ABS-CBN now a content company

October 21, 2021 | 12:08 am

Former broadcast giant says shows get up to 15M views online

ABS-CBN Corp. on Wednesday said it continues to expand its digital footprint worldwide as a “content company,” with its shows getting up to 15 million views a day on Facebook and YouTube.

“[The] Kapamilya Online Live, which offers ABS-CBN programming from morning to evening on Facebook and YouTube,… averages 10 million to 15 million views every day,” the former broadcast giant said in a statement e-mailed to reporters.

ABS-CBN has become “primarily a content company after the nonrenewal of its broadcast franchise in 2020,” the listed media company noted.

Eugenio Manuel “Jamie” G. Lopez IV, ABS-CBN head of digital, said: “In the Philippines, 40 million people visit YouTube daily, and we account for 10 million of those daily active users who consistently deliver over a billion impressions a month, 1.34 billion in August.”

Mr. Lopez added that ABS-CBN’s entertainment channel is the largest in Southeast Asia with 36.4 million subscribers.

“We have 112 million followers in Facebook, 13.5 million monthly actives across our websites, and we continuously see growth month on month for iWantTFC, which as of last month was four million.”

The media company has also partnered with WeTV iFlix, Netflix, Kumu, Spotify, and PDN to reach more content consumers.

The National Telecommunications Commission issued a cease-and-desist order against ABS-CBN’s broadcast operations on May 5, 2020.

On July 10 of the same year, the House Committee on Legislative Franchises adopted a resolution denying the media company’s franchise application.

Voting 70 to 11, the House committee rejected the application for a franchise renewal of ABS-CBN, which is critical of President Rodrigo R. Duterte, saying the broadcaster was “undeserving” of the privilege. — Arjay L. Balinbin

Cinemas allowed to reopen in NCR

October 21, 2021 | 12:08 am

AFTER being closed for 19 months due to coronavirus disease 2019 (COVID-19) quarantines, cinemas in are now reopening in the National Capital Region (NCR), with the movie houses following a number of safety protocols.

“We have devoted the past 19 months of cinema closure identifying solutions and precautions based on science. We will implement these measures to confidently welcome back movie fans to cinemas and send them home safe,” Charmaine Bauzon, president of The Cinema Exhibitors Association of the Philippines (CEAP) said in a statement.

On Oct. 13, the Inter-Agency Task Force (IATF) for the Management of Emerging Infectious Diseases, placed the NCR under Alert Level 3, and allowed the reopening of cinemas at 30% capacity for fully vaccinated moviegoers.

“The date of reopening is still subject to confirmation — the public is advised to wait for further announcement,” the press release said.

“We would like to assure the public that cinema is a safe place,” Ms. Bauzon said. “In fact, LGUs have converted some theaters into vaccination centers, and no super-spreading were ever reported, even though people waited inside for hours.”

CINEMAS’ SAFETY PROTOCOLS
Aside from adhering to IATF-mandated health standards, CEAP has also developed the “Sa Sine Safe Ka” protocols patterned after the CinemaSafe measures set by America’s National Association of Theatre Owners (NATO) and endorsed by epidemiologists.

The following protocols are:

Monitoring of moviegoers’ body temperature as they enter the cinema;
Moviegoers to present an authentic vaccination card;
Implement regulations set by the IATF and LGUs on facial coverings;
No eating inside the cinema;
Enforce socially distanced seating;
Encourage contact-less transaction in ticket-purchasing;
Improved air ventilation;
Availability of hand sanitizers at the cinema entrance;
Mandatory hand-washing every 30 minutes for cinema employees; and
Deep cleaning between screenings.

CEAP would like to stress that only healthy, fully vaccinated people will be allowed back into the cinemas.

“If you are experiencing a fever, cough, or other symptoms that could be related to COVID-19 — or think that you may have been exposed to COVID-19, please stay home and we welcome you to join us again in the future,” Ms. Bauzon said.

The 19-month closure of cinemas lead to the loss of an estimated 336,000 jobs in the movie industry the statement said.

Appreciating the Grenache varietal wine

October 21, 2021 | 12:07 am

(Left to Right): PETER Lehmann Barossan Grenache, Delas Gigondas and Delas Cotes du Rhone

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OUTSIDE of Nebbiolo, Tempranillo and Cabernet Sauvignon, my next favorite red varietal is probably Grenache, or Garnacha as it is known in Spain.

Not really known as a mono-varietal wine, even though 100% Grenache can be found in parts of Spain, France, and in the New World countries of Australia and the US, primarily California.

In Spain, a good selection of 100% Garnacha wines can be found in: 1.) the Southern Aregon wine regions of Carinena and Campo de Borja — Bodegas Barsao’s Tres Picos from this DO is quite good; 2.) Priorat, the home of the oldest Grenache vines in the world — Cartoixa d’Scala Dei from this region is absolutely delectable; and, 3.) Rioja, even if Tempranillo is still the undisputed star of this DOCa region — Conde de Valdemar Garnacha is a great example.

In Australia, Grenache is grown mostly in South Australia, where it headlines the GSM or Grenache-Shiraz-Mataro (Mataro is Mourvedre in France) blend, with Barossa Valley churning out really good, aromatic, fuller bodied 100% Grenache versions. The Yalumba Barossa Bush Vine Grenache found in Ralph Wine Shop is an easy wine to love. I like Grenache, even if it does not have that aesthetically appealing deep dark red to purple wine hue we find in Cabernet Sauvignon, Syrah, Malbec, or Zinfandel.

Grenache just appeals to me because it can make real complex wines with its unique floral and violets aromas, red fruits from raspberries to strawberries, gamey and earthy notes, not overly acidic nor tannic. This varietal also improves with oak aging and has that extra alcohol kick too ranging in the 15% strength when fermented dry.

FRENCH GRENACHE
Southern Rhone is the French wine region most known for Grenache wines. Some top-of-mind AOC regions from Southern Rhone include Chateauneuf-du-Pape, Gigondas and Cotes du Rhone. In these three regions, it is hard to find, though it is possible, 100% Grenache wines mainly because of respective AOC rules on blending varietals. But Gigondas would probably come closest to 100% Grenache as most producers are using up to 80% of Grenache in their blend which includes prominent Rhone staples Syrah and Mourvedre. Chateauneuf-du-Pape also uses majority of Grenache in their blend, probably in the 70-75% range, and aside from Syrah and Mourvedre, there are 10 other authorized varietals used in a Chateauneuf-du-Pape rouge wine blend.

Other Southern Rhone AOCs known for using Grenache includes Cotes du Rhone, Vacqueyras, Ventoux (formerly known as Cotes du Ventoux), and the Rosé-only Tavel.

THE GARNACHA FROM PRIORAT
Priorat is one of only two DOCs or Denominación de Origen Calificada in Spain (though it is labeled in Catalan as Denominació d’Origen Qualificada) — the highest classification for a wine region. This is roughly equivalent to Italy’s DOCG or Denominazione di Origine Controllata e Garantita. Priorat got promoted to DOCa from DO Denominació d’Origen in 2001, while the only other DOCa is none other than Spain’s most renowned wine region of Rioja, which got the first DOCa classification in 1991.

What is remarkable is Priorat has only around 2,000 hectares of vineyards and has also one of the lowest yields per hectare in wine production. This has a lot to do with the less productive older vines, very warm climate with little rainfall, and the terrain of the vineyards which are found in steep slopes requiring labor-intensive hand harvesting. But Priorat does have the advantage of a unique soil known as Llicorella — a red soil that is made of black slate with particles of mica and seems perfect for this unforgiving hot climate as Llicorella can absorb heat and is good at retaining water for the long-haul. Llicorella also has inherent minerality that shows up nicely in Priorat wines.

Garnacha vines are the best fines in this region, with the first five pioneers of the Priorat movement in the late 1980s all believing in the potential of the Garnacha varietal. For three years, from 1989 to 1991, this group of five winemakers collaborated to pool the grapes from their respective vineyards, their resources, winemaking skills and shared a winery in Gratallops to make one common wine (though sold under their respective labels). This collaboration triggered the quality evolution in Priorat.

These five pioneering winemakers are still very much visible now with their respective wineries. The most famous, and with the most expensive showcase Priorat wine, the L’Ermita (easily over $1,000/bottle) is Alvaro Palacios under his eponymous winery name. Other Priorat movement members include René Barbier, the leader of the pack, under his Clos Mogador winery; Daphne Glorian of Clos Erasmus; Charles Pastrana of Clos de l’Obac; and Josep Luís Pérez of Mas Martinet. All these five wineries still represent some of the best, if not the best wines in Priorat, which now has over 100 wineries and a growing international reputation for its amazing red wines.

Quantities of their wines are not huge, and they are not cheap too, so some effort may be needed to track these wines down, but they are absolutely worth the money and effort.

Garnacha is still Priorat’s most important varietal and is around 40% of total vineyard plantings in the region.

PRIORAT WINES VS OTHER REGIONS’ GRENACHE WINES
Personally, I feel that the Priorat’s Grenache-dominant wines are really at a different level vis-a-vis their counterparts, including those from Chateauneuf-du-Pape, from Barossa and even from California. Sadly, I never had the chance to taste California’s most acclaimed Grenache wine, Sine Qua Non. I, however, have tasted a few also highly touted Grenache wines, like the Bonny Doon La Cigare Volant. La Cigare Volant is Bonny Doon’s Southern Rhone blend which still contains majority Grenache, and I thoroughly enjoyed this wine, which is a great taste bud changer from our usual fixation with Californian Cabernet Sauvignons, in particular those from Napa Valley.

The author is the only Filipino member of the UK-based Circle of Wine Writers (CWW). For comments, inquiries, wine event coverage, wine consultancy and other wine related concerns, e-mail the author at wineprotege@gmail.com, or check his wine training website https://thewinetrainingcamp.wordpress.com/services

While I have very small sample size of tasting Californian Grenache, I had a more sizeable experience tasting Grenache or Garnacha from Priorat, Barossa, and Rhone. Priorat Garnacha somehow just has a different feel to it. For one, there is a minerality that is more pronounced, which I enjoyed so much, when pleasantly integrated with the luscious fruits, tart, and viscosity of the wine. The Rhone Grenache wines have more floral notes and are a bit more feminine compared to their Spanish counterparts. The Barossa Grenache wines, on the other hand, are more straight-forward, somehow simpler, and have a candied ripeness.

Very recently, I had two very nice Priorat wines back-to-back: the Clos Martinet 2007 and Els Escurcons 2011 — both from one of the five pioneers, Mas Martinet. Both these wines were amazing, and despite being 14- and 10-years-old respectively, both wines were still vivacious and vibrant, full bodied. But the Els Escurcons, which I know to be 100% Garnacha, had more tar characteristics with tobacco leaves, raisins, and longer, lingering finish at the end.

My normal go-to Priorat wine is Mas d’en Gil, which I imported into the country for many years already, but sadly had to discontinue because top Priorat wines are just too expensive and are not saleable to the Filipino wine buyers. Mas d’en Gil has two incredible wines: the Coma Vella and the Clos Fonta. If you see them available in your travels, you will not regret buying them.

If you are not familiar with Grenache, it is time to take a closer look at this varietal. Search for Grenache and its wine regions in your favorite wine store or online wine shop, and let me know your thoughts on these wines when you taste them.

The author is the only Filipino member of the UK-based Circle of Wine Writers (CWW). For comments, inquiries, wine event coverage, wine consultancy and other wine related concerns, e-mail the author at wineprotege@gmail.com, or check his wine training website https://thewinetrainingcamp.wordpress.com/services

Del Monte Foods gets ‘B’ credit rating from S&P

October 21, 2021 | 12:07 am

DEL MONTE Pacific Ltd.’s (DMPL) US unit Del Monte Foods, Inc. received a “B” credit rating from S&P Global Rating for its “continued deleveraging,” parent DMPL shared the document with the exchange on Wednesday.

The company’s “B” credit rating is an improvement over its previous “B-” rating, while its issue-level rating on its debt also went up to “B” from “B-.” The ratings came with a “stable outlook.”

“The upgrade reflects continued deleveraging, driven by revenue growth, productivity improvements, and lower debt balances,” S&P Global Ratings said in its report.

The company reported an 11% growth in sales for its first quarter ending August, on the back of high demand for its branded packaged fruits, vegetables, and beverages that was “partially offset by the company’s planned exit of lower-margin private label business.”

S&P Global Ratings said its new products such as riced vegetables, pocket pies, bone broths, and bubble tea will help the company diversify its product offerings as well as counteract category declines when consumers begin dining out again.

Its pricing actions, such as price increases and reduction of overhead spending, is expected to offset the anticipated inflation for the year.

“The stable outlook reflects our forecast for strong revenue growth and our expectation that the company will be able to offset inflation headwinds with productivity and pricing actions such that leverage will be in the low-3x area in fiscals 2022 and 2023,” S&P Global Ratings said.

“We also expect at least break-even free cash flow generation in 2022 and above $50 million in 2023,” it added.

S&P Global Ratings noted the influence of Del Monte Pacific, adding that the parent firm “will likely provide” assistance to Del Monte Foods if needed through additional liquidity, capital, or risk transfer.

“Del Monte Foods represents more than half of the group’s EBITDA (earnings before interest, taxes, depreciation, and amortization). The group credit profile has continued to improve due to Del Monte Foods’ better profitability and cash flow, as well as sustained growth in Asian operations,” it said.

Shares of parent Del Monte Pacific at the stock exchange improved by 1.40% or 20 centavos on Wednesday, closing at P14.48 each. — Keren Concepcion G. Valmonte

Imported car sales down 12% in September

October 21, 2021 | 12:06 am

TOTAL imported car sales in September declined 12% year on year to 4,946 units led by weaker passenger car sales, the Association of Vehicle Importers and Distributors, Inc. (AVID) said.

AVID said in a statement on Wednesday that passenger car sales for September fell 28% year on year to 1,432 units from 1,992 units sold in the same month last year.

Further, the group said sales of light commercial vehicles (LCV) and commercial vehicles (CV) for September posted a decline of 3% and 13% to 3,488 units and 26 units, respectively.

Month on month, total imported car sales increased 26% compared with 3,919 units sold in August.

Year-to-date figures disclosed by AVID showed that total vehicle sales for the three quarters to September rose 26% to 43,957 units.

“We have weathered the volatile market conditions of the third quarter. With improving health conditions and a more stable outlook, AVID is optimistic and driven to wind up this last quarter on a strong note,” AVID President Ma. Fe Perez-Agudo said.

The group added that year-to-date CV sales rose 311% year on year to 917 units.

“Hyundai Asia Resources, Inc. (HARI) trucks and buses have been on a roll, capturing 98% of total AVID CV sales. The Korean brand sold 906 units year to date, which is a significant improvement from the 223 units sold in the same period last year,” the group said.

Meanwhile, AVID said year-to-date LCV sales increased 37% year on year to 31,444 units.

It disclosed that Ford Group Philippines, Inc. (FGPI) led the segment with 13,258 units sold, followed by Suzuki Philippines, Inc. (SPI) with 8,677 units, and Sojitz G Auto Philippines (SGAP) with 3,818 units sold.

On the other hand, AVID said year-to-date sales of passenger cars dropped 1% year on year to 11,596 units.

SPI had the highest sales at 5,768 units followed by HARI at 3,829 units, and FGPI at 1,446 units.

In March, Ms. Perez-Agudo said imported car sales growth in 2021 is expected to reach between zero and 20%.

Recently, a joint report of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) also showed that their vehicle sales in September declined 12.4% year on year to 21,493 units. — Revin Mikhael D. Ochave

Pinoy ingredients shine in Irish pork, beef recipe tilt

October 21, 2021 | 12:06 am

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LABANOS, Ilocano vinegar, and pahimis coffee were just some of the local ingredients paired with Irish pork and beef by the top 10 semi-finalists in the East Meets West Culinary Competition by Bord Bia (the Irish Government Food Board). And it is this kind of mix of Filipino ingredients and Irish proteins that has the judges excited.

Out of a pool of 200 recipes, 10 semi-finalists have been selected, to be cut down further to the top five finalists by Nov. 8, after which the finalists will showcase their culinary talents by cooking their winning recipes at a cook-off. The winners will then be announced by rank highlighting the overall winner.

The champion is set to win P325,000 in prize vouchers, a hotel staycation with Irish breakfast, high-quality chef’s kit supplies, and a cooking class with the judges: chefs Philip John Golding (Founding Chairman & President of Disciples de Escoffier International Asia – Philippines) and Mark Hagan (Executive Chef of Grand Hyatt Manila – Bonifacio Global City). The judging panel is completed by last year’s winner, Donie Bigcas, and Bord Bia representatives.

The top 10 semi-finalists are:

Bianca Abola (a student at De La Salle, College of Saint Benilde, for the recipe Bulcachong Smoked Curry),
Mae Romelin Almirante (a student at La Flamme Bleue Center for Culinary Arts, Iloilo City, for the recipe Preserved Lemon and Capers Pork Adobo Tagine),
Joaquin Carsi Cruz (a student at the Center for Culinary Arts – Manila, for the recipe Charred Onion Adobo with Sweet Garlic Puree and Ensaladang Mangga),
Marc Rensus H. Espinosa (a student at the University of Santo Tomas, for the recipe Striploin Bistek),
Mae Loren Guerrero (a student at Apicius Culinary Arts, Laoag, for Sticky Pork Belly with Sukang Ilocos),
Ibrahim Hawari (a student at Apicius Culinary Arts, Parañaque, for the recipe Bilbilunak – Bilbil Belly and Bilunak Spinach),
Miguel Antonio S. Lorino (Chef Instructor at the Center for Culinary Arts – Manila, for the recipe Kabisera: European Pork Belly Braised in Pahimis Coffee),
Charmanie Pua (a student at the Center for Culinary Arts – Manila, for the recipe Bistek Asado with Garlic, and Tausi Suman, Ensaladang Labanos, Pinya at Kamatis, and Pork Crackling Crumbs),
Louise Orlane R. Reyes (a student at the University of Santo Tomas, for Short Rib Beer Pares), and
Kenneth M. Villanueva (a student at the University of Batangas for the recipe Deconstructed Pork Belly Sisig with Lime caviar, Chicken Liver Pate and Homemade Mayonnaise).
From Oct. 15-30, the semi-finalists are tasked to submit and present their pork and beef recipes in their own creative way in a short video describing the positive aspects of the dish, such as aroma, taste, and texture. The judges will evaluate their recipes according to the following judging criteria: creativity (40%), presentation (30%) and video introduction (30%) for selection of the top five finalists.

“The panel of judges was thrilled by the imaginative recipes that featured endemic, regional and indigenous Filipino ingredients like labanos (radish), sukang Ilocos (vinegar), and pahimis coffee (an exclusive blend of roasted Robusta, Arabica, Excelsa, and Liberica),” said a statement from Bord Bia. It pointed to specific recipes as being the kind of that the judges found interesting: “Charmaine Pua, a student of Center for Culinary Arts Manila, won her place in the semi-finals with her entry called Bistek Asado with Garlic and Tausi Suman, with Ensaladang Labanos, Pinya at Kamatis and Pork Crackling Crumbs. This recipe was inspired by the traditional Chinese dish called Machang. Another interesting recipe was Bulcachong Smoked Curry by Bianca Abola of De La Salle University – College of Saint Benilde. Bulcachong is typically a Filipino soup cooked with carabao meat. It is unique as well as comforting and traditional.”

In an e-mail interview with BusinessWorld, Mr. Golding described what exactly the judges are looking for. “A great story! Real passion and creativity. Above all, a real tasty thought-out dish oozing with flavor,” he said.

“This is to be determined in the top 10 selection when they submit their recipe videos and I’m really looking forward to the stories behind the dishes.”

Mr. Golding said he is already looking forward to “the adobo tagine, a smoked curry, and some clever elevated regional local dishes.”

Commenting on the use of relatively obscure regional ingredients, he said, “I would say more than ever that there’s a real focus on creativity and respect for heirloom local regional recipes with sincerity and honesty.”

This marriage of ingredients, the whole point of the contest, highlights the compatibility of Irish pork and beef with what the Philippines has to offer. “Farming in the Philippines is a hot topic, while regional side dishes are going through a culinary revolution, which makes it even more relevant and exciting to pair with the Irish proteins that are grass-fed, healthy, meaty, and tasty!,” said Mr. Golding.

Mr. Bigcas, last year’s winner, said that now that he’s on the other side of the fence, he will be looking for “a dish that not only tastes good and is presented well, but (one where) we can taste the story in every bite: a dish that would tell a story from its spice to its sourness or sweetness; a balance of history, culture and personal experience. The taste and texture would also tell the story of (how) the products were cultivated and produced.” His entry last year, Bisperas ng Pista (Eve of the Festival) — braised Hamonado Pork Jowl, Sweet Potato Puree, and Pineapple Atchara — had been inspired by fiestas in his Capiz hometown.

For more details of the European Pork and Beef Campaign in the Philippines, a campaign financed with aid from the European Union, visit the website https://europeanporkbeef.com/ph, their Facebook page: http://www.facebook.com/EUPorkandBeefPH/, and Instagram page: http://www.instagram.com/euporkbeef_ph/. — Joseph L. Garcia

Converge entices businesses with cloud connectivity solutions

October 21, 2021 | 12:05 am

CONVERGE ICT Solutions, Inc. introduced its “cloud connectivity solutions” on Wednesday, capitalizing on the growing demand for high-speed and private data connectivity among businesses.

“These solutions are proven valuable in optimizing operations and promoting work efficiencies to help businesses and enterprises thrive in their respective industries,” Gilbert T. Virtucio, head of product management and network solutions at Converge, said at a virtual media event.

The company’s cloud connectivity solutions for businesses offer three products: Cloud Upload Booth, Cloud Direct Connect, and Dedicated Internet Access (DIA) Upload.

Converge’s Cloud Upload Booth is an on-premise service that offers access to premium LAN (local area network)-based 10 Gbps (gigabits per second) internet connectivity. This service allows businesses to upload large files to cloud platforms, the company said.

“The working space is in an exclusive and secure upload booth located in Reliance IT Center, Pasig City,” it noted.

The Cloud Direct Connect is for businesses that want to connect their local information technology infrastructure to their public cloud resources “but want lower latency and consistent, predictable performance.”

As for the DIA Upload, Converge said this service offers “asymmetric upload and download, with the upload speed being two times higher than the download speed, unique in the industry.”

“The higher upload speed makes DIA upload suitable for applications that are heavy on outbound traffic,” Converge noted. — Arjay L. Balinbin

Datu Puti gets plastic neutral certification

October 21, 2021 | 12:05 am

CONDIMENTS manufacturer and distributor NutriAsia partnered with Plastic Credit Exchange (PCX) in its efforts to promote sustainability, and now its Datu Puti brand has been given a plastic neutrality certification from PCX.

The move to make the entire Datu Puti product line plastic neutral is not just meant to reduce the impact plastic has on the environment, but to inspire Filipinos to make more sustainable lifestyle choices through the products they support.

“Datu Puti has been a part of many Filipinos’ lives for decades, which is why it was best to start with it as a pioneer brand in sustainability. This puts Datu Puti in a prime position of being a catalyst and a leader of positive change toward a more sustainable world, helping fellow Filipinos adopt a more environment-friendly lifestyle through the products we offer,” said Mario Mendoza, NutriAsia’s Broad Culinary Marketing Group head, in a statement.

Achieving plastic neutrality entails calculating the plastic usage in Datu Puti’s bottles, bottle caps, cap seals, and stand-up pouches, then, through PCX, diverting an equivalent amount of post-consumer plastic from nature. The collected plastic is transformed into an alternative source of energy for creating cement and other products. This provides a more sustainable way of managing plastic waste.

“The problem of plastic waste is a concern that we simply cannot take on alone. We congratulate NutriAsia on their important decision and milestone of achieving plastic neutrality with Datu Puti, and we at PCX are happy that the company has chosen to partner with us and take up this noble advocacy,” said Nanette Medved-Po, founder of PCX.

Since 2014, NutriAsia has been active in sustainability projects like Datu Puti’s Jumbohalang Tambalan, Refill Revolution in partnership with the Department of the Environment and Natural Resources, BYOB (Bring Your Own Bote), the NutriAsia EcoStation, and Select & Collect. — MAPS

JFC: 34% of $600-M securities validly tendered

October 21, 2021 | 12:04 am

JOLLIBEE Foods Corp. (JFC) said nearly 34% of the $600-million guaranteed senior perpetual capital securities of its wholly owned unit, Jollibee Worldwide Pte. Ltd. (JWPL), have been “validly tendered and not validly withdrawn.”

“As of 4 p.m., London time, on Oct. 18, 2021, a total of US$203,134,000 in aggregate principal amount of the securities were validly tendered and not validly withdrawn, representing 33.86% of the outstanding principal amount,” the company told the exchange on Wednesday.

On Oct. 5, the company disclosed its plans to buy back up to $250 million of its $600-million guaranteed senior perpetual securities listed at the Singapore Exchange Securities Trading Ltd. as it aims to strengthen its balance sheet.

The tender offer will expire on Nov. 3 at 4:00 p.m., London time, unless otherwise extended or terminated earlier by JWPL.

The company said the offer “provided a source of liquidity at a time of increased volatility in the broader credit markets, demonstrating JFC’s willingness to provide support to its noteholders.”

JFC’s tender offer will be funded by its issuance of 12 million Series A and Series B preferred shares, which form part of its 20 million preferred shares shelf-listed at the Philippine Stock Exchange. The company raised P12 billion from the follow-on offering of the shares last week.

“With the completion of both transactions, along with other actions related to financing and financial management, by December 2021, JFC expects to have fewer debt obligations, more distributed financial maturities over the next few years, lower foreign exchange risks and better leverage and debt servicing ratios,” the company said.

JFC said this will support its profitable growth as well as its plans to further expand its stores across the globe in the next years.

On Wednesday, JFC shares at the local bourse rose 0.62% or P1.40 to close at P228.60 apiece. — Keren Concepcion G. Valmonte

Dining In/Out (10/21/21)

October 21, 2021 | 12:04 am

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A new patisserie opens

DYLAN PATISSERIE, a European-style pastry shop, opened its first outlet in Jupiter, Makati in September, with ambitious plans to open further stores in Quezon City and Pasig City. Dylan Patisserie has a wide range of cakes across different price points, starting with their Gourmet Cakes, Signature Cakes, and finally their Lux range. There are homemade Carrot Cake, Chocolate Mud Cake, Red Velvet, and Tiramisu, Lotus Biscoff Cake, Ube Dulce de Leche, Lychee Pandan Cake, and Peanut Butter Banana Cake. For something fancier, there are their De Hazelnut Praline, Triple Chocolate Blossom, and Nutty Nutella. The cakes can be customized. Each custom/3D cake is hand-crafted by a team of artists catering to any creative requests. Dylan Patisserie also has a selection of gifts and hampers. Choose from the Celebrate Hamper, the Deluxe Hamper, or the Prestige Hamper. Aside from cakes, Dylan Patisserie also offers a wide range of chocolates, cookies, macarons, and freshly baked bakery items. Take advantage of their free delivery promo within Metro Manila running until Nov. 30. Valid for orders through Viber, WhatsApp, and online at dylanpatisserie.com, purchases are delivered for free within five kilometers of the boutique with a minimum purchase of P720, and beyond five kilometers for a minimum purchase of P1,000. For more information visit http://dylanpatisserie.com/ or visit the store at 116 Jupiter St., Barangay Bel-Air, Makati City. It is open Sundays to Saturdays, from 9 a.m. to 9 p.m. Orders can also be placed via Viber or WhatsApp (0917-877-2999) and Grab.

Shake Shack opens at ATC

SHAKE Shack opens in Alabang Town Center (ATC) on Oct. 21 at 10 a.m. To mark the occasion, there are a number of treats in store. The first person in line on opening day gets a year’s supply of Shake Shack’s signature Concretes (a frozen dessert) free for every month’s visit. The first 100 guests who purchase in Shack for dine in or takeaway on Oct. 21 will get exclusive Shack streetwear for a minimum spend of P2,000; a limited-edition Shack flask with a P1,000 purchase. Created exclusively for Shake Shack ATC is the Ala-Big Bang!, a concrete is made with vanilla frozen custard blended with Bungalow Café’s Auro glazed donut, salted coffee caramel sauce, and Auro chocolate chunks. The Bungalow Café is a neighborhood café bakery-style restaurant that serves quality and fresh food, made with locally-sourced ingredients, all crafted by hand and from scratch, that is gaining a loyal following from Alabang and the surrounding communities.

Kenny Rogers Roasters opens in Antipolo

KENNY Rogers Roasters has opened its first drive-thru restaurant in Antipolo City at L. Sumulong Memorial Circle. With drive-thru, guests can satisfy their cravings in the comfort of their cars. In addition, store was built with two container vans giving its unique finishes and modern touches. It is made from 40-foot and 20-foot container vans for its two floors. Its architecture and design maximize semi-open spaces. A Corner Pizza kiosk is also available in the branch. Dine-in is available in the store’s second floor. For orders and delivery go to the website www.kennyrogersroasters.com.ph or contact the hotline: 8-555-9000.

Crowne Plaza’s DIY Halloween cupcakes

HAVE a Fun and Spooky Trick or Treat with Crown Plaza Manila Galleria’s DIY Halloween Cupcakes. Order in advance on Oct. 15 – 17 through crowneplazamanila.com and get a P150 discount. Claim the D.I.Y Halloween Cupcake Kit from Oct. 28 to Nov. 1. For more details contact 8790-3100 or e-mail mnlcp.7corners@ihg.com.

Grand Hyatt Manila celebrates Halloween

GRAND Hyatt Manila is releasing its line-up of special Halloween creations from Florentine. Guests can sink their fangs into the eight-inch Burnt Honey Cake made of sponge with layers of Dulce de Leche, burnt honey, and cream cheese filling at P1,850 net. There is also traditional Pumpkin Pie (P900 net) and a Pumpkin Cupcake, a vanilla muffin with dark chocolate ganache (P250 net). These will be available daily from Oct. 25 to 31 at Florentine or through Dine at Home. For inquiries or advance orders, call 8838-1234. Guests may order online through bit.ly/DineAtHomeGHM.

Savoy Hotel Manila celebrates Halloween

SAVOY Hotel Manila is all set to celebrate Halloween by inviting children three to 10 years old to the “Blox Halloween Bash,” a virtual Halloween party, on Oct. 31, from 3:30 to 5 p.m. Tickets are priced at P1,000 nett per child. Participants will be treated to exclusive access to the online party that includes a host of interactive games and activities. A special loot bag will be sent to the participants which contains Halloween pastries, an activity kit, assorted snacks, a discount voucher, Sparky the plushie and other freebies. A Best in Halloween Costume award will also be presented to two winners and hotel gift certificates will be raffled off. To register to the event, visit Facebook page @savoyhotelmanila. Savoy Hotel Manila’s all day dining restaurant, Savoy Café, is open from 6 a.m. to 10 p.m. for fully vaccinated diners. If customers prefer dining in the comfort of their home, Savoy Café also delivers. Check them out at Pick A Roo, Food Panda or call 5317-2817. Bulk orders for large gatherings are available as well. Savoy Hotel Manila is located in Newport City and was recently certified by the Department of Tourism and Bureau of Quarantine as a Multi-Use Hotel. For more information and for inquiries, visit www.savoyhotelmanila.com or call 5317-2869.

McDonald’s Monsters and Mysteries Halloween celebration

MCDONALD’S celebrates Halloween, all month long. Ongoing until Oct. 28, get a free surprise treat with every purchase of a McDonald’s Happy Meal via dine-in, drive-thru, take-out, or delivery. Then there is trick-or-treating through the Monsters and Mysteries Ride-Thru — drive-thru at McDonald’s from Oct. 29-31 to get a Halloween item from the Mystery Monster Box for a minimum purchase of P250. Feel free to capture and immortalize the special family moment by taking a picture with the Monsters and Mysteries Photo Frame. Enjoy the Halloween decorations in select branches that will be “dressing-up” their drive-thru lanes. For more information and updates on this offering, visit McDonald’s Philippines Facebook, Twitter, or Instagram pages.

Max’s marks anniversary with deals, freebies

MAX’S Restaurant is celebrating its 76^th anniversary this month with deals, freebies, new products, pop culture collaborations, and partnerships. Max’s has collaborated with photojournalist Hannah Reyes Morales for a special 2022 documentary calendar. Customers can get the anniversary calendar for free when they buy any regular-priced Max’s products for a minimum of P2,000 at select stores. This will be available for dine-in, take-out, and delivery. Max’s is likewise joining forces with Pinoy comics artists to create webcomics on the love affair between Filipino families and Max’s Restaurant. On board for the first capsule are Manix Abrera (Kikomachine Komix), Mervin Malonzo (Tabi Po), and Julienne Dadivas (UGH). Max’s will also be dropping limited edition T-shirts made in collaboration with Linya-Linya, combining the signature wit of the Linya-Linya brand with items from the Max’s menu. Customers can get these for free when they buy any Max’s Set Meal good for 10, for dine-in, take-out, and delivery. The shirts will be available in select stores only starting Oct. 29. There are also new limited menu items including Sweet & Spicy Chicken (available now, P389 for dine-in); Pocket Pie versions of Buko Pandan and Caramel Bars (P389 for a box of five, P79 per piece); Birthday Caramel Bars (P135 for a box of 10); new Pancit Canton varieties (Seafood Pancit Canton, Bam-I, and Chami) which are also included in a new Pancit Combilao with all these varieties in one order (a Pancit Combilao is P1,099, while ala carte orders start at P299 for dine-in). Throughout the month, freebies await customers: free delivery on GrabFood by using CHICKENFAVES as promo code (until Oct. 24); free delivery on Foodpanda (minimum purchase of P500, valid on Oct. 30 only); free Small Pancit Canton and 850 mL Pepsi Kaya All for every order made directly to Max’s stores or delivery website (minimum purchase of P500, valid on Oct. 23 only). For more information, visit the official Facebook page at @MaxsRestaurant.

Jollibee Crisscut Fries are back

JOLLIBEE Crisscut Fries are back and come with new Spicy Thousand Island and Sour Cream dips. The Jollibee Crisscut Fries are available for P65 for a solo order. There’s also a bucket option that’s available for sharing at P249 that comes with one free dip of choice. Dip add-ons can also be availed at P10 each. It is already available in Luzon, and will be available starting Nov. 8 in Visayas and Mindanao.

Short film on Filipino cuisine airs on FB

CULINARY and performing arts experts-practitioners have collaborated to showcase the rich tradition and heritage of Filipino cuisine and its role in the Filipino cultural identity in an original 30-minute film entitled Estamos Llenos, slated to be aired from Oct. 25 to 30, 6 p.m., on the official Facebook page of Benilde Arts and Culture Cluster (https://www.facebook.com/benildearts/) and Chefs in Progress (https://www.facebook.com/chefsinprogress/) A chronicle of the evolution of local gastronomy, the short is inspired by the pre-colonial discoveries of Italian scholar and explorer Antonio Pigafetta, as told through Pigafetta’s Philippine Picnic: Culinary Encounters During the First Circumnavigation, 1519-1522 (2021), the newly published book by food historian Felice Prudente Sta. Maria. Estamos Llenos was written by playwright Layeta Bucoy and directed by Tuxqs Rutaquio. The story follows the lessons learned by sisters Metida and Destraza, who amid the pandemic, venture into the booming home-cooked food business after closing down several family-owned bars. The movie demonstrates how to concoct some of the most delectable Filipino delicacies such as pancit habhab, lumpiang Shanghai, ginataang bilo-bilo, sugba na isda with Filipino sawsawan and arroz Valenciana.

TDF yields climb on higher oil prices, government debt rates

October 21, 2021 | 12:04 am

RATES of the central bank’s term deposits inched higher on Wednesday. — BW FILE PHOTO

YIELDS on the central bank’s term deposits went up on Wednesday as oil prices continued to surge and following the uptick in rates of government securities.

Total bids for the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) amounted to P585.627 billion on Wednesday, surpassing the P460-billion offering as well as the P521.718 billion in tenders logged in the previous auction.

Broken down, the seven-day papers fetched bids worth P239.493 billion, higher than the P150 billion on the auction block as well as the P175.644 billion in tenders seen a week earlier.

Banks asked for yields ranging from 1.7% to 1.78%, a thinner band than the 1.7% to 1.83% logged last week. With this, average rate of the one-week term deposits increased 0.37 basis point (bp) to 1.7355% from 1.7318% previously.

Meanwhile, demand for the 14-day deposits amounted to P346.134 billion, higher than the P310-billion offer and the P346.074 billion in tenders seen on Oct. 13.

Accepted rates for the tenor ranged from 1.7195% to 1.82%, barely moving from the 1.72% to 1.825% band seen a week ago. This caused the average rate of the two-week deposits to inch up by 0.43 bp to 1.7745% from the 1.7702% recorded in the previous 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.

The BSP uses the term deposits and the 28-day bills to gather excess liquidity in the financial system and guide market rates.

The higher term deposit yields fetched on Wednesday was due to cautious sentiment in the market amid a continued surge in oil prices, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Energy prices have been trending upwards to reach their multi-year highs recently due to low supply as demand picked up in economies that are gradually easing restrictions.

Reuters reported that Brent crude futures topped $86 a barrel on Monday, the highest since October 2018. Meanwhile, the US West Texas Intermediate futures reached $83.73, reaching its highest since October 2014.

Mr. Ricafort said the TDF yields also reflected the upward trend seen in the rates of Treasury bills and bonds.

The Bureau of the Treasury sold P15 billion in Treasury bills as planned on Monday. Tenders amounted to P36.088 billion, more than double the initial offer but lower than the P46.594 billion in bids seen in the prior week.

The average yields on the three-month and one-year papers increased by 1.8 bps and 1.7 bps to 1.113% and 1.604%, respectively. On the other hand, the average rate of the six-month papers slipped by 0.1 bp to 1.39%.

Meanwhile, the government rejected all bids for its offer of reissued 10-year Treasury bonds on Tuesday as investors asked for higher returns due to inflation concerns.

Had the Treasury made a full award of the bonds, which have a remaining life of five years and six months, the average yield would have jumped by 169.8 bps to 4.883%. — L.W.T. Noble with Reuters

Cyber threats hit more than half of small firms in the Philippines

October 21, 2021 | 12:04 am

MORE small and medium-sized businesses (SMBs) that went digital because of the coronavirus pandemic are experiencing cyberattacks affecting their operations, a study by Cisco Systems, Inc. found.

The study titled “Cybersecurity for SMBs: Asia-Pacific (APAC) Businesses Prepare for Digital Defense” found 57% of SMBs in the country experienced a cyberattack in the past 12 months. Among them, 73% lost customer information to culprits.

This was higher than the 56% of SMBs that were attacked in the whole region.

Over 3,700 businesses from 14 APAC markets were included as participants in the study, with 158 from the Philippines.

Juan Huat Koo, Cisco director for cybersecurity in ASEAN, said cyberattackers are targeting SMBs that have gone digital amid the pandemic.

“As companies become more digital, attackers have more opportunities because there are more ways in which they can target SMBs. Secondly, as companies go more digital, they generate more data as well,” he said in an online briefing last week.

The study found that 77% of SMBs in the country have completed scenario planning and simulations for potential cybersecurity incidents in the past 12 months. Among these respondents, 95% found their systems have weak points in their online defenses.

Half of the respondents from the Philippines view phishing as the biggest cyber threat to their businesses. For others, the primary concerns are malicious actors (20%) and the unsecured personal devices of employees (17%).

With more threats emerging, SMBs have become more conscious of cybersecurity, Mr. Koo said.

“We see that SMBs, about 82% in the Philippines, they are more concerned about cybersecurity today compared to 12 months ago,” he said.

For his part, Robin Llamas, Cisco Philippines managing director officer-in-charge, said SMBs have to step up and stop these cyberattacks within a short period of time to avoid bigger losses.

“The longer the attacker stays in your system, the more data they are able to steal,” he said.

Meanwhile, the study also found that six in 10 local SMBs have already deployed more than 50% of their digitization plans. Mr. Koo said this is a positive development at a time when consumers prefer instant transactions.

“Technology has been essential in business survival… Majority of them are in the advanced stage of implementing their digitization plans,” he said.

For SMBs to improve their defense against cyberattacks, the Cisco study recommended that they hold frequent discussions related to the issue, take a simplified, integrated approach to cybersecurity, conduct real-world simulations, and facilitate training for employees.

Micro, small, and medium-sized firms account for 98% of all registered businesses in the country, based on data from the Department of Trade and Industry. — Luz Wendy T. Noble