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Valenzuela City mayor lifts suspension versus NLEX business permit

VALENZUELA CITY announced on Wednesday the lifting of the suspension order against the business permit of NLEX Corp., after both parties agreed to keep toll barriers up on all lanes for vehicles with radio-frequency identification (RFID) stickers.

Valenzuela City Mayor Rex T. Gatchalian said in a social media post that the “toll holiday” had ended at 12:01 p.m. on Wednesday.

He said both parties agreed to keep the toll barriers up on all RFID lanes in Valenzuela City from “5:00 a.m. to 10:00 p.m.” daily. 

The mayor said toll fees would still be collected during those hours.

For safety purposes, toll barriers will be down from 10:01 p.m. to 4:59 a.m., he added,

There would also be cash lanes in strategic locations at toll plazas.

Valenzuela City suspended the company’s business permit on Dec. 7, saying it should address issues on consumer, traffic, and RFID sticker installation and reloading.

SMC PLANS MORE RFID STATIONS
San Miguel Corp. (SMC) also announced on Wednesday its plan to operate a total of 156 RFID installation stations by year-end.

In an e-mailed statement, SMC said the installation stations would “make it easier for more motorists to migrate to the government-mandated electronic toll collection system.”

SMC operates South Luzon Expressway , Southern Tagalog Arterial Road, Skyway, NAIA Expressway, and the Tarlac-Pangasinan-La Union Expressway.

It said it had opened 42 new RFID installation stations “in the last two weeks, in addition to the 53 stations it had as of November.”

NLEX Corp. is under Metro Pacific Tollways Corp., a unit of Metro Pacific Investments Corp., which is one of the three Philippine units of Hong Kong-based First Pacific Co. Ltd. The two others are PLDT, Inc. and Philex Mining Corp. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., maintains interest in BusinessWorld through the Philippine Star Group, which it controls.

Yields on BSP’s term deposits drop ahead of policy meeting

YIELDS ON term deposits offered by the Bangko Sentral ng Pilipinas (BSP) on Wednesday dipped before the Monetary Board’s (MB) policy meeting as investors priced in a possible reduction in banks’ reserve requirements.

Total bids for the central bank’s term deposit facility (TDF) amounted to P570.33 billion on Wednesday, above the P510-billion offering but below the P644.806 billion in demand seen a week ago.

Broken down, demand for the one-week papers amounted to P235.871 billion, higher than the P170 billion up for grabs but failing to beat the P243.555 billion in bids logged in the previous auction.

Accepted yields for the one-week term deposits ranged from 1.65% to 1.7296%, a narrower margin than the 1.65% to 1.75% band logged a week ago. With this, the tenor’s average rate went down by 1.72 basis points (bps) to settle at 1.7046% from the 1.7218% seen on Dec. 9.

Meanwhile, the 13-day deposits attracted bids worth P334.459 billion, lower than the P340-billion offer volume as well as the P401.251 billion in tenders seen last week.

Banks sought rates ranging from 1.65% to 1.76%, also narrowing from the 1.65% to 1.7468% band logged in the previous auction. This brought the two-week paper’s average yield to 1.7163%, slipping by 0.28 bp from the 1.7191% recorded last week.

The central bank did not auction off 28-day term deposits for the 10th consecutive week. This follows the start of the BSP’s weekly offerings of its own bills with the same tenor.

The TDF and the BSP’s securities are part of tools used by the central bank to gather excess liquidity in the financial system and to better guide market interest rates.

“The results in Wednesday’s auction reflect market participant’s continued preference for the shorter tenor in view of the holidays. At the same time, financial system liquidity remains ample,” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said yields on the term deposits declined ahead of the BSP Monetary Board’s final policy meeting for the year on Thursday, Dec. 17.

“[T]here is a possible cut in large banks’ RRR (reserve requirement ratio)…,” Mr. Ricafort said in a text message.

For this year thus far, the BSP has slashed the RRR of universal and commercial banks by 200 bps to 12%, while the reserve ratios of thrift and rural lenders were cut by 100 bps to three percent and two percent, respectively.

The MB is authorized to cut banks’ reserve ratios by up to 400 bps this year.

Meanwhile, the central bank will likely keep its key policy rates at their current record low levels as it considers the recent uptick in the country’s inflation rate, analysts said.

A BusinessWorld poll last week showed all 15 analysts do not expect the Monetary Board to go for another rate cut at its seventh and final policy meeting for the year.

The BSP unexpectedly slashed benchmark rates by 25 bps last month, bringing the yields on its overnight reverse repurchase, lending, and deposit facilities to record lows of 2%, 2.5%, and 1.5%.

The central bank has lowered borrowing costs by 200 bps this year. — Luz Wendy T. Noble

Seda Vertis North’s Misto buffet reopens

SEDA Vertis North’s Misto buffet is back, albeit with changes made to fit the new normal and ensure the safety of its diners.

While the hotel has offered la carte dining to serve its long-staying guests and those who crave the hotel’s specialties during the pandemic, the buffet has made a comeback, opening in late November to great success, according to Seda Vertis North’s director of sales and marketing.

“Since the launch it’s been… very well-received, which is why we are ramping up, not just for lunch on Thursdays to Sunday but we are going to launch this for dinner as well,” Cinty Yniguez, director of sales and marketing at Seda Vertis North, said in an online conference on Dec. 11 via Zoom.

The revamped “new normal” Misto buffet allows its diners to go to the buffet stations and see the spread — behind plexiglass. The restaurant’s culinary team then gets the food for them. Of course, the requisite thermal scanning is done the moment one enters the restaurant and the staff sanitizes their stations and wash their hands every 20 minutes.

The buffet stations are the grill station, the Japanese station (no raw fish, but they do serve tempura), the roast and carving station (which includes their famous roast beef and, for the holidays, their equally famous honey-glazed ham), a noodle station (with handmade noodles plus soups including laksa), a dessert station, and a bread and cheese station. In all, more than 30 dishes are served in the lunch buffet, including Filipino favorites such as kare-kare (meat stew in a thick peanut-based sauce), crispy pata (deep fried pig trotters), callos (beef tripe stew), and lengua (beef tongue). They also offer Brazilian barbecue meats (churrasco) served on skewers and sliced for the diners. The culinary team is led by its executive chef, Kerpartrik Boiser.

“We’ve [arranged] the spread like this is so that we can still showcase our buffet spread,” Ms. Yniquez explained.

Misto is the hotel’s all-day dining restaurant and with its buffet reopened, Ms. Yniguez observed that they have a lot of guests coming from the nearby villages and subdivisions in the area, the businesses nearby and government offices. Seda Vertis North is located in Quezon City, near Trinoma.

Both the lunch and dinner buffets are priced at P1,000+++ and the restaurant can only accommodate 90 people at a time. While reservations are recommended, Misto also allows walk-in guests.

And because the holidays are here and they are expecting an influx of diners, they will be having “two seatings for each meal period.” The rates for Christmas lunch and dinner are different from the regular lunch and dinner buffet prices.

For the holiday meals, Ms. Yniguez said they will be offering al fresco dining options since they have a considerable amount of outdoor space at Misto.

Ms. Yniguez said that their food and beverage is the hotel’s “bread and butter,” and “we manage [profits] by managing our costs very well… without compromising quality in the type of offerings we have on the buffet.”

Aside from the buffets, Ms. Yniguez said that the hotel has pivoted to offering food platters, delivery services, and grazing boxes as they recognize that people may still be unwilling to dine out but are still looking for hotel-quality meals.

“[The pandemic] has been an eye-opener of us… and I believe that [food platters, delivery services, and grazing boxes] are going to be a mainstay. This just opened a new world for us,” she said before adding that even after the pandemic is over, people “are still going to want to order and eat at the comfort of their homes or offices.”

Seda Vertis North is still not open for staycations, but they are “looking into that already” and hopefully they can open “by the coming year.”

For reservations, contact the hotel through 0917-833-9117 or e-mail dining.vertis@sedahotels.com. — Zsarlene B.Chua

Pangilinan donates to Wharton School scholarship grants, research laboratory

PLDT, Inc. Chairman Manuel V. Pangilinan has donated $1 million to The Wharton School of the University of Pennsylvania to establish an MBA fellowship fund and support a behavioral research laboratory, the company said in a statement.

“We are exceedingly grateful for MVP’s gifts to the school. Thank you for all your contributions,” said Dean Erika H. James of The Wharton School during an e-meet where representatives of the school expressed their gratitude to Mr. Pangilinan, himself a Wharton graduate.

His gift donation will be allocated equally between the fellowship fund and the Tangen Hall Mechatronics Laboratory.

The fund, which will be known as the MVP Fellowship Fund, will be created to provide financial support to Master of Business Administration (MBA) graduate students in Wharton.

The grant will give priority to students from the Philippines, followed by those from ASEAN countries, and subsequently, international students.

The Tangen Hall houses the Mechatronics Lab, which provides opportunities for students to conduct their research. The behavioral laboratory supports data collection for behavioral research on business-related topics.

Ms. James thanked Mr. Pangilinan for the “meaningful gift” and in recognition of his generosity, a plaque — Manny V. Pangilinan WG ’68 — will be placed outside the Mechatronics Lab.

Mr. Pangilinan, who is thankful for the opportunity to assist his alma mater and its students, said a lot of community spirit exists among Wharton graduates. He recounted that he was only 19 years old when he attended The Wharton School through a scholarship grant. He graduated in 1968 with a Master’s degree in Business Administration.

Principal donors’ names will be included on a newly constructed donor wall, to be installed in Steinberg Hall-Dietrich Hall.

“This wall will serve as an enduring reminder to the Wharton community that this world-class experience simply would not be possible without support from their greatest champions,” said Alissa Lurie, Wharton’s regional director for external affairs.

Mr. Pangilinan, who is also PLDT president and chief executive officer, has been helping schools and universities in the Philippines as well as teachers and students through the companies under his leadership.

For the past five years, he has funded 14 professorial chairs and four teaching and research grants at the University of the Philippines College of Engineering. He is also sponsoring a P4-million scholarship grant to students from San Beda University.

Guided by the principle of “no student, no learner is left behind,” Mr. Pangilinan is pouring support to the Department of Education and the country’s public schools through the various programs of his companies.

Congress ratifies FIST bill

Congress has ratified the bicameral conference committee report on the bill allowing financial institutions to sell off their non-performing assets (NPAs) to asset management companies, as these are expected to increase during the coronavirus pandemic.

House Bill No. 6816 and Senate Bill No. 1849, or the Financial Institutions Strategic Transfer Act, is one of the measures certified as urgent by President Rodrigo R. Duterte to assist financial institutions affected by the coronavirus pandemic.

The proposed legislation covers lending companies and other institutions licensed by the Bangko Sentral ng Pilipinas to perform credit-granting companies.

The Senate ratified the report on Tuesday while the House gave its approval on Wednesday. This puts the measure a step away from enactment.

Senator Grace S. Poe-Llamanzares said the measure will keep banks and lending firms healthy, allowing them to extend assistance to businesses.

“The FIST Act is seen to help cushion the adverse impact of the pandemic to our financial sector,” she said during Tuesday’s session.

“If passed into law, financial institutions will be able to offload non-performing assets which will then promote investor and depositor confidence, and mitigate the effects of the crisis.”

The measure provides for the creation of FIST corporations, which will be authorized to invest or acquire nonperforming assets (NPA), or engage third parties for its management, operation, collection and disposal.

The reconciled version of the House and Senate bills noted that only the private sector may be allowed to form FIST corporations.

“It would be financially risky for the government to be involved in acquiring non-performing assets as government revenue is down due to the pandemic,” Ms. Poe-Llamanzares said.

It also prevents foreign FIST corporations from taking part in the bidding and foreclosure of real properties. It also removed the consultation requirement with the Philippine Competition Commission.

“Specific periods were lowered to prevent delay in offloading of assets,” she added. “In the old SPV (Special Purpose Vehicle) law, banks found it difficult to immediately offload non-performing assets due to long settlement periods between the borrower and the bank, as well as due cases being filed in court.”

The proposed FIST Act is an improved version of the SPV Law of 2002, enacted to help banks recover in the wake of the Asian Financial Crisis. — Charmaine A. Tadalan and Kyle Aristophere T. Atienza

Home (Foodie) for the Holidays

THE SAN Miguel Foods Culinary Center’s cooking show has moved online, with the first episode of the sixth season of Home Foodie, launched on Saturday. That is not the only change.

While appearing on free TV in the past, operations this season moved to YouTube, with the maiden episode featuring Caldereta with Rustic Mashed Potato Casserole.

While last season, celebrity couple Drew Arellano and Iya Villania were part of the show, this season the show’s cast is decidedly homegrown as it includes San Miguel chefs Llena Tan-Arcenas, Rene Ruz, Victor Paulino Miranda, and Martin Narisma. “Given the challenges of taping during this pandemic, we have decided to forgo free TV and will invite celebrities in future seasons instead, when it is safer for all,” said Ms. Tan-Arcenas in an e-mail to BusinessWorld. She also serves as Culinary Services Manager for the Culinary Center.

Since the show has started airing in December, holiday recipes featuring San Miguel brands are to be expected.

There’s Mr. Narisma’s Veega Bolognese using San Miguel’s Veega Meat-free Giniling, for example. “It’s the perfect meat-free alternative for those watching their weight this holiday season,” said Ms. Tan-Arcenas. Mr. Ruz is demonstrating how to make a bibingka, using San Miguel’s Mix and Bake Bibingka. Mr. Miranda will make a kare-kare on crispy noodles, using Purefoods Ready-to-Eat Kare-Kare (kare-kare is a stew in a peanut-based sauce).

“The recipes were conceptualized based on the food preparation/kitchen personalities of the team. We are using a lot of ready-to-eat, ready-to-cook and premix products in Season 6,” she said.

An added feature for this season is that viewers will see QR codes of the recipes and recipe tips popping up onscreen, on top of the usual pop ups on Home Foodie’s website and other social media pages.

There have been several adjustments in shooting during this period, even though the shoots were done in the San Miguel Foods Culinary Center. “It was very challenging shooting a cooking show during the pandemic, given our limitations in both manpower, resources, and logistics. But we pulled it off despite having only one cameraman. The culinary team has really learned to multitask in video production,” she said.

San Miguel has come to the fore as an essential during this pandemic, and we’re not talking about their charity projects. The pandemic has bid us all to save and to stockpile, and one of the country’s oldest names in food has been an easy choice when roaming in the supermarket. Ms. Tan-Arcenas noted their newfound significance in feeding the nation during these changed times, with San Miguel Foods brands like Purefoods and Cook Express launching ready-to-eat products to help ease meal preparation. “A lot of consumers still work from home and ironically, work longer hours despite being home. They do not have the energy nor enough time to prepare slow-cooked meals for the family daily,” said Ms. Tan-Arcenas.

Watch the first episode of Home Foodies here: https://youtube/NHBNkWWwhKU. — Joseph L. Garcia

Ayala CFO to take helm at BPI in 2021

Ayala Corp.’s Chief Finance Office Jose Teodoro “TG” K. Limcaoco is next in line to lead the conglomerate’s banking arm Bank of the Philippine Islands (BPI) next year.

He will succeed incumbent BPI President and Chief Executive Officer (CEO) Cezar P. Consing effective April 22 following their annual stockholders meeting, the lender said in a statement on Wednesday.

Mr. Limcaoco has been a board director at BPI since February 2019 and has also been part of its Executive Committee since April 2019.

Mr. Limcaoco was an executive vice-president at BPI prior to his current role at Ayala. He was also president of BPI Capital Corp. from 2007 to 2010 and BPI Family Savings Bank from 2010 to 2015.

He was also responsible for the Ayala group’s insurance businesses such as Ayala Life and Ayala Plans, Inc., and had primary oversight over BPI-Philam Life Assurance Corp. and BPI/MS Insurance Corp.

Mr. Limcaoco is currently a director at several companies under the Ayala conglomerate, including Globe Telecom, Inc., Integrated Microelectronics Inc., AC Energy and Infrastructure Corp., AC Industrial Technology Holdings Inc., Ayala Healthcare Holdings Inc., and AC Infrastructure Holdings Corp.

Aside from being Ayala’s chief finance officer, he is also currently the president and CEO of AC Ventures. He also sits on the board of the companies that operate Zalora Philippines and GCash.

Mr. Limcaoco served as president of the Chamber of Thrift Banks from 2013 to 2015 and is also a member of the Capital Markets Development Committee of the Bankers Association of the Philippines.

He holds a BS Mathematical Sciences (Honors Program) degree from Stanford University and a Masters of Business Administration degree from the Wharton School of the University of Pennsylvania.

Meanwhile, Mr. Consing has been with BPI for nearly 20 years. Mr. Consing has been elected as board director of Ayala and is the largest shareholder at BPI. He will remain as board director and executive committee member at the bank after his term as CEO.

“We are very fortunate to have the depth in our leadership bench that enables us to transition to a leader of Mr. Limcaoco’s expertise and experience,” Ayala CEO and BPI Chairman Jaime Augusto Zobel de Ayala said in the statement.

“His deep background in banking and finance, innovation and digitalization, risk management and ESG (environmental, social, and corporate governance), as well as the strong alliances he has forged position us for continued success as the country and the world transition from crisis to recovery,” he added.

“I would like to state that Mr. Consing has provided extraordinary leadership during his tenure and has been particularly effective in charting BPI’s path during this crisis year,” Mr. Zobel said.

BPI’s net earnings declined 33.7% to P5.5 billion in the third quarter from P8.29 billion a year earlier due to higher loan loss reserves amid the coronavirus crisis. Its net profit for the first nine months slid 22.1% to P17.17 billion from P22.03 billion in the same period of 2019.

The bank’s shares closed unchanged at P83 apiece on Wednesday. — L.W.T. Noble

New cultured milk product launched

JAPANESE beverage company Asahi Beverages has launched its entrant to the cultured milk segment — Goodday — promising “improved intestinal health and natural resistance,” according to a company statement.

“Goodday Cultured Milk contains a specially formulated strain of Paraprobiotics in every bottle — a proud development of Japanese technology in partnership with major dairy conglomerate Morinaga Milk Japan,” said Hemalatha Ragavan CEO of Asahi Beverages Philippines, in the release.

Cultured milk beverages are dairy foods that have been fermented with lactic acid bacteria such as Lactobacillus, Lactococcus, and Leuconostoc. Goodday is said to contain Paraprobiotics, specifically Lactobacillus paracasei MCC1849, which makes the product shelf-stable so it does not need to be refrigerated.

Asahi decided not to use the name Calpis, as the cultured milk is commonly known in Japan, and instead used Goodday, the name it uses in Malaysia.

Goodday comes in three flavors — original, strawberry, and mango — which were chosen specifically for the Filipino palate, said Ms. Ragavan in a press conference on Dec. 10.

The milk comes in two sizes: in 80 ml (P9 SRP) and 350 ml bottles (P38 SRP). Goodday is currently available in 7-Eleven convenience stores.

This writer finds that Goodday tastes lighter than other cultured milk drinks (Yakult, et.al) — it is less sweet though the tang is still there. Also, the drink comes in a larger bottle so it’s more satisfying to drink. Goodday representatives explained during the press conference that the 80 ml bottle is meant for children and the 350 ml bottle is for adults.

“For us, product appeal is essential. So, leading up to the launch, we worked on variants with a taste profile catering to the Filipino palate, all while maintaining functionality that is relevant for every consumer,” Ms. Ragavan said. — ZB Chua

STI unit sells 20% equity in Maestro Holdings for P60M gain

A SUBSIDIARY OF STI Education Systems Holdings, Inc. has sold 20% of its equity in Maestro Holdings, Inc. (MHI) to Chita SPC Ltd., in efforts to mitigate the volatility in its future earnings.

In a disclosure to the stock exchange, STI announced that its subsidiary, STI Education Services Group, Inc., has sold part of its equity to Chita SPC, a segregated portfolio company based in the British Virgin Islands.

“The sale will allow STI ESG to monetize its investment in MHI which STI ESG intends to use for its core business,” the disclosure said.

The transaction included the sale of 1.28 million shares and is priced at $7.80 per share. The amount received was $10 million.

STI said the sale would give STI ESG a gain of P60 million beyond its carrying value as of March 31, 2020.

“The purchase price is equivalent to a price per book value per share of 1.2x or a 20% premium to the book value per share as of March 31, 2020,” the disclosure said.

STI said the payment terms will be 30% downpayment upon the execution of the deed of absolute sale, while the remaining 70% is due on Jan. 29 next year.

According to the disclosure, MHI owns 100% of PhilPlans First, Inc., 91% of Philippine Life Financial Assurance Corp., and 99% of Philhealthcare, Inc.

On Wednesday, shares in STI at the stock exchange rose 4.26% or P0.020 to end at P0.490 apiece. — Revin Mikhael D. Ochave

Central bank releases draft governance framework for payment system operators

THE central bank is developing regulations for the payment system industry. — BW FILE PHOTO

THE CENTRAL BANK has come up with a draft framework for the governance policy of operators of payment systems (OPS) to streamline the regulatory approach for the industry.

Stakeholders are given until Jan. 15 to give their feedback on the proposal.

The proposal forms part of the second phase of its development of policies and regulatory frameworks for the implementation of Republic Act No. 1127 or the National Payment Systems Act signed in October 2018.

“This proposed policy provides the regulatory expectations on the governance arrangements and standards to be adhered to by all OPS, including the BSP, being the operator of the country’s real time gross settlement system,” the central bank said.

Based on the draft framework, OPS that also operate with a banking license will have to comply with more rigid regulatory requirements and expectations than those for standalone players.

It also requires OPS to have a risk governance framework where the Board of Directors and management will lay out their business strategy and  articulate their risk appetite, risk limits, and as well as risk measurements and management.

The proposal likewise provides benchmarks for disqualification, either permanently or temporarily.

Aspiring officials and officers who are temporarily disqualified to take up posts include those who have unsettled financial obligations before a court or have filed for insolvency, those involved in a closure of an OPS pending clearance from the Monetary Board (MB), and those who were found to have failed to deliver their responsibilities, among others.

Meanwhile, permanent disqualification from becoming a director or official in an OPS are faced by persons who were convicted with violation of laws and regulations related to payment systems, those found culpable for the closure of an OPS, and those who are engaged in businesses that may have a conflict of interest with the OPS.

The MB in June approved the Payment Systems Oversight Framework. Under this, the security settlement falls under the supervision of the Securities and Exchange Commission while the funds settlement issues will be under the regulatory mandate of the BSP. — LWTN

EU moves to rein in US tech giants with threat of fines, breakup

BRUSSELS — US technology firms including Amazon, Apple, Facebook, and Google face fines of up to 10% of annual turnover and could even be broken up under draft, European Union rules announced on Tuesday aimed at curbing their powers.

The rules are the most serious attempt by the 27-country bloc to rein in tech companies that control troves of data and online platforms relied on by thousands of companies and millions of Europeans for their work and social interactions.

They show the European Commission’s frustration with its antitrust cases against the tech giants, notably Alphabet’s Google, which critics say have not addressed the problem.

But they risk inflaming tensions with Washington, already irked by Brussels attempts to tax US tech firms more.

“It seems Europe is intent on punishing successful companies that have made deep investments in Europe’s economic growth and recovery,” Myron Brilliant, executive vice president of the US Chamber of Commerce said in a statement.

Regulatory scrutiny has been growing worldwide of tech giants following a string of scandals over privacy and misinformation, as well as complaints from some businesses that they abuse their market power.

EU Internal Market Commissioner Thierry Breton dismissed suggestions the rules could be discriminatory.

“Everybody is welcome in Europe. Our responsibility is to give direction, rules to protect what is important to us,” he told a news conference.

One set of rules, the Digital Markets Act (DMA), targets so-called online gatekeepers — defined among other things as firms with more than €6.5 billion in annual European turnover in the last three years, €65 billion in market value and providing a core platform service in at least three EU countries.

This sets out a list of dos — such as sharing certain kinds of data with rivals and regulators — and don’ts — among them a halt to favouring their own services on their platforms, and calls for fines of up to 10% of annual global turnover for firms that don’t comply, or a break-up order as a last resort.

Gatekeepers will also be required to report merger bids to the authorities, a move aimed at preventing acquisitions to kill off rivals.

TWIN APPROACH
A second set of rules, the Digital Services Act (DSA), also targets very large online platforms, defined as those with more than 45 million users.

They will be required to do more to tackle illegal content, misuses of their platforms that infringe fundamental rights and intentional manipulation of platforms to influence elections and public health, among other requirements, or face fines of up to 6% of global turnover.

The companies will also have to show details of political advertising on their platforms and the parameters used by their algorithms to suggest and rank information.

“The two proposals serve one purpose: to make sure that we, as users, have access to a wide choice of safe products and services online. And that businesses operating in Europe can freely and fairly compete online just as they do offline. This is one world,” said European Competition Commissioner Margrethe Vestager, who has taken on all the four US tech giants.

Google warned the new rules could hit innovation and growth.

“We are concerned that they appear to specifically target a handful of companies and make it harder to develop new products to support small businesses in Europe,” said Karan Bhatia, Vice President of Government Affairs & Public Policy.

Amsterdam-based booking.com, which could end up being classified as one of the few European gatekeepers, called for broader criteria.

“It cannot just be about the size or the number of users of a platform. It must be about its lock on consumers,” it said.

The draft rules need to be approved by EU countries and EU lawmakers, some of which have pushed for tougher laws, while others are concerned about regulatory over-reach.

Tech companies, which have called for proportionate and balanced laws, are expected to take advantage of this split to lobby for weaker rules, with the final draft expected in the coming months or even years.

Differences between the tech giants could dilute the opposition. Facebook for one has urged the EU to rein in Apple.

“We hope the DMA will also set boundaries for Apple. Apple controls an entire ecosystem from device to app store and apps, and uses this power to harm developers and consumers, as well as large platforms like Facebook,” the US social network said in a statement. — Reuters

An addition to the holiday table: Tuna

ONE always has at least one can of tuna in their pantry, so it’s easy to overlook. Celebrity chef JP Anglo, who has presented at Madrid Fusion Manila, and is the man behind familiar restaurant Sarsa, has an interesting proposition: turning the staple into holiday favorites.

During a webinar early this month, Mega Tuna tapped its brand ambassador, Mr. Anglo, to demonstrate how to transform four variants — Hot and Spicy, Sweet and Spicy, Flakes in Oil, and Spanish style — into salads (of course), but also soba noodles and arroz caldo (rice porridge). The two recipes are at the bottom of this story.

Mr. Anglo used the Spanish-style tuna for the arroz caldo, and displays a preference for the Spanish-style variant, saying, “That’s the beauty of this variant. It’s so versatile. You can do so many things with it.”

Mega Tuna Brand Manager Adelle Catalla told guests at the webinar that their brand prides itself on not using extenders. “It’s really healthy, it’s delicious, it’s convenient, and it fits every lifestyle. At Mega Tuna, we believe that wellness should be at the forefront of one’s life, especially during this time. Our primary goal is to continue to provide food that will complement anyone’s journey to health and wealth.”

Tuna Arroz Caldo using Spanish-style Tuna

Ingredients:

350 gm of cooked white or brown rice

150 gms of chicharon (pork cracklings) — Mr. Anglo deep-fried some tuna flakes to substitute for the chicharon

20 gms fresh garlic

50 gms ginger

30 gms fried garlic

30 gms spring onion

5 gms black pepper

20 ml patis (fish sauce)

4 pcs calamansi (local citrus)

4 tbsp cooking oil

Procedure:

In a pot, add some oil, then add the oil of the tuna, then saute onions, ginger, and garlic (making sure to add garlic last).

Add about a liter of water and then add cooked rice, half of the tuna, and bring to a boil. Keep stirring the pot and cook for 20-30 minutes.

Add the patis.

To plate, pour the arroz caldo in a bowl, add the other half of the tuna on top, sprinkle with spring onions, fried garlic, chicharon and black pepper.

Add hard boiled egg (optional).

Tuna Soba Noodles using Sweet and Spicy tuna

Ingredients:

500 gms soba noodles

30 ml sesame oil

20 gms sesame seeds

60 ml oyster sauce

5 gms Salt

3 fried eggs

chilli garlic (optional)

Procedure:

Cook the soba noodles in hot water. Make sure not to overcook them.

Toss the rest of the ingredients with the noodles, reserving half of the tuna and some of the oil for later.

To plate, top with the remaining tuna, fried garljc, spring onions, and fried egg.

Spicy Tuna Salad using Hot and Spicy tuna

Ingredients:

5 gms. chili powder

250 gms Japanese mayonnaise

20 gms fresh garlic

100 gms grilled cherry tomatoes

leftover salad (or you can just make it fresh; a leftover Salad Nicoise sounds like a perfect candidate)

5 gms salt

Procedure:

Mix everything together in a bowl then transfer to a plate.

Garnish with chili leaves and spring onion (optional) or nori flakes (optional).

Tuna Egg Sandwich using Flakes in Oil

Ingredients:

bread

4 hard boiled eggs

250 gms Japanese mayonnaise

100 gms Parmesan cheese

10 gms curry powder

5 gms white sugar

5 gms white pepper

100 gms red onion

100 gms chopped tomatoes

2 tbsp butter

Procedure:

In a bowl, mix tuna, tomato, red onion.

In another bowl, mix all other ingredients (except bread).

Smear butter on bread and cook on a pan or toast in the toaster/ oven.

To assemble, mix egg first and then tuna on top. You can add some lettuce leaves or arugula (optional).  — Joseph L. Garcia

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