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Philippine Jan.-Feb. meat imports decline 12.5%

MEAT IMPORTS in the first two months of the year fell 12.5% from a year earlier to 122,098.31 metric tons (MT), according to the Bureau of Animal Industry (BAI).

The BAI said over the weekend that meat imports fell mainly due to reduced volumes for chicken, lamb, turkey, and buffalo products, even as pork, beef, and duck imports rose.

Chicken imports totaled 34,948.28 MT, down 57.2% from a year earlier. 

Around 56.9% or 19,893.56 MT of the chicken meat imports came in the form of mechanically deboned meat (MDM), a raw material used by the food industry in canned goods and other processed meat products. Chicken MDM imports dropped 55.7%.

Pork imports rose 91.3% year on year to 58,757.07 MT, while beef imports rose 10.9% to 22,489.89 MT.

Buffalo meat imports fell 9.4% year on year to 5,713 MT; turkey imports fell 40.4% to 142.55 MT; and lamb imports fell 83.7% to 39.70 MT.

Duck imports rose 32.8% year on year to 7.82 MT.

The largest source of imports in the year to date was the US, which accounted for 19.6% or 23,928.47 MT.

Canada supplied 17.4% or 21,202.21 MT, Spain 13.2% or 16,079.54 MT, and the Netherlands 8.2% or 9,982.23 MT.

Jesus C. Cham, president of the Meat Importers and Traders Association, said in a mobile phone message that the jump in pork imports was due to high prices and tight supply of domestically-grown pork.

“There was a strong increase in pork imports — almost double. This is due to the high price and scarcity of domestic pork,” Mr. Cham said.

Pork products sold in Metro Manila recently touched highs of P400 per kilogram, which subsequently pushed the government to implement a price ceiling.

Executive Order No. 124 implemented on Feb. 8 limited the price of pork shoulder (kasim) to P270 per kilogram, pork belly (liempo) to P300 per kilogram, and whole chicken to P160 per kilogram.

The DA has estimated a pork supply deficit of 400,000 MT due to the African Swine Fever outbreak in domestic hog farms. 

It has petitioned to increase the pork imports Minimum Access Volume (MAV) import quota to 404,210 MT from the current 54,000 MT.

Pork imports within the MAV quota are charged a 30% tariff, while pork imports outside the quota must pay 40%.

Mr. Cham said the decline in chicken MDM imports indicates that meat processors are facing a raw material shortage.

“The lower economic classes will have less affordable choices.  A reduction of pork tariffs is needed to provide more affordable pork,” Mr. Cham said.

The DA also has a pending proposal to lower the tariff on pork imports within MAV quota to 5%-10%, and those outside the MAV to 15%-20%, as part of overall efforts to expand pork supply.

As of Jan. 1, the national hog inventory fell 24.1% year on year to 9.72 million animals, according to the Philippine Statistics Authority. — Revin Mikhael D. Ochave

PNB may sell nonperforming loans, assets

PHILIPPINE National Bank (PNB) is interested in tapping the provisions of the Financial Institutions Strategic Transfer (FIST) Law to clean up its balance sheet, an official said.

“As to the extent, that’s still being determined, but yes, we are interested in selling or transferring our nonperforming assets to take advantage of the benefits to capital,” PNB Executive Vice President and Chief Financial Officer Nelson C. Reyes said in an online briefing on Friday.

The bank is currently in the process of identifying eligible nonperforming loans (NPLs) and assets that can be transferred to FIST corporations that will be established under Republic Act No. 11523.

“Siguro (Maybe) the expectation is for the preliminary list of these identified eligible NPLs will be completed some time during the second quarter,” Mr. Reyes said, noting they have started preparing even as the implementing rules and regulations of the new law are still underway.

Enacted in February, the FIST Law allows lenders to sell their NPLs and assets to FIST corporations and also grants tax exemptions for these transactions.

With many ailing businesses and as borrowers remaining cash-strapped due to the crisis, officials hope that financial institutions could be encouraged to lend once they clean up their balance sheets through the FIST law.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno earlier said the law could trim banks’ NPL ratio by 0.63 to 7 percentage points. The industry-wide NPL ratio stood at 3.61% as of end-2020.

Both the BSP and the Securities and Exchange Commission have circulated draft guidelines for feedback from concerned industries last month.

PNB’s NPL ratio stood at 6.93% as of end-2020, based on its audited financial statement. PNB Chief Executive Officer and President Jose Arnulfo “Wick” A. Veloso said their restructured loans made up 7.5% of their loan portfolio last year.

He said they will be refocusing their activities moving forward to respond to the changing business landscape caused by the pandemic, adding they will prioritize critical sectors in the new normal.

“These include projects covered by the ongoing infrastructure program of the government just focused on supporting economic recovery efforts. Because next year is an election year, we are expecting increased government spending to push the completion of these numerous infrastructure projects nationwide,” Mr. Veloso said.

He added they are also keen on extending credit to industries engaged in telecommunications, human health and social work activities, hospital activities, retail selling and supermarket, and manufacturing of food products.

PNB’s net income dropped 73.14% to P2.6 billion in 2020 from P9.68 billion in 2019 due to heightened loan loss provisions during the pandemic.

Its shares closed at P23.25 apiece on Friday, down by five centavos or by 0.21% from its previous finish. — L.W.T. Noble

Changing lanes and shifting gears

How a pandemic has changed the way we move (and live)

IT SEEMS a long time ago when we could just, on a whim, hop on a car, a motorcycle, a bus, a taxi, or a train — and simply go where we want to go without a care in the world.

Today we need to make sure that, even more than money, we shouldn’t leave home without a face mask, a face shield, and a bottle of alcohol or hand sanitizer. And we cannot go just wherever we please. In fact, if we can help it, we should all stay and work or do schooling at home — at least until this newly resurgent virus is brought under control.

Going out of town? You need an RFID tag. This new tollgate feature — fast-tracked by government — required toll operators to employ cashless transactions. The rationale is sound, even if the timelines dictated were so tight that horrendous lines appeared at most tollway entry points as motorists rushed to get their RFID stickers. More problems cropped up as some machines reportedly failed to read the RFID stickers or some motorists would drive up with no load on their RFID accounts, among other issues.

Then there are the travel permits and quarantine passes, the IDs, the contact tracing forms and QR codes, and what have you — whether you’re going out of town or just to the supermarket.

This pandemic has truly and totally disrupted mobility as we know it.

So, what do we do now?

Life goes on, and being mobile is still essential. We all still need to go out to buy essentials (even occasionally, for those who acquire their essentials via Grab Pabili or similar services) and many of us still need to go out to earn a living.

Buses, jeepneys, UV Express vans, and the MRT/LRT have limited seating due to physical distancing requirements between passengers. Tandem-riding on motorcycles was banned during ECQ but has since been allowed with varying restrictions over the last several months. Even tricycles are prohibited from having more than one passenger in the sidecar, even if it’s a parent and child.

The safest way, COVID-wise, to regularly commute therefore is via one’s own car or motorcycle. Needless to say, motorcycles sales, which have been on an upsurge even before COVID-19 struck, have maintained its growth through the pandemic. Unfortunately, the number of accidents, major and minor, involving motorcycles have also grown, perhaps due to the high number of people who are just learning how to ride and are already riding on busy thoroughfares, but also probably due to the higher number of riders out there. It’s a simple statistical fact: The more riders, the higher the probability of traffic incidents and accidents.

Unfortunately, motorists on four wheels are no exception. Many people are just learning how to drive and hitting congested roads without first gaining enough experience and expertise.

Many accidents, not caused by alcohol intake or reckless driving, are caused by simple driver error that would’ve been easily avoided by more experienced drivers.

Indeed, it’s a sobering or downright nerve-wracking world out there right now. And even if we can all manage to work or study from home, there are still issues with the mental and psychological effects that being cooped up inside a house — whether alone or with others — that must be dealt with.

Fortunately, there is a light at the end of the tunnel. This, of course, are the vaccines that will hopefully break this pandemic by making our immune systems better adapted to fighting off the virus. It will not completely eradicate the virus, but it will allow vastly more people (#SanaAll) to survive, and hopefully, thrive in a post-pandemic world.

Then perhaps we can all just jump in our shiny cars, vans, SUVs, or pickup trucks and head on out to the beach and other tourist destinations with families and friends.

With not a care in the world.

Rizal Park, Paco Park remain open for physical exercise

BECAUSE of the sudden increase in COVID-19 cases in Metro Manila, the National Parks Development Committee (NPDC) is adjusting visiting hours to Rizal Park and Paco Park, but the parks will remain open.

Starting Mar. 19 until further notice, both parks are limiting their operating hours to 6 to 10 a.m. They will only be open to park goers ages 18 to 65 who are engaging in physical exercise.

In accordance with the guidelines issued by the Inter-Agency Task Force for the Management of Emerging Infectious Diseases and the Department of Tourism, visitors must wear their face masks and face shields to be permitted entry inside the park premises. These personal protective equipment may only be removed during intense physical exercise and if able to maintain a distance of six feet from others. Park goers are encouraged to download and register with the StaySafe.PH mobile application to enable contactless contact tracing prior to entry to the two parks.

All would-be park goers are reminded to refrain from going to the park if they are feeling unwell, exhibit signs and symptoms of coronavirus disease 2019 (COVID-19), or if they have come in close contact with a person who has tested positive for or is suspected to have COVID-19. Marshals are also present on-site to assist park-goers if they begin to feel unwell within the premises.

Metro Manila fish prices stabilize, Agri dep’t says

FISH PRICES in Metro Manila have stabilized as closed fishing seasons ended and aquaculture producers filled in supply gaps, the Department of Agriculture (DA) said.

Agriculture Undersecretary Cheryl Marie Natividad-Caballero said in a statement that round scad, or galunggong, currently retails for P180 per kilogram, down from its previous price range of P260 to P280 per kilogram.

“Aquaculture… helped us augment supply during our lean months,” Ms. Natividad-Caballero said.

The DA said price monitoring indicates that tilapia and milkfish, or bangus, have remained at P120 per kilogram and P180 per kilogram.

“With the resumption of large supplies of fresh marine commodities in the market, our consumers now have more affordable fish to choose from and put on their tables,” Ms. Natividad-Caballero said.

Closed fishing seasons in major fishing grounds like the Zamboanga Peninsula have ended, reopening the supply pipeline for marine fish like galunggong.

According to the DA, the Philippine Fisheries Development Authority recorded 9,506.81 metric tons (MT) of fish unloaded at the Navotas Fish Port Complex during the first 15 days of March.

Marine commodities accounted for 5,743.44 MT, followed by frozen fish products at 2,282.49 MT, and aquaculture at 1,480.88 MT.

“Our abundance of supply now is perfectly in time with our urgent need to ramp up efforts to ensure the nation’s food security as we battle an even stronger challenge from the coronavirus disease 2019 (COVID-19) pandemic,” Ms. Natividad-Caballero said. — Revin Mikhael D. Ochave

Nickel Asia joins UN sustainability project

NICKEL ASIA Corp. said it had been accepted as a member of the global sustainability initiative called United Nations Global Compact (UNGC) that looks into a company’s commitment to factors, including human rights and the environment.

Nickel Asia said in a statement on Sunday that it presented its business approach and value system to UNGC in order to be considered as a member.

“This is a huge deal for all of us at Nickel Asia because it effectively binds us to the proverbial umbilical cord of what UNGC represents to the world,” Martin Antonio G. Zamora, Nickel Asia president and chief executive officer, said in the statement.

According to Nickel Asia, UNGC is a sustainability initiative that “supports global companies that are committed to responsible business practices in the areas of human rights, labor, the environment, and corruption.”

It added that UNGC member companies are expected to act in environmentally responsible ways in relation to climate change, water and sanitation, energy, biodiversity, food, and agriculture.

“Companies are also expected to recognize the link between environmental issues, and social and development priorities,” Nickel Asia said.

Jose Bayani D. Baylon, Nickel Asia vice-president for corporate communications, said the standard operation procedures in the company’s mining subsidiaries have been to prepare for the UNGC membership.

“Mining continues to fight in the reputation category and the UNGC will help demonstrate our track record as we publicly report on how effectively we manage environment, social and governance issues,” Mr. Baylon said in the statement.

Nickel Asia’s attributable net income for 2020 rose 51.9% year on year to P4.07 billion due to higher ore export prices.

The company’s total revenues rose 21.5% to P21.77 billion compared to P17.92 billion in 2019. It added that some 10 million wet metric tons (WMT) of nickel ore were exported last year, a 3.9% drop from 10.4 million WMT the year earlier. — Revin Mikhael D. Ochave

MG lines up easy ownership deals this month

MG PHILIPPINES offers deals comprised of cash discounts or low down payments on its portfolio of cars and SUVs through its “Onward and Forward With MG” sales promo. Through this campaign MG’s “modern, stylish, attainable, British-heritage offerings” are made more accessible to the Filipino motoring public.

Ongoing until the end of March, the promo allows buyers to get an MG vehicle for as low as zero down payment. Refer to the table below for details.

Every MG purchased from MG Philippines-The Covenant Car Company, Inc. (TCCCI) comes with a five-year/100,000-km (whichever comes first) vehicle warranty, and one-year free periodic maintenance service (PMS) on all brand-new vehicles purchased on or before Dec. 31, 2020; as well as free car tint and floor matting, three-year LTO registration, and third-party liability coverage.

Meanwhile the My MG mobile app allows owners to easily schedule vehicle servicing from their smartphones; MG Mobile Garage service caravan allows scheduled home vehicle repair services; MG Online Garage provides online technical vehicle consultations with MG service specialists; and MG Hero Services extends 24/7 roadside support through the MG Philippines hotline (+632 5328-4664).

MG Philippines has 36 operational dealerships in the following locations: In Metro Manila: Alabang, Araneta-Cubao, BF Parañaque, Commonwealth, Congressional, EDSA Centris, Makati, Marikina, North EDSA, Otis, Pasay, Sucat, Quezon Avenue; in Luzon: Bacoor, Batangas, Cabanatuan, Calasiao, Camarines Sur, Carmona, Dasmariñas, Lipa, Marilao, Pulilan, San Fernando, Sta. Rosa, and Taytay; in the Visayas: Bacolod, Bohol, Cebu-Mandaue, Iloilo, and Tacloban; and in Mindanao: Cagayan de Oro, Davao, General Santos, Valencia, and Zamboanga.

For more information, visit https://www.mgmotor.com.ph/dealers for a list of MG Philippines showrooms and their contact details, and browse through the site for more information about MG Philippines products and services.

Peso to weaken versus dollar as infections go up

THE PESO may continue to weaken against the greenback this week due to the surge in coronavirus infections which has forced the government to tighten restriction measures anew.

The local unit finished trading at P48.62 per dollar on Friday, appreciating by six centavos from its P48.68 close on Thursday, based on data from the Bankers Association of the Philippines. However, it shed 16.5 centavos from its P48.455-per-dollar close a week earlier.

The peso’s climb on Friday was supported by the downward correction in oil prices, Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said.

Meanwhile, UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the increase in daily COVID-19 cases drove market sentiment last week.

For this week’s peso-dollar trading, Mr. Asuncion said he expects investors to continue monitoring new infections.

The Philippines on Saturday logged 7,999 new cases, the highest daily increase since the pandemic started. This brought the tally to 656,056, of which 80,642 are active cases.

He added that a continued increase in US benchmark yields could also fuel risk-off sentiment that could cause the peso to weaken against the greenback.

US Treasury yields have been picking up in past weeks, with the benchmark 10-year notes and 30-year papers on Thursday fetching their highest yields since January 2020 and August 2019, Reuters reported. However, they marginally retreated by Friday due to the decline in oil prices.

For his part, RCBC’s Mr. Ricafort said the market will also watch out for the local central bank’s policy decision on Thursday for further signals on inflation expectations.

A BusinessWorld poll held last week saw 19 analysts expecting central bank policy makers to maintain the key rate at its all-time low of 2% at their meeting this Thursday. They said lower rates and fiscal measures from the government are increasingly necessary amid a supply side-driven spike in inflation.

The Bangko Sentral ng Pilipinas’ (BSP) Monetary Board left benchmark interest rates untouched at its Feb. 11 meeting but raised its inflation forecast for this year to 4% from 3.2% previously due to rising oil prices. The central bank last year slashed rates by 200 basis points to provide support to the virus-stricken economy.

Headline inflation stood at 4.7% in February, picking up from 4.2% in January 2021 and 2.6% in February 2020, the government reported earlier this month. It was also the fastest pace since the 5.1% print in December 2018.

Year to date, February inflation settled at 4.5%, beyond the BSP’s 2-4% target for the year.

BSP Governor Benjamin E. Diokno said earlier this month that the central bank is not inclined to tighten monetary policy yet as they see the uptick in inflation as “temporary,” with pressures coming from the supply side.

For this week, Mr. Ricafort gave a forecast range of P48.50 to P48.70 per dollar while Mr. Asuncion expects the peso to move within a wider band of P48.50 to P48.50 versus the dollar. — L.W.T. Noble with Reuters

Tips on getting a good night’s sleep

AS WE roll into a second year in a lockdown, we take on one of the health issues this pandemic has brought to our homes: bad sleep. A mattress company and a health tracker have both come up with suggestions on how to maximize sleep and improve its quality.

To celebrate World Sleep Day (Mar. 19 around the world), mattress company Uratex held a Zoom conference on sleep, since, naturally, it takes sleep seriously. “Uratex has been advocating for quality of sleep. We put a premium on the value of sleep,” said Josephine Casal, Uratex Sleep Business Unit Marketing Head. Its campaign for this year is: “Better Sleep, Better U.”

Ms. Casal addressed sleep problems during the pandemic: “A lot of people have suffered, and maybe, still suffer from anxiety, depression, and COVID-somnia. It’s not even over yet. These mental and sleep health problems are still affecting us.”

Dr. Keith Aguilera, President of the Philippine Society of Sleep Medicine, said that they noticed there was “COVID-somnia,” based on what their patients and clients said during teleconsultations at the beginning of the lockdowns last year. According to him, these people did not have sleep-related issues until the lockdowns came into place.

He then gave tips for getting better sleep. For good quality sleep, he said, one has to consider duration, continuity and depth. The optimal sleep time is seven hours for adults. “We don’t like you sleeping for more than nine hours, and definitely having a shorter sleep of less than five hours is not good for your health,” he said. One must make sure that one is sleeping continuously throughout the seven hours, going through each stage of sleep: light, deep, and REM (rapid eye movement). Going through the deep sleep stage improves wakefulness and cognitive function, while going through REM brings psychological well-being and consolidates complex learning.

For this, health tracker Fitbit, which pioneered sleep tracking technology over a decade ago, has a range of sleep technologies that are geared to understand sleep and provide the exact data and insights needed to improve sleeping habits, including Sleep Mode, which turns off notifications and disables the screen to sleep without distractions, the Sleep Score which measures the quality of sleep including heart rate, restlessness, time awake, and Sleep Stages,  which tracks time spent in each sleep stage, as well as time awake.

Fitbit also came up with a list of tips for a better sleep, many of which reflect those given by Mr. Aguilera. Here are some tips for a better night’s sleep according to Mr. Aguilera and Fitbit:

  1. Establish a regular sleeping and waking time, said Mr. Aguilera.
  2. Take a nap when tired —  with a caveat: “We often recommend [a] 30-minute nap. If you can avoid naps, that’s better. Try to use all your tiredness at night,” said Mr. Aguilera.
  3. Manage stress, said Fitbit. With how long and hectic days can be – especially in a pandemic where the work-life balance has been upturned for those working from home — stress can set in, possibly leading to elevated heart rates, quickened breathing, and the increase of stress hormones in the body which can inhibit the body’s natural need to relax. As the onset of stress can impact sleep, simple destressing practices such as meditation, deep breathing exercises, or meditative movement like yoga can go a long way towards improving a person’s emotional well-being, which can possibly improve one’s quality of sleep.
  4. Control substance use, like smoking, drinking, or taking stimulants, for these affect your sleep, and set a caffeine cut-off time. Mr. Aguilera recommends not taking caffeine six hours before your prescribed bedtime.
  5. Don’t go to bed hungry — a little snack can help (with an emphasis on “little”), said Mr. Aguilera. Fitbit, meanwhile, suggested that the ideal diet to promote better sleep quality is one rich in fruits, vegetables, lean meats, whole grains, and dairy. Additionally, one ought to limit intake of heavily processed foods, sugar-rich snacks, as well as caffeine and alcohol can promote positive outcomes in terms of sleep quality. It did note that food consumed throughout the day — not just before bedtime —  affects the quality of sleep. Eating sugary foods throughout the day can affect blood sugar levels — leading to feelings of fatigue which can affect sleep patterns, it notes. And due to the need to digest food, consuming a heavy meal before bedtime can interfere with the body’s natural process of winding down.
  6. While exercise can help regulate sleep patterns, don’t work out less than three hours before your prescribed bedtime, said Mr. Aguilera.
  7. Get comfortable —  this includes bedding, said Mr. Aguilera, setting a room temperature at about 21-24 degrees celsius, and eliminating light: “The darker the room, the more melatonin your body [produces],” the doctor pointed out.
  8. Reserve your bed for sleeping (and other bed-related activities). A bed isn’t for working.

“The truth is, we spend up to one-third of our lives sleeping. The best investment for your lifetime is getting a good bed. Sleep is a basic human need, much like eating and drinking, and is crucial to our overall health and well-being. Quality sleep is crucial to ensure good health and quality of life. There’s no effort in getting good sleep, because it’s practically free. You just have to help yourself,” he said. —  JLG

Nestlé recycles cocoa fruit waste to replace sugar in chocolate

ZURICH — As confectionery groups scramble to reduce added sugar, chocolate sweetened with cocoa fruit pulp is about to hit supermarket shelves with food giant Nestlé ready to launch its “Incoa” bar.

Using cocoa fruit pulp, which is normally discarded, to flavor products reduces sugar and cuts food waste while boosting the income of cocoa farmers who can “upcycle” their cocoa by selling both the pulp and the beans.

That ticks several boxes with health- and environmentally-conscious consumers.

“This is a big launch, we give it to all the customers who want it and don’t limit supplies,” Alexander von Maillot, Nestlé’s global head of confectionery, told Reuters this week.

The company is launching Incoa, which has no added sugar, in supermarkets in France and the Netherlands with other European markets to follow.

Nestlé is sourcing the raw material from cocoa farms in Brazil, but also working with partners in West Africa to see if pulp production could work there. Von Maillot said cocoa farmers could boost their income by 20-40% if they also sold the pulp.

Lamine Keita, a cocoa farmer in Duekoue, Ivory Coast, said he hadn’t yet been asked to sell cocoa fruit pulp. “If we can sell more than the beans to increase our income, that’s all we can ask for because beans alone are not enough to get us out of poverty,” he said.

Jerome Koffi, who cultivates cocoa on four hectares of land in Soubre, also said he’d gladly sell more, but at the moment there was only demand for beans.

Fruit pulp doesn’t come cheap — Incoa bars on Dutch retailer Albert Heijn’s website cost about 50% more than other dark chocolates. But Von Maillot said although the cost meant pulp was not suitable for replacing sugar in mainstream products, there may be other uses for cocoa fruit chocolate, for example in baking.

Lindt & Spruengli and Germany’s Ritter Sport have also launched limited editions of cocoa fruit chocolate which sold out quickly. Both said they planned to launch the products on a larger scale once enough cocoa fruit was available.

Swiss chocolate maker Felchlin’s cocoa fruit preparation found its way into macarons and truffles that high-end chocolatier Spruengli — unrelated to Lindt — called a “world novelty.”

Lindt and Felchlin source cocoa fruit pulp from Swiss-Ghanaian startup Koa koa-impact.com, which uses solar-powered mobile units to process fresh pulp from 1,600 small farmers. Koa is able to process 250 tons a year but wants to increase its capacity 10-fold within the next two years.

Industry Major Barry Callebaut, meanwhile, is getting ready to supply its WholeFruit Chocolate to chefs and artisans. It has also set up a dedicated brand, Cabosse Naturals, to sell cocoa fruit ingredients to customers like Mondelez International to use in fruity snacks. 

The Upcycled Food Association said commercializing cocoa fruit worldwide could reduce greenhouse gas emissions by more than 20 million tons per year. It defines “upcycling” as using food ingredients that humans wouldn’t consume, with verifiable supply chains and a positive environmental impact.

Brigette Wolf, head of Mondelez’s SnackFutures, said upcycling appealed to those who want to “make an impact” with their food choices.

The company plans to have three varieties of CaPao Cacaofruit Fruit Bites on sale this year, in more than 2,000 stores by the end of 2021 or early 2022.

Commodities specialist Tedd George said extracting additional value from the crop could boost West Africa’s cocoa sector because current incentives were only focused on growing and selling more beans.

“There’s an opportunity for new products made from cocoa fruits to also be health products and that changes the game for the value you can get out of them,” he said, citing health benefits associated with dark chocolate.

Nestlé has been repositioning itself as a health and well-being company, reducing sugar in its products, and has also set sustainability targets including for cocoa.

George said the launch of cocoa fruit products didn’t address fundamental issues like child labor or deforestation, but could fuel investment and drive change in cocoa-producing communities.

He said companies should also develop cocoa products for African tastes. “If there was also local demand for cocoa, that would boost farmers’ pricing power.” — Reuters

Court denies FCF Minerals’ tax refund claim

THE Court of Tax Appeals (CTA) denied the claim of mining company FCF Minerals Corp. for a refund of its payment for value-added taxes (VAT) and customs fees worth P57.9 million for its importation of capital equipment in 2013.

In its March 15 ruling, the CTA denied the petition for “lack of merit” as FCF must comply with all the requisites for tax exemption on the importation of capital equipment in the Financial or Technical Assistance Agreement (FTAA).

FCF and the Philippine government entered the FTAA in September 2009 for FCF’s Runruno Gold Molybdenum Project in Quezon town, Nueva Vizcaya.

Under the said agreement, FCF would be exempted from VAT and customs fees on its importation of capital equipment, subject to five requisites.

FCF claimed the refund based on the first requisite that the importation should have taken place during or before the company’s recovery period.

The court ruling, referring to Revenue Memorandum Circular (RMC) No. 17-2013, said the recovery period is “five years or at a date when the aggregate of the net cash flows from the mining operations is equal to the aggregate of its pre-operating expenses, reckoned from the date of commencement of commercial production, whichever comes first.”

The court affirmed FCF’s claim that its importation took place before its recovery period, but ruled that FCF did not satisfy the second requisite that “the capital equipment [should not be] available domestically in comparable price and quality.”

FCF submitted to the court a certification that its imported capital equipment was not available domestically, but the court did not find it acceptable as the certificate was for only one brand of equipment, although there were other brands in the market that were comparable in price and quality. — Bianca Angelica D. Añago

Lexus Ambassador Tabuena wins big at Eagle Ridge

PROFESSIONAL golfer and Lexus brand Ambassador Miguel Tabuena took home the trophy during the recently held Philippine Golf Tour ICTSI Eagle Ridge Championship. Mr. Tabuena won by two strokes over his closest competitor.

Mr. Tabuena is no stranger to the course, where he played a few times. His last local triumph happened at Eagle Ridge in 2018 before campaigning abroad. “I was pretty familiar with the conditions and it wasn’t the hardest because the greens were actually in good shape and it was pretty easy to read the putts,” he said in a Lexus Philippines release. Nevertheless, it was still a hard-fought victory over some of the best golfers in the Philippines.

He fell behind early on, but was able to rebound strong via four birdies in a seven-hole stretch from no. 3 to storm ahead. “Playing golf at such a young age gave me the chance to learn, from early on, how to be competitive,” he revealed. “I enjoy the thrill of competition and I think if there’s something I learned from playing competitive golf since I was about five years old, it was how to win gracefully and lose gracefully.”

But it was all about winning during that weekend. Mr. Tabuena wants his game to speak for itself. This eliminates the temptation to try too hard to make things work. “If I prepare well, remain focused and quietly confident, the wins will come.”

Mr. Tabuena is the highest-ranked Filipino golfer in the Official World Golf Rankings after cementing his dominance in our region. He won his first Asian Tour title at the Philippine Open in 2015 — the first Filipino since 2008 to win his national open. In 2016, he represented the Philippines in the World Cup of Golf and in the Summer Olympics. The golfer won a second title on the Asian Tour at the Queen’s Cup in Thailand hosted by the Jade Foundation in 2018.

Mr. Tabuena is now preparing himself for future tournaments. “It’s a matter of getting back to work and fixing few things that I think I could improve on,” he added. The golf pro shared that he still finds time to practice regularly on the golf course and at the driving range, and he has been working hard on his physical and mental conditioning. As a Lexus brand ambassador, Mr. Tabuena is familiar with the quest to constantly improve and evaluate one’s self. “I suppose I love the pressure because it helps assure me that I am in the right place,” he said. “What’s a win without the pressure?”

The golfer concluded, “One day I hope to be someone other golfers can look up to… I know I have been given a talent by God, and this is something that I don’t take lightly. I have a responsibility to hone this craft and make the most of what I’ve been given.”

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