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AstraZeneca COVID-19 vaccine 76% effective in new analysis of US trial

AstraZeneca said its coronavirus disease 2019 (COVID-19) vaccine was 76% effective at preventing symptomatic illness in a new analysis of its major US trial—a tad lower than the level announced earlier this week in a report that was criticized for using outdated information.

US health officials had publicly rebuked the drugmaker for not using the most up-to-date information when it published an interim analysis on Monday that said the vaccine was 79% effective.

The latest data was based on 190 infections among more than 32,400 participants in the United States, Chile, and Peru. The earlier interim data was based on 141 infections through Feb. 17.

“The primary analysis is consistent with our previously released interim analysis, and confirms that our COVID-19 vaccine is highly effective in adults,” Mene Pangalos, executive vice-president of BioPharmaceuticals R&D at AstraZeneca said in a statement.

AstraZeneca said it plans to seek US emergency use authorization in the coming weeks and the latest data has been presented to the independent trial oversight committee, the Data Safety Monitoring Board.

AstraZeneca reiterated on Thursday that the shot, developed with Oxford University, was 100% effective against severe or critical forms of the disease. It also said the vaccine showed 85% efficacy in adults 65 years and older.

“A lot of us were waiting for this large, well-constructed, and reported Phase III study,” said Paul Griffin, a professor at the University of Queensland.

“This appears to be a very effective vaccine with no safety concerns. Hopefully, this should now give people the confidence that this vaccine is the right one to continue to use moving forward,” he said, adding that he and his parents have taken the vaccine.

The updated 76% efficacy rate compares with rates of about 95% for vaccines from Pfizer/BioNTech and Moderna.

The AstraZeneca vaccine is, however, seen as crucial in tackling the spread of COVID-19 across the globe, not just due to limited vaccine supply but also because it is easier and cheaper to transport than rival shots. It has been granted conditional marketing or emergency use authorization in more than 70 countries.

 

The highly unusual rebuke from US health authorities had marked a fresh setback for the vaccine that was once hailed as a milestone in the fight against the COVID-19 pandemic, but has been dogged by questions over its effectiveness and possible side-effects.

The shot has faced questions since late last year when the drugmaker and Oxford University published data from an earlier trial with two different efficacy readings as a result of a dosing error.

Then this month, more than a dozen countries temporarily suspended giving out the vaccine after reports linked it to a rare blood clotting disorder in a very small number of people.

The European Union’s drug regulator said last week the vaccine was clearly safe, but Europeans remain skeptical about its safety. — Rocky Swift/Reuters

Phoenix Petroleum Philippines, Inc. announces schedule of stockholders’ meeting

2021 ‘too early’ to end BSP easing

By Luz Wendy T. Noble, Reporter

IT MAY BE “too early” for the central bank to unwind the accommodative measures it rolled out at the height of the coronavirus pandemic, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said ahead of today’s policy review, but assured it is ready to respond if signs of second-round effects of higher inflation become more pronounced.

“It is too early to talk about exit strategy at this time. We share the view that 2021 will be a recovery year and that the economy will not be back to its 2019 level in the aggregate until perhaps the second half of 2022,” Mr. Diokno said in an online briefing on Wednesday.

“There is a need to maintain monetary policy accommodations as necessary while remaining vigilant against the threats to price and financial stability objectives,” he added.

Last year, the BSP slashed benchmark interest rates by 200 basis points to provide support to the crisis-stricken economy. This brought the rates on the central bank’s overnight reverse repurchase, lending, and deposit facilities to all-time lows of 2%, 2.5%, and 1.5% respectively.

In its Feb. 11 policy meeting, the Monetary Board kept rates unchanged but raised its inflation forecast this year to 4% from 3.2% previously.

It will meet today to review its policy settings. Nineteen analysts in a BusinessWorld poll last week expect the central bank to continue its “prudent pause” to support the government’s goal of achieving 6.5% to 7.5% economic growth this year following the 9.5% contraction logged in 2020.

Headline inflation spiked to 4.7% in February, already beyond the BSP’s 2-4% target for the year and the fastest pace since the 5.1% logged in December 2018, the government reported earlier this month. Prices have been rising due to recent typhoons and the African Swine Fever outbreak in the country.

Mr. Diokno earlier said they have infused some P2 trillion in additional liquidity into the financial system through central bank policy support. This is equivalent to about 10% of the country’s economic output. He confirmed on Wednesday that the central bank is still buying securities from the secondary market.

“The timing of the BSP’s exit strategy will primarily depend on a number of factors such as the outlook on inflation and output, liquidity and credit condition, financial sector risk, state of public health, as well as global developments and spillovers,” Mr. Diokno said.

“The BSP remains vigilant against upside risk factors that may threaten the achievement of the inflation target,” he added. “Should this factor persist and show signs of spilling over to the demand side in the form of increased clamor for wage and transport fare hikes or elevated inflation expectation, then the BSP will assess the need for an appropriate monetary policy response.”

For now, he said higher commodity prices caused by supply disruptions are being addressed by non-monetary policy measures from the National Government. These include the price cap on some meat products in Metro Manila and the relaxed limits on pork imports.

With the current rise in prices seen to be “transitory,” Mr. Diokno said risks to inflation remain “broadly balanced” and could tilt towards the downside by 2022. The central bank expects inflation to average 2.7% next year, down from the 4% forecast for 2021.

The central bank chief said they are also monitoring “any emerging risks to financial stability, including the buildup of imbalances in asset markets.”

“The sustained recovery of the economy as well as the prevention of permanent scarring effects require that the heavy lifting should come primarily from fiscal and health authorities,” Mr. Diokno said.

Upper middle-income status still achievable by next year, NEDA says

By Beatrice M. Laforga, Reporter

THE GOVERNMENT’S target to become an upper middle-income country by 2022 is still achievable even as the pandemic derailed progress, the National Economic and Development Authority (NEDA) said on Tuesday, though private analysts aren’t as optimistic due to the huge impact of the global health crisis on the economy.

“We were likely to become an upper middle-income country (UMIC) in 2020 prior to COVID-19 (coronavirus disease 2019). The original target is next year, and if things still go as planned, we think we can still hit that target but it really hinges on all of society, really working towards this,” NEDA Undersecretary Rosemarie G. Edillon said in an online forum late Tuesday.

The government targets to graduate to upper middle-income status by 2022. It is also eyeing to secure an “A” long-term credit rating by that year as the Philippines loses the concessional loan rates it currently enjoys.

It aims to borrow P3 trillion this year, up by 9.49% from the P2.74 trillion it raised in 2020, to help fund its planned spending worth P4.5 trillion. Its budget deficit is projected to reach 8.9% of gross domestic product (GDP).

The country remained a lower middle-income economy last year with a gross national income (GNI) per capita of $3,850 in 2019, based on latest World Bank data.

The multilateral bank adjusts its income brackets annually to consider inflation: economies with a GNI per capita of $4,046-$12,535 are tagged as upper middle-income, while lower middle-income countries are those with $1,036-$4,045 GNI per capita.

The economy shrank by 9.5% last year, the worst contraction in Philippine history, due to the coronavirus pandemic and prolonged lockdowns.

“With the economy in recession and GDP only expected to return to 2019 levels by end-2022, it would be difficult to expect the Philippines to graduate to upper middle-income status by getting over the threshold of $4,000+ per capita GDP,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said via e-mail on Wednesday.

In case it fails to hit the target by next year, Mr. Mapa said the government would still enjoy concessional rates for foreign loans or official development assistance (ODA) for another two years, a “silver lining” for the country as it relies heavily on borrowings, especially now that tax receipts are still down.

“Nonetheless, the Philippine authorities will need to double efforts to get the economy back on its feet, not necessarily to chase lofty goals and status but rather to help support the millions of Filipinos struggling under the weight of this pandemic,” Mr. Mapa said.

Filomeno S. Sta. Ana III, co-founder and coordinator of the group Action for Economic Reforms (AER), said while the government’s goal to gain upper middle-income status by next year has been “impeded” by the ongoing public health crisis, it should avoid getting preoccupied with these targets and focus on managing the pandemic instead.

“We have been set back by a few years. We will recover, and the challenge is how we can facilitate the recovery. It goes without saying that to facilitate recovery, we first have to contain the pandemic,” Mr. Sta Ana said in an e-mail.

He said the government also has fiscal space to increase borrowings and drive economic growth as debt repayment will not be an issue amid the tax and structural reforms previously put in place to strengthen the state’s capacity to boost revenues.

ING’s Mr. Mapa likewise said the government should ensure attaining its targets results in improving Filipinos’ quality of life.

“At the end of the day, upper middle-income status and “A”-level credit ratings would be nice to have but the real goal would be to ensure a vibrant economy with rising incomes amidst declining unemployment and poverty,” he said. “After all, a robust economic growth model and declining poverty go hand in hand with attaining UMIC status, but sometimes we must always be careful not to put the cart before the horse.”

PHL interested to join transpacific trade deal

THE PHILIPPINES has expressed interest in joining a transpacific trade deal, or the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Trade Secretary Ramon M. Lopez has written to the New Zealand government, the depositary of the agreement, to say the Philippines plans to accede to the deal, Trade Undersecretary Ceferino S. Rodolfo said in an online event on Tuesday.

The agreement was signed in 2018 by 11 member countries Japan, Australia, Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

The United States pulled out of its earlier version in 2017.

Chinese President Xi Jinping in November last year said China is “actively considering” joining the pact, while Taiwan has been conducting informal talks with the member countries.

A year after it formally left the European Union, the United Kingdom at the end of January said it would request to join the free trade area and start negotiations this year.

The Philippine Trade department started studying potentially joining CPTPP after the November signing of another mega trade deal, the Regional Comprehensive Economic Partnership (RCEP). Mr. Rodolfo had said the department can now devote its resources on new trade deals after concluding years of negotiations for the 15-country agreement.

Mr. Rodolfo said the department is also in talks with India, Chile, Pakistan, and Turkey for potential preferential trade agreements.

“Both the Philippines and India, we have already agreed that we will start exploration of negotiating a preferential trade agreement,” he said.

India had opted out of RCEP due to concerns about the deal’s potential repercussions on its local farmers and small businesses.   

The Trade department plans to complete both its ratification process for RCEP and get the Senate’s concurrence this year.

Negotiations on the free trade agreement with South Korea are in their final stages, Mr. Rodolfo added. Talks had earlier stalled on items like bananas, for which Philippine producers are seeking lower tariffs, and South Korean auto exports, for which Seoul is seeking greater access. — Jenina P. Ibañez

Gov’t seeks P9.7-billion loan from WB to address malnutrition

CAUSES of undernutrition in the Philippines stretch across multiple sectors, from poor quality of diet served to children in their own households to insufficient access to health and environmental services. — BW FILE PHOTO

THE GOVERNMENT is looking to tap the World Bank (WB) for a $200-million (P9.73-billion) loan to expand and improve nutrition programs in local government units (LGUs), a document from the multilateral bank showed.

The World Bank said the proposed “Philippines Multisectoral Nutrition” project loan will be acted upon by its board on Nov. 25.

“The proposed project would support the government of the Philippines to adopt a bold, multisectoral nutrition approach to deliver a coordinated package of nutrition-specific and nutrition-sensitive interventions across the various LGU platforms,” the document published on Wednesday read.

The main implementing agencies of the proposed project are the Department of Social Welfare and Development (DSWD) and the National Nutrition Council.

The multilateral bank said 30% of Filipinos under five years old are stunted to date, 19% are underweight and 6% are wasted, or those experiencing severe weight loss due to starvation or illness.

Children are considered stunted if the height relative to age is below than the population’s average because the body’s growth was severely slowed down by the lack of nutrition.

The social and economic impacts of the coronavirus pandemic pose “grave risks to the nutritional status and survival of young children” as the rate of hunger in the country climbed when the crisis hit, it added.

It said 30.7% of Filipino families suffered hunger and 8.7% reported severe hunger during the crisis, the highest in 20 years, based on a September 2020 survey by the Social Weather Stations.

As more Filipino families went hungry because of the crisis, the World Bank said more children will suffer from undernutrition this year, report poor performance in school, and be less productive when they become adults if there is no intervention.

“The persistence of very high levels of childhood undernutrition in the Philippines, despite the country experiencing decades of economic growth and poverty reduction, could lead to a staggering loss of the country’s human and economic potential,” the multilateral lender said.

It estimated that the burden of high childhood undernutrition on the economy was valued at $4.4 billion or equivalent to 1.5% of gross domestic product (GDP) in 2015.

Causes of undernutrition in the Philippines stretch across multiple sectors, from poor quality of diet served to children in their own households to insufficient access to health and environmental services.

The bank said the proposed project should boost the capacity of LGUs to effectively implement programs promoting nutrition among Filipino children.

The $200-million project loan is divided into three components, with the first part supporting LGUs to improve their capacity to rollout their nutrition and healthcare services.

The second component aims to help nutrition-related efforts of the government across selected communities to be more coordinated, while promoting healthy behaviors in these areas.

The loan will also strengthen the management capacity of implementing agencies, provide technical assistance to the newly established Bangsamoro autonomous government, and proper monitoring of the project’s progress.

“The proposed financing remains highly relevant to the World Bank Group’s twin goals to reduce poverty and promote shared prosperity as it continues to focus on service delivery at frontline levels and by incentivizing integrated outreach services in reproductive, maternal and child health, and nutrition services,” the World Bank said. — Beatrice M. Laforga

DoubleDragon REIT makes ‘challenging’ PSE debut

By Keren Concepcion G. Valmonte

THE real estate investment trust (REIT) of DoubleDragon Properties Corp. has debuted at the stock exchange on Wednesday to hold the record number of small investors, which its top official described as mostly from the provinces.

Edgar “Injap” J. Sia II, chairman of DDMP REIT, Inc. (DDMPR), said the initial public offering (IPO) during the pandemic “is definitely not a walk in the park.”

“We believe this is our share of also promoting a more inclusive economy, and that what we can achieve together now during these challenging, never-been-chartered territories, brought about by this pandemic,” he said during the listing ceremony at the Philippine Stock Exchange (PSE).

In attendance for the listing ceremony were PSE officials, DDMPR directors, and officials from DoubleDragon Properties.

Finance Secretary Carlos G. Dominguez III commended DoubleDragon’s business resilience amid the pandemic, as it also launched the IPO of its grocery retailer MerryMart Consumer Corp. last year.

“As with the previous [IPOs] made during the pandemic, DoubleDragon’s REIT listing reflects the strong confidence of our investors in our economic recovery,” Mr. Dominguez said in his recorded message.

Some 17.83 billion shares of the company are now listed.

DDMPR is the second REIT to debut at the local bourse, after Ayala Land, Inc.’s REIT offering last year.

PSE President and Chief Executive Officer Ramon S. Monzon said he hopes more real estate firms will consider offering REITs.

“With more REIT issuances, we are not only providing companies a platform to raise capital for their expansion, we are also giving investors more investment options and we are helping the country through the reinvestment policy required from REIT issuers,” Mr. Monzon said in a taped message.

Mr. Dominguez said “REITs are indispensable to rebuilding a strong and truly inclusive economy for our people.”

“These will make available huge volumes of capital to our financial system that will help fund our long term growth,” he added.

DDMPR told the exchange on Monday that it needed an additional day to complete the lodging of its shares, after over 50,000 investors subscribed to its IPO.

Shares of DDMPR were priced at P2.25 apiece with a projected yield of over five percent. The company said these were decided for “the fragmented small and medium investors from across the country.”

PSE’s Mr. Monzon noted that DDMPR now holds the record for the highest number of local small investors for an IPO, with some 12,073 seen to be invested in the REIT listing.

“I was merry to have observed that it looks like majority of the DDMPR IPO subscribers could be from thousands of provincial investors who normally just park their passive funds in bank time deposits,” Mr. Sia noted.

The DDMPR chairman said he hopes to see “the access to investing would become far wider and more inclusive than it is.” He called DDMPR shares a “pamana stock,” which features freehold titled land and developed buildings.

DDMPR’s portfolio includes the first six completed buildings in DD Meridian Park at the Bay Area, corner of Macapagal Avenue and EDSA Extension in Pasay City. It offers some 280,000 square meters of office space.

“DoubleDragon’s REIT offering is worth as much as P14.7 billion, [which is] the largest REIT issuance in the Philippines so far. The investment portfolio is very compelling,” Mr. Dominguez noted.

The company said in November that the majority of sale proceeds will be used as equity into Central Hub Industrial Centers, Inc.

In its first day of trading, DDMPR’s intraday high was at P2.40 and shares were traded for as low as P2.24.

“It has been volatile, particularly in the first 30 [minutes],” Philstocks Financial, Inc. Research Associate Claire T. Alviar said in a Viber message.

“We think that its performance was still good and allows long-term investors to have a slice of [a] REIT in their portfolio at its IPO price but with a few charges this time. REITs are good for dividend play with a long term holding period,” Ms. Alviar added.

DDMPR shares at the stock exchange closed at its listing price of P2.25 apiece on Wednesday.

SEC seeks stricter rules on cross-shareholding

THE Securities and Exchange Commission (SEC) has proposed to ban subsidiaries from acquiring shares of their parent firm in a draft set of rules on cross-shareholding structure for publicly listed companies.

“Studies show that the ill-effects of cross-shareholding outweighs its benefits,” the corporate watchdog said in a proposed memorandum circular.

Cross-shareholding, as defined by the SEC, refers to a structure where a subsidiary company owns or acquires a stake in its parent company. This may be done directly or indirectly through intermediaries.

The commission said cross-shareholding in complex networks may cloak beneficial ownership. It may also lead to “anti-competitive business practices favoring only existing networks.”

“[It] may result in conflict of interest situations wherein the same ownership over shares is shared by parties with conflicting interests, thereby resulting [in] inefficient use of capital,” the SEC said.

Subsidiaries that acquired shares before the passage of the circular will be exempted. The proposed circular will also not apply to companies that bought shares before becoming subsidiaries in their parent firms.

“In both cases, the parent company shall cause the conversion of the subject shares into non-voting shares within 12 months from the effectivity of this memorandum circular,” the commission said.

Stockholders will also be allowed to dispose of or exercise their right to appraise their shares within the same timeframe.

Transfer agreements or subscription to shares violating the rule will be considered void.

“If, after due notice and hearing, the commission finds that any provision of this memorandum circular has been violated, the commission may impose any or all of the sanctions provided under Section 158 of the Revised Corporation Code,” the SEC said.

The administrative sanctions include a penalty fee of P5,000 to P2 million, and not more than P1,000 to P2 million for each day of continued violation.

Violators may also be issued a permanent cease-and-desist order, face suspension or revocation of their certificate of incorporation, and/or the dissolution of the corporation and the forfeiture of its assets.

The SEC will be accepting comments from the public regarding the memorandum circular until April 2. — Keren Concepcion G. Valmonte

In preparation for when people can travel, Singapore pushes Zi Char-style cooking

AKIN to our very own bihon, rice vermicelli is the centerpiece of this tasty dish which is usually served with many toppings: shrimp, pork, and veggies.

AS WE remain in our homes thanks to new restrictions, we long for a taste of the world beyond.

The Singapore Tourism Board is launching a new campaign called “Singapore Reimagined,” designed to give virtual tourists a view of Singapore they may not have experienced before. “Studies have shown that the first wave of travel for people will be domestic travel,” said John Conceicao, Executive Director for Southeast Asia of the Singapore Tourism Board. “The next wave of travel, when we open to international travel, the interesting thing is that the studies have shown that people will actually start travelling in the proximity regions that means in our Southeast Asian region.”

He also said that when people travel again, they will choose familiar and safe destinations. “I think Singapore has these two characteristics: familiarity to Filipinos as well as safety will be very attractive to tourists.”

In relation to dining, they’re anchoring the campaign on Zi Char, a less well known Singaporean cooking style that is “influenced by home-cooked food,” noted a press release from the Singapore Tourism Board.  The cooking style unique to Singapore is predominantly Chinese, with imprints of Malay, Indian, and Peranakan; reflective of Singapore’s multicultural nature. Zi char is molded by home and family, shown in its big servings and its familiarity in hawker stalls where the dishes are regularly seen. The cooking style gave the world dishes such as Cereal Prawns, White Bee Hoon, and Coffee Pork Ribs.

“Zi Char dishes are cooked to order and customized to one’s liking and are hearty yet easy on the pocket — food meant for sharing. And sharing a meal is one thing Filipinos love doing,” noted the press release.

Zi Char is pronounced something like “tzu-cha,” as they showed in a video starring Filipino actor turned chef and restaurateur Marvin Agustin, husband-and-wife celebrities Yael and Karylle Yuson, and comedian Victor Anastacio.

“It’s a popular go-to for many Singaporeans, like myself,” said Ruby Liu, Area Director for the Philippines of the Singapore Tourism Board. According to her, it’s a pick-me-up after work, or else eaten with friends and family. “Sometimes they want to eat something really hearty and share. Zi Char is really something we would choose for such a meal,” she said in a webinar on Mar. 12.

While Mr. Agustin demonstrated how to cook the White Bee Hoon meal sent to us for a taste of Singapore (you’re supposed to saute the noodles first), we’re bound to see more of Mr. Agustin in a web series demonstrating how to make Cereal Prawn, Coffee Pork Ribs, and Seafood White Bee Hoon. He’s co-starring with Singaporean chef Bjorn Shen, one of the judges for the first two seasons of MasterChef Singapore.

The video for the correct pronunciation of Zi Char is on facebook.com/VisitSingaporePH, as well as the announcements for the series’ premiere.

“We want to bring a slice of Singapore to Filipinos despite the lockdown. We hope that during this period, we can show you lesser-known aspects of Singapore and that you can get to know us a little bit better, so that in the future, when you visit Singapore, you can try something totally new and fresh,” said Ms. Liu. —  Joseph L. Garcia

AREIT identifies 10 properties in P15-B swap deal with Ayala Land

AYALA LAND, Inc.’s real estate investment trust AREIT, Inc. has identified 10 properties included in the P15-billion property swap deal.

In a disclosure to the exchange on Wednesday, AREIT said the deal totaled 250,000 square meters (sq.m.) of leasable space, which includes: Vertis North Commercial Development; One and Two Evotech in Nuvali Santa Rosa, Laguna; Bacolod Capitol Corporate Center; Ayala North Point Technohub; office condominium units at BPI-Philam Life buildings in Makati’s Central Business District; and the Madrigal Business Park in Alabang.

“This transaction demonstrates the priority of a well-designed REIT, which is to generate compelling yields for its shareholders. At the same time, it allows AREIT to grow its assets significantly and increase shareholder value,” AREIT President and Chief Executive Officer Carol T. Mills said in a statement.

The largest of the properties is based in Quezon City, Vertis North. The commercial development includes 125,000 sq.m. of leasable space and a 39,000-sq.m. retail podium.

The development’s retail component is operated by Ayala Land subsidiary under the Ayala Malls brand.

“[It] will pay a monthly guaranteed building lease to AREIT for a period of 36 years, ensuring stable income to AREIT,” the company said.

Vertis North’s three office buildings are 97% occupied. These spaces are currently leased to large business process outsourcing companies, as well as Google Services Philippines, Inc., Teleperformance, Telus Corp., and Global Payments, Inc.

The Nuvali Evotech properties meanwhile offer 23,000 sq.m. of leasable area. It is currently occupied by Concentrix CVG Philippines and IBM Business Services.

In Negros Occidental, Bacolod Capitol Corporate Center features 11,000 sq.m. of leasable area, which is currently occupied by ARB Call Facilities. Meanwhile, the 5,000-sq.m. Ayala North Point Technohub is housing iQor.

“Furthermore, the office condominium units in the BPI-Philam Life Buildings in Makati and in Alabang have a total of 1,500 sq.m., 100% occupied and leased to Oberthur Card Systems in Makati and Amaia Land, an Ayala Land subsidiary headquartered in Alabang,” AREIT said.

The property-for-share deal with Ayala Land is still subject to the approval of shareholders and regulatory bodies.

AREIT’s board of directors also approved the increase in the company’s authorized capital stock to P29.5 billion from P11.74 billion on Tuesday.

The board has also approved the subscription of Ayala Land to 483.25 million primary common shares of AREIT at P32 per share to swap for the Ayala Land commercial developments valued at P15.46 billion.

The transaction will bump AREIT’s outstanding common shares to 1.51 billion from 1.02 billion shares. Ayala Land will own some 66% of the total shares.

AREIT’s deposited property value will also bump to P52 billion from P37 billion. The company’s leasing portfolio will increase to 549,000 sq.m. from 344,000 sq.m.

“The properties are expected to contribute further to its operating cash flows, boosting dividends per share,” AREIT said.

AREIT shares at the stock exchange rose by 0.61% on Wednesday to close at P33 apiece from P32.80. — Keren Concepcion G. Valmonte

What is seitan? The vegan protein alternative going viral online

THE TREND towards vegetarian and vegan diets means more people are looking for meat-free protein alternatives.

Enter seitan (pronounced say-tan), the latest food trend that’s going viral online.

Seitan can be made by washing the starch off flour, so what you are left with is mainly gluten. Wheat gluten has been used as a substitute for meat in Asian countries for centuries, particularly among Buddhists who prefer not to eat meat. George Ohsawa, Japanese advocate for the “macrobiotic” diet, coined the term seitan for wheat gluten in the early 1960s.

Seitan’s versatility and “meatiness,” combined with the need for tasty, vegan protein options have contributed to its huge increase in popularity world-wide in recent years.

As well as being flavorsome and reminiscent of meat, seitan is relatively high in protein and non-haem iron compared to other vegetarian protein foods.

One serving around the size of the palm of your hand contains about 75 grams of protein, enough for most adults for a day. Gram for gram, that’s about three times as much protein as beef or lamb.

With about 5 milligrams of iron per 100 grams, seitan has as much iron as kangaroo meat or beef. But as for other plant-based foods, the non-haem iron in seitan is not as readily absorbed as the haem iron in meats.

A small serve of seitan (100 grams) contains about 14 grams of carbs, which is about the same as one slice of bread.

Seitan doesn’t contain any soy, unlike tofu or tempeh. So it’s a good option for people with a soy allergy.

You can make seitan just from flour and water, but it does take about an hour from start to finished product.

To prepare seitan, combine flour with a little salt and water to form a soft dough. Then keep kneading the dough under cold running water (to remove the starch) until it becomes a very stiff and stretchy dough.

If you’re in a hurry, you can cheat by mixing commercially available “vital wheat gluten” with water.

Either way, once you’ve got the gluten dough, flavor it with spices or sauces and then pan fry or boil it.

You can serve it as a steak substitute, sliced and stir-fried, “pulled” like pork, or crumbed and made into a vegan schnitzel. Seitan meals have been known to be mistaken as meat by some fairly serious carnivores!

It might be worth taste testing ready-made seitan from a shop to check whether you like it before making it yourself, but this often contains added salt as a preservative. Make sure the sodium content is under 400 milligrams per 100 grams. It’s a good idea to limit your sodium intake, and the Heart Foundation recommends no more than 2,000 milligrams per day.

Well, it’s definitely not suitable for people diagnosed with celiac disease or with a known adverse reaction to the gluten proteins in wheat.

If that’s you, then tofu and legumes are suitable meat substitutes. Another sustainable, gluten-free option is Quorn, a protein-rich food made by fungi.

If you get a bloated tummy or gut pain after eating bread or pasta, but definitely don’t have celiac disease, it would be interesting to know whether you tolerate seitan. If you do, it could be you don’t tolerate the carbohydrate part of wheat, but can tolerate gluten. A research team at the University of Newcastle, of which I am a part, is investigating whether people who report gut pain after eating wheat are sensitive to the gluten or to the fermentable carbohydrates (FODMAPs) in wheat.

For everyone else who wants to decrease or avoid meat, seitan is versatile and one of the closest in texture and flavour to meat of any vegetarian protein options — so break out the mixing bowls and get kneading. — Reuters

 

Kerith Duncanson is a Senior Research Fellow at the School of Medicine and Public Health at University of Newcastle

Puregold posts nearly 19% net income growth

LISTED grocery operator Puregold Price Club, Inc. reported an unaudited consolidated net income of P8.05 billion in 2020, which is an 18.9% increase from its 2019 net income of P6.77 billion.

“Our company has [achieved] a record breaking year in 2020 despite [a] lot of challenges due to COVID-19 (coronavirus disease 2019) pandemic,” Puregold Chairman Lucio L. Co said in a statement on Wednesday.

The company’s unaudited consolidated net sales also inched up to P168.63 billion in 2020, up by 9.2% from P154.49 billion seen in the previous year.

Puregold Stores network accounted for 73% of the company’s total revenues, while 27% were contributed by S&R Membership warehouse clubs and S&R New York Style Pizza stores. The company did not disclose specific figures.

The company’s unaudited consolidated income from operations grew by 17.3% to P13.4 billion from P11.4 billion in the same period last year.

Without disclosing figures, the company reported that Puregold Stores posted a same store sales growth (SSSG) of 2.4% in 2020, while S&R grocers recorded an SSSG of 8.7%.

Puregold has a total of 470 stores nationwide as of December 2020, including 403 Puregold stores, 20 S&R membership shopping grocers, and 46 S&R New York Style Pizza shops.

“We are committed to drive sustainable growth in 2021 [through] continued store expansions and innovations in grocery retailing.” Mr. Co said.

Shares of Puregold at the stock exchange went up by 1.13% or P0.45 on Wednesday to close at P40.45 per share. — Keren Concepcion G. Valmonte

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