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Dining In/Out (01/07/21)

Yellow Cab offers new thin crust pizza

FOR the new year, Yellow Cab is introducing its newest NY-Style Thin Crust Pizzas. Light and chewy in the middle, and crispier on the edges, this latest product format offers a new way of enjoying Yellow Cab’s edge-to-edge toppings on a lighter crust. Starting at P249 for dine-in, the Thin Crust is available on all 9”, 12”, and 15” Classic and Signature Edge-to-Edge Pizza flavors: Pepperoni, Hawaiian, BBQ Chicken, Garden Special, Manhattan Meatlovers, Roasted Garlic and Shrimp, #4 Cheese, and Patty Melt. The new NY-Style Thin Crust Pizzas are now available in all Yellow Cab stores nationwide for dine-in, curbside pick-up, take-out, and delivery. This is also available via GrabFood, foodpanda, and LalaFood. For more information, visit https://www.facebook.com/YellowCabPizzaOfficial.   

Jollibee introduces new ‘Order & Pick Up’ service

JOLLIBEE now has a new Order and Pick Up service. To launch this ordering channel, Jollibee highlights how this new service on the Jollibee App can help people manage their hectic schedule in a new video on its Facebook page. The Order and Pick Up feature on the Jollibee app allows customers to place their orders ahead and claim them at their most convenient time at either the curb side or take out counter, or drive-through window of their preferred store. For added convenience, Jollibee also offers cashless modes of payment via debit or credit card. Customers can also opt to avail of the Order & Pick Up service via Facebook Messenger, or by texting or calling their preferred branch by referring to store locator: https://www.jollibeedelivery.com/store-directory.

RWM opens revamped Bar 360

RESORTS World Manila (RWM) has reopened the revamped Bar 360 to the public. Situated at the center of the newly renovated Garden Wing’s ground floor, the entertainment stage and signature dining outlet Bar 360 has a regular DJ playing hits to entertain diners and guests situated all around the stage. Bar 360 is open daily from 4 p.m. to midnight. For more information on RWM’s Bar 360 and other signature dining outlets, visit www.rwmanila.com and follow @resortsworldmanila on Facebook, Twitter, and Instagram.

Limitless favorites at Q by Mimosa

ONE can now dine in a safe and healthy environment, with scenic views of the Mimosa Plus Golf Course.  Until Jan.1 15, Q by Mimosa offers unlimited orders of breakfast favourites for P350+. Come lunch time, it offers limitless orders of Asian and Western cuisine for P750+. Breakfast is available from 6 to 10 a.m. and lunch is available from 11 a.m. to 2 p.m. on Tuesdays to Sundays. Q by Mimosa is located at the Mimosa Plus Golf Clubhouse, inside the Filinvest Mimosa+ Leisure City. To know more, follow Quest Plus Clark and Mimosa Plus Golf on Facebook and Instagram. For reservations, call (045) 599-8000 or e-mail clarkinfo@questhotelsandresorts.com.

Swedish bankers facing identity crisis over digital currency plans

STOCKHOLM — A new way to pay is causing existential angst among Swedish bankers who worry that the e-krona, an electronic equivalent of Sweden’s currency, could cost them their deposit base.

Sweden launched a review into the e-krona’s feasibility in December after a pilot program at the central bank, making the Nordic country a litmus test for digital currencies.

The Riksbank wants making payments in e-krona to be “as easy as sending a text,” but bankers in Stockholm say this would radically change the dynamic of the banking system.

Like a banknote or coin, the holder of an e-krona has a direct claim on the central bank, effectively bypassing commercial banks, where most state-backed money is held.

“A rational household would hold its money with the Riksbank,” Masih Yazdi, chief financial officer of Sweden’s largest corporate bank SEB, told Reuters, adding that a central bank offers better interest rates and protection.

As people use less physical cash and alternative currencies such as Bitcoin gain ground, many countries around the globe are looking at issuing their own central bank digital currencies (CBDC).

The Bahamas launched the world’s first CBDC in October and China is expected to have a digital yuan within two years.

Sweden, the least cash dependent economy in the world, is leading the way among Western countries and the government is due to reach a decision by November 2022 on whether to pursue the e-krona.

BORN TO RUN?
If Swedes moved their money out of deposit accounts and into e-krona, this would potentially deprive banks of funding and leave them reliant on wholesale markets for liquidity.

Mr. Yazdi is concerned this could make the sector debt-laden and unprofitable, undermining financial stability.

“If you have a bank account but you can — at the click of a button — move your money to the central bank … that could risk instability in the system,” Mr. Yazdi said.

Riksbank Deputy Governor Cecilia Skingsley has dismissed such concerns, saying people can already exit the banking system by buying treasury bills.

“We already have to face the risks that there are cyber runs out of the banking system. I don’t think a CBDC will fundamentally change that to a worse situation,” Ms. Skingsley told Reuters in November.

Rickard Eriksson, an advisor for the Swedish Bankers Association is concerned that the Riksbank has not made it clear what it will do with the money it collects.

It could hold the capital or lend it to the banks to make up their funding shortfall. However, this would mean the availability of mortgages or corporate loans would depend on the Riksbank’s credit risk appetite.

“I don’t think the Riksbank has really thought about this or come up with good answers,” Mr. Eriksson said.

POLITICAL DECISION
Although the Riksbank has not yet specified a detailed plan for the e-krona, Mr. Yazdi said one option could be to cap e-krona at an amount which only replaces cash in the system.

Ms. Skingsley said issuing a CBDC which does not bear interest would limit a central bank’s ability to impose its policy rate.

Yet, this would cross a line for Swedish banks, which may end up having to compete with the Riksbank’s base rate.

And by digitalizing cash, the Riksbank risks straying into areas beyond monetary policy, such as privacy, as payments in e-krona — which is based on blockchain technology — can be traced, Mr. Yazdi said.

Riksbank Governor Stefan Ingves said in October the decision on whether to issue an e-krona needs to be made by politicians.

Mr. Eriksson said the Riksbank had little support when it began talking about the e-krona a few years ago, but he fears this may have increased as other central banks consider their own CBDCs. — Reuters

Phoenix Petroleum offers cashless reloading, digital sale to customers

PHOENIX PETROLEUM Philippines, Inc. has offered consumers a cashless reloading service through radio-frequency identification (RFID) technology, shortly after holding its first digital flash sale in December, the firm told the local bourse on Wednesday.

In a press release, the oil company said that motorists could now use their Easytrip and Autosweet RFID stickers to reload their accounts through its majority-owned digital microfinance service provider Posible.

The company said the RFID reloading service was initially rolled out on Dec. 29 at 23 participating outlets. The technology would be made available in more of its stations, the firm added.

“Through this, we hope to provide a safer and more convenient reloading options to our motorists who can now skip the long lines and delayed load crediting in other reloading stations,” Phoenix Petroleum’s President Henry Albert R. Fadullon said in a statement.

In another press release on Wednesday, the company said it held its first online flash sale on its app-based loyalty program Limitless on Dec. 28. Fuel vouchers in P1,000, P500 and P100 were available at 80% off.

Phoenix Petroleum said that it was able to sell around P1 million of fuel vouchers during the digital sale, and attracted an estimate of 2,200 new members in two days.

“Unlike other fuel discounts offered in the past, the Limitless flash sale eliminated the need to queue at stations, making the process easier… Made possible through a digital channel, it’s an ideal innovation that perfectly suits our current circumstances, and customers can expect more regular promos on the app,” Phoenix Petroleum’s Vice-President for Integrated Marketing and Strategies Ma. Celina I. Matias said in a statement.

The Dennis A. Uy-led oil company has been introducing a number of digital-based initiatives since the beginning of the government-imposed community quarantine measures. These include cashless payments at its fuel outlets, a fuel delivery service for small and medium enterprises, and the launch of online ordering and delivery services for its liquified petroleum gas business.

Shares in Phoenix Petroleum on Wednesday shed 2.77% to close at P11.92 apiece. — Angelica Y. Yang

How travel-friendly is the Philippine passport?

How travel-friendly is the Philippine passport?

How PSEi member stocks performed — January 6, 2021

Here’s a quick glance at how PSEi stocks fared on Wednesday, January 6, 2021.

Peso climbs further as sentiment improves

THE PESO strengthened against the greenback on Wednesday backed by risk-on sentiment following the extension of key measures for the government’s pandemic response as well as a likely Democrat win in the Georgia senatorial runoff elections.

The local unit closed at P48.033 versus the dollar yesterday, gaining 3.2 centavos from its P48.065 finish on Tuesday, data from the Bankers Association of the Philippines showed.

The peso started trading at P48.055 per dollar on Wednesday. Its weakest showing was at P48.075 while its intraday best was at P48.03 against the greenback.

Dollars traded dropped to $488.8 million from the $586 million logged on Tuesday. 

The peso climbed versus the dollar following the extension of the validity of measures that could help push the country’s recovery, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

“The peso was strong after President [Rodrigo R.] Duterte signed into law the extension of the funds availability of the 2020 national budget and the Bayanihan 2,” Mr. Ricafort said.

Meanwhile, a trader said developments in the runoff elections in Georgia also lifted market sentiment.

“The peso appreciated amid early indications of a Democratic win in the Georgia senatorial runoffs which might pave way for more US stimulus spending under the [President Joseph R.] Biden administration,” the trader said in an email.

Projections point to the win of Democratic challenger Raphael Warnock versus incumbent Kelly Loeffler in the Senate race in Georgia, Reuters reported. About 4.5 million voters participated which is a record for a runoff election.

This Thursday, Mr. Ricafort expects the peso to move within the P48.01 to P48.06 band versus the dollar while the trader gave a forecast range of P48.00 to P48.10. — LWTN with Reuters

Shares drop further on inflation data, virus fears

By Revin Mikhael D. Ochave, Reporter

SHARES declined on Wednesday as market sentiment was hit by data showing faster inflation and the continuous spread of the coronavirus disease 2019 (COVID-19) across the world.

The Philippine Stock Exchange index (PSEi) fell 86.33 points or 1.21% to close at 7,047.85, while the all shares index declined 43.8 points or 1.02% to end at 4,230.14.

Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said in a mobile phone message that the local bourse ended lower as investor sentiment was affected by inflation data released on Tuesday.

Headline inflation picked up to 3.5% in December from 3.3% in November and 2.5% in December 2019, the Philippine Statistics Authority (PSA) reported on Tuesday.

The PSA attributed the increase to higher prices of food, non-alcoholic beverages, and transport during the holidays.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said the market closed lower as investors worried about the continued spread of COVID-19.

Reuters reported that mainland China posted 32 new COVID-19 cases on Jan. 5, bringing its case count to 87,215. Tokyo also posted a new daily record of 1,591 new COVID-19 cases on Wednesday, while Brazil registered an additional 56,648 cases as of Tuesday.

AAA Southeast Equities, Inc. Research Head Christopher John Mangun said the market declined as investors remain uncertain about the recovery of the Philippine economy.

“The market’s performance tells us that the uncertainty regarding the pandemic as well as the economy’s recovery is causing investors to take a more cautious approach,” Mr. Mangun said in an e-mail.

All sectoral indices at the PSE ended lower on Wednesday. Financials declined by 32.48 points or 2.29% to 1,380.37; holding firms retreated 99.84 points or 1.36% to 7,227.78; services went down 20.35 points or 1.33% to 1,503.20; mining and oil shrank 85.49 points or 0.87% to 9,680.75; property decreased 26.1 points or 0.7% to 3,679.18; and industrials dropped 30.39 points or 0.32% to 9,455.20.

Decliners beat advancers, 146 against 74, while 45 names ended unchanged.

Value turnover on Wednesday amounted to P11.91 billion with some 22.68 billion issues switching hands, higher than the P11.34 billion with 30.76 billion issues in the previous trading day.

Net foreign selling reached P685.39 million on Wednesday, higher than P80.27 million posted on Tuesday.

“In the remaining two trading days for the week, we’ll have to observe if the index manages to stay above the 7,000 mark. Otherwise, 6,700 may be considered the next support area. 7,300 remains the immediate resistance level,” Timson Securities’ Mr. Pangan said.

“The PSEi managed to end the day above 7,000. However, it may not be able to sustain this until the end of the week,” AAA Southeast Equities’ Mr. Mangun said.

Philippines still untouched by more contagious strain — DoH

By Vann Marlo M. Villegas, Reporter

A MORE contagious coronavirus strain that has caused a fresh surge in cases in Europe has yet to reach Philippine shores, Health authorities said on Wednesday.

The new variant had not been detected in any of the 305 positive samples from patients admitted to various hospitals in the past two months and from inbound travelers who tested positive at the airports, the Department of Health (DoH) said in a statement.

Hong Kong authorities on Tuesday said a 30-year-old female Hong Kong resident who arrived from the Philippines on Dec. 22 tested positive for the new coronavirus disease 2019 (COVID-19) strain.

Chuang Shuk-kwan, head of the Communicable Disease Branch of Hong Kong’s Health department, told a news briefing they had found four cases with the new coronavirus strain, one of whom was the Hong Kong resident who arrived on Dec. 22 via a Philippine Airlines flight.

Health Undersecretary Maria Rosario S. Vergeire said they were coordinating with Hong Kong health authorities for further details on the passenger.

She said they had first reached out to the International Health Regulations Focal Point of Hong Kong but did not get a response. They contacted the Western Pacific Regional Office and got a direct line to the Ministry of Health of Hong Kong. “We are now trying to call directly so we can get further details,” she told an online briefing on Wednesday.

Ms. Vergeire said they had received the flight manifest from the Bureau of Quarantine containing the names of the 40 passengers of the Philippine Airlines flight.

She said they were reaching out to two 30-year-old female passengers whose nationalities were still unknown. “We just zeroed in initially on the two. Now we are contact tracing the other 38 passengers,” she said in mixed English and Filipino.

Ms. Vergeire said the two passengers who matched the profile from Hong Kong authorities had both tested negative before they left for Hong Kong.

Meanwhile, John Q. Wong, founder of health research team Epimetrics, Inc., said cases could increase by fifteenfold after a month if the new strain becomes dominant. At a reproduction rate of 1.1, the 20,000 cases at the start of the month would have gone up to 32,000 cases by the end of January,  he told the same briefing.

“But if the variant takes over, the 20,000 cases can become almost 300,000 cases by the end of the month. So this is what we want to avoid,” he said.

Mr. Wong said the country could still prevent infections by following health protocols such as wearing face masks and shields. “It is within our power to control this through our own behavior.”

CASE TALLY
DoH reported 1,047 coronavirus infections on Wednesday, bringing the total to 480,737.

The death toll rose by 26 to 9,347, while recoveries increased by 339 to 448,700, it said in a bulletin.

There were 22,690 active cases, 81.8% of which were mild, 8.5% did not show symptoms, 6% were critical, 3.2% were severe and 0.52% were moderate.

Davao City reported the highest number of new cases at 79, followed by Quezon City at 58, Laguna at 55, and Bulacan and Cagayan de Oro City at 40 each.

DoH said 3 duplicates had been removed from the tally while 13 recovered cases were reclassified as deaths. Three laboratories failed to submit their data on Jan. 5.

More than 6.5 million people have been tested for the coronavirus in the Philippines as of Jan. 3, according to DoH’s tracker website.

The coronavirus has sickened about 86.9 million and killed 1.9 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization (WHO).

About 61.6 million people have recovered, it said.

Also on Wednesday, an inter-agency task force against the coronavirus has  formed a team that will monitor and detect the new virus strain in the country. The team will also recommend the appropriate response, according to a copy of its resolution.

Ms. Vergeire will head the technical working group. Executive Director Jaime Montoya of the Philippine Council for Health Research and Development will serve as co-chairman. — with K.A.T. Atienza

Pfizer to get green light for emergency use application soon

THE PHILIPPINES is expected to grant the emergency use authorization for the coronavirus vaccine developed by Pfizer, according to the chief of the local Food and Drug Administration (FDA).

The vaccine made by the US drugmaker and its German partner BioNTech SE may get the green light by Jan. 14, FDA Director-General FDA Rolando Enrique D. Domingo told an online news briefing on Wednesday.

The review had been expedited because Pfizer has obtained emergency use listing from the World Health Organization (WHO) and authorization from several countries including the US, United Kingdom, Switzerland and Singapore, he said.

“The process is fast but we are going through each step to ensure the quality, safety and efficacy of the vaccines before we give approval,” Mr. Domingo said.

Results from a late-stage vaccine trial showed that the Pfizer vaccine is 95% effective after two shots.

AstraZeneca Plc has also applied for emergency use authorization of its COVID-19 vaccine in the Philippines, Mr. Domingo.

He said the British drugmaker has a tripartite supply deal with the private sector and Philippine government. It is in talks with local governments seeking to order vaccines, he added.

“The vaccine from Oxford and AstraZeneca was already approved in the United Kingdom and India,” Mr. Domingo said. “We anticipate that they will also apply in the Philippines.”

AstraZeneca’s vaccine, which was found to be 70% effective on average after two shots, is reportedly cheaper than the Pfizer/BioNTech vaccine and does not require super cold temperatures.

Mr. Domingo said the Pfizer vaccine, “the most in-demand brand,” would most likely become available locally in the third or fourth quarter.

Meanwhile, biotechnology companies in the Philippines will seek approval for emergency use authorization for a coronavirus vaccine made by Bharat Biotech India this month, IP Biotech, Inc. said in a statement.

The FDA will get the application from IP-Biotech, Family Vaccine & Specialty Clinics and Ambica International Corp., IP Biotech said after India’s drug regulator approved the vaccine.

Bharat Biotech India’s Covaxin was developed with the Indian Council of Medical Research-National Institute of Virology.

“The indigenous, inactivated, whole virus vaccine has a standard cold chain temperature of 2-8 degrees Celsius, making it ideal for tropical countries,” IP Biotech said in the statement. — Kyle Aristophere T. Atienza

General who led coup against two former presidents dies at 65

DANILO D. Lim, a general who led separate coups against former Presidents Corazon C. Aquino and Gloria Macapagal Arroyo in 1989 and 2007, has died. He was 65.

Mr. Lim, who had been chairman of the Metropolitan Manila Development Authority (MMDA) since 2017, died of cardiac arrest on Jan. 6, the agency said in a statement.

He led efforts in alleviating problems confronting Manila, the capital and nearby cities by “going back to the basics,” it said. “Under his helm, Mr. Lim prioritized the welfare of employees by ensuring they receive accident insurance and other appropriate benefits.”

“MMDA Chairman Lim served the Duterte Administration with professionalism, competence and integrity,” presidential spokesman Harry L. Roque said in a separate statement.

Mr. Lim on Dec. 29 said he had tested positive for the coronavirus and would isolate himself after showing mild symptoms.

As a young captain in the 1980s, he joined the rebellion of the Reform the Armed Forces Movement against Cory Aquino by laying siege to the Makati financial district.

Less than two decades later, Brigadier General Lim under the same group joined the coup against Mrs. Arroyo by marching through the streets of Makati after walking out of their trial for rebellion.

They called for her ouster and laid siege to the Peninsula Manila Hotel in Makati.

Mr. Lim, who ran and lost in the 2010 senatorial elections, also served as a deputy commissioner of the Customs bureau under ex-President Benigno S.C. Aquino. He resigned after less than two years in 2013 due to corruption at the agency.

He is survived by his wife Party-list Rep. Aloysia Tiongson-Lim and daughter Aika. — Norman P. Aquino

House leaders meet to revive cha-cha push

House of Representatives leaders met on Wednesday to revive a push to change the Constitution, including easing  foreign ownership limits.

Party-list Rep. Alfredo A. Garbin, the newly elected chairman of the committee on constitutional amendments, said he met with Speaker Lord Allan Q. Velasco and several House leaders to discuss the upcoming Charter change (cha-cha) hearings.

Mr. Garbin said the Speaker had asked him to begin as “early as next week” the hearings, where plans to relax economic provisions of the 1987 Constitution will be discussed.

“The Speaker directed me to tackle the calls to amend the 1987 Constitution, especially the restrictive economic provisions,” he said by telephone on Wednesday. “We might have a hearing by next week.”

Mr.Garbin said the committee deliberations would start before sessions resume on Jan. 18.

The lawmaker said restrictive economic provisions hamper the flow of foreign investments, which the country needs to recover from the fallout of the coronavirus pandemic.

“We have a strong belief that this will be passed in Congress this time because it will respond to the needs of our time,” he said. ”We are lagging behind in foreign direct investments and we are one of the countries with very restrictive economic laws.”

Mr. Garbin said the changes to the economic provisions of the 33-year old Constitution would be based on the resolutions filed by Mr. Velasco in 2018. — Kyle Aristophere T. Atienza

Regional Updates (01/06/21)

Flood control for Cagayan de Oro

TWO river control projects to protect two low-lying villages in Cagayan de Oro City from flooding, with a combined cost of P120 million, have been completed by the Department of Public Works and Highways (DPWH). The city saw its worst flooding in December 2011 when typhoon Sendong, with international name Washi, swept through the northern part of Mindanao.

DoT warns hotels, tour operators offering staycation in non-accredited establishments

THE Department of Tourism warned hotels and other accommodation facilities offering staycation without the appropriate certification. “We would like to correct the misperception that all four- or five-star rated accommodation establishments can operate as staycation hotels. For such hotel to accept guests for leisure purposes, it has to apply for a Certificate of Authority to Operate as Staycation (CAOS) hotel,” Tourism Secretary Bernadette Romulo-Puyat said in a statement on Tuesday. The warning was issued after Ms. Puyat’s letter to the City Garden Hotel Makati’s management ordering an explanation why they had leisure guests on New Year’s eve when it does not have a CAOS. The hotel is an accredited quarantine facility, which also means it is prohibited from accepting guests who are not undergoing the mandatory 14-day isolation. Ms. Puyat stressed that a CAOS hotel “cannot, above all things, concurrently operate as a quarantine facility.” A 23-year old flight attendant died in one of the rooms of the City Garden Hotel following a private New Year party. The department’s warning also covers “tour operators and other entities that continue to post invitations or make false, deceptive and misleading claims or statements for the purpose of soliciting business from clients.

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