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Cebu Air plans ‘staff right-sizing’ anew

BW FILE PHOTO

CEBU Air, Inc., the listed operator of budget carrier Cebu Pacific, may further reduce its workforce as part of efforts to mitigate the impact of the global health crisis on its operations.

“The group believes that it remains a resilient airline despite the adverse impact” of the coronavirus pandemic,” Cebu Air said in its second-quarter report released on Wednesday.

“It is further engaged in the planning [of] staff right-sizing in addition to further optimization and digitalization of processes,” the company added.

Candice A. Iyog, Cebu Pacific vice-president for marketing and customer service, said in March that the budget carrier laid off 30%, or “around 1,300,” of its total workforce last year.

The low-cost carrier operator reported P6.5 billion in second-quarter net loss attributable to parent firm equity holders, compared with a net loss of P8 billion in the same period a year earlier.

Total revenues for the quarter surged 128.6% to P3.2 billion from P1.4 billion previously.

Broken down, second-quarter passenger revenue jumped 862% to P1.1 billion, while cargo revenue rose 25% to P1.5 billion. Ancillary revenue surged 495.8% to P557.1 million.

The attributable net loss for the first half of the year was P13.8 billion, compared with a net loss of P9.1 billion in the same period in 2020.

First-half revenues dropped 65.9% to P5.9 billion from P17.3 billion previously.

Passenger revenue for the first six months decreased 82.6% to P2 billion, while revenue from the cargo segment grew 27.3% to P2.8 billion. Ancillary revenue for the period declined 69.4% to P1.1 billion.

Cebu Air expects that the public health crisis would have a “material impact” on its net sales, revenues, income from operations and future performance.

“Given the volatile nature of this situation and the uncertainty as to when operating and demand conditions will improve, it will be premature to provide any guidance with respect to expected impact in succeeding periods,” it noted.

The company’s options to mitigate the impact of the crisis include “negotiations with key suppliers on its capital expenditure commitments and related cash flows.”

“The group’s capital expenditure commitments relate principally to the acquisition of aircraft fleet, aggregating to P162.5 billion and P154.1 billion as of June 30, 2021, and Dec. 31, 2020, respectively,” it said.

Cebu Air is set to take delivery of 16 A330 NEO aircraft, 12 A321 NEO aircraft, 16 A320 NEO aircraft, 10 A321XLR aircraft, and three ATR 72-600 aircraft until 2027.

Cebu Air shares closed 0.44% lower at P45.30 apiece on Wednesday. — Arjay L. Balinbin

Robinsons Land’s REIT gets PSE approval

THE real estate investment trust (REIT) sponsored by Robinsons Land Corp. (RLC) has received the go signal from the Philippine Stock Exchange (PSE) for its initial public offering (IPO).

RLC said on Wednesday that RL Commercial REIT, Inc. (RCR) will be offering to the public up to 3.34 billion common shares for P7.31 each at most, with an over-allotment option of around 305 million common shares. The IPO targets to raise as much as P26.7 billion.

RCR aims to conduct its offer period from Aug. 25 to Sept. 3. Its PSE listing is tentatively scheduled for Sept. 14. Its shares will be listed under the ticker symbol “RCR.”

The company has 14 commercial real estate assets in its initial portfolio, with a total gross leasable area (GLA) spanning 425,315 square meters (sq.m.).

RCR said it is the “most geographically diverse Philippine REIT,” with the properties in its portfolio located in central business districts of Metro Manila’s Makati, Bonifacio Global City and Ortigas, Quezon City, and Mandaluyong as well as in key cities of Naga, Tarlac, Cebu, and Davao.

“The office tenants of RCR properties are primarily engaged in essential services like information technology and business process management (IT-BPM),” the company said, adding that the business process outsourcing (BPO) forms core of its tenant base.

The company said it may add RLC’s Cyberscape Gamma in Ortigas and/or Robinsons Cybergate Center 1 in Mandaluyong, which are subject of the recent memorandum of understanding inked by RCR and RLC.

“Overall, RLC’s potential pipeline for infusions of RCR amounts to a total GLA of approximately 422,000 sq.m. over time,” RCR said.

On Wednesday, shares of Robinsons Land declined by 0.12% or two centavos at the stock market to close at P16 each. — Keren Concepcion G. Valmonte

TDF yields mixed on inflation, Q2 GDP reports

YIELDS ON THE central bank’s term deposit facility were mixed on Wednesday following the release of data showing slower inflation and the economy’s exit from recession and as concerns remain due to the Metro Manila lockdown.

Demand for the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) reached P673.551 billion on Wednesday, surpassing the P550-billion offer as well as the P643.58 billion in bids at last week’s auction.

Broken down, bids for the seven-day papers amounted to P200.545 billion, higher than the P150 billion auctioned off by the BSP as well as the P185.592 billion in tenders logged in the previous auction.

Banks asked for yields ranging from 1.675% to 1.85%, a narrower band compared with the 1.675% to 2.02% seen a week ago. The average rate of the one-week term deposits inched sideways to 1.7376% from 1.7375% previously.

Meanwhile, the 14-day term deposits attracted tenders amounting to P473.006 billion, higher than the P400-billion offer and the P457.988 billion in tenders seen at the Aug. 4 offering.

Accepted rates for the tenor ranged from 1.71% to 1.7495%, a slimmer margin versus the 1.719% to 1.759% seen last week. This caused the average rate of the two-week papers to inch down by 0.59 basis point to 1.7389% from 1.7448% in the prior auction.

The BSP did not offer 28-day term deposits for the 42nd consecutive auction to give way to its weekly offerings of bills with the same tenor.

The TDF and the 28-day bills are used by the BSP to gather excess liquidity in the financial system and to better guide market rates.

Yields on the term deposits were mixed after the release of the July inflation and the second- quarter gross domestic product data (GDP), Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

“The lockdown could slow down the economy and inflation but also increased the need for liquidity buffers,” Mr. Ricafort said in a text message.

The economy grew by 11.8% year on year in the second quarter, marking the end of a 15-month recession caused by the pandemic, based on data released by the Philippine Statistics Authority (PSA) on Tuesday. It beat the 10.6% median GDP growth estimate of 20 analysts in a BusinessWorld poll last week.

The double-digit GDP growth was mainly due to base effects from the record 17% contraction in the April to June period last year when the country was under its strictest and longest lockdown.

However, the economy shrank by a seasonally adjusted 1.3% from the first quarter, reflecting the impact of the reimposed lockdown in March to April when cases surged. The economy expanded by 3.7% in the first half of the year, still below the government’s 6-7% target for 2021.

Metro Manila is under a two-week lockdown until Aug. 20 meant to curb a fresh surge in infections. Analysts have warned that recovery remains fragile due to the threat of the Delta variant and the renewed restriction measures.

Meanwhile, inflation stood at 4% in July, easing to a seven-month low and marking the first time the consumer price index fell within the BSP’s 2-4% target since the 3.5% print logged in December 2020. The slower July pace was mainly due to the slower increase in the transport index, the PSA reported last week. — L.W.T. Noble

So, what were we eating before Magellan came?

PHILIPPINE STAR/ MICHAEL VARCAS

SOME 500 years ago, explorer Ferdinand Magellan landed on the shores of an island in the Visayas. From there, he went to Cebu, converted its leader, Rajah Humabon, and then some 300 years’ worth of colonial history is recorded after that.

The discussion of food often takes a backseat in history, seeing it as marginal to the events and people that shape it. However, food in itself is a story: it points to a region’s ability to produce, move, trade, and share (among other things).

Cebu-based historian Louella Alix was the speaker at a talk by Gabii sa Kabilin, a heritage initiative by the Ramon Aboitiz Foundation, Inc. The July 30 talk, titled “From Sutukil to Kumbira: 300 Years of Culinary History during the Spanish Colonial Period,” discussed not just that, but also the precolonial civilization (and its way of eating) that the colonizers encountered.

Ms. Alix pointed out the origins of the word sutukil (the name of a popular restaurant). It is a portmanteau from three precolonial cooking methods: sugba (roasting over live coals), kilaw (eating meat raw with vinegar and spices), and tuwa or tinuwa (cooking with liquid). “Some wise guy in the ’80s or ’90s started opening his restaurants and called it ‘Sutukil’ (a pun on the grisly phrase ‘shoot-to-kill’),” she said. “Which [of the dishes] was the first?” Though the abbreviation places “sugba” as first, Ms. Alix believes that precolonial Filipinos served their earliest meals as kilaw. “Everybody ate raw or semi-raw food, not knowing what to do better,” she said. Sugba may have come later, but she’s firm that at least in those times, tuwa (or soup) pointed to the most advanced cooking method. “To cook with liquid is something that requires technology,” she said. That meant that those early people had to make vessels to cook in, with Filipinos using clay pots. “To knead and to mold clay means that people had time, means, and brains to think of producing the item.”

She pointed to an archaeological dig in Northern Cebu by the University of San Carlos and the National Museum which found jars and clay pots. The bigger jars were used for secondary burials, while the clay pots performed more prosaic tasks for the home, like cooking and storage. These were sent to the US for dating; and they were dated to have been made around the Iron Age (approximately 12,000 to 600 BC). “That means that there was already a civilization in Cebu during the Iron Age,” she said. “At that time, the Chinese had not even been to our shores. Europeans were still huddled in caves.”

On that note, she also pointed to a linguistic difference in “sugba” and “asal (as in inasal).” Sugba is roasting just pieces of meat, while asal meant roasting the whole animal. Cebu lechon (a whole roasted pig), a famous delicacy, began to be called so only after Hispanicized Tagalogs settled in Cebu, lending them the word.

She noted that Filipinos had mostly failed to adopt the spicier cuisines of our Southeast Asian neighbors, though we do have a similar preference for coconut milk.

In any case, she thanked Antonio Pigafetta, Ferdinand Magellan’s chronicler, for writing everything down. “Most of our knowledge of precolonial life in Cebu, we owe to [him],” she said.

According to her, the natives back then served the Spanish explorers tinuwa (pork with soup), grilled pork and fish, and Pigafetta recorded that fish was also eaten raw (kinilaw). She also mentioned a version of adobo, which made the Spaniards marvel that it was similar to something they also made at home (that is, stewed in lard and vinegar; which was how we got to give it a Spanish name). She also listed down the meats used for feasts and meals, as recorded by Pigafetta: deer, pigs, shrimp, crab, wild boar, chicken, carabao, and fish.

Because Magellan perished in the Battle of Mactan, the Spanish influence on our cuisine would not be seen until some 40 years later, after the landing of Miguel Lopez de Legazpi, who eventually came to sit as the first Spanish Governor of the Philippines and established Manila as the island groups’ capital.

Ms. Alix listed down vegetables and fruits which we have since taken for granted, but were actually transplants from the Galleon Trade: these included tomatoes, sayote, chico, pineapple, camote, and jicama. The Galleon Trade also brought cacao here, known and enjoyed by Cebuanos as sikwate (which itself comes from the Nahuatl word xocolatl, the root for “chocolate”).

A non-cooking aspect of Spanish colonization led directly to some of the sweetest of Pinoy dishes. Construction of Spanish churches, which used coral stones from the sea, were strengthened by a binder called agramasa, using tree sap from the law-an, lime, and egg whites. “Can you imagine how many egg yolks were collected?” said Ms. Alix. “Surely the housewives then would not have thought of wasting all these egg yolks.” This construction method led to the creation of leche flan, tortas, tocino del cielo, and yema.

The Spaniard taught us stewing techniques, with ingredients brought over from Spain and its colonies: tomatoes, olive oil, chickpeas, and peppers. Nuns, and friars’ cooks meanwhile, taught the cooking methods to local assistants or students, which was how stews and baked goods (broas, still popular in Cebu, being one of them) spread around the islands.

Ms. Alix did point out that Pigafetta noticed cakes made of cooked millet —  one still present on Cebuano tables as budbud kabug. Luckily for us, a lot of the precolonial meals were preserved, mostly due to a practical reason: “The Spanish dishes… are not served for daily fare. We have relegated it to fiestas and celebrations, as it is expensive to cook them.” — Joseph L.Garcia

LT Group profit declines by 63% to P4B

LUCIO C. Tan’s LT Group, Inc.’s (LTG) net income attributable in the first six months went down by 63% to P3.73 billion from last year’s P10.03 billion.

“This is mainly due to the higher provisioning for credit losses booked by its banking subsidiary and the elimination of the gain from the transfer of real estate assets at the consolidated level,” the company said in a statement on Wednesday.

The company said its net expenses and other income at the parent level stood at P185 million.

During the period, it said Philippine National Bank (PNB) had a negative net contribution of P6.46 billion after eliminating the gain of P33.6 billion at the consolidated LTG level.

Listed PNB’s net income for the period amounted to P22.2 billion under the pooling method, which already includes a P33.6-billion gain from the transfer of properties into PNB Holdings Corp. The bank’s net interest income declined by three percent to P16.85 billion.

The company’s tobacco business is said to have contributed P8.97 billion of total attributable income. It generated a P9.01-billion net income in the first semester, a 10% increase from P8.21 billion in the same period last year.

The tobacco industry’s volume estimate for the period stood at 26.8 billion, nine percent less than last year’s 29.5 billion sticks.

“This is due to the October to November 2020 price increases to pass on the additional excise taxes,” LTG explained.

The company said it is not against tax increases, however, it maintains that these increases should be “moderate” as this might lead to further volume declines.

Meanwhile, Tanduay Distillers, Inc. (TDI) added P602 million to LTG’s total attributable income. The unit saw an 11% growth in net income for the six-month period to P605 million from last year’s P543 million due to a 13% increase in liquor sales volume and 55% growth in bioethanol sales.

TDI’s nationwide market share inched up to 26.9% as of end-June this year from 24.1% year on year. Its market shares in the Visayas and Mindanao region also grew, with its market share in Visayas rising to 68.2% from 62.4% and in Mindanao growing to 79.5% from 72%.

Some P343 million were contributed by Asia Brewery, Inc. (ABI) to LTG’s total attributable income. Its net income for the first half amounted to P343 million, surging by nearly eight times from P40 million.

“The higher income is largely due to the absence of any losses from the AB Heineken joint venture as the partnership transitions starting 2021 to the engagement of ABI to brew and distribute Heineken® and Tiger® beers in the Philippines,” LTG explained.

ABI revenues for the period “were relatively flat” as the higher volume from Cobra Energy Drink, which now has 65% market share, offset the lower volume of bottled water and soymilk.

Property arm Eton Properties Philippines, Inc. made up for P287 million of LTG’s total attributable income. The unit’s income for the six-month period amounted to P288 million, declining by 29% from last year’s P404 million as both residential unit sales and leasing income went down.

Eton Properties has a leasing portfolio of around 181,000 square meters (sq.m.) of office space and over 45,000 sq.m. of retail space.

It has several projects in the pipeline, which include the 36-storey office and residential development Blakes Tower in Makati City, with 11,400 sq.m. of office space and 14,000 sq.m. of residential space. It is also working on retail and commercial center Eton City Square 1 in Laguna, which will add 7,200 sq.m. of gross leasable area to its commercial leasing portfolio in phase 1.

LTG’s 30.9% stake in Victorias Milling Co., Inc. added P169 million to the company’s total attributable income.

Shares of LTG at the stock exchange declined by 1.61% or 16 centavos on Wednesday, closing at P9.80 apiece. — Keren Concepcion G. Valmonte

Right technology key to ensuring safety while promoting innovation in insurance industry

INNOVATION in the insurance industry will continue to flourish without sacrificing the need to prevent money laundering and risks in financing, an industry expert said.

“I believe technologies can help companies mitigate (such problems),” Etiqa Philippines President and Chief Executive Officer Rico T. Bautista said at the Risky Business Luncheon Series Media Briefing on Tuesday.

“Certain technology solutions can be put in place to be able to detect anomalous transactions. Also, I believe that compliance and innovation are not two opposing ideas,” he added.

Mr. Bautista also noted that the Insurance Commission has already set guidelines on how companies can engage in innovation projects and come up with sandbox approaches to certain initiatives.

“It’s a matter of knowing the opportunities at hand and what technology approaches to be used to seize such opportunities,” he said.

UNOBank Chief Executive Officer and Co-Founder Manish Bhai said regulators and the government should make sure there are continuous efforts to address risks.

He lauded the government’s implementation of the national ID system, which is seen to improve access to financial services.

The Philippine Statistics Authority has said it is on track to meet its national ID registration target of 50–70 million this year.

As of July, the government has finished collecting demographic data from 37.2 million Filipinos for the national ID.

Bharath Vellore, managing director for Asia-Pacific at LexisNexis Risk Solutions, said: “At the pace of innovation that’s happening, it’s never going to be black and white. There will be a lot of areas that will need further understanding.”

“There will be a lot of areas where a context needs to be developed, and that can only happen when continuous engagement and feedback loops are put in place as new policies (come in),” he added. — Arjay L. Balinbin

PNB net income surges in Q2

BW FILE PHOTO

PHILIPPINE NATIONAL Bank (PNB) saw its net earnings surge in the second quarter as its income from core businesses improved, rebounding from the levels seen at the height of the coronavirus crisis in 2020.

The lender’s net profit skyrocketed by 3,766% to P20.338 billion in the April to June period from the P52.597 million posted in the same quarter a year ago, based on its financial statement filed with the local bourse on Wednesday.

This brought the bank’s net earnings for the first six months to P22.129 billion, surging from the P1.389 billion booked in the same period of 2020.

This translated to a return on equity of 7.92% as of June, up from 1.81% a year ago, while return on assets also improved to 1.04% from 0.25%.

“The bank delivered excellent results during the first half of 2021 as we were able to sustain profits from core banking operations and reap the benefits of monetizing the value of low income-generating assets,” PNB President Jose Arnulfo A. Veloso said in a statement.

“This allowed the bank to continue to build our loan loss provisions as the pandemic continues to impact local businesses and the overall economy,” he added.

PNB’s net interest income inched up by 0.1% to P8.616 billion in the second quarter from P8.607 billion a year earlier. Its interest earnings dropped 12% to P10.458 billion but was offset by the 43.8% decline in its interest expense to P1.842 billion.

Net interest margin was at 3.24% at end-June, down from 3.5% the year prior.

Its net earnings from service fees and commissions increased by 58.5% last quarter to P1.158 billion from P730.612 million a year earlier “due to higher transactional volumes of loan-related and credit card-related transactions.”

Meanwhile, other income soared to P34.471 billion from P1.803 billion, mainly due to gains worth P33.596 billion after PNB disposed its control of a subsidiary.

“This represents the increase in fair market values of the bank’s three prime real estate properties which were transferred to PNB Holdings Corp. in exchange for shares,” the bank said in a statement.

On the other hand, trading and investment gains declined by 70% to P331.175 million from P1.105 billion a year earlier. Foreign exchange gains also dropped 47.89% to P193.672 million from P371.664 million.

With this, PNB’s total operating income in the second quarter climbed by 297% to P44.246 billion from P11.141 billion a year earlier.

On the other hand, the bank’s operating expenses in the second quarter surged by 112% to P23.622 billion from P11.132 billion. This was mainly caused by higher provisions for credit losses, which jumped by more than four times (233%) to P16.927 billion from P5.077 billion a year earlier and brought the first semester level to P19 billion, equivalent to a 60% nonperforming loan coverage ratio.

PNB’s loans and receivables increased 2.5% to P618.197 billion as of end-June from P602.618 billion in the same period of 2020. The bank’s loan portfolio expanded as it “refocused its credit granting to entities belonging to financially resilient industries,” it said.

Its gross nonperforming loan ratio stood at 11.47% from 4.77% a year earlier.

Meanwhile, deposit liabilities rose by 5% to P828.1 billion as of end-June, mainly backed by steady growth in its current account, savings account deposits.

PNB’s assets inched up 2.5% to P1.109 trillion from P1.082 trillion a year earlier.

The bank’s capital adequacy ratio was at 14.03% at end-June, down from 15.86% a year ago, while its common equity Tier 1 ratio also dropped to 13.24% from 14.99%. Still, these were beyond the minimum regulatory requirements.

PNB’s shares closed at P21.60 apiece on Wednesday, up by P1.10 or 5.37% from its previous finish. — LWTN

PepsiCo to launch Mountain Dew-branded alcoholic drinks in 2022

PEPSICO, INC. is planning to launch a Mountain Dew-branded alcoholic beverage in the United States early next year, months after Coca-Cola Co. launched its first alcoholic drink in the country.

Truly hard seltzer maker Boston Beer Co. will develop and make the flavored malt beverage, which will be called Hard Mtn Dew. The drink will be citrus flavored and have an alcohol by volume of 5%, the companies said.

“We know that adult drinkers’ tastes are evolving, and they are looking for new and exciting flavorful beverages,” Boston Beer Chief Executive Officer Dave Burwick said.

The announcement comes at a time when demand for hard seltzer has slowed. — Reuters

Phinma Properties to launch Batangas, Davao projects

PHINMA Property Holdings Corp. (Phinma Properties) will be launching two new developments in Batangas and Davao this year as the company shifts to “regional growth hubs” for its horizontal projects.

“The fact that more home buyers prefer more space and comfort at home and away from crowded urban areas, benefits our decision to go regional and horizontal,” Phinma Properties President and Chief Executive Officer Raphael B. Felix said in an e-mailed statement on Wednesday.

The Phinma Maayo San Jose project in Batangas will span 9.5 hectares, while Phinma Maayo Tugbok in Davao will be a 9.6-hectare residential development.

The company said Phinma Maayo San Jose is slated to launch by the third or fourth quarter this year. It will feature 545 units, consisting of townhouses and single-attached homes.

Meanwhile, Phinma Maayo Tugbok “combines modern Filipino style with future-proofed home features and fully-integrated amenities.” The project will have 644 units.

“Being in the regions, with land at a fraction of the cost compared to NCR (National Capital Region), the shift to horizontal developments was the sensible direction,” Mr. Felix said.

“The ongoing pandemic and lockdowns have further strengthened our conviction that this is the right way forward,” he added. — Keren Concepcion G. Valmonte

Apple readies new iPhones with pro-focused camera, video updates

APPLE, Inc.’s next iPhone lineup will get at least three major new camera and video-recording features, which the company is betting will be key enticements to upgrade from earlier models.

The new handsets will include a video version of the phone’s Portrait mode feature, the ability to record video in a higher-quality format called ProRes, and a new filters-like system that improves the look and colors of photos, according to people familiar with the matter. The camera features are seen as some of the biggest selling points for the iPhone 12’s successor, which is expected to go on sale in the next several weeks.

Beyond the camera enhancements, the new iPhones will get relatively modest upgrades. Last year, Apple revamped the iPhone design, added 5G wireless networking and updated the camera hardware. For this year, the company will retain the same 5.4-inch and 6.1-inch regular sizes and 6.1-inch and 6.7-inch Pro screen dimensions, as well as their designs.

The new phones will include a faster A15 chip and a smaller notch, also known as the display cutout, in addition to new screen technology that could enable a faster refresh rate for smoother scrolling.

The Cupertino, California-based company typically unveils its new iPhones in September, but last year’s launch was delayed until October due to production complications stemming from coronavirus disease 2019 (COVID-19). With Apple now pushing back its office return by several weeks, the company’s next iPhone launch is likely to be virtual.

An Apple spokeswoman declined to comment. Apple shares rose about 1% in the first hour of trading Tuesday.

Apple first added Portrait mode to the iPhone 7 Plus in 2016, and it quickly become a fan favorite. The feature can put a person in sharp focus while blurring the background in what is known as a bokeh effect. For the new iPhones, Apple plans to add this same technique to video with a feature internally dubbed Cinematic Video. Like with still photos, the iPhone’s depth sensor will create the effect and allow users to change the amount of blur after recording.

A new ProRes video-recording feature will let iPhone users capture clips in a higher-quality format that gives editors more control during post-production.

The format is used by professional video editors in the film industry and isn’t normally intended for the mass market in part because of its large file sizes. ProRes will record in either HD and 4K resolutions on the next iPhones.

The ProRes feature would follow last year’s addition of ProRAW, a higher-quality still photo file format that gives professional editors more control. Like with ProRAW, the ProRes video recording may be exclusive to the pricier Pro models.

Another feature will let users better control the look of colors and highlights in their pictures. Users will be able to choose from several styles to apply to their photos, including one for showing colors at either a warmer or cooler temperature while keeping whites neutral. Another option will add a more dramatic look with deeper shadows and more contrast, and the company is planning a more balanced style for showing shadows and true-to-life colors with a brighter appearance.

The feature will differ from standard filters, available in the iPhone’s Camera app since 2013, by precisely applying changes to objects and people across the photos using artificial intelligence, rather than applying a single filter across the entire picture.

Apple’s new iPhones, codenamed D16, D17, D63 and D64, are just a few of the new devices poised to launch in the coming months. The company is also working on revamped MacBook Pros with in-house chips likely to be dubbed M1X, a redesigned iPad mini and an entry-level iPad geared at students. It’s also preparing new Apple Watches and entry-level AirPods. — Bloomberg

How to recreate your favorite restaurant dishes at home

OKONOMIYAKI

The Cooking with La Germania: Masterclass Series, a five-part series of virtual cooking classes, saw expert instructors demonstrating the step-by-step process of how to cook their signature dishes, giving tips and tricks along the way. Among the instructors were award-winning restaurateur and chef Margarita Forés, chef Rolando Laudico of Chef Guevarra’s and OK Cafe, and chef Lee Jose from the Standard Hospitality Group which manages Yabu and Ippudo.

Here are a couple of the recipes.

OKONOMIYAKI

Lee Jose, Executive Chef of popular Japanese restaurant chains Yabu and Ippudo, demonstrated how to make the savory version of Japanese pancake, okonomiyaki. It is best to shop at a Japanese grocery store before trying this recipe, as a lot of ingredients won’t be found in the usual supermarket.

Ingredients:

Okonomiyaki Batter

¾ cups of water

1 tsp honodashi powder

1 cup all-purpose flour

⅛ tsp iodized salt

¼ tsp sugar

½ tsp baking powder

4 large eggs

4 cups of cabbage

½ cup of tenkasu (tempura flakes)

1 tbsp benishoga (pickled ginger)

Regular sliced bacon

4 tbsp spring onions

4 tbsp canola oil

Okonomiyaki Sauce

1 ½ tbsp white sugar

⅛ tsp salt

3 ½ tbsp Worcestershire sauce

4 tbsp tomato ketchup

2 tbsp oyster sauce

Assembly

1 tbsp cooking oil

1 cup okonomiyaki batter

3 slices regular sliced bacon

2 tbsp onomiyaki sauce

1 tsp aonori powder

2 tbsp Japanese mayonnaise

Bonito flakes

1 tsp Spring onions

Procedure:

1. Prepare the okonomiyaki batter by chopping the cabbage into 1/2” chunks. Do not use the hard core. In a mixing bowl, add water and hondashi powder and whisk to dissolve the hondashi powder. Add the rest of the dry ingredients (flour, salt, sugar and baking powder). Whisk until the batter is smooth, then add the eggs and whisk until fully incorporated in the batter. Add the chopped cabbage, tempura flakes, pickled ginger and spring onions. You can also add whatever fillings you desire (mushrooms, ham, pre-cooked seafood, etc.) Using a rubber spatula, fold the batter until every ingredient is coated. Cover and keep chilled until ready to cook. This recipe yields four portions.

2. For the okonomiyaki sauce, put all ingredients in a bowl and mix until all the sugar has dissolved. Keep in an airtight container and set aside. Keep chilled.

3. Heat up a non-stick pan and add 1 tbsp of oil on medium heat. When the pan is hot, scoop 1 cup of batter and add to the middle of the pan. Using your rubber spatula, gently level out the batter, then cover and let the batter cook a bit for 2 minutes.

4. Remove the cover and lay 3 slices of bacon down on top of the pancake. Cover and cook for 1 minute more, then gently flip the pancake and turn the heat to low. Cover and cook for another 3 minutes, then test for doneness by sticking a knife or chopsticks in the middle of the pancake to test if it’s fully cooked. If the stick or knife comes out clean, it’s cooked.

5. Spread 1-2 tbsp of okonomiyaki sauce on top of the pancake and spread out evenly. Sprinkle the aonori (seaweed powder) and drizzle the Japanese mayonnaise. Top the pancake with bonito flakes and spring onions. Serve right away.

LONGSILOG

Chef Rolando Laudico of Chef Laudico Guevarra’s and OK Cafe taught the audience his secret to making his elevated version of Filipino breakfast classic longsilog (a portmanteau of longanisa, sinangag, and pritong itlog or sausage, fried rice, and fried egg). His version features longanisa meatballs on creamy garlic salted egg risotto, poached eggs, and oven dried tomatoes.

Ingredients:

Longanisa Meatballs

500g longanisa ground meat

½ cup small white onion, diced

2 tbsps fresh basil, chopped

2 tbsps fresh Italian parsley

½ cup grated parmesan cheese

1 whole egg, beaten

1 cup bread crumbs

½ cup milk

4 tbsps extra virgin olive oil

Creamy garlic salted egg risotto

1 cup risotto rice (arborio or any short grain rice)

2 tbsps butter

1 head of garlic, minced

1 liter chicken stock

1 cup of cream

2 salted eggs, chopped fine

Sea salt and freshly ground pepper, to taste

Oven dried tomatoes

6 whole tomatoes, halved

Sea salt and freshly ground pepper, to taste

Extra virgin olive oil, to drizzle

Poached eggs

4 eggs

Sea salt

4 cups of water

Procedure:

1. To make the longganisa meat balls, begin by mixing bread crumbs and milk together in a cup and let milk absorb for 5 minutes. In a big bowl, take out fresh longganisa meat from the casing (discard casing) and mix all other ingredients together. Refrigerate for 30 minutes to an hour. Form into meatballs and fry using a non-stick pan with 4 tablespoons of olive oil until brown. Place in a sheet pan and bake in the oven at 175C for 10-15 minutes or until meatballs are fully cooked.

2. To make the risotto, heat butter in a saucepan on medium high heat and add minced garlic. Saute for 2 minutes or until garlic is golden in color, then add risotto rice or sticky rice and cook for 2 minutes. Add chicken stock 1 cup at a time and gently stir until the liquid has been totally absorbed. Repeat the process until the rice is cooked. Rice should be a bit al dente. Add more stock if needed depending on the type of rice used. Finally, add cream and finely chopped salted egg then cook for another 2-3 minutes. Garnish with fresh herbs like Italian parsley.

3. For the tomatoes, slice them in half then season with sea salt and pepper. Bake in a 175C oven for 15 to 20 minutes or until tomatoes have dried a bit.

4. For the poached eggs, add water in a small cup then add a pinch or two of sea salt. Break the whole egg and add to the cup being careful not to break the yolks. Place the cup in a microwave for 45 seconds to a minute depending on the power of the microwave. Spoon out the poached egg onto a paper towel to absorb excess liquid. Repeat the process with the other 4 eggs.

5. For assembly, on a platter or plate, spread the salted egg garlic risotto then top with the longanisa meatballs, oven-dried tomatoes, poached eggs, and garnish with fresh herbs.

La Germania products are available online through La Germania’s official e-commerce website www.lagermaniaph.com and e-commerce platforms on Shopee and Lazada.

Asia United Bank posts higher profit in 2nd quarter on lower loan loss provisions

BW FILE PHOTO

ASIA UNITED BANK Corp. (AUB) saw its net income rose to P1.2 billion in the second quarter as it set aside lower buffers for the expected loan losses.

The bank’s net profit in the second quarter went up by 7.72% to P1.2 billion from P1.114 billion a year ago as loan loss provisions dropped, AUB said in a e-mailed response on Wednesday.

It set aside P896 million in provisions for credit losses from January to June this year, 41% lower than the P1.5 billion it allotted in the same period last year.

But even as it logged a better net income last quarter, AUB’s first semester profit was lower by 17.4% at P1.9 billion versus the P2.3 billion logged in the comparable year-ago period due to lower trading and securities gains, it said in a disclosure to the local bourse on Wednesday.

This translated to a return on equity of 11% and return on assets of 1.2%.

The bank’s net interest income was at P5.4 billion in the first half, inching up from P5.366 billion a year ago, due to weak loan appetite amid sluggish consumer and business activities.

Meanwhile, AUB’s operating expenses went down by 3.6% to P2.7 billion from P2.8 billion.

“Growing customer acceptance of its digital channels also helped trim its operating cost as well as increase efficiency and productivity,” the bank said.

AUB’s 45.1% cost-to-income ratio in the period was lower than the local banking sector’s average of 53.8%, it said in its statement. 

On the funding side, the bank booked total deposits of P282 billion last semester, up by 22% from the P230.3 billion seen the year prior due to the rise in its low-cost current account, savings account (CASA) deposits.

CASA deposits made up 71% of the bank’s total deposits during the period, higher than its 68% share last year.

The bank posted a capital adequacy ratio of 15.9% at end-June, up from 16.9% a year ago.

Its total assets as of June also grew by 16% to P336 billion from P289 billion the year prior.

“We expect 2021 to be a better year than 2020 due to the vaccine rollouts by the government and the private sector that will help improve consumer confidence and lead to increased economic activity. However, we remain cautious and vigilant about the COVID-19 variants and the economic impact of the ongoing pandemic. We are not letting our guard down,” AUB President Manuel A. Gomez said in the statement.

The bank had 270 branches across the country as of June, which includes 48 branches of its four subsidiaries. — B.M. Laforga

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