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BSP sets reporting guidelines on reclassification of debt securities

THE CENTRAL BANK released guidelines on financial reporting for banks that availed of the relief measures last year on classifying debt securities.

Memorandum M-2021-011 signed by Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier updated the guidelines for BSP-supervised financial institutions released April last year to allow the reclassification of investments in debt securities to help banks minimize losses during the crisis.

The memorandum gives lenders that used the alternative accounting treatment for debt securities the chance to revert to the Philippine Financial Reporting Standards (PFRS) 9.

“The BSP-supervised financial institution (BSFI) may choose the year wherein it would like to revert to full PFRS 9, however, the BSFI must reflect this in its reports to the BSP as of the start of the reporting period of the said year,” Ms. Fonacier said in a text message.

“Since the BSP’s relief measures are not in line with full PFRS, the adoption of the BSP’s relief measures in the preparation of a BSFI’s Audited Financial Statements (AFS) may warrant a qualified opinion from the external auditor, if deemed to be material,” Ms. Fonacier said.

The Securities and Exchange Commission in November allowed for an industry-specific framework in reporting financial statements for banks and other firms in consideration of relief measures extended during the pandemic.

Ms. Fonacier said less than 10 banks and one quasi-bank availed of the BSP’s regulatory relief measure on the reclassification of debt securities.

In Memorandum No. M-2020-011 issued last year, BSP Governor Benjamin E. Diokno allowed BSFIs to reclassify debt securities measured at fair value to the amortized cost category as the coronavirus crisis persisted.

This will allow banks to exclude losses accumulated from debt securities from their income statement, if any. The memorandum allows the reclassification of such debt securities only if they are not used for trading purposes.

The central bank’s aggressive easing last year also helped reduce banks’ losses from debt securities.

The BSP slashed benchmark rates by 200 basis points last year, bringing down yields on the overnight reverse repurchase, lending, and deposit facilities to record lows of 2%, 2.5%, and 1.5%, respectively.

“Local interest rates and bond yields eased sharply since the COVID-19 lockdowns in 2020, resulting in much higher prices and large trading gains of banks on their holdings of bonds/government securities, thereby leading to higher trading gains that are added to banks’ capital,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

“Thus, in view of the huge trading gains, reclassification may not even be needed and used, but nevertheless provides banks greater safeguards in case the markets become more volatile, as part of the regulatory relief measures,” he added. — Luz Wendy T. Noble

Empathy is the skill of the future, Google says

By Arjay L. Balinbin, Senior Reporter

EMPATHY is now a major skill needed in growing an innovation mindset in an organization as it helps business leaders come up with better solutions, Google LLC’s Chief Innovation Evangelist Frederik G. Pferdt said.

“Empathy is the skill of the future, and practicing empathy every day as a business leader, for example, helps you understand what your employees need and what your immediate team actually needs right now, So, putting yourself into their situation, to really understand how they really think and feel, helps you come up with better solutions for your employees,” Mr. Pferdt said at a virtual forum on Jan. 29.

He noted that innovation is now in great demand due to the pandemic crisis.

“In the past, everyone wanted to innovate. Now, everyone needs to innovate. This pandemic allows everyone to do things differently and has been a key innovation accelerator for companies and individuals who are trying to not only survive the crisis, but finally move forward again,” he said.

Hence, business leaders should help their teams develop an innovation mindset, he said.

Aside from practicing empathy, it is important that business leaders are able to reframe challenges into opportunities, Mr. Pferdt noted.

“Reimagine tomorrow, today. How can or should tomorrow be different? What could a better world look like? Mindset matters!” he said.

“Small and big experiments lead to learning how the future could work,” he added.

He also said the power of rituals can be used in organizations to build a “sense of belonging and cohesion in times of distance.”

“Leaders need to identify values, craft powerful rituals, and foster a future-ready culture that’s prepared for the new normal. After all, you need trust and collaboration to establish a culture of innovation.”

Adobe’s 2021 Digital Trends Report, an annual survey that charts the evolution of marketing, advertising, e-commerce, creative and technology professionals, also identified empathy as the driver of experience.

“Empathy is an under-utilized differentiator that is accessible to all by combining their depth of customer and product knowledge and then demonstrating it at critical stages in the experience,” the report said.

“Understanding how people feel is an essential, but often an overlooked part of the experience. Analyzing and anticipating their reactions at decision points and during moments of friction will make the process work better for both sides,” it explained.

Yellen, International Monetary Fund chief discuss multilateral solutions to debt, other economic issues

WASHINGTON — US Treasury Secretary Janet Yellen and the head of the International Monetary Fund (IMF) agreed on Tuesday on the need for multilateral solutions to address debt vulnerabilities and other issues facing the global economy, the Treasury department said.

Ms. Yellen’s call with IMF Managing Director Kristalina Georgieva was the latest in a series of initial calls with top global finance officials after taking office last week.

“Secretary Yellen conveyed her intention to work closely with the IMF on the priorities of continuing to respond effectively to the COVID-19 pandemic, re-invigorating economic growth to support a strong global recovery, fighting inequality, and forcefully addressing the threat of climate change,” Treasury said in a statement.

Ms. Georgieva, in a tweet, described the call as “warm & productive.”

“We agreed that fighting the pandemic, boosting growth, combating income inequality, and tackling climate change are top priorities, and that global engagement to support low-income countries is essential,” Ms. Georgieva wrote on Twitter. “2021 is a critical year of action!”

No further details were immediately available.

Yellen plans to hire David Lipton, an economist who served as Ms. Georgieva’s deputy until February 2020, as a senior adviser, six sources familiar with the matter told Reuters on Tuesday.

Mr. Lipton will focus on the US role within the Group of Seven advanced economies and the larger Group of 20 economies in a temporary role, several sources said on condition of anonymity.

Outside experts and global economic officials say they see growing consensus about the need for a new allocation of IMF Special Drawing Rights (SDRs), a move akin to a central bank printing money, that was blocked by Yellen’s predecessor, Steven Mnuchin.

Ms. Georgieva had called for such a move early in the pandemic, but the Trump administration blocked it, arguing it would provide very little funding to the countries that needed it most since the drawing rights are distributed in line with each country’s shareholding.

The Biden administration has signaled support for a new allocation of SDRs, and legislation to back such a move is working its way through the now Democratic-controlled Congress. — Reuters

PHL AirAsia partners with GCash, PayMaya for contactless transactions

PHILIPPINES AirAsia said guests can use their e-wallets for cashless transactions at its check-in counters nationwide. — BW FILE PHOTO

PHILIPPINES AirAsia, Inc. on Wednesday said it has partnered with PayMaya Philippines, Inc. and Globe Fintech Innovations, Inc.’s GCash for cashless transactions at its check-in counters.

The cashless option through PayMaya and GCash is applicable to payments for additional baggage, meals, and other flight add-ons while checking in, the low-cost carrier said in an e-mailed statement.

The airline started offering the cashless option on Feb. 1.

“We continue to innovate our digital solutions to provide our guests with the most convenient and safest way to travel,” Philippines AirAsia Spokesperson Steve F. Dailisan said.

The low-cost airline also said it recently earned a perfect 7-star rating from AirlineRatings.com for its health protocols.

AirAsia Group Chief Executive Officer Anthony Francis “Tony” Fernandes has said the group might make its food delivery and digital wallet services available to Filipino consumers soon.

On Jan. 14, the group officially introduced to Filipinos its “AirAsia Shop,” as it aims to expand its e-commerce presence in Southeast Asia. — Arjay L. Balinbin

Datu Puti earns new Guinness World Records title

DATU Puti just kicked off 2021 by setting a new Guinness World Records title: for the most people dipping food into vinegar online simultaneously.

On Jan. 24, the brand hosted a large-scale online meeting via Zoom, dubbed as the Datu Puti Mukhasim Nation World Record Day, where nearly 200 people joined the attempt to set a new Guinness World record.

Hosted by Sam YG, participants were divided into six “Tribo Breakout Rooms,” each led by a celebrity: JC Tevez, Maymay Entrata and Cara Eriguel, Eric “Eruption” Tai, Krissy Achino, Show Suzuki, and Nikki Viola. The breakout rooms ensured that Guinness World Records official adjudicator Brian Sobel, who joined the call from Australia, and six other independent witnesses were able to monitor and check if all the guidelines of the attempt were followed.

At the sound of the “Sawsaw Signal,” all the participants simultaneously dipped their choice of food into some Datu Puti Vinegar then tasting it. The attempt was witnessed live by thousands of viewers through the Datu Puti Facebook Page.

“After a thorough review of all the footage from the Datu Puti Mukhasim Nation World Record Day, which took place on Jan. 24, I am very happy and proud to announce that you have managed to set a new Guinness World Records title of the most people dipping food into vinegar online simultaneously,” said Mr. Sobel.

“Datu Puti’s new Guinness World Records achievement is more than just a show of power or capacity to gather the most people dipping food into vinegar online. It is a representation of how we Filipinos are able to come together to find joy at a time of despair,” said Nutriasia COO and President Angie Flaminiano.

Datu Puti, established in 1975, now comes in five distinctly Filipino flavors: Datu Puti Sukang Sinamak, Datu Puti Sukang Iloko, Datu Puti Sukang Tagalog, Datu Puti Pinoy Spice, and Datu Puti White Vinegar.

Manila’s ‘flawed democracy’ under Duterte cited

By Kyle Aristophere T. Atienza

PHILIPPINE democracy remains flawed, according to the Economist Intelligence Unit (EIU), as the country slipped one place to No. 55 out of 167 countries in the London-based think tank’s democracy index last year.

The country under President Rodrigo R. Duterte got a score of 6.56 from 6.64 in 2019.

The Philippines was behind Southeast Asian neighbors Taiwan (11), Malaysia (39) and Timor Leste (44), but was better than Indonesia (64), Thailand (73), Singapore (74), Myanmar (135), Vietnam (137) and Laos (161).

Philippines slips in democracy ranking

“While it appears that our country went down one spot in the said index, our status is far from being classified as a hybrid or authoritarian regime as the study is primarily based on how governments have responded to the present pandemic,” Salvador S. Panelo, Mr. Duterte’s chief lawyer, said in a statement.

“The President, with public health as his priority, opted to limit the people’s mobilization as this would slow down the spread of the COVID-19 virus, a strategy that was commended by the World Health Organization (WHO),” he added.

This does not mean that the government would stop pursuing measures and policies designed to promote a more vibrant democracy, Mr. Panelo said.

European countries dominated the “full democracy” classification, with Norway topping the global index with a score of 9.81, followed by Iceland (9.37), Sweden (9.26), New Zealand (9.25) and Finland (9.20).

Thirteen countries in Europe were classed as “full democracies” and seven as “flawed democracies,” up from five in 2019.

Only 8.4% of the world’s population live in full democracies or countries that provide their citizens civil liberties and political freedoms as well as an effective government and political culture, according to a copy of the report.

More than a third live under authoritarian rule, many of them in China.

The 2020 average global score of 5.37 was the lowest since the index first came out in 2006, when many governments around the world restricted individual freedoms and civil liberties amid a bird flu pandemic.

“The most significant downward score changes were in the category of civil liberties, for which the aggregate score fell sharply, and in the functioning of government category,” said EIU, the research division of the Economist Group.

More than 100,000 violators of quarantine protocols were arrested in the Philippines since Mr. Duterte locked down the entire Luzon island in mid-March to contain a coronavirus pandemic.

Myanmar and Hong Kong faced the biggest country downgrades, driven by “mass voter suppression in the former and a crackdown by the authorities on dissent in the latter,” according to the report. Hong Kong was “relegated from the flawed democracy classification to that of a hybrid regime,” it added.

MILITARY ROLE
The country in June 2020 passed an extradition law that penalized secession and subversion forcing hundreds of thousands of protesters to the streets.

In mid-2020, Mr. Duterte signed a law expanding crimes against terror, which critics said could be used to violate human rights and stifle dissent.

“The lockdown restrictions and arrests of violators in the Philippines could be a factor, but there were also non-lockdown related incidents last year,” Maria Ela L. Atienza, a political science professor at the University of the Philippines, said in an e-mail.

These include unexplained deaths of drug suspects, congressional rejection of ABS-CBN Corp.’s franchise renewal and Mr. Duterte’s continuing attacks against his critics and opposition figures, she said.

Ms. Atienza also cited the growing role of the military, police and retired generals in fighting the pandemic and constant red-tagging of critics.

“Questions regarding the transparency of the government in procurement of medical and other health-related supplies needed to combat the pandemic and allegations of corruption in Philhealth and DOH were very prominent last year,” she said.

During International Human Rights Day on Dec. 10, police arrested a journalist and five labor organizers in separate operations for illegal gun possession — the common charge against activists.

At least 188 human rights defenders have been killed under the Duterte administration, while 426 activists and community organizers were arrested, according to human rights group Karapatan.

Mr. Panelo said the Duterte administration “is committed to continue respecting the voices of all citizens, as evidenced by the endless criticisms from the political opposition, the left, as well as the government’s detractors, who have unimpeded access to both local and international press.”

IC sets up online submission portal for insurers

THE Insurance Commission (IC) has set up an online portal where insurers and other concerned financial institutions can submit requests and requirements to the regulator.

Insurance Commissioner Dennis B. Funa has issued Circular Letter 2021-06 creating the online platform “to accommodate electronic submission of requests and reportorial requirements.”

Documents that can be uploaded on the portal include: report on investments made and sold or disposed of; report on derivative transactions statement of capital, reserves, and surplus investments; report on material related party transactions; statement of rental income; report on investments held under investment management agreements; request for approval of investments; and compliance with security deposit requirements.

“This circular letter aims to provide simplified, streamlined and automated standards, measures and procedures in delivering efficient services for requests and reports,” the document read.

The regulator said the move is in line with the Republic Act No. 11032 or the Ease of Doing Business and Efficient Government Service Delivery Act of 2018 which orders state offices to streamline public services.

The IC will acknowledge submissions made through the portal through an email.

“A reply letter for requests of investment approval and compliance with security deposit requirements shall be released electronically within the prescribed number of processing days from the date of receipt of complete documents and proof of payment of filing fees,” it said.

It warned that submissions that do not follow the regulator’s procedures will be deemed non-compliant and could be subject to penalties for late submission.

“This appears to be a culmination of IC’s past efforts to make available online submission of regulatory reports and requirements.  Responding to the operational constraints and mobility restrictions prevailing under the community quarantine,” Philippine Life Insurance Association (PLIA) President Benedicto C. Sison said via email. 

Mr. Sison cited the IC’s move last year to allow insurers to digitally submit their annual statements, audited financial statements, form approval requests, quarterly reports on selected financial statistics, the negative list for officers and employees, as well as other supporting documents amid quarantine restrictions in the country.

He said the portal should also support digital payments, especially the payment of agent licensing fees, to further ease the procedures for the industry players.

“It would be ideal if the ELS (Electronic Licensing System) were to be integrated into this portal along with the Land Bank e-payment facility so that the portal becomes a single gateway to doing business online with the IC,” he said. — B.M. Laforga

ABS-CBN names new head of global unit

ABS-CBN Corp. announced on Wednesday the appointment of Aldrin M. Cerrado as the new chief operating officer of ABS-CBN Global Ltd.

Mr. Cerrado replaced Olivia G. de Jesus who retired on Jan. 31, the listed media company told the local bourse in a disclosure on Feb. 1.

As head of ABS-CBN Global, Mr. Cerrado is expected to “provide the vision and leadership in steering and growing the business in a highly challenging global economic environment and in fast-evolving regional Filipino markets overseas,” ABS-CBN said in an e-mailed statement on Wednesday.

ABS-CBN-Global oversees the media company’s international subsidiaries.

Mr. Cerrado will also manage the media company’s global flagship brand, The Filipino Channel (TFC).

“Prior to this appointment, Mr. Cerrado served as chief financial officer (CFO) and chief compliance officer of ABS-CBN Corp. and was immediate past CFO of ABS-CBN Global,” the listed company said.

Mr. Cerrado, a certified public accountant with about 30 years of experience, was a partner at Sycip Gorres Velayo & Company prior to joining the media company in 2012. — Arjay L. Balinbin

Suspected Chinese hackers used the SolarWinds bug to spy on US payroll agency — sources

WASHINGTON — Suspected Chinese hackers exploited a flaw in software made by SolarWinds Corp. to help break into US government computers last year, five people familiar with the matter told Reuters, marking a new twist in a sprawling cybersecurity breach that US lawmakers have labeled a national security emergency.

Two people briefed on the case said FBI investigators recently found that the National Finance Center, a federal payroll agency inside the US Department of Agriculture, was among the affected organizations, raising fears that data on thousands of government employees may have been compromised.

The software flaw exploited by the suspected Chinese group is separate from the one the United States has accused Russian government operatives of using to compromise up to 18,000 SolarWinds customers, including sensitive federal agencies, by hijacking the company’s Orion network monitoring software.

Security researchers have previously said a second group of hackers was abusing SolarWinds’ software at the same time as the alleged Russian hack, but the suspected connection to China and ensuing US government breach have not been previously reported.

Reuters was not able to establish how many organizations were compromised by the suspected Chinese operation. The sources, who spoke on condition of anonymity to discuss ongoing investigations, said the attackers used computer infrastructure and hacking tools previously deployed by state-backed Chinese cyberspies.

A USDA spokesman said in an e-mail “USDA has notified all customers (including individuals and organizations) whose data has been affected by the SolarWinds Orion Code Compromise.”

In a follow-up statement after the story was published, a different USDA spokesman said the NFC was not hacked and that “there was no data breach related to Solar Winds” at the agency. He did not provide further explanation.

The Chinese foreign ministry said attributing cyberattacks was a “complex technical issue” and any allegations should be supported with evidence. “China resolutely opposes and combats any form of cyberattacks and cyber theft,” it said in a statement.

SolarWinds said it was aware of a single customer that was compromised by the second set of hackers, but that it had “not found anything conclusive” to show who was responsible. The company added that the attackers did not gain access to its own internal systems and that it had released an update to fix the bug in December.

In the case of the sole client it knew about, SolarWinds said the hackers only abused its software once inside the client’s network. SolarWinds did not say how the hackers first got in, except to say it was “in a way that was unrelated to SolarWinds.”

The FBI declined to comment.

Although the two espionage efforts overlap and both targeted the US government, they were separate and distinctly different operations, according to four people who have investigated the attacks and outside experts who reviewed the code used by both sets of hackers.

While the alleged Russian hackers penetrated deep into SolarWinds network and hid a “back door” in Orion software updates, which were then sent to customers, the suspected Chinese group exploited a separate bug in Orion’s code to help spread across networks they had already compromised, the sources said.

‘EXTREMELY SERIOUS BREACH’
The side-by-side missions show how hackers are focusing on weaknesses in obscure but essential software products that are widely used by major corporations and government agencies.

“Apparently, SolarWinds was a high value target for more than one group,” said Jen Miller-Osborn, the deputy director of threat intelligence at Palo Alto Networks’ Unit42.

Former US chief information security officer Gregory Touhill said separate groups of hackers targeting the same software product was not unusual. “It wouldn’t be the first time we’ve seen a nation-state actor surfing in behind someone else, it’s like ‘drafting’ in NASCAR,” he said, where one racing car gets an advantage by closely following another’s lead.

The connection between the second set of attacks on SolarWinds customers and suspected Chinese hackers was only discovered in recent weeks, according to security analysts investigating alongside the US government.

Reuters could not determine what information the attackers were able to steal from the National Finance Center (NFC) or how deep they burrowed into its systems. But the potential impact could be “massive,” former US government officials told Reuters.

The NFC is responsible for handling the payroll of multiple government agencies, including several involved in national security, such as the FBI, State Department, Homeland Security Department and Treasury Department, the former officials said.

Records held by the NFC include federal employee social security numbers, phone numbers and personal e-mail addresses as well as banking information. On its website, the NFC says it “services more than 160 diverse agencies, providing payroll services to more than 600,000 Federal employees.”

“Depending on what data were compromised, this could be an extremely serious breach of security,” said Tom Warrick, a former senior official at the US Department of Homeland Security. “It could allow adversaries to know more about US officials, improving their ability to collect intelligence.” — Reuters

Dining In/Out (02/04/21)

Chinese New Year

The Pen offers limited-edition lucky chocolate trees

MANDARIN oranges, peanut candy, and glutinous rice cakes have historically been the biggest foods contending for space on the snack platters of the Chinese Lunar New Year festivities — until now that is. They are now competing with The Peninsula Manila’s limited-edition line of Lunar Chinese New Year edible fine chocolate trees. The Peninsula Boutique is celebrating the upcoming Year of the Ox with lucky edible chocolate Mandarin Orange and Golden Fortune Money Trees which are available until Feb. 15. Senior Sous Chef Annalyn Solano and her team have created two Chinese New Year-themed trees — a Mandarin Orange Tree and a Golden Fortune Money Tree — using Auro Single Origin Chocolate, molded and finished by hand, and fully edible — the “soil,” trunk, branches, leaves, and fruit of the Mandarin Orange Tree and the goldfish-embossed gold coins of the Golden Fortune Money Tree are all made of chocolate. Orange sounds like the Chinese word for “wealth.” Through the play of words, the Chinese have traditionally associated the gift of oranges as the abundance of happiness and prosperity. The fruit’s bright orange color also symbolizes “gold,” an auspicious symbol of good luck and wealth, an important factor for the Chinese New Year celebration. Goldfish, on the other hand are believed to bring about prosperity amid adversity. The mandarin orange fruits are filled with an intense mandarin-flavored ganache while the gold-dusted coins embossed with lucky goldfish are made using dark chocolate. The Peninsula Manila Chinese Lunar New Year Mandarin Orange Tree and Golden Fortune Money Tree are available at The Peninsula Boutique for P3,888. With every purchase of either tree, patrons will additionally get eight red lai see envelopes, which are customarily passed to children and elders stuffed with money. Also available at The Peninsula Boutique are Chinese New Year Lychee-Strawberry Macarons for P125 each, Chinese New Year Chocolate Pralines for P75 each, and Chinese New Year-themed Cakeaway Afternoon Tea Set for P2,950. The Lobby will also be serving a Chinese New Year-themed Afternoon Tea Set for P875 and P1,490 (with a glass of Champagne). This will be available throughout the month of February. All prices are inclusive of taxes. For inquiries and orders, call 8887-2888 (trunk line), 8887-5747 (The Peninsula Boutique), e-mail penboutiquepmn@peninsula.com or through PenChat, The Peninsula Manila’s 24-hour e-concierge by clicking https://bit.ly/PenChatFacebook.

HK’s Kee Wah Bakery pastries for Year of the Ox

HONG KONG’S Kee Wah Bakery has an impressive lineup of Lunar New Year offerings, to welcome the Year of the Ox on a sweet note. The heritage brand in Hong Kong known for premium and quality pastries will be available for purchase this Chinese New Year through Gemini Premium Label, Inc. Made with high-quality glutinous rice flour, Kee Wah Bakery’s Chinese New Year pudding has a sweet mochi-like texture. It comes in five variants: Original, Low Sugar, Coconut Flavor, Almond Flavor, and Red Dates Flavor. Price starts at P895 for 635 gm. Kee Wah Bakery offers two kinds of Assorted Snacks Gift Box containing different Kee Wah treats perfect for gifting (price ranges from P1,200 to P2,100). Then there is the best-selling Kee Wah Bakery Panda Cookies, available in special Chinese New Year packaging. Presented in the shape of a black and white panda, they are a blend of top quality flour, butter, and rich bittersweet cocoa. Available in a pack of 12 11-gm pieces for P495 and in a 400 gm Gift Tin for P895. Other sought-after Lunar New Year treats are classic premium pastries including Almond Biscuits, Pineapple Shortcakes, Lotus Seed Paste Mooncakes and Crispy Phoenix Eggroll with Pork Floss favorites. The Signature Almond Biscuits are made of mung bean flour, almond pieces, eggs and butter, baked into thin slices, and sprinkled with almond, giving it a distinctive flavour and texture. Available in a pack of eight pieces for P350 and a pack of 16 pieces for P550. Phoenix Rolls are among the bakery’s signature creations, with variants such as Phoenix Rolls with Pork Floss, Phoenix Rolls with Sesame and Desiccated Coconut and Phoenix Rolls with Pork Floss and Seaweed, available in packs of six at P195 and 11 pieces at P395. Then there are the Premium Butter Cookies, available in Butter Cookies with Cashew, Coffee Cookies with Cashew, Butter Cookies with Cranberry, and Chocolate Cookies with Sliced Almond variants. Each 12 piece pack is P300. Another favorite are the Fruit Shortcake Gift Boxes which originated in Taiwan and were adopted into the Hong Kong culinary culture. The Fruit Shortcakes are sweet and spongy with a flavourful surprise inside. These are available in four flavors: pineapple, pineapple with walnuts, mango, and honeydew melon. They come in tins of four pieces for P395, nine pieces for P850, and 12 pieces for P1,050. Finally, there are Flavored Eggrolls available in six flavors: Butter, Coconut, Seaweed, Coffee, Black Sesame and Ginger. These are available in a 400g Gift Tin for P900. Kee Wah Bakery’s flavorful pastries are best paired with their Premium Chinese Tea which is available in four flavours: Black Tea, Green Tea, Oolong and Jasmine, which can be purchased in Premium Loose Leaf Tea Bags in packs of 18 pieces for P700 and a 45 gm tin for P550.  All Kee Wah Products are produced in their Hong Kong factory and imported to the Philippines. They are available in the Philippines at the Podium Mall until Feb. 28 (G/F Mall near BDO Corporate Office entrance); and online through Pick-a-roo (Kee Wah Bakery), Lazada Official Store (Hong Kong Kee Wah Products Philippines), Shopee Official Store (Hong Kong Kee Wah Products PH), MetroMart (Kee Wah Bakery), GrabMart (Kee Wah Bakery Philippines), Facebook https://www.facebook.com/hongkongkeewahproductsphilippines/, Instagram hongkongkeewahproductsph-, and the website https://keewahproductsphilippines.com/.

Diamond Hotel offers Year of the Ox meals

WELCOME the Year of the Metal Ox at Diamond Hotel Philippines to invite prosperity and luck in a festive Chinese New Year celebration. Corniche restaurant will offer Chinese culinary dishes at the lunch and dinner buffet from Feb. 10 to 12, for P3,180 nett per person. Indulge in traditional Chinese New Year favorites and other celebratory dishes prepared such as Roasted suckling pig, Steamed crab with garlic butter sauce, Roast duck, Double boiled black chicken soup, Chinese New Year Pan Cai (an all-in-one dish), Sliced pig knuckle aspic and assorted dimsum. Leave room for dessert so you can enjoy almond jelly, tikoy (glutinous rice cake) and other sweet treats. Every minimum spend of P5,000 at Corniche during this period entitles the diner to “pick-a-prize” from the Prosperity Tree. Also on Feb. 12, every minimum spend of P5,000 at the Corniche Lunch Buffet or Yurakuen Japanese Restaurant entitles guests to a 10-minute Online Feng Shui Consultation with Angel Macalino. Consultations will only be from noon to 3 p.m. at the Corniche. For celebrations at home, visit Diamond Hotel’s online shopping site onlineshopping.diamondhotel.com and choose from various Chinese Set Menus and the Chinese Grazing Box. Select from the four Premium Set Menus and three Luxury Set Menus. The Chinese Grazing Box good for four persons has a selection of cold cuts, appetizers, Chinese New Year tikoy, and wine. For reservations call 8528-3000 ext.1121, mobile number 0975-792-1473 from 9 a.m. to 5 p.m. or visit onlineshopping.diamondhotel.com.

Nian gao and feasts for Chinese New Year at Conrad

THE CONRAD Manila celebrates the incoming Year of the Metal Ox with well-curated feasts, the traditional Yee Sang Prosperity Toss, and colorful Nian Gao (tikoy) Treasures at China Blue by Jereme Leung. Executive Chinese Chef Eng Yew Khor has come up with a diverse selection of dishes, highlights of which include: Golden roast US duck with BBQ sauce; Braised abalone, sea cucumber, and dried oyster in a superior shredded mushroom and dried scallop sauce; Simmered pork belly, money bag, and fried fish maw with whole garlic; among others, available a la carte or in a set menu for 10 persons or more with set menu prices from P33,988++. China Blue by Jereme Leung also offers Yee Sang, Suckling Pig, and Peking Duck, all available for pre-order and takeaway. Patrons are invited to bring home a box of Nian Gao (tikoy) Treasures which are available until Feb. 13 in the following flavors: Traditional brown sugar, Coconut, Orange, and Red date with ginger. The nian gao come in koi fish or mini gold bar shapes to represent good fortune and success. The Nian Gao Treasures are available in either the collector’s edition Christy Ng designer bag at P2,888 nett or the Conrad Manila box at P1,888 nett. For reservations and inquiries, call 8833-9999 or e-mail conradmanila@conradhotels.com.

Festive Chinese New Year feast from Lemon Grass

LEMON Grass Food Services, Inc., a catering, canteen, and fine dining business specializing in gourmet Filipino and intercontinental food, upholds the spirit of sharing food and telling stories at the dinner table through its festive Chinese New Year menu which one can order for a celebration at home. Looking for something in a dozen like the 12 Chinese horoscope animals? Why not try Lemon Grass’ crème puff in a box of 12? The creamy dessert is glazed with caramel giving it a golden shine that resembles the shimmer of gold coins which represent riches and wealth in the Chinese culture. Add creamy mango crèpè to the dessert lineup — another Lemon Grass specialty — the perfect balance of creaminess and sweetness that inspires second servings. Lemon Grass’ Fish salad is the perfect food for the health-conscious and for those who wish for prosperity this year. The fish salad, which comes with a side of vegetables and colorful garnish, is good for 10 to 15 people. Its fish fillet dishes in tartar sauce or lemon butter sauce can be shared with the neighbors when ordered in party trays that are good for 10 servings. Then there are siomai, steamed delicacies that come in packs good enough for 10 people. And for the meat lovers, there is chicken cordon bleu and chicken galantine. Lemon Grass is just one call or message away. To learn more about the services and menu offered by Lemon Grass Food Services Inc., check its Facebook and Instagram accounts.

Chowking brings in double happiness for Chinese New Year and Valentine’s Day

FOR February, Filipinos will be looking forward to two red-letter days with Chinese New Year  on Feb. 12 and Valentine’s Day on Feb. 14. This is why Chowking is ringing in February with a special promo for the whole month. Customers can get a free three-piece Choco Pao Box — a chocolatey twist to the classic siopao —  for every purchase of Chowking’s Chao Fan Combo and Chick ‘n Sauce Combo. Starting at P365, the Double Happiness Bundle is made up of Chowking’s bestselling favorites. The bundle has two main dishes: Chao Fan, Chowking’s signature meaty fried rice, and its newest product Chick ‘n Sauce, crunchy real chicken chunks with two special sauces. Both combos come with two large glasses of Coca-Cola and two orders of Super Sangkap Halo-Halo. The Choco Pao freebie is also available for two Chao Fan Combos or two Chick ‘n Sauce combos. Chowking’s Double Happiness Bundle is available in all Chowking stores for dine-in, take-out, delivery, and drive-through from until Feb. 28. For delivery, the bundle is available in GrabFood, foodpanda, ChowkingDelivery.com or through Chowking’s hotline #9-88-888.

Celebrate Chinese New Year at Okada

GUESTS can be a part of traditional Chinese New Year events at the Okada Manila starting with a lion and dragon dance performance on Feb. 17 at the Pearl Wing Lobby. Okada Manila is also bringing one of the age-old traditions of the Lunar New Year to the Crystal Corridor. From Feb. 5 to 28, guests can make their wishes come true by joining the Okada Manila Well-Wishing Festival. Each participant will have the opportunity to write their wishes and resolutions for the new year on a special wishing card. A raffle entry will also be given to each participant for a chance to win prizes like a staycation package, dinner at Medley Buffet, or a special treatment at The Retreat Spa. For reservations and inquiries, call 8888-0777 or e-mail roomreservations@okadamanila.com. Visit www.okadamanila.com for more information.

New World Makati welcomes the Year of the Metal Ox

New World Makati Hotel begins the Lunar New Year with premium dining experiences at the property’s Chinese restaurant, Jasmine – with options for set menus, all-you-can-eat dim sum, as well as an a la carte selection to savor at home. Signature handcrafted nian gao (tikoy) in koi fish and round shapes are also available, as well as a Chinese New Year all-you-can-eat menu featuring Western and regional fare at Café 1228. The God of Fortune mascot will likewise be seen roaming the lobby and restaurants distributing red packets or ang pao with exclusive discounts and offers for dine-in and walk-in guests. All menus from Jasmine and Café 1228 will be available from Feb. 12 to 14. Jasmine’s nian gao, encased in an elegant round box with woodgrain detail and gold accents, is offered in koi fish and round shapes for P1,388 and P1,188, respectively. Bulk orders of 30 boxes or more get a 30% discount while Club Epicure members enjoy 15% off. Meanwhile, Jasmine has three auspicious set menus with authentic Chinese New Year dishes like Imperial Peking duck; Fried garoupa fillet with chili, garlic and coconut sauce; Deep-fried spareribs with mayonnaise and vinegar sauce; Fried rice and assorted meat in lotus lea; and Braised abalone mushroom with assorted fungus and vegetables. The set menus range in price from P10,888 nett to P12,888 nett. All menus are ideal for groups of six. For guests who prefer to dine at home, the Chef’s Recommendations menu offers a la carte selections such as the Salmon Yu Sheng salad for P1,988, Braised baby abalone with Chinese mushroom at P2,888, Wok-fried prawn with chili garlic and coconut sauce at P1,458, Scallop with broccoli and XO sauce for P1,340, Pan-fried garoupa filet with chili garlic and coconut sauce at P1,118, Braised seafood with sea cucumber and sea moss for P1,128, Wok-fried prawn with celery also at P1,128, and much more. Dishes start at P668. All prices are net. The restaurant’s best-selling dim sum will also be on offer with a special Lunar New Year menu that includes appetizers and barbecued items. Yeung chow-style fried rice, Braised e-fu noodles with vegetables, and pork century congee complete the hearty meal. Jasmine’s Chinese New Year yum cha offer goes for P1,888 nett per person. Meanwhile, an all-you-can-eat feast awaits diners at Café 1228, with dishes such as Twice-cooked pork belly with sweet potatoes, Braised leg of lamb in red wine, hot-off-the-grill shrimps, blue crabs, clams and mussels cooked with a variety of sauces, and Chinese items like Steamed local sea bass with onion and ginger sauce, Kung pao pork, Buddha’s delight, and Pork buns. Completing the wide array of selections are appetizers, salads, pasta, pizza, as well as local and regional dishes. The promo rate is offered at 50% off P1,494 nett for Club Epicure members (sign up is free) and BDO credit cardholders. Regular rate is P2,988 nett. The offer includes free flowing chilled juices, soda or iced tea. For more information or to place an order, call Jasmine at New World Makati Hotel at 8811-6888 ext. 3679 or 0917-888-4194.

Valentine’s Day

Falling in love at Casa Buenas

IMAGINE walking into Resorts World Manila’s (RWM) most romantic venue, Casa Buenas, as soft harp music is playing in the background, as if a soundtrack to falling in love. RWM’s culinary team led by Executive Chef Godfrey Laforteza is bringing La Serenata back featuring a special dinner on Feb. 13 and 14. La Serenata’s six-course menu is an exploration of bold flavors. The meal opens with hors d’oeuvre of Foie Gras Toast and sourdough bread with Casa Buenas butter. Next comes an appetizer of Citrus Cured Salmon and Octopus Kilawin, followed by the bold flavor of the soup course’s Sopa de Ajo,  then the  main course of Caviar and Beef Wellington. Finally, Sweet Garden for dessert and a box of elegant confectionery. The meal is paired with free flowing wine from a house selection of reds. Guests may opt for an intimate couple date for P8,000 as an exclusive date at La Cupola for P12,000. The restaurant also offers group dates at La Cupola, the special private dining area and Pamilya, the communal table. RWM Exclusives, RWM’s newest online retail channel, is running a special deal for La Serenata’s Dinner Package for two for P7,099 at very limited quantities. Visit ww.rwmexclusives.com to avail. Casa Buenas is open daily from 11 a.m. to 10 p.m. It is located at the GF of Grand Wing, Resorts World Manila. For reservations, call 0917-878-8321 or 7908-8988, or e-mail casa.buenas@rwmanila.com. To know more about La Serenata, visit www.rwmanila.com or follow RWM’s official social media accounts, @rwmanila on Facebook and Twitter, and @resortsworldmanila on Instagram.

Love at The Pen

THE PENINSULA Manila gets you in the mood for love this Valentine’s Day at The Lobby with a romantic four-course steak and seafood set dinner with live music to serenade you on Feb. 14. Book a table by calling 887-2888 or online at https://bit.ly/PeninsulaOnlineFacebook. For more information visit http://bit.ly/ValentinesAtPen .

Romance at Marco Polo Ortigas Manila

AT THE MARCO Polo Ortigas Manila, guests may look forward to celebrating love in all its forms with special offers in its restaurants. Advance reservations may be made online through its official social media pages as well as via (632) 7720-7777. Guests seeking to commemorate the special occasion with a breath-taking view can choose to make it a Valentine’s date to remember with a limited time His and Hers Surf and Turf set menu at either the Connect Lounge or VU’s. For Connect Lounge, this set menu is available for lunch and dinner service from Feb. 12 to 15 for the all-inclusive rate of P6,288 for two guests. On the other hand, VU’s will feature this set menu on Feb. 12 and 13 for P3,188 per person (inclusive of taxes and available charges). Savings of 10% will be extended to guests who reserve their tables early until Feb. 8.  Guests wishing to celebrate at home can place their orders for the His and Hers Surf and Turf set menu (for two) for takeaway for P5,788. Meanwhile, Lung Hin offers authentic Cantonese fare with its special set menus available on Valentine’s Day Weekend (Feb. 13 to 15). There are two curated menus featuring classics such as the Crispy roast baby duck with black pepper sauce, and the Stir-fried crystal prawns. The Beloved set menu is available at P4,380++ for two guests, while The One and Only selections are available at P6,800++ for two guests. Both set menus are available during lunch and dinner. Finally, Café Pronto brings back its Sweet Valentine Sweets series for the whole month of February. Dark and White Chocolate Cake with Caramelized Almonds is available at P1,600. Other treats that guests may look forward to and order ahead of the Valentine’s Day Weekend include the Berry Lamington Mini Cake, Strawberry Tart, and Salted Caramel Truffles. For more information and reservations call 7720-7777 or e-mail restaurant.mnl@marcopolohotels.com. Visit marcopolohotels.com for more details on the Hotel’s ongoing promotions.

Celebrate Valentine’s Day at Okada

COUPLES and families can enjoy a complete resort package at Okada Manila that includes an overnight accommodation at the Premium or Executive Suite, complimentary breakfast, gift certificates for the hotel’s signature restaurants, and a bouquet of flowers from Les Fleurs or a gift package from The Gift Boutique. Reward Circle members can also avail of discounts up to 50% on signature flower arrangements from Les Fleurs from Feb. 1 to 14. Okada Manila’s signature restaurants are also offering special packages for couples and families throughout the month, from a romantic Valentine’s dinner for two at Medley Buffet to an abundant spread of signature dishes from Catch by the Bay and Enbu. Sweet Valentine’s gifts like handcrafted chocolates and specialty cakes are also available at the Lobby Lounge. For reservations and inquiries, call 8888-0777 or e-mail roomreservations@okadamanila.com. Visit www.okadamanila.com for more information.

Love at the Crimson Hotel

WHETHER one’s preference is to dine outdoors with a laid back ambiance or fine dining with a view of the city skyline, Crimson Hotel offers options to celebrate Valentine’s Day on Feb. 14. There is “Thai Me Up at The Deck,” a night in a breezy al fresco setting with a romantic serenade, dining on intricate Thai cuisine between 6 to 9 p.m. The four-course dinner with two glasses of wine costs P1,500 net per person. One can also get “High on Love on the 28th” from 7 to 10 p.m. Wine and dine at Crimson Club Lounge, at the topmost floor of Crimson Hotel. A four-course dinner, unlimited wine, sweet surprises, and a stunning panoramic view of the city skyline will make it an unforgettable night. The rate per person is P2,500. One can also give your loved one a Valentine gift box filled with an assortment of sweet and savory bite-size treats from Baker J.  Meanwhile, Feb. 9 happens to be World Pizza Day, and in celebration of the occasion, Crimson Hotel’s Firehouse Pizza offers a Buy 1 Take 1 deal.

Feel good this Valentine’s Day with Nips Dark Chocolate

ROSES and chocolates are almost a cliche on Valentine’s — but there is good reason for that. Flowers are beautiful, roses in particular, and chocolates are rich, delicious, and contain theobromine, also called the “feel good chemical.” Dark chocolate is particularly packed with good feelings. So, just in time for Valentine’s Day, childhood favorite chocolate Nips has come out with a variant which is both sweet and adult: Nips Dark Chocolate. The chocolate has just the right balance of bitter from its dark chocolate center and sweetness from its candy coating. It is now available at supermarkets and groceries.

Sweet Valentine’s at City of Dreams

For Valentine’s weekend, City of Dreams Manila showcases sweets at Café Society and curated menus at its signature restaurants. The perfect romantic date night on Valentine’s Day is offered at Nobu Manila, where couples can opt to dine al fresco in the restaurant’s floating water cabanas charmingly surrounded by a lush garden. Nobu Manila’s five-course Valentine’s Omakase showcasing Nobu’s Japanese-Peruvian fusion cuisine highlights the dinner affair. The set menu comes with a complimentary glass of champagne. The Valentine Omakase is at P10, 000 nett for two persons. At Café Society, a lineup of thoughtfully packaged sweet confections are available for take-out from Feb. 7 to 14. Handcrafted confections include: a Valentine Love Dome Box, consisting of three or six assorted chocolates (P400 nett and P600 nett); an edible Valentine Rose, which comes with different kinds of dragees (P2,500 nett); white chocolate Valentine Cranberry Bar (P700 nett); Spiced Coffee Caramel Passion Fruit Mousse Cake (P1,000 nett); Trio Chocolate Mousse Feuilletine Cake (P1,000 nett); Valentine’s themed cupcakes (P1,000 nett), Linzer cookies (P300 nett); and heart-shaped chocolate Danish pastries (P500 nett); among many others. For inquiries and reservations, call 8800-8080 or e-mail guestservices@cod-manila.com or visit www.cityofdreamsmanila.com.

Max’s Restaurant brings back the harana 

Max’s Restaurant, is bringing back the time-honored tradition of harana, or serenading loved ones, this February. Aside from the usual delivery experience, Max’s takes it up a notch with a Valentine package that includes not only its hearty signature dishes and a limited-edition Floral Bouquet Mini Cake created just for the season, but a personalized harana as well. This time, Max’s will be letting patrons experience the tradition while keeping it unique, modern, and convenient. This is made possible through a partnership with Good Banda, a group of displaced musicians turned delivery-couriers designed to deliver not just food or parcels, but serenade customers at the same time across Metro Manila. The Valentine package includes a single order of Max’s Fried Chicken, Sizzling Tofu, Chicken Pancit Canton, a Floral Bouquet Mini Cake, and a harana by Good Banda priced at P2,100. Customers just need to order online at delivery.maxschicken.com and pick a preferred schedule. The live harana is available in Metro Manila, while provincial orders will have an option for a pre-recorded song to be sent to their chosen loved one. To avoid the rush, orders may be placed five days in advance. Delivery of Valentine package orders is from Feb. 11-28. Meanwhile, a food-and-cake-only package without a harana costs P1,599. On top of this offer, Max’s is giving away 50 free Valentine packages to its lucky fans. Customers have to post a photo online and share their Valentine’s Day experience at Max’s. To qualify, photos must be visible to the public with the #MaxsSweetValentineSerenade hashtag. Participants must also like and tag the Max’s official Facebook page. Last day of submission of entries is on Feb. 7. For further information, visit www.facebook.com/maxsrestaurant.

 Valentine’s Day at Sheraton Manila Bay

On Feb. 13 and 14, Sheraton Manila Bay’s scenic Pacific Lounge offers a dinner-for-two with the view of the glistening Manila skyline with the “Reunited In Love Valentine’s Day Dinner” for P1,880 net per person. The five-course set menu features sea scallops and foie gras, sauce sauterne, mesclun en habit vert, vol-au-vent d’escargot bourguignonne for the starter and seafood terrine, lobster bisque, rouille, super country bread for the soup. Cleanse the palette with calamansi sorbet with Tanqueray gin and then indulge in a duo of slow-braised beef shoulder and lamb rack noisette à la forestiere, garlic potato galette, baby tomato confit, beef jus, green pea emulsion for the main course. Cap off the meal with a trio of Irish Baileys chocolate mellow, raspberry mille-feuille, orange mouse on sable tart, french macaron, and fresh mango for dessert. Complimentary coffee tea and Mignardise is served après-dinner. Diners will also take home a sweet and savory Valentine Grazing Box filled with homemade chicken liver, pate, salted crackers, deli meat, cheeses, nuts, lavosh, crudités, and red grapes. Meanwhile, Gazebo located on the 21st floor offers a spacious and open-air garden with the view of the night sky, ideal for private celebrations, proposals, or an intimate Valentine. For  P9,888++ for two persons, guests can have the exclusive use of the Garden and Gazebo with a five-course set dinner with a glass of Rothbury Estate Shiraz & Cabernet Sauvignon or Chardonnay. Meanwhile, guests who wish to celebrate at home can avail of the “Love Picnic-To-Go” inclusive of a classic picnic-hamper filled with a three-course takeaway dinner for two, a Valentines grazing box, and homemade baguette for P2,188 net. Upgrade the picnic basket with a bottle of red or white wine for P2,488 net. For the full menu, visit bit.ly/ccmnlsb Reservation is required. Social distancing and health and safety precautions are strictly implemented. For table reservations,  call  5318-0788, 0917-583-7294, 0917-583-7326 or e-mail sh.mnlsb.fnb@sheraton.com. 

 A French Valentine’s at Sofitel 

Sofitel Philippine Plaza Manila demonstrates how to love like the French is Valentine’s Day weekend, Feb. 12-14, 2021, with a bespoke bayside dinner, signature specialties, and a relaxing al fresco food truck fair. Sofitel pulls out all the stops with Love by Design, a bespoke dinner set amidst lush greenery, under the blanket of stars,and with an unparalleled view of Manila Bay. Love By Design has an exclusive canopy for two, a four-course dinner featuring scallop crudo, dry-aged beef tenderloin on the grill with foie gras sauce, goat cheese cake with gianduja crémeux,and a bottle of Moët & Chandon champagne.A violinist serenades the couple while the evening is capped off with a bouquet of red roses and artisanal pralines. Love byDesign is available on Feb. 13-4, for P25,000 nett for two persons. Three days advance reservation is required. Over at Spiral, the Valentine’s Day special is available for lunch and dinner on Feb. 13 and brunch and dinner on Feb. 14 with rates starting at P3,000 nett. For a laid-back, al fresco dinner date, Sunset Bar’s The Food Truck presents an elevated menu exclusive for Valentine’s Day weekend including foie gras sliders, soft shell crab taco, chicken gyro, designer cronuts, and so much more — all paired with free-flowing wine, local beers,and sparkling wine. Valentine’s Day at The Food Truck is available on Feb. 13-14, for P4,000 nett per person. Reservation and pre-payment is required. Meanwhile, Spiral at Home has a special takeaway set perfect for a cozy night-in for two. For the whole month of February, Spiral at Home showcases a menu featuring truffle-roasted poulet jaune, burrata salad, cheese and charcuterie, a sushi selection, and framboise chocolate crunch gateaux with macarons. The Spiral at Home meal is available for P10,000 net and is good for two people. Pre-oder and advanced payment is required. For reservations and inquiries, call R&B Reservations at 8832-6988 or e-mail H6308-FV12@sofitel.com.

How PSEi member stocks performed — February 3, 2021

Here’s a quick glance at how PSEi stocks fared on Wednesday, February 3, 2021.

Philippines slips in democracy ranking

PHILIPPINE democracy remains flawed, according to the Economist Intelligence Unit (EIU), as the country slipped one place to No. 55 out of 167 countries in the London-based think tank’s democracy index last year. Read the full story.

Philippines slips in democracy ranking

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