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Dining In/Out (09/02/21)

Kee Wah Bakery mooncake arrives in Manila

THE MID-Autumn Festival is almost here — it falls on Sept. 21 — and so is the season of mooncakes. Gemini Premium Label, Inc., the official distributor of Hong Kong mooncakes from Kee Wah Bakery, brings the best-selling premium mooncakes to the Philippines. The Kee Wah Supreme Mooncakes come in Kee Wah Bakery’s signature tin can, decorated with a classic emperor’s portrait; available in two varieties: White Lotus Seed Paste with Two Yolks and Golden Lotus Seed Paste. A tin containing four 185 gm mooncakes goes for P3,400. There are also mini variants, with each mooncake weighing around 60 gm. The two variants — Mini Golden Lotus Seed Paste with Yolk and Mini White Lotus Seed Paste Mooncake with Yolk — come in a box of eight for P2,100. Other flavors are also available: Red Bean Paste Mooncake, Assorted Nuts Mooncake, and Red Bean Paste Mooncake with Two Egg Yolks (prices of a tin containing four 185-gm pieces can range from P2,800 to P3,200 depending on the flavor). Also available are the Kee Wah Celestial Series Mooncakes in a selection of sweet and savory flavors. Each gift box is packaged in an ethereal cloud or moon design. This series offer the Quadrangle Mooncake Gift Box containing four Assorted Best-seller mooncakes for P4,500, the Supreme Assorted Mini Mooncake with eight assorted mooncakes for P2,500, and the Supreme Selected Mini Mooncake with eight assorted mooncakes for P2,400. The Celestial Series Mooncake flavors include Golden Lotus Seed Paste Mooncake, Eu Yan Sang Red Bean Paste Mooncake with Mandarin Peel, Mini Eu Yan Sang Red Bean Paste Mooncake with Mandarin Peel, the Date Paste Mooncake with Pine Nuts, and the Assorted Nuts Mooncake with Salted Pork ( prices per box vary depending on flavor). There are also lower calorie versions of their classic mooncakes, made with natural sugar substitute, maltitol. Going beyond the tradition lotus seed paste filling, also on offer are Egg Custard Mooncakes with a variety of flavors (prices for boxes of 35 gm mooncakes vary according to flavor): Egg Custard Mooncake, Chocolate and Egg Custard Mooncake, Earl Grey Tea and Egg Custard Mooncake, and Fruit Yogurt Custard Mooncake with strawberry and orange peel variants. There are also ongoing special promos to make the most out of every purchase: buy any two Kee Wah Supreme Mooncake to get one free Kee Wah Bakery tote bag (promo runs until supplies last); and free delivery within Metro Manila for every order worth P6,000 made via Facebook, Instagram, Metromart, and Pickaroo until Sept. 21. The mooncakes and other Kee Wah Bakery biscuits, cookies, eggrolls, Chinese tea and other snacks (which are available year-round) can be found at the Lazada Official Store (Hong Kong Kee Wah Products Philippines), Shopee Official Store (Hong Kong Kee Wah Products PH), Pickaroo (Kee Wah Bakery), Metromart (Kee Wah Bakery), and  GrabMart (Kee Wah Bakery). There are also pop-up stores in the following locations: The Podium, Ground Level East; Robinsons Magnolia, Upper Ground; and Power Plant Mall (Rockwell), R2 Bridgeway. Visit the Kee Wah Bakery website at www.keewahproductsphilippines.com/ and its official social media pages for more details: Facebook (@hongkongkeewahproductsphilippines) and Instagram (@hongkongkeewahproductsph).

Hong Kong’s MX mooncake is back in Manila

HONG KONG’S best-selling mooncake and pastry brand, Hong Kong MX, is back with classic and new mooncake flavors in time for this year’s Mid-Autumn Festival on Sept. 21, care of its official Philippine distributor, Double Down Import & Export, Inc. The mooncakes are 100% made and imported from Hong Kong, guarantee only the best quality. Among the many flavors are Lava Custard Mooncake, which utilizes the unique double-baked technique which folds pre-baked crushed golden egg yolk-laced creamy custard paste into layers of milky crust. The flavor now comes in new packaging. The Lava Quartet Mooncake set offers two pieces of classic Lava Custard Mooncake, along with two Lava Chocolate Mooncakes, two Lava Caramel Macchiato Mooncakes, and two Lava Cheese Mooncakes. There is the Custard Duet Mooncake which contains three Lava Custard Mooncakes and three Creamy Custard Mooncakes. A box of Delightful Moon Assorted Mooncake contains three Lava Custard Mooncakes and three pcs of Lava Chocolate Mooncakes. This year, Hong Kong MX launches a special tumbler gift box series featuring the Minions’ Stuart and Dave. The Stuart mooncake gift box features eyes that will move along the chubby tumbler and goggles that light up. The tumbler is filled with Hong Kong MX’s new original Lace Lotus Seed Paste Mooncake with an egg yolk filling. The Dave mooncake gift box also gets a tumbler makeover, sporting a playful expression when flipped over and similar goggles that light up. It contains the new Purple Sweet Potato Mooncake. Each Minions gift box comes with four mini mooncakes, along with a special packaging box and bag featuring a Minion in a Chang’e costume. Also on offer is the classic Lotus Seed Paste mooncake series: White Lotus Seed Paste Mooncake with two Egg Yolks and Lotus Seed Paste Mooncake with two Egg Yolks. The newly designed gift box is inspired by the Moon Goddess Chang’e. New this year is the Lace Lotus Paste Mooncake, a hybrid of aromas, flavors, and texture made with salted egg-yolk filling, white lotus seed paste, and a skin with crushed caramelized peanuts. Hong Kong MX also offers low-sugar mooncake variants which make use of sugar substitutes. The Low Sugar Series is comprised of Reduced Sugar White Lotus Seed Paste Mooncake and Reduced Sugar White Lotus Seed Paste Mooncake with Pine Nut. Both comes in boxes of six pieces. Also available are eggrolls. Choose from its original flavor that comes in the classic cube-shaped tin containing 32 eggrolls or the assorted variant containing 36 eggrolls. The Assorted Petite Eggroll carries flavors such as original, coconut, chocolate, and matcha. Visit https://doubledownimportexportinc.storehub.me for more details. Hong Kong MX mooncakes are available on different channels such as Facebook (Hong Kong MX Products Philippines), Instagram (@hkmxproductsph), Lazada and Shopee (Hong Kong MX Products Phils), GrabFood (Hong Kong MX Bakery), Pickaroo (Hong Kong MX), and MetroMart (Hong Kong MX). There are also pop-up store in the following locations: SM Mall of Asia, Greenhills V-Mall, Robinson’s Manila, Uptown BGC, and Ayala Cloverleaf.

Johnnie Walker launches limited edition 200th anniversary bottles

IN CELEBRATION of its 200th anniversary, Johnnie Walker is unveiling a brand-new bottle design for three of its iconic blends. For a limited time only, Johnnie Walker Red Label, Black Label, and Gold Label Reserve will come in an eye-catching look. The Johnnie Walker 200th Anniversary Limited Edition Red Label has a suggested retail price (SRP) of P685, the Black Label has an SRP of P1,440, and the Gold Label Reserve has an SRP of P2,069. They are available in all leading supermarkets nationwide and select e-commerce specialty stores. As part of its 200th anniversary celebration, Johnnie Walker has partnered with popular local streetwear brand Support Your Friends (SYF) to produce limited edition merchandise inspired by the Johnnie Walker 200th Anniversary Limited Edition Bottle: a shirt, a tote bag, and a bucket hat. The Johnnie Walker x SYF shirt is available for an SRP P1,200; the tote bag at P850, and the bucket hat comes free with every purchase of the Johnnie Walker Black Label 200th Anniversary Limited Edition Design Bottle, all available only while stocks last at syf.ph. For more information, check out the Johnnie Walker Facebook page at Facebook.com/JohnnieWalkerPH.

McDonald’s offers Barbie or Hot Wheels Limited Edition Tumbler

MCDONALD’S is giving limited edition tumblers for free with its Barbie or Hot Wheels Happy Meal Collector’s Sets. Order four of the Happy Meals, which come with four Barbie or Hot Wheels toys of your choice, and a get a limited-edition tumbler starting at P399. The Barbie Happy Meal comes with either the Princess Barbie, Ballerina Barbie, Racer Car Barbie, or the Vet Barbie. Meanwhile, the Hot Wheels Happy Meal includes the Gazella-R Jump, Twin Mill Hoop, Bone Speeder Track Switcher, or the Blitzspeeder Blast-off Gate. Order a Barbie or Hot Wheels Happy Meal or a Collector’s Set — available during breakfast and regular hours via McDelivery, Drive Through and Take Out. Too, McDonald’s Philippines launched its first Ride-Through Dual Lane in the country in August. Having two Ride-Through lanes means less time queuing. The first dual lane was launched on Aug. 30 at McDonald’s Anabu in Cavite. OPening soon is the dual lane in McDonald’s SLEX Mamplasan.

The Good Meat offers consistency

GET consistently fresh, quality, and safe meat from The Good Meat, the retail meat brand of Pilmico. The Good Meat has various fresh cuts, including cochinillo (roast pig). The lineup of new fresh cuts includes belly soft bone, lechon kawali, and pork tonkatsu and pork tenderloin. The Good Meat also has Ready-to-Cook Lechon Paksiw and Chicken BBQ, Lumpiang Shanghai and BBQ Belly. The products are available through https://thegoodmeat.ph. The website is categorized by meat, ready-to-cook, and pantry needs. Or opt to add their products to a shopping cart through online partners, Shopee and Lazada. The Good Meat is also in MetroMart, GrabMart, and GoRobinsons, and at select partner supermarkets such as Robinsons Supermarket, DiviMart, Shopwise, Puregold, and The Marketplace. For more information on The Good Meat, visit its Facebook page https://www.facebook.com/TheGoodMeat.

Mimi & Bros curates Happy Boxes for home

MIMI & BROS now offers its Happy Boxes — The New Vacay, Thirsty Thursday, Mimi’s Girls Night In, Sunny Sunday Brunch and Munch Box — through its Facebook Page (facebook.com/mimiandbros), Instagram page (instagram.com/mimiandbros), or Viber (0945-79-85176). The New Vacay includes five signature cocktails in a bottle — the Hanging Garden, The Sexy Cappuccino, The Red/White Summer Sangria, and Mango Martini —  along with 10 pieces of umbrella luau (P1,500). Thirsty Thursday on 32nd Street: Party in a Box includes all favorite beer matches. The box, available for P990, includes croquettes, corn dogs, Mimi’s Half Chicken, two side dishes, and one set of paper fans. This is good for two to three party people. Mimi’s Girls Night In: No drama, good for three to four people, includes corn dogs, Ragu pasta, Mimi’s whole chicken, four side dishes, burnt Basque cheesecake, and one set of paper fans (P2,600). The Sunny Sunday Brunch (P3,000) includes croquettes, corn dogs, Lola’s Ragu, whole Mimi’s Fried Chicken, burnt Basque cheesecake, six side dishes, and two sets of party fan decors. The Sunny Sunday Brunch is good for five to six people. The Munch Box includes two Double Smash Cheeseburger or two Chicken Sandwiches, four croquettes, a half order of Chicken Fingers, one order of fries, and two cans of soda or iced tea. This is available for P950 pesos. The boxes and other Mimi & Bros comfort food are available for take-out and through delivery apps including Grab, FoodPanda, and Dingdong app.

Intuit in talks to buy e-mail firm Mailchimp for more than $10B

TRUSTPAIR.COM

INTUIT, Inc., the maker of TurboTax and QuickBooks software, is in talks to buy e-mail marketing firm Mailchimp for more than $10 billion, according to people familiar with the matter.

No final decision has been made and discussions could fall through, said the people, who asked to not be identified because the matter isn’t public. Another buyer could also emerge for the company and others are interested, they added.

The deal would unite two providers of services for small businesses. Intuit has offered QuickBooks accounting software to clients for decades, supplementing it with services such as Credit Karma, which it acquired last year. Mailchimp is focused on digital marketing services, including social advertising, so-called shoppable links and automation products.

Representatives for Intuit and Mailchimp didn’t immediately respond to requests for comment.

Bloomberg reported earlier in August that Mailchimp was exploring a sale. The company also has considered offering a minority stake, people with knowledge of the matter have said. It has attracted interest from both private equity firms and large tech companies such as Intuit. Mailchimp had about $300 million in earnings before interest, taxes, depreciation and amortization in 2020, one of the people said.

The Atlanta-based company traces its origins to a web design agency called the Rocket Science Group, which was founded in 2001 by Ben Chestnut and Dan Kurzius. In January, Mailchimp acquired SMS marketing platform Chatitive, Inc., which allows two-way personalized communication between businesses and their customers.

If talks are successful, it would be the largest deal to date for Intuit, according to data compiled by Bloomberg. The company paid $7.1 billion for Credit Karma, a personal finance website.

Intuit was founded in 1983 by Scott Cook and Tom Proulx and went public a decade later. Its TurboTax product has become synonymous with online tax filing, but small-business services account for a larger part of Intuit’s business — and don’t suffer the same seasonal swings.

Intuit, based in Mountain View, California, is looking to build on a small-business recovery that’s helped fuel sales of QuickBooks and other products. With business customers getting their operations back on track after coronavirus disease 2019 (COVID-19) disruptions — and many digitizing their books for the first time — Intuit has been able to capitalize.

Its latest 2022 forecast, released last week, called for earnings of as much as $11.25 a share, excluding some items. Analysts had projected $10.73. The company also gave a rosy outlook for sales.

The shares have gained 49% this year, closing Tuesday at $566.11 — a record high. — Bloomberg

Carmen Copper to protect jobs amid pandemic

CARMEN Copper Corp. said it aims to ensure its business resilience to sustain the livelihood of its employees despite the coronavirus disease 2019 (COVID-19) pandemic.

“Our co-workers are our valued partners and are key to attaining sustainable operations. As the pandemic took its toll on jobs, we secured our employees’ livelihood,” said Carmen Copper President and Chief Executive Officer Roy O. Deveraturda in a statement on Wednesday.

He said with improved production, the company will remain focused on stable and efficient operations, product quality, accessibility and scale, and producing shared value through responsible stewardship.

Carmen Copper, a subsidiary of listed mining firm Atlas Consolidated Mining and Development Corp., is engaged in metallic mining and mineral exploration and development.

For the second quarter, Carmen Copper recorded a 43% quarter-on-quarter increase in its copper metal production to 22.80 million pounds while its gold production also improved 9% quarter on quarter to 5,829 ounces, based on a July 23 stock exchange disclosure of Atlas Mining.

Meanwhile, Carmen Copper said in a report to the Chamber of Mines of the Philippines that it assured the continued salaries of its employees, provided assistance, and established precautionary protocols to limit infection risks.

According to the mining firm, it carried out flexible work arrangements such as work-from-home options for non-critical personnel and accommodations for those in mine and mill operations, and the provision of free bus rides for commuting employees.

Carmen Copper also disclosed that it has a 30-bed medical facility accredited by the Philippine Health Insurance Corp. The facility treated COVID- 19 positive employees and their dependents.

“The company’s emergency responders and medical teams meticulously traced contacts of people exposed to those who are COVID-19 positive and provided regular testing. It also established quarantine areas inside the mine site and provided nutritious meals, vitamins and supplements for workers who have been exposed to positive patients,” the company said.

Parent firm Atlas Mining posted a P1.94-billion net income in the first half of the year, a reversal of the P190-million net loss it incurred in 2020, due to improved metal prices and better operations.

On Wednesday, shares of Atlas Mining at the stock exchange dropped 2.42% or 15 centavos to finish at P6.06 apiece. — Revin Mikhael D. Ochave

Manufacturing Purchasing Managers’ Index of select ASEAN economies (August 2021)

MANUFACTURING ACTIVITY sharply declined to a 15-month low in August as a fresh surge in coronavirus disease 2019 (COVID-19) infections led to another strict lockdown in the Philippine capital. Read the full story

Manufacturing Purchasing Managers’ Index of select ASEAN economies (August 2021)

How PSEi member stocks performed — September 1, 2021

Here’s a quick glance at how PSEi stocks fared on Wednesday, September 1, 2021.

Peso drops vs dollar on weak PMI 

THE PESO weakened versus the greenback on Wednesday following the release of data showing weak manufacturing activity and the country’s rising debt stock. 

The local unit closed at P50.07 per dollar yesterday, shedding 31 centavos from its P49.76 finish on Tuesday, data from the Bankers Association of the Philippines showed. 

The peso opened Wednesday’s session at P49.73 against the dollar. Its weakest showing was its close of P50.07, while its intraday best was at P49.73 versus the greenback. 

Dollars exchanged climbed to $1.054 billion on Wednesday from $848.73 million on Tuesday. 

The peso dropped against the dollar due to data showing manufacturing activity contracted in August, a trader said. 

The Philippine Purchasing Managers’ Index dropped to 46.4 in August from 50.4 in July, IHS Markit said on Wednesday. This was below the 50 neutral mark that separates expansion from contraction and was the lowest reading since the 40.1 in May 2020. 

IHS Markit attributed the drop in the index to the impact of the two-week lockdown in August, which forced the closure of factories and businesses. 

The continued rise in the country’s debt stock also affected peso-dollar trading, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said. 

The country’s outstanding debt jumped 26.7% to P11.61 trillion from a year earlier as of end-July, based on data from the Bureau of the Treasury released on Tuesday. It also rose by 4% from June. 

For Thursday, Mr. Ricafort gave a forecast range of P49.95 to 50.15 per dollar, while the trader expects the local unit to move within the P50 to P50.25 range. — LWTN 

Stocks fall as manufacturing PMI drops in Aug.

BW FILE PHOTO

SHARES declined on last-minute profit taking after manufacturing activity in the country dropped last month as strict lockdown restrictions were reimposed amid a surge in coronavirus disease 2019 (COVID-19) cases.

The benchmark Philippine Stock Exchange index (PSEi) dropped 69.50 points or 1.01% to close at 6,785.94 on Wednesday, while the all shares index lost 10.32 points or 0.24% to end at 4,215.26.

“The PSEi gave up its gains from the day before on massive last-minute selling pressure. The price momentum of blue-chip issues was the opposite of the previous session,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.

“The large contraction in factory output according to the Philippines’ purchasing managers’ index (PMI) may have been a factor for lightening positions,” he added. “The large number of cases from the greater Metro Manila areas of Cavite, Laguna and Bulacan which is where a lot of manufacturing facilities are located, could be the reason for the perceived slump in factory output.”

Manufacturing activity in the country contracted in August, sinking to its lowest level in 15 months, as the reimposition of strict lockdown measures caused sluggish demand and forced factories and businesses to halt operations, IHS Markit reported on Wednesday.

IHS Markit said the Philippines Manufacturing PMI fell to 46.4 last month from 50.4 in July to again fall below the 50 neutral mark that separates contraction from expansion due to a “renewed contraction in operating conditions” in the sector.

“The local market ended lower along with some Asian markets, as investors weigh carefully the ongoing spread of the Delta variant across the globe, against the pace of the local government’s vaccination program,” Timson Securities, Inc. trader Darren Blaine T. Pangan said in a separate Viber message.

Most sectoral indices declined on Wednesday except for mining and oil, which gained 70.25 points or 0.76% to finish at 9,295.23, and financials, which went up by 9.84 points or 0.68% to 1,437.55.

Meanwhile, property dropped 52.22 points or 1.68% to 3,042.76; holding firms shed 97.26 points or 1.41% to close at 6,778.54; industrials declined by 64.81 points or 0.64% to 9,985.12; and services inched down by 9.32 points or 0.52% to 1,764.29.

Value turnover decreased to P8.82 billion on Wednesday with 2.02 billion shares switching hands, from the P14.85 billion with 2.92 billion issues traded the previous day.

Advancers narrowly beat decliners, 101 against 97, while 41 names closed unchanged.

Foreigners turned sellers, logging P30.61 million in net outflows on Wednesday, from the P306.96 million in net purchases recorded on Tuesday.

“Support may be placed at 6,590, while immediate resistance may be drawn at the 6,900 level,” Timson Securities’ Mr. Pangan said. — Keren Concepcion G. Valmonte

DTI’s Lopez backs open trade in essential goods within ASEAN

PHILSTAR

TRADE SECRETARY Ramon M. Lopez has proposed opening up regional trade for essential goods needed by countries to deal with the pandemic.

He said at a Belt and Road Summit Wednesday that the Philippines did not restrict exports of personal protective equipment such as medical-grade masks throughout the public health crisis.

“We have to honor all the contracts of our exporters and allow them to fulfill their deliveries,” he said.

The 10 members of the Association of Southeast Asian Nations (ASEAN) committed to refrain from using trade restrictions, including non-tariff measures, on essential goods to prevent supply disruptions during the coronavirus disease 2019 (COVID-19) pandemic. 

“It may be useful for those part of the Belt and Road Initiative to consider a similar arrangement with ASEAN to show our stakeholders our collective effort to ensure that supply chains remain open regardless of the pandemic, and that essential goods remain available to our peoples.”

China’s Belt and Road Initiative is Beijing’s global infrastructure development strategy connecting Asia, Africa, and Europe.

Mr. Lopez said regional free trade agreements could help build back supply chains after the pandemic.

The Regional Comprehensive Economic Partnership, a trade pact that includes China, Australia, New Zealand, Japan, South Korea and all 10 ASEAN member countries, was signed last year.

“For strengthened multilateral cooperation, we may need to do more to ensure that trade remains unimpeded,” Mr. Lopez said.

“For the Philippines, it is important therefore to support initiatives that keep markets open and ensure the unhampered flow of essential goods and services by reducing unnecessary trade measures.”

Mr. Lopez has been pushing for the inclusion of rice into the list of essential goods unimpeded by trade restrictions under the ASEAN agreement. — Jenina P. Ibañez

Increased foreign ownership for solar, wind seen requiring legislation

ACENERGY.COM.PH

THE DEPARTMENT of Energy believes new laws may be needed to relax the foreign ownership restrictions for wind and solar projects.

“The National Renewable Energy Board has looked into it — under the leadership of then-chair Monalisa Dimalanta. (But) we have a problem on the interpretation of the Constitution. It states (that) all natural resources with energy potential should undergo service contracting,” Undersecretary Felix William B. Fuentebella said at a webinar organized by the European Chamber of Commerce of the Philippines Tuesday.

“There were exemptions… That’s why we were able to (relax foreign ownership) for biomass and geothermal, but as far as wind and solar is concerned, there may be a need for legislation,” he added.

Biomass and geothermal development are currently open to full foreign ownership.

The Energy department recently held the third round of its open and competitive selection process, which allowed for the full foreign ownership of large-scale geothermal projects including sites like Daklan, Puting Lupa and Mt. Labo, which have a total potential capacity of 74 megawatts.

The 1987 Philippine Constitution prescribes 60-40% ownership in favor of Filipinos for various sectors.

During the webinar, Mr. Fuentebella also addressed whether the department has plans to issue a permanent ban on new coal projects.

“Is it being looked into by the government? Of course, we are looking into all the scenarios as far as whether or not we will pursue coal. In fact, we are even (thinking of going) nuclear… because we have an increase in population while the DBCC (Development Budget Coordination Committee) and NEDA (National Economic and Development Authority) come up with their economic growth numbers. So these are aspects that we have to balance… and (operationalize) in the Philippine Energy Plan,” he said.

Last year, Energy Secretary Alfonso G. Cusi announced that the department is freezing approvals for greenfield coal-fired projects with the goal of making the power supply mix more flexible. — Angelica Y. Yang

Water supply to be tested by pickup in economic activity

BW FILE PHOTO

THE SUPPLY of water is expected to be tight until new sources are tapped starting 2024, with available water to be in high demand when economic activity picks up, according to testimony delivered at a Senate hearing.

Metropolitan Waterworks and Sewerage System (MWSS) Legal Services Manager Augustine M. Vestil, Jr. said at a hearing of the Public Services committee that the water regulator projects supply of 96 megaliters per day in 2021 to 2022.

“This is small, but will help address water (demand) this year,” Mr. Vestil said at the hearing.

The committee’s chair, Senator Mary Grace Natividad S. Poe-Llamanzares, said: “It’s almost guaranteed that we will have a water shortage once we return to some sort of semblance of normalcy.”

She warned of a supply deficit “once all the establishments open.”

Senator Maria Imelda Josefa R. Marcos pointed out from the MWSS presentation that supply will be flat until 2024, indicating no expectation of new water sources, which Mr. Vestil confirmed. He said water concessionaires are currently tapping deep wells to augment supply.

Mr. Vestil said average daily demand would indicate that water will be sufficient for Metro Manila. The capital’s sources are the Umiray River on the Aurora/Quezon provincial boundary, the Angat River, Manila Water Co. Inc.’s Cardona water treatment plant, and Maynilad Water Services, Inc.’s Putatan treatment plant in Muntinlupa.

He noted, are ongoing projects by Manila Water and Maynilad will improve supply, though their impact will be manifest in about three years.

Short-term solutions include mobile treatment plans that can go up within a year, Maynilad Chief Operating Officer Randolph T. Estrellado said.

Metro Pacific Investments Corp., which has a majority stake in Maynilad, is one of three Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls. — Alyssa Nicole O. Tan

Sugar producers expect to be profitable after 100% of local production allocated to domestic market

THE SUGAR Regulatory Administration’s (SRA) decision to allocate 100% of sugar output to the domestic market in crop year 2021-2022 is expected to help producers be profitable because they will not be required to sell sugar to the US at concessionary prices.

Manuel R. Lamata, United Sugar Producers Federation president, said in a phone message that Sugar Order (SO) No. 1, which allocated 100% of production to the domestic market, will mean producers will not be loss-making.

SRA issued SO No. 1 on Aug. 31, which classified the entire crop as “B” sugar, for domestic allocation.  

“We are thankful that the SRA has followed our advice to make all of our sugar production “B.” It will positively benefit the industry since we are going to have the same price all the way. We will not post losses,” Mr. Lamata said.

Mr. Lamata said however that small volume of imports might be needed with supply expected to be tight due to the high levels of projected rainfall, which will negatively affect production. 

“In terms of supply, it is going to be tight. I think we may need to import a bit of sugar. It will depend on the weather and production in the coming crop year. We will know by May next year,” Mr. Lamata said.

The SRA’s pre-milling estimate for raw sugar production for crop year 2021-2022 is 2.099 million metric tons (MT), against the 2.138 million MT produced in the prior crop year.

It added that the production estimate was a result of higher-than-normal rainfall with the re-emergence of the La Niña weather phenomenon in late October or November this year. It is expected to run until the first quarter of 2022, according to the government weather service, known as PAGASA.

“The raw sugar supply and demand projection of SRA Regulation Department shows that even with a carry-over volume of 158,557 MT of domestic sugar, the country’s sugar supply situation is better served with an all ‘B’ domestic sugar allocation for the crop year,” according to the Sugar Order.

Raymond V. Montinola, Confederation of Sugar Producers Associations, Inc. president, said the market will still dictate price movements, but said conditions favor producers.

“I think this year will be good for the producers in terms of prices. But in terms of productivity, I doubt that, especially after coming from La Niña last crop year and the possibility of another La Niña this crop year,” Mr. Montinola said in a mobile phone message.

“As to price, market forces will dictate on what it will be, whether it is going up or down,” he added.

National Federation of Sugarcane Planters President Enrique D. Rojas said in a statement that the order is favorable to sugar farmers.

“This allocation spares sugar producers (from) the losses they suffered last year arising from selling a portion of their sugar production to the US market at a lower price, compared to the more reasonable sugar prices in the domestic market,” Mr. Rojas said.

Moving forward, the SRA said it will conduct periodic assessments during the crop year 2021-2022 and may revise allocations when necessary. — Revin Mikhael D. Ochave 

PHL expected to miss official growth targets due to extended lockdowns

PHILSTAR

PHILIPPINE ECONOMIC growth is expected to come in below the growth targets set by the government with a performance of 3.5% this year and 6.5% in 2022, due to the continued lockdowns, GlobalSource Partners said.

GlobalSource, a macroeconomic and geopolitical risk research house, said it has reduced its gross domestic product growth forecast for 2021 from 4%, while maintaining the outlook for 2022.

Think tank GlobalSource Partners Country Analysts Romeo L. Bernardo and Marie Christine Tang said their projections are less optimistic than the economic team’s 4-5% target for the year and 7-9% next year, on the assumption that the government will continue to declare periodic lockdowns over the rest of 2021.

“With the Delta variant circulating, the threshold for herd immunity a moving target, limited healthcare capacity, and dismally inadequate contact tracing, the more probable scenario for the near term is for an economy under some form of quarantine of varying stringency, unable to quickly close output gaps and return to pre-pandemic growth rates,” they said in an Aug. 28 report.

A faster vaccination rollout to prevent the collapse of the health system will support their projections, but failure to contain future waves could dim the economic outlook further.

Around 12.57% of the country’s total population has been vaccinated as of Aug. 29, according to Our World in Data. The government aims to inoculate its entire adult population this year.

Metro Manila and other parts of the country struggling with high infections were placed under enhanced community quarantine in August.

The authorities reported 14,216 new cases Wednesday, which brought the total number of active cases to 140,949. The Philippines recorded its highest one-day tally Monday with 22,366 new infections.

“Prospects for 2022 are better as more vaccines are administered and preferred western brands become more widely available assuming full regulatory approval locally,” GlobalSource Partners said.

Pent-up demand due to the prolonged crisis should also support a rebound next year, but GlobalSource said growth may not return to its pre-pandemic trend of 6.5-7% over the medium term due to economic scarring.

“The country’s potential growth had started to turn down even before COVID-19, reflecting the end of about seven years of historically higher capital accumulation and waning contribution from estimated total factor productivity (based on five-year averages),” it said.

“We expect that economic scarring resulting from the prolonged pandemic, associated with among others, losses/mismatches in labor skills, bankruptcies, rising inequality with narrower fiscal headroom to close gaps, will further lower potential growth by 1 to 1.5 ppt (percentage point),” it added.

GlobalSource Partners said reforms that will attract investment and technology transfer as well as increase competition can help bring the economy back to a higher growth track.

However, it said a return to normalcy, in which mobility and economic activity return to pre-crisis levels, will not happen until late 2022.

The situation calls for “active fiscal policy within the confines of narrower fiscal space, requiring (the government) to commit to a credible fiscal consolidation plan early on. Without these offsetting actions, the economic scarring caused by the lingering crisis will reduce medium-term growth prospects, possibly by at least 1 ppt vs. the 6-7% pre-pandemic growth rate over the previous decade,” it added.

After growing by 3.7% in the first half, the economy has to expand by at least 4.3% for the rest of the year to hit the low end of this year’s growth target. — Beatrice M. Laforga

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