital expenditures for new and ongoing projects, strategic land banking activities, to pay for short-term debts, as well as for general corporate purposes.

SLI tapped China Bank Capital Corp. for to be the transaction’s sole issue manage, lead underwriter, and sole bookrunner.

Shares of SLI declined by 2.04% or six centavos to end at P2.88 apiece on Wednesday. — K.C.G. Valmonte

Information sharing for fraud probes allowed by privacy law

RUPIXEN.COM
FINANCIAL INSTITUTIONS can share their clients’ information to help fraud investigations. — RUPIXEN.COM/UNSPLASH

INFORMATION SHARING by financial institutions for fraud investigations does not violate the country’s privacy law, the Bangko Sentral ng Pilipinas (BSP) said.

Memorandum No. M-2021-059 signed by BSP Deputy Governor Chuchi G. Fonacier told financial institutions to cooperate and share relevant information to third parties in aid of fraud investigation. The directive covers financial institutions, payment gateway providers, third-party service providers and law enforcement agencies.

Based on the memorandum, information that can be shared among stakeholders in a fraud investigation include clients’ name, home or delivery address, e-mail address, mobile number and other contact details, bank and financial account information, and transaction details.

Ms. Fonacier said they sought clarification and advice from the National Privacy Commission (NPC) on whether these details can be freely shared without the consent of the subject.

Based on Advisory Opinion No. 2021-026 of the NPC’s Privacy Policy Office, these information fall under exceptions to the prohibition of sharing privileged data under Republic Act 10173 or the Data Privacy Act of 2012.

In particular, the NPC said Section 13 (f) of the law applies to fraud investigations as they are “necessary for the protection of lawful rights and interests of natural or legal persons in court proceedings, or in the establishment, exercise of defense of legal claims, or when provided to government or public authority.”

“The same does not require an existing court proceeding, and thus, such processing will not necessarily require a court order,” the NPC said.

The agency said such investigations shall be strictly for the purpose of resolving previously committed frauds and preventing possible incidents from happening.

It added that only personal information relevant to the investigation can be processed.

As digital payments have increased during the pandemic, cybercriminals have had more chances to attack and exploit financial institutions, the central bank said.

BSP Governor Benjamin E. Diokno previously said they received about 20,000 complaints from financial consumers in 2020, most of which were related to fraud and unauthorized transactions.

“The BSP’s ongoing cyberthreat surveillance shows that the impact of cyberattacks and fraudulent schemes increasingly extend over two or more financial institutions simultaneously,” the memorandum said.

Mr. Diokno has said a major cyberattack could affect the stability of the financial system and vowed regulators will remain vigilant of emerging cyberthreat trends.

Fintech Alliance.ph Chairman Angelito M. Villanueva welcomed the new directive as it stressed the legal grounds of information sharing for fraud investigation among concerned financial institutions.

“It is only of utmost importance for regulators and industry leaders to continue collaborating to secure and protect consumer against digital fraud,” Mr. Villanueva said in a Viber message. — L.W.T. Noble

3 Pinoy properties chosen by Conde Nast Traveller readers

Lagen Island — ELNIDORESORTS.COM

THREE Philippine properties made it to Conde Nast Traveler’s Readers’ Choice Awards for the Top 25 Resorts in Asia for 2021. The list counts the top resorts in the region outside of Indonesia and Thailand.

The El Nido Resorts in Lagen, Apulit, Pangalusian, and Miniloc islands placed 9th with a score of 98.8; Shangri-La’s Boracay Resort & Spa placed 11th, with a score of 98.14; while Discovery Shores Boracay ranked #17 with a score of 97.11. Six Senses in Bhutan took the top spot with a score of 99.38.

On that note, a sister property of Discovery Shores, Club Paradise Palawan, under the Discovery World Corp. umbrella, was the only Philippine-based property included in the Top 100 Sustainable Stories awards.

Jose Parreño, Director and President of Discovery World Corp. said in a statement, “We are deeply grateful for these international recognitions for both resorts. Our dedication for service and our commitment to our guests, the environment and the community where we belong have been our driving force, especially during this very challenging time. We proudly carry the Philippine flag in all our wins and we are extremely delighted to be have been able to put the Philippines on the map of world-class tourism.”

Discovery Shores Boracay has consistently won awards since at least 2018: an e-mail from the company lists the property as the Hall of Fame winner of The Choice 2019’s Favorite Beach Resort Hotel, and the 2018 Winner of the Condé Nast Johansens Awards for Excellence Best for Families (Asia). Club Paradise, meanwhile, won the Hall of Fame award and the Certificate of Excellence from TripAdvisor in 2019, and was the 2018 winner of the World Luxury Hotel Awards for the category Global Winner – Luxury Wedding Destination.

In an e-mail to BusinessWorld, he discussed how the properties won the awards, despite the pandemic putting on hold travel plans for millions around the world. “Our passion for what we do, our dedication for service, and our commitment to our guests, the environment and the community where we belong have kept our spirits alive especially during these challenging times. The pandemic has not stopped us with our trainings and guest engagement activities. We used this time as an opportunity to renovate, to train and develop our skills, and to enhance our safety standards. This moment has allowed us to strengthen our brand culture,” he said.

“We remain positive as vaccines are being rolled out and we look forward to the restoration of confidence among travelers and eventually, an immediate rebound of the tourism industry.”

In the same e-mail, he continued: “We believe that the pandemic is just a momentary pause and that the tourism industry will bounce back because it is in people’s nature to travel and explore. This is our belief and our inspiration as we continue to innovate and develop our people and our product.”

“All of us at Discovery Resorts are true ambassadors of Filipino hospitality,” said Mr. Parreño in a statement. — JLG

Philippine firms show ‘very high’ interest in integration capabilities

BOOMI, which offers an integration platform, said businesses in the Philippines are showing “very high” interest in the technology, making the country its second most important market in Southeast Asia after Singapore.

“The Philippines is showing a lot of promise for me… in terms of interest. There are a lot of serious discussions… It helps that the interest level is very, very high,” Boomi’s General Manager for Asia Hon Chew Seetoh told BusinessWorld in a recent virtual interview.

Among the challenges faced by Philippine-based companies, especially those engaged in business process outsourcing (BPO) and manufacturing, is how they can improve operational efficiency.

“[Cloud] integration makes it easy for you to integrate from point to point or where you want to go,” Mr. Seetoh said.

“A lot of Philippine companies are not just servicing the Philippine market, but also the world. We call that trading partners (like BPO companies). The employers of these BPOs are spread out in the regions, so we can help connect all these parts of the supply chain in what we call the trading partners solution,” he added.

Another challenge is how companies can manage, harmonize, and use their data to accelerate their digital transformation journey.

“To do something in the new way, you have to figure out what it is that you are trying to do,” Mr. Seetoh said.

“Now, how do [integration and data management] solve problems in the Philippines? First, lack of manpower with the skill set required. Skill sets in integration are very hard to find even in the Philippines. If we can automate this task, we can then focus more on finding out new uses for the data as opposed to manually doing programming,” he noted.

“The value is in analyzing the data and finding out new uses for it.”

Mr. Seetoh also considers the Philippines as Boomi’s second most important market in the region.

“Outside Singapore, the Philippines is the second most important market for me… I’m comparing you to Indonesia, Thailand, and Malaysia,” he said.

“There seems to be a turning point in the Philippines. The businesses, when it comes to digital transformation, are starting to get it. They want to go forward.”

On its website, Boomi said its data integration platform enables businesses to overcome complexity and break down data silos by integrating on-premises and cloud application, various data sources, and devices.

Boomi, a software company, has more than 17,000 global customers and over 800 global partners. — Arjay L. Balinbin

Shakey’s opens first R&B store in Metro Manila

SHAKEYSPIZZA.PH

SHAKEY’S Pizza Asia Ventures, Inc. (SPAVI) recently opened the first R&B milk tea store in Metro Manila as part of the company’s expansion plans.

The listed company said in a stock exchange disclosure on Wednesday that the first R&B store is situated in Retiro, Quezon City. The store is also the country’s first milk tea shop that offers a drive-through option.   

“R&B is one of the leading milk tea and bubble tea brands in Singapore. It currently has more than 1,000 outlets worldwide, spanning across China, US, Singapore, Cambodia, Vietnam, Malaysia, and Indonesia,” SPAVI said.

In 2020, SPAVI forged a master franchise agreement with Singapore-based Koufu Group Ltd. to bring the R&B milk tea brand into the country.   

Since then, the listed firm rolled out the milk tea brand in more than half of its Shakey’s Pizza and Peri-Peri Charcoal Chicken outlets, with dine-in and delivery choices.   

“We are very excited about the opening of the first R&B store here in Manila. For the past year, R&B has been leveraging the company’s expansive store network and broad customer base to scale. The brand is performing better than expected, and we believe that it can accelerate further as we begin building its store network,” SPAVI President and Chief Executive Officer Vicente L. Gregorio said.   

“This innovative store concept was designed with the needs of our guests in mind. Our guests want safe and convenient ways to satisfy their craving for milk tea. Thus, we built the first drive-through milk tea store to wow them,” he added.

For the first six months of 2021, SPAVI opened 16 new outlets, ending the period with 295 stores within its network. The new outlets are designed in cost-efficient store formats designed to cater to off-premise guests.   

On Wednesday, shares of SPAVI at the local bourse rose 0.49% or four centavos to close at P8.14 apiece. — Revin Mikhael D. Ochave 

Dining In/Out (11/04/21)

CHEFS Bettina Arguelles and Miko Calo

Sofitel to hold four-hands dinner

IN an exclusive one-night only event, the chefs behind Sofitel Manila and Metronome — Bettina Arguelles and Miko Calo — collaborate for a four-hands dinner on Nov. 24 at Sofitel Manila’s Le Bar. Both trained in the French culinary arts, the chefs will present an eight-course degustation menu showcasing local ingredients and the distinct blend of French technique and Filipino flavors. The dinner is paired with selections from Veuve Clicquot, Château d’Esclans, Cloudy Bay, Cape Mentelle, and Hennessy. Sofitel Manila Executive Chef Bettina Arguelles is the first Filipina Executive Chef in a five-star international hotel brand. In 2019, she was recognized by the World Gourmet Awards as Chef of the Year. Modern French restaurant Metronome, helmed by former L’Atelier de Joël Robuchon Junior Sous Chef Miko Calo, is one of the metro’s most sought-after dining destinations. Graduating from École Grégoire-Ferrandi, she was trained in Michelin-starred restaurant LaTable de Joël Robuchon in Paris and L’Atelier de Joël Robuchon in London before joining L’Atelier Joël Robuchon in Singapore. In 2018, she made her homecoming in Manila by opening the modern French restaurant Metronome.

Mercato opens a cloud kitchen at Ayala Malls Circuit

MERCATO United Kitchen launched its newest venture: a cloud kitchen with delivery, takeout, and al fresco dining located in Ayala Malls Circuit, Makati. The 214 sqm kitchen facility houses a variety of food brands, which customers can access through a universal number 7-719-0808, Mercato Centrale’s website, the Mercato app, or via delivery apps like Grab and foodpanda. Mercato United Kitchen currently operates for al fresco dining at 30% capacity within the current lockdown alert level. Take-out and delivery services are also available, which are operational. Mercato is a one-stop platform that lets customers order from all of its food brands — which carry multiple cuisines — with just one transaction and one delivery charge. With the cloud kitchen located near two major trade areas, Makati and South Manila, Mercato riders can also extend their deliveries to Ortigas, Pasig, and Pasay, while farther cities can be accommodated via Grab and foodpanda. The cloud kitchen offers over 19 dining concepts, from Filipino comfort food such as Ibarra’s Kitchen, Zubu Chon, Green Meat Hub, Above Sea Level, Khuttz Diner; and Pares Express, to heavy meals for lunch and dinner including Chef Rocky’s Kitchen, Wok Brothers, The Gourmet Kitchen, and Kuranosuke; and snacks and desserts from Wild Smoke, Pizzadidi, Takoichi, Capa’s, Bounty Sprouts, Cheesecake Factory, Tipsy Cream, Kahatea, and Harvest.

TGI Fridays’ Premium Party Boxes now available

FOR socially distanced parties at the office, Zoom family reunions, and small gatherings with friends, TGI Fridays has developed Premium Party Boxes to suit every craving. They’re convenient, no-fuss and available for delivery or take-out for as low as P600. Choose from: The Burger Box (P600), which contains a Shiitake or Chicken Burger, Caesar Salad and a Fridays drink; The Meal Box (P800), which contains either Salisbury Steak, Caesar salad, nacho chips, cheese dip and a Fridays drink or Fish & Chips, garlic rice, nacho chips, cheese dip and a Fridays drink; The M-Eat Box (P1,000) which has three variants, a Porkchop, garlic rice, Caesar salad, mac & cheese, and a Fridays drink, or Chipotle chicken, two chicken fingers, Caesar salad, and a Fridays drink, or two pieces of Liempo, garlic rice, Caesar salad, mac & cheese, and a Fridays drink; and the Fridays Fave Box (P1,450) which has four variants, Fridays Signature glazed ribs, hand breaded fish, Caesar salad, mac & cheese, and a Fridays drink, or Fridays Signature ribs and shrimp, mac & cheese, corn, nacho chips, cheese dip and Fridays drink, or a Porkchop, two chicken fingers garlic rice, Caesar salad, mac & cheese, and a Fridays drink, or, finally, a half rack of Fridays Signature ribs, mac & cheese, corn, nacho chips, cheese dip and a Fridays drink. Add P50 to upgrade to Fridays hand-crafted beer on any Fridays Fave Box. Available for pick up from any TGI Fridays store nationwide or through courier delivery to one or multiple locations. Orders may be placed at https://bit.ly/TGIFPartyBox, or call/visit any TGI Fridays branch.

Red Ribbon offers news Creamy Caramel Dedication Cake

RED RIBBON now offers a new Creamy Caramel Dedication Cake (P760 for the Regular size and P550 for the Junior size), made with vanilla chiffon filled and covered with milky caramel yema, and topped off with dainty icing flowers. A personalized message can be written in the middle of the cake. The new Creamy Caramel Dedication Cake is part of a series of flavor innovations from Red Ribbon’s Dedication Cakes line following the launch of the Cookies & Cream Dedication Cake made with Mini Oreo cookies last year. It is available in all Red Ribbon stores in Luzon for takeout, pick up, or delivery through Red Ribbon Bakeshop on Messenger, Hotline #87777, Red Ribbon’s Delivery Website redribbondelivery.com.ph, the Red Ribbon App which may be downloaded through Google Play or the App Store, and via Grabfood or Foodpanda app.

Jollibee launches Spicy Champ, Strawberry Cheese Pie and Choco Hazelnut Sundae

JOLLIBEE has given its Champ burger a new spicy punch. It has also launched two new desserts: Strawberry Cheese Pie and Choco Hazelnut Sundae. The new Spicy Champ takes the classic 1/3-pound patty that’s made with 100% pure beef, and adds a kick of sriracha mayo dressing and jalapeño slices. It’s also available in a Spicy Champ Jr. Variant. The Jollibee Spicy Champ (P175 solo) and Spicy Champ Jr. (P79) are now available in Metro Manila stores. Have them safely delivered via the Jollibee Delivery App, JollibeeDelivery.com, or #87000. Also available in Drive-Thru and Take Out. The new burgers will be launched across more stores later this year. Meanwhile, cap a meal with Jollibee’s new desserts. The Jollibee Strawberry Cheese Pie (P35 Solo, P100 for three Pies To-Go, and P199 for six Pies To-Go) is a sweet strawberry and cheesy treat in a crispy golden pie crust, while the Jollibee Choco Hazelnut Sundae (P45) has chocolate syrup, chocolate coating, choco malt flakes, and hazelnut spread on a creamy vanilla soft serve. For those residing in the Visayas and Mindanao, the Choco Hazelnut Sundae will be available starting Nov. 18.

Nestlé launches plant-based Harvest Gourmet

NESTLÉ Philippines has announced its first move into the plant-based meat alternatives market with the launch of its plant-based Harvest Gourmet brand initially in its food service business. With over 40% of consumers in Asia consciously reducing their meat intake and shifting to plant-based alternatives, Harvest Gourmet arrives in the Philippines at the perfect time as more consumers are recognizing the benefits of exploring plant-based options. The plant-based market is no longer limited to vegans, but includes a growing consumer base called “flexitarians,” who are increasingly replacing meat with plant-based products in their diet. They are doing so for health reasons as well as greater awareness of sustainable products, expanding the market and growth potential of the category. Harvest Gourmet will be introduced in the Philippines with initial three gourmet formats: Sensational Burger, Schnitzel, and Chargrilled Pieces, in two-kilo institutional packs, with mince, nuggets, balls and other formats to be rolled out by next year, giving restaurants and hotels many options to add plant-based products to their menus. The range uses only non-GMO soy and wheat with High Moisture Extrusion Technology developed by its food technologists and scientists, in collaboration with chefs to ensure that products deliver a gourmet-quality experience in terms of texture, appearance, aroma and taste. Harvest Gourmet is now available through Nestlé Professional (https://www.facebook.com/nestleprofessionalphilippines), and e-commerce partners Rare Food Shop (https://rarefoodshop.com/collections/harvest-gourmet) and Prime Pacific Foods Corp. (https://wholemart.com.ph/#/).

Spam recipes go around the world

CHECK out the Spam Brand Philippines’ Facebook page at https://www.facebook.com/spamcanph/ and Instagram at @spambrandph for different Spam Musubi recipes inspired by tasty travels. The basic Spam Musubi recipe can be tweaked with four key ingredients — a slice of Spam Luncheon Meat, Japanese rice, nori (dried seaweed), and the diner’s choice of sauce.  Chef Edward Bugia of Mimi and Bros., created several recipes that revisited his favorite travel destinations: for an American “cheeseburger,” he ditched the buns and replaced them with Japanese rice, a thick slice of Spam Classic, strips of cheese, and Japanese mayonnaise. He also created recipes inspired by Mexico (Spam Burrito Musubi), Seoul (Spam Kimchi Musubi), Baguio (Spam Champorado Musubi), and Pampanga (Spam Sisig Musubi). All the recipes for these and more can be found in the Facebook page.

Meals made more nutritious with Quaker Rolled Oats

AS PEOPLE become more health conscious, the people behind Quaker Oats suggest adding it to one’s diet in different ways. Among the heart-healthiest grains available are oats. Quaker Oats have up to seven times more fiber for digestion and 1.7 times more protein for energy than white rice, and beta-glucan to help lower cholesterol. While overnight oats and more breakfast meals are popular ways to take oats every day, Quaker Rolled Oats can also be added to home-cooked dishes to make them more nutritious. Quaker introduces a variety of sweet and savory recipes to show how oats can go beyond breakfast, by substituting oats for other ingredient or adding oats to the recipe. The recipes can be found on Quaker Oats Philippines Facebook page and visit www.quakeroats.ph/recipes.

Yields on term deposits decline ahead of Fed’s policy decision

BW FILE PHOTO

YIELDS on the central bank’s term deposit facility slipped on Wednesday, with the market expecting the US Federal Reserve to announce the details of the reduction of its asset purchases at the close of their policy review.

Total bids for the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) reached P641.782 billion, well above the P500-billion offer and the P548.928 billion in tenders recorded a week ago.

Demand for the seven-day deposits stood at P247.573 billion, going beyond the P170-billion auctioned off by the BSP as well as the P176.65 billion seen in the previous week’s offering.

Banks asked for yields ranging from 1.7% to 1.7716%, slimmer than the 1.7% to 2% band in the prior auction. This caused the average rate of the one-week term deposits to decrease by 0.91 basis point (bp) to 1.743% from 1.7521% previously.

Meanwhile, the 14-day term deposits fetched bids amounting to P394.209 billion, higher than the P330-billion offer and also beating the P372.278 billion in demand seen a week earlier.

Accepted rates for the tenor ranged from 1.75% to 1.7875%, narrower than the 1.73% to 1.8% margin logged the previous Wednesday. With this, the average rate of the two-week papers inched down by 0.27 bp to 1.7696% from the 1.7723% quoted in the previous week’s auction.

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

TDF yields were down prior to the outcome of the policy review of the Federal Open Market Committee from Tuesday to Wednesday, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The details of the tapering of the Fed’s asset purchases could be announced, and the market has already priced in this possibility, Mr. Ricafort added.

Reuters last month reported that Fed Chairman Jerome Powell said it was “time to taper,” but he believed the central bank should keep rates unchanged as the labor market remains weak.

Mr. Ricafort added that the market is also monitoring the continued decrease in local infections, which could lead to the further easing of mobility restrictions.

Curfew hours in the National Capital Region will be removed starting Thursday, Metropolitan Manila Development Authority Chairman Benjamin “Benhur” D. Abalos, Jr. announced on Wednesday. The area is under Alert Level 3 until Nov. 14.

Active cases rose by 1,591 to 38,014 on Wednesday, based on data from the Department of Health. — Luz Wendy T. Noble with Reuters

Facebook will shut down facial recognition system

FACEBOOK, INC. announced on Tuesday it is shutting down its facial recognition system, which automatically identifies users in photos and videos, citing growing societal concerns about the use of such technology.

“Regulators are still in the process of providing a clear set of rules governing its use,” Jerome Pesenti, vice-president of artificial intelligence at Facebook, wrote in a blog post. “Amid this ongoing uncertainty, we believe that limiting the use of facial recognition to a narrow set of use cases is appropriate.”

The removal of face recognition by the world’s largest social media platform comes as the tech industry has faced a reckoning over the past few years over the ethics of using the technology.

Critics say facial recognition technology — which is popular among retailers, hospitals and other businesses for security purposes — could compromise privacy, target marginalized groups and normalize intrusive surveillance. IBM has permanently ended facial recognition product sales, and Microsoft Corp. and Amazon.com, Inc. have suspended sales to police indefinitely.

The news also comes as Facebook has been under intense scrutiny from regulators and lawmakers over user safety and a wide range of abuses on its platforms.

The company, which last week renamed itself Meta Platforms, Inc., said more than one-third of Facebook’s daily active users have opted into the face recognition setting on the social media site, and the change will now delete the “facial recognition templates” of more than 1 billion people.

The removal will roll out globally and is expected to be complete by December, a Facebook spokesperson said.

Privacy advocacy and digital rights groups welcomed the move.

Alan Butler, executive director of the Electronic Privacy Information Center, said, “For far too long, Internet users have suffered personal data abuses at the whims of Facebook and other platforms. EPIC first called for an end to this program in 2011,” though he said comprehensive data protection regulations were still needed in the United States.

Adam Schwartz, senior staff attorney at the Electronic Frontier Foundation, said that although Facebook’s action comes after moves from other tech companies, it could mark a “notable moment in the national turning-away from face recognition.”

Facebook added that its automatic alt text tool, which creates image descriptions for visually impaired people, will no longer include the names of people recognized in photos after the removal of face recognition, but will otherwise function normally.

Facebook did not rule out using facial recognition technology in other products, saying it still sees it as a “powerful tool” for identity verification for example.

The company’s facial recognition software has long been the subject of scrutiny. The US Federal Trade Commission included it among the concerns when it fined Facebook $5 billion to settle privacy complaints in 2019.

A judge this year approved Facebook’s $650-million settlement of a class action in Illinois over allegations it collected and stored biometric data of users without proper consent. — Reuters

PAL taps US-based Rimini Street to boost digital transformation

REUTERS

FLAG CARRIER Philippine Airlines, Inc. (PAL) has tapped global technology company Rimini Street, Inc. to boost its digital transformation.

“The airline made a strategic decision to move to Rimini Street to help it address the challenges faced by the commercial aviation sector as a result of the global pandemic,” Rimini Street said in a statement on Wednesday.

Rimini Street provides third-party maintenance support for multinational software companies SAP and Oracle.

By working with Rimini Street, “the airline was able to accelerate key digital innovation projects that support the growth of its business including modernizing its cargo system, integrating its mobile and remote capabilities for more efficiencies and launching its passenger analytics for improving its ‘Know Your Customer’ program,” the software company said.

The impact of the coronavirus pandemic emphasizes the critical role of technology in strengthening the internal capabilities of the airline companies like PAL.

“One of the initiatives embarked on to navigate the pandemic-induced crisis was to streamline its portfolio of applications to better optimize its technology investments,” Rimini Street said.

“This prompted the exploration of third-party support which led the company to Rimini Street for a comprehensive support solution for its mission-critical Oracle software portfolio, which is used for the airline’s finance and administration, procurement and human resources functions,” it added.

The flag carrier, which is majority owned by billionaire Lucio C. Tan, has filed for bankruptcy protection in the United States. It aims to “emerge as a leaner and better-capitalized airline.”

“We needed a partner to help us optimize our resources — including time, money and IT personnel — and drive collaboration and efficiency across the company in a more cost-effective manner. Rimini Street was that proven partner of choice,” PAL said.

“The significant… cost savings we realized, enabled us to focus our efforts and resources on our business transformation efforts,” the flag carrier added. — Arjay L. Balinbin

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