Surreal vertical tasting of Chateau Margaux

December 19, 2024 | 12:03 am

CHATEAU MARGAUX holds a special place in my heart as a wine writer because it basically kicked off my wine column. In 2004, after my first visit to Chateau Margaux, I wrote my first extensive wine article on this first growth that was featured in a luxury magazine. Before that article, I would write sparsely and mostly on wine education and information. But after that one came out, I got my first offer to write a regular wine column, called “Sip by Sip,” for another newspaper. Then I moved here to BusinessWorld a bit less than a decade ago, where my column is called “By the Glass.”

Chateau Margaux is not only special because of its iconic wines, but also because of the personalities behind the chateau. I was very fortunate to be able to interview the legendary Paul Pontallier, who was the Managing Director from 1990 until his untimely passing in 2016, during that visit in 2004. And then in 2016, I got to interview the man who is the present managing director, Philippe Bascaules, who was back then working for the Inglenook Niebaum-Coppola Estate Winery of Oscar-winning director and Hollywood royalty, Francis Ford Coppola.

Amidst the craziness of our traffic this holiday season, going to BGC in Taguig from my Quezon City office can be a real nightmarish drive, but I was not attending just some random wine event, we are talking of Chateau Margaux here! I will never pass up a chance to taste Chateau Margaux, and this was made even more trip-worthy because of the presence of visiting Deputy Managing Director, Aurélien Valance.

Once more, Romy Sia and his Wine Story, the country’s only ultra-premium wine store, pulled off another wine dinner of the highest stature, with one of the most revered chateaux of all time, first growth Chateau Margaux. This dinner featured four Chateau Margaux vintages covering three decades: the highly touted 1989, the less hyped 1999 and 2004, and one of the most well-regarded vintages of the last two decades, the 2009.

AURÉLIEN VALANCE
A little background on Aurélien Valance. He fell in love with wine and Chateau Margaux when he was in business school, He started as an intern at Chateau Margaux in 2001 but was called back and hired in 2006, initially as a commercial director based in Paris. But he eventually moved to Bordeaux when Paul Pontellier passed away, and was promoted to deputy managing director, under the returning Phillipe Bascaules.

As he mentioned in his talk during the wine dinner, Aurélien would have been an investment banker if he wasn’t into wine, but he caught the wine bug early, and being at Chateau Margaux is a dream job for anyone with this much wine passion.

Aurélien was also once a blind wine tasting champion and is an enthusiastic wine collector of thousands of wines. But he did clarify that these bottles are not all Chateau Margaux.

Sherwin Lao (SL): Have things changed since the return of Philippe Bascaules to Chateau Margaux as the new managing director replacing Paul Pontallier? Whether it be from the management or winemaking point of view?

Aurélien Valance (AV): This is a good question, but I must say a few things changed. I think especially the way we do tastings and on deciding on which plots of harvest to use to make the wine blend.

You see, normally when we do tastings, Paul would often go first, and because Paul was always a legend and always renowned for his palate, everyone in the tastings would normally shy away from speaking out, even if we all know taste could be quite subjective. It is not because Paul was not listening, it is all due to Paul’s revered status.

With Philippe, I would say he is more open-minded and people around him are not intimidated to say their opinions during the tastings.

SL: While in general, Bordeaux prices, including those Grand Cru Bordeaux, have been affected by the global economic crises — COVID, Brexit, and even China’s slow down — how does Chateau Margaux still continue to command and sell at high prices?

AV: There are three reasons why Chateau Margaux has always commanded these high prices:

One: We bank on the excellence of our wines. And even in the most difficult of vintages, like, for example, the 2013, we will produce very little quantity, but still make the highest quality wine possible from this vintage;

Two: We are family owned, so we can decide on whether we want to sell or not. In fact, when the market is tough, we actually prefer to keep the wines than selling it lower than what we command. We can always keep the wines and then sell it after another 10 years or more when the market is no longer tough. The negociants we sell to know Chateau Margaux never discounts; and,

Three: We try to have a very good global distribution. Last year, we were distributed in more than 110 countries. We don’t want to depend on a single market, like you mentioned China, as we will suffer. So, we prefer to spread out our distribution. When we deal with our many negociants we have the final say in the allocation of our stocks to which markets through which importers. This way we have absolute control of where our stocks go, and we can ensure our global distribution, vintage after vintage. That is why we only use select number of negociants and we meet them at least once or twice a year as they are our partners, and we want to get details of where they sell our wines.

Like for example, here at Wine Story I know how many bottles my negociant sold to them. (Author’s note: Chateau Margaux, like most of the Bordeaux chateaux, sell to negociants, basically the middleman, who then sells to wine importers around the globe. There are close to 400 registered negociants in Bordeaux. Chateau Margaux, as Aurélien mentioned, worked with 40 negociants.)

SL: I noticed that the Cabernet Sauvignon made up like 75%-80% of the blend during the 1980s and 1990s. Then Cabernet Sauvignon’s share in the blend gradually increased throughout the 2000s, and has been closer to 90% or more now. Why is this?

AV: For two reasons:

One: We feel our Cabernet Sauvignon can produce better wines in our blend than having more Merlot. Our best terroir is in fact composed of pebbles, the soil most suitable for Cabernet Sauvignon;

Two: Bordeaux experienced big climate change. And weather is now warmer, and this actually benefited the Cabernet Sauvignon. So, the quality of our Cabernet Sauvignon has improved, as they are now riper, while our Merlot quality may have been stable, but they are not better, so it became more difficult to put more Merlot into our blend.

SL: In the last 20 years or so — basically from the 2001 vintage onwards — what would be, in your personal opinion, the top five vintages, ranking them from one to five with one being the highest – and why?

AV: (He paused before replying.) To drink now (and I nodded), for me:

No.1. The 2009 Vintage — it is so good now, and it could even be better in the future.

No. 2. The 2019 Vintage — I love this wine, as I always enjoy charming wines. The vintage is creamy and the tannins are velvety, soft and silky.

No. 3. The 2022 Vintage — to me the most impressive of the last two decades is this vintage, which should be arriving soon. This is really so good, and such a baby that it should be kept for at least 10 years before drinking. But the wine can still be appreciated in its youth now and can get even more impressive over time. I look at this wine as the modern version of our famous 1961 vintage.

No. 4. The 2004 Vintage — this to me is textbook Chateau Margaux as this is a wine with fragrance of violets, and more floral. In fact, it is a wine my Burgundy-loving friends would drink.

No. 5. The 2001 Vintage – this is my pick to drink now. I mean it is a vintage people don’t talk about as it came after the incredible 2000 vintage, [it is] always hard to come after such a vintage. At Chateau Margaux, for a long time, this 2001 has been quite shy, but just two years ago, this vintage suddenly blossomed, and it is hard even for me to explain why and how. At Chateau Margaux, I never serve the 2001 to guests, but lately this is the vintage I love to serve. The perfume is amazing, and it has a lengthy finish. Prior to its evolution two years ago, the finish of this vintage was quite tannic, but now the tannins have softened considerably and the finish is just very smooth.

Well said Aurélien!

Here below are my customary tasting notes on the four vintages of Chateau Margaux, in order of tasting:

• Chateau Margaux 2009 — “Intense nose with ripe blackcurrant, cedar, mint-chocolate, very concentrated, with so much rich flavors dancing all over the palate, cedary, full-bodied with juicy tannins, powerful, yet quite elegant, and with lengthy vivacious finish; drinking well now, but can keep for decades and decades; indeed, a wine for the ages.”

• Chateau Margaux 2004 — this is the only vintage of Chateau Margaux among the four vintages featured that I had tasted before and I shared my fond thoughts of this vintage with Aurélien during our interview: “perfumed nose of violets and red petals, with the delightful floral elements being more prominent than the fruit side, a very sophisticated wine with freshness, flintiness and suppleness that is an antithesis of the more powerful grippy wines.”

• Chateau Margaux 1999 — “still very fresh on the nose, with blueberries, plums, tobacco leaves, vanilla, cinnamon bark, velvety on the mouthfeel, friendly approachable tannins, and with nice mineral notes at the end; this was a surprise as 1999 is another vintage rarely mentioned in any Bordeaux conversation.”

• Chateau Margaux 1989 — “Luscious nose of ripe berries, cacao, cedar, and eucalyptus. For a 35-year-old wine, this wine still exudes freshness, and on the palate, the body is silky, with a balanced acid backbone and soft tannins, and ends with a lovely bitter-sweet and peppery lingering finish.”

These hedonistic Chateau Margaux wines plus their other vintages, in different size formats, are available at Wine Story Uptown BGC and Wine Story Shangri-La Mall. For more info on Wine Story, visit www.winestory.com.ph.

Sherwin A. Lao is the first Filipino wine writer member of both the Bordeaux-based Federation Internationale des Journalistes et Ecrivains du Vin et des Spiritueux (FIJEV) and the UK-based Circle of Wine Writers (CWW). For comments, inquiries, wine event coverage, wine consultancy, and other wine related concerns, e-mail the author at wineprotege@gmail.com, or check his wine training website https://thewinetrainingcamp.wordpress.com/services/.

Growing the Philippine EV market

December 19, 2024 | 12:03 am

Southeast Asia’s electric vehicle (EV) market is undeniably at a different stage compared to the US, Europe, and even China. While EV markets in the US and Europe may soon experience a slowdown, Southeast Asia remains in the early adoption phase, albeit facing its own unique challenges.

Despite Tesla’s recent entry into the Philippine market, I expect Chinese manufacturers to continue dominating the EV landscape, not only in the Philippines but across Southeast Asia. China enjoys key advantages, including geographical proximity to the region and established trade partnerships.

More importantly, Chinese EVs are competitively priced. Manufacturers from China have already gained significant experience in producing EVs for their domestic market, Southeast Asia, and other emerging economies. Their pricing strategy and production expertise make them highly appealing to price-sensitive markets like the Philippines. That said, growth in sales across the region still faces considerable headwinds, primarily related to charging infrastructure rather than the vehicles themselves.

In the Philippines, EV adoption faces several hurdles despite government incentives. The most pressing challenge is the lack of charging stations, especially in areas outside major urban centers. Even in metropolitan hubs, the availability of reliable charging infrastructure is limited, leading to range anxiety among potential buyers. Compounding this issue is the questionable reliability of the national power grid. Many doubt whether the current energy infrastructure can support widespread EV charging throughout the year, particularly during peak seasons.

Another critical factor is pricing. While incentives can help reduce costs, EVs are generally more expensive than traditional gasoline or diesel vehicles. The Philippines, being a price-sensitive market, presents a unique challenge for EV adoption. Most Filipino buyers prioritize affordability, practicality, and versatility in their vehicle choices. Unfortunately, the current EV market lacks the diversity of models and price points available in the traditional vehicle segment. This limits options for consumers, especially those looking for budget-friendly alternatives.

Consumer education remains another barrier. Despite efforts by automakers to promote EV awareness, many Filipinos remain unfamiliar with the range of EV technologies and how they differ. For instance, distinctions between hybrids, plug-in hybrids, and full electric vehicles remain unclear to a large portion of the market. Understandably, consumers are still concerned about battery range, battery life, maintenance costs, and overall durability — particularly for Chinese brands, which are still building trust among Filipino buyers.

Tesla’s entry into the market, however, brings a new dynamic. Given the brand’s global reputation and strong performance in the US, its arrival has already sparked excitement among affluent, US-oriented Filipino consumers. Tesla’s presence will undoubtedly boost interest in EVs and could drive sales, especially in the premium segment. However, its impact may be limited due to its higher price point, which places Tesla vehicles out of reach for most Filipino buyers. Without a robust and reliable service network, Tesla may also struggle to scale its success in the Philippines.

Meanwhile, Chinese brands like BYD and MG are poised to dominate the Philippine market in the near term. Their pricing strategies and increasing availability make them attractive to Filipino consumers who seek affordable EV options. While Tesla may capture significant market share in the premium segment, overtaking Chinese brands across all categories will prove challenging.

Given these dynamics, the more practical Filipino buyer will likely favor hybrid vehicles over full EVs in the short to medium term. Hybrids serve as a “transition technology” because they retain the familiarity of gasoline-powered engines while addressing range anxiety. Unlike full EVs, hybrids do not rely on an extensive charging infrastructure, a major advantage in a country where charging stations remain scarce. As a result, hybrid vehicles may continue to outsell full EVs in the Philippines until at least the next decade.

However, there is hope that over time, prices of EVs will decline, and charging infrastructure will become as widespread as traditional fuel stations. These two developments — affordability and infrastructure — will ultimately drive the mass adoption of full EVs. Globally, the EV market is evolving rapidly, and local players are undoubtedly watching these trends closely. The challenge lies in adapting global innovations to the unique realities of the Philippine market.

In addition to infrastructure and pricing, external economic factors also play a critical role. Over the past few months, fuel prices have remained relatively stable, but the peso-dollar exchange rate has weakened. Any significant increase in fuel prices or further devaluation of the peso could influence consumer behavior, potentially accelerating the shift to more fuel-efficient or alternative energy vehicles. For many Filipino families, fuel costs are a major consideration, particularly during periods of economic uncertainty.

The Philippines can also look at attracting more foreign investment in EV manufacturing to reduce costs and stimulate local adoption. However, this will be a tough sell. Compared to neighbors like Thailand and Indonesia, which offer sizable markets, competitive incentives, and established automotive industries, the Philippines lags behind. Still, regional manufacturing hubs could bring down tariffs and shipping costs for EVs sold in the Philippines, indirectly benefiting consumers.

Available data highlights both challenges and opportunities in the Philippine EV market. In 2023, total EV sales exceeded 10,000 units, with over 9,000 of those being hybrid electric vehicles (HEVs). Despite this impressive jump, EVs still accounted for just 2% of total vehicle sales in 2023. The increase is significant when compared to 2022, where only about 1,000 EV units were sold — a tenfold growth in just one year.

In contrast, Thailand serves as a regional leader. EV sales in Thailand reached 76,000 units in 2023, representing 12% of all vehicles sold. By the first quarter of 2024, EV market share had climbed to 14%. The Thai government has set an ambitious target: by 2030, 30% of vehicle production in the country will be electric. Indonesia is also making impressive strides. In 2023, sales of two-wheeled EVs surged to over 62,000 units, while four-wheeled EVs reached 12,000 units. For 2024, Indonesia aims to sell at least 50,000 four-wheeled EVs.

The successes of Thailand and Indonesia underscore important lessons for the Philippines. Both countries have leveraged government support, incentives, and infrastructure development to accelerate EV adoption. For the Philippines, adopting a similar approach could drive growth and position the country as a serious player in the regional EV market.

Looking ahead, the role of Chinese manufacturers in the region will remain pivotal. Their early mover advantage has already paid dividends in Thailand and Indonesia, and this momentum is likely to continue. Ultimately, the future of the Philippine EV market hinges on the government’s ability to address infrastructure gaps, incentivize adoption, and create an environment conducive to investment.

While challenges remain, the rapid growth of EV markets in neighboring countries offers a blueprint for progress. With the right strategies in place, the Philippines has the potential to catch up and emerge as another key player in Southeast Asia’s electric mobility revolution.

Marvin Tort is a former managing editor of BusinessWorld, and a former chairman of the Philippine Press Council

matort@yahoo.com

Term deposit yields go down before BSP review

December 19, 2024 | 12:03 am

TERM DEPOSIT yields fell on Wednesday ahead of expectations of further easing by the Bangko Sentral ng Pilipinas’ (BSP) at its last rate-setting meeting for the year.

The central bank’s term deposit facility (TDF) fetched bids amounting to P248.991 billion on Wednesday, well below the P310-billion offering and the P350.69 billion in tenders for the P270 billion auctioned off a week ago.

Broken down, tenders for the eight-day papers reached P201.815 billion, above the P180 billion auctioned off by the central bank and the P198.58 billion in bids for the P160-billion in seven-day deposits placed on the auction block a week prior.

Banks asked for yields ranging from 5.95% to 6.0199%, lower than the 6.985-6.04% band seen a week earlier. This caused the average rate of the one-week deposits to decline by 1.72 basis points (bps) to 6.0076% from 6.0248% previously.

Meanwhile, bids for the 15-day term deposits amounted to P47.176 billion, sharply lower than the P130-billion offering and the P152.11 billion in tenders for the P110-billion offer in the previous week.

Accepted rates for the tenor were from 5.96% to 6.074%, lower than the 6% to 6.08% margin seen a week ago. With this, the average rate for the two-week deposits fell by 3 bps to 6.0314% from 6.0614% logged in the prior auction.

The TDF tenors were adjusted in view of the upcoming holidays.

The central bank has not auctioned 28-day term deposits for more than four years to give way to its weekly offerings of securities with the same tenor.

The term deposits and the BSP bills are used by the central bank to mop up excess liquidity in the financial system and to better guide market rates.

Term deposit yields went down ahead of the Philippine central bank’s policy decision on Thursday, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

A BusinessWorld poll conducted last week showed that 13 out of 16 analysts expect the Monetary Board to reduce the target reverse repurchase rate by 25 bps at its meeting today (Dec. 19).

If realized, this would bring the benchmark rate to 5.75% from the current 6%.

This would also mark the third straight meeting the central bank will cut rates since it began its easing cycle in August with a 25-bp cut. It trimmed borrowing costs by another 25 bps in October.

Mr. Ricafort said markets are also anticipating the results of the US Federal Reserve’s own meeting.

The Federal Reserve was expected to lower borrowing costs on Wednesday in what some observers are calling a “hawkish cut” set to be delivered alongside policy makers’ updated interest rate outlooks and economic forecasts covering the first months of the incoming Trump administration, Reuters reported.

The anticipated quarter-percentage-point move would lower the US central bank’s benchmark policy rate to the 4.25%-4.5% range, a full percentage point below where it stood in September when it began easing the tight monetary policy used to counter a surge in inflation that began in 2021.

How much further and how fast rates will fall next year remains increasingly uncertain with inflation still lodged above the Fed’s 2% target, the economy growing faster than expected, and the prospect that President-elect Donald J. Trump’s tariff, tax and immigration policies could change the economic landscape in unpredictable ways once he takes office in January.

Between data showing inflation stalled above the 2% target and Mr. Trump’s victory in the Nov. 5 presidential election, investors now see the Fed perhaps cutting the benchmark rate by only half a percentage point next year — and they will be studying the projections and Fed Chair Jerome H. Powell’s remarks in a post-meeting press conference closely to see if policy makers are also becoming more cautious about further rate reductions. — Luisa Maria Jacinta C. Jocson with Reuters

Deepfakes seen to go mainstream in 2025

December 19, 2024 | 12:03 am

GROWING USE of artificial intelligence (AI) tools in fraud schemes such as deepfakes is one of the top cybersecurity concerns for 2025, according to a cybersecurity company.

“As quantum attacks loom and deepfakes become mainstream tools of deception, businesses will either innovate or risk being outpaced by adversaries,” Palo Alto Networks Asia-Pacific and Japan President Simon Green said in a statement this month.

Citing a recent PricewaterhouseCoopers International Limited report, Palo Alto Networks said more than 40% of leaders do not understand the risks that could come with emerging technologies like virtual environment tools, generative AI, enterprise blockchain, quantum computing, virtual reality, and augmented reality.

In the Asia-Pacific region, deepfakes are already being used for targeted attacks, the company said.

“Savvy criminals will take note and use ever-improving generative AI technology to launch credible deepfake attacks.”

Palo Alto Networks said that audio deepfakes or “highly credible” voice cloning will become more prevalent in cyberattacks next year.

“We can expect deepfakes to be used alone or as part of a larger attack much more often in 2025,” it said.

Deepfakes combine pictures and voices of real people to create manipulated images, videos, and audio, according to the Cybercrime Investigation and Coordinating Center (CICC).

CICC Executive Director Undersecretary Alexander K. Ramos said in a statement in September that the manipulative tool is also one of the biggest threats in the upcoming 2025 midterm elections.

“It’s a tool that can mislead the public because of the content. We wouldn’t know which is real or not,” he said.

Mr. Ramos added that the government is currently looking for ways to counter the harmful effects of the technology, and CICC is working with the Commission on Elections to maintain the integrity of our elections.

“We have continuous talks because we have to research technologies that could help them govern this coming election.” — Almira Louise S. Martinez

How CloudCFO aims to simplify accounting process for F&B companies

December 19, 2024 | 12:02 am

ACCOUNTING and advisory firm CloudCFO seeks to streamline traditional bookkeeping processes to make it easier for food & beverage (F&B) companies to track their finances.

“Now more than ever, with rising costs due to inflation, maintaining profitability through rigorous control over margins is key to not only staying competitive in the F&B industry, but also to setting restaurants up for the future,” it said in a statement on Wednesday.

CloudCFO is a cloud accounting platform that seeks to deliver real-time financial data to help fast-track business operations. It focuses on payroll, tax compliance, and financial consultancy.

“As an outsourcing provider specializing in accounting, bookkeeping, and finance services, CloudCFO offers customized, technology-driven solutions, enhancing the financial operations and strategic decision-making of startups and SMEs (small and medium enterprises),” it said.

CloudCFO conducts an in-depth assessment of a company’s business model and its current practices to help tailor-fit its bookkeeping services.

“For restaurants, the review covers various internal controls such as POS systems, reconciliation of multi-channel payments, inventory management, and regulatory compliance.”

The company has developed “proprietary technology” specific to a company’s needs to help easily identify opportunities and challenges in the restaurant’s finances.

It also helps restaurants track costs and inventory, as well as customer transactions regardless of the payment channel. — Beatriz Marie D. Cruz

CCA embraces sustainability

December 19, 2024 | 12:02 am

Culinary school looks back at 28 years of highs and lows

THE Center for Culinary Arts Manila (CCA Manila) did not celebrate its 28^th anniversary in a grand manner on Nov. 26 — it didn’t even hold it in its new BGC campus. Instead, a dinner was held for guests at the BGC Urban Farms (the community garden set up in a block between some of the development’s skyscrapers), featuring a plant-based menu done in collaboration with John Danao of Green Oasis, an agri-social enterprise based in Dupax, Nueva Vizcaya.

A short talk by Veritas F. Luna, CCA Manila’s chancellor, centered on culinary wellness, with points on cultural and personal enjoyment, skillful preparation, and overlooked moderation and hydration during eating. These points were put to the test with the menu, featuring dishes like pumpkin and moringa soup, mustasa (mustard greens) salad with passionfruit vinaigrette, papaya palabok, pinakbet burrito, and tomato and ginger sorbet.

We had expectations with the pumpkin soup, which tasted comforting; complimented by its heft, but we had a pleasant surprise with the papaya palabok, the noodles in the dish substituted with shredded green papaya. The usually heavy dish became a light repast, and despite our aversion to fruit, we might look forward to seeing this at someone else’s table.

The dinner highlighted CCA Manila’s commitment to sustainability, seen in a plant-based kitchen in Tagaytay in a partnership with Guang Ming College, and in a culinary agri-entrepreneurship program in collaboration with the University of the Philippines Los Baños.

“For us, it’s really part of our DNA since CCA started,” said Badjie Trinidad, president of CCA Manila in an interview.

The school was started 28 years ago by her mother Annie Guerrero. “My mom is a culinary environmentalist,” she said, recalling that her mother told her stories about growing up in Malabon. Back then, her mother and her sisters would receive a budget from their parents, but her mother would be the only one who could come up with change by the end of the week. She did this by sourcing everything from nearby markets and their own backyard — down to their toys.

“When we started the school, she would be very strict with our chefs,” Ms. Trinidad recalled, citing that students and even faculty members would get demerits and memos for waste and other environmental issues — all this before “sustainability” had become a buzzword.

“I think employers appreciate our graduates, when they work, because they’re very mindful of their resources,” said Ms. Trinidad.

She discussed the problems they faced to get to 28 years: “One, of course, is the sourcing of ingredients. We want to give the best training but not all of the ingredients are available,” she said. Another would be hiring faculty that “both have technical and practical experience.”

There was also the pandemic, but then, “We never thought we could teach culinary online. We were never closed — maybe just for a week. But we continued and we persevered.”

“I guess we just have to persevere,” she said about how they got to 28 years. This also comes with focus: “Just focus on what we (found) that we do best, which is really culinary training.” While she said that they didn’t expand into other programs, what they did was to form new courses that only served to complement the culinary training core, with paths in entrepreneurship and food technology.

Ms. Trinidad cited the difference in the profiles of their students now, versus then. Before, they used to cater to city-based students, but a lot of their new students are from the provinces or from overseas.

She talked about their plans for the future, namely, opening 10 campuses in five years. “Fulfilling 5,000 culinary dreams — that’s the target we set for ourselves,” she said. Part of this includes upcoming partnerships with University of the Philippines Diliman, and with Brittany Hotel in BGC.

“We never stopped innovating our programs,” she said. “Just like when we started CCA. No one thought that anyone would enroll for a two-year program. They thought of it just as a hobby; a short course. Now, it’s a career.” — Joseph L. Garcia

Business lessons from a global Filipina

December 19, 2024 | 12:02 am

Filipinos are making their mark all over the world. Of course, we have our pambansang bayani, our overseas Filipino workers who are shining examples of hard work, resilience, and the Filipino spirit. At the same time, we have Filipino businessmen and women who are making an impact at the highest levels of the corporate world.

In my years speaking to and working with Filipino entrepreneurs and professionals from various industries, I’ve come to the conclusion that Filipinos have much to offer to the world. Our mix of ingenuity for problem-solving, resilience in the face of hardship, and an unstoppable work ethic all contribute to world-class Filipinos in the workplace. I call them global Filipinos — our kababayans who can make it anywhere in the world.

I recently spoke to one such global Filipino, Fama Francisco. Fama began her career with Procter & Gamble (P&G) Philippines back in 1989 when she was just 21 years old. It was a different time, and right from the start she was already breaking the glass ceiling as the first female sales manager at P&G.

Many firsts followed. She was the youngest woman to be promoted to president in P&G. And then she became the highest-ranking Asian female executive in P&G, leading the company’s second-largest sector, overseeing 17,000 employees in 180 countries, and being responsible for $20 billion in sales as the CEO of Global Baby, Feminine and Family Care.

What can we learn from the example of Fama Francisco? And how can you too become a global Filipino? I’ve summarized four points from our all-too-brief conversation during our Fireside Chat at the P&G Philippines Grand Alumni Homecoming (Incidentally, I had the privilege of working with Fama in the same Advertising Department in the ’90s as a young brand manager. As they say among P&G Alumni — “Once a PGer, Always a P&Ger”).

1. “P” IS FOR “PERSISTENCE.”
In business, failure is part of the journey. What I’ve learned from speaking to the most successful entrepreneurs and business people is the way they react to setbacks or learn from failure. Oftentimes, they treat failure as a learning opportunity, or other times they move on quickly to the next thing. Or they try and try again until they get things right.

Fama met failure early on in her career. As a graduate of a marketing course, she applied to become a brand manager in P&G. And she was rejected. But that didn’t stop her.

“I learned my first lesson from P&G,” Fama says. “[It] starts with P: persistence. If one door is closed to you, you don’t give up, right? We find another way. We find another door. So, my other door was sales. I applied for sales.”

With great humility, Fama accepted the job in sales, knowing it wasn’t what she wanted. However, she knew that it was still the opportunity she needed to join P&G. And also, she knew that walking through this door would lead to other doors opening.

2. OVERCOME STEREOTYPES.
When Fama joined sales in P&G, it was a time when the workplace was dominated by men. In particular, they weren’t used to seeing women in sales.

Fama recalls, “The first time I would call on the accounts, they would always say, there’s the demo girl of P&G. There’s the demo girl who’s going to demo Tide. There’s the girl who’s going to demo Pampers.”

Faced with this situation, Fama had the courage and grace to stand her ground. She knew she belonged in her role in sales, and she demanded that people respect that.

“I had to learn how to introduce myself,” Fama tells us. “I would say, I’m not your demo girl. Good morning. I’m your sales manager from P&G. I’m here to build your business.”

Global Filipinos may face unfair stereotypes in a number of ways, from gender to race, to other biases. The lesson here is easy to learn but takes courage to execute. So, like Fama, be courageous. Remember, you belong where you are.

3. SET THE BAR.
Fama Francisco credits her early years in P&G for much of her success. Among the things she learned was from her time in sales: persistence, a growth mindset, and planning.

Another crucial lesson was learning how to be world-class.

Fama shares, “Growing up in P&G Philippines, we all knew P&G Philippines was world-class. Whether you were working on our brands, whether you were working on sales, whether you were working on R&D, whether you were working in our manufacturing plants — Tondo and Cabuyao — P&G Philippines was always world class. And that was another learning that I had.

“You have to set the bar to always be world-class.”

4. REMEMBER TO REFILL YOUR “OXYGEN TANK.”
Finally, being a global Filipino isn’t all about work. The most effective professionals are often very good at balancing work and life.

Fama acknowledges this truth by focusing on refilling what she calls “oxygen tanks.”

“Lahat tayo (all of us), we have oxygen tanks,” she explains. It just differs how many oxygen tanks we have. One of your oxygen tanks could be your family, your faith, yourself, your work, or your friends who are like family.

“Some of you might have five oxygen tanks, six oxygen tanks,” she continues. “Now, at any point in life, hindi naman pwedeng (it can’t be that) all the levels of the oxygen tank are perfect. Di ba? They’re never perfect. They always go up and down. But it’s very important to know what levels your oxygen tanks are. And if something is really going down, you have to catch it and you have to top up your oxygen tank.”

Only when your oxygen tanks have enough air can you work to your fullest potential. So make sure to always fill up those tanks with care from the ones you love, or with time spent on the things you are passionate about.

How does Fama do it? She says, “So 5:30 in the morning, I’m already awake. But the first thing I do to start the day? Two minute hug with my husband. Because our philosophy is, life is always going to be so busy.”

From that point, there’s no stopping this global Filipina.

“And then I start the day,” she goes on. “I would say, more than half of the day, you can’t really anticipate. You cannot anticipate what work brings your way.” n

Are there other entrepreneurs or business leaders you want me to interview? Please let me know, send me an e-mail at ledesma.rj@gmail.com.

RJ Ledesma (www.rjledesma.com) is a Hall of Fame Awardee for Best Male Host at the Aliw Awards, a multi-awarded serial entrepreneur, motivational speaker and business mentor, podcaster, an Honorary Consul and editor-in-chief of The Business Manual. Connect with Mr. Ledesma on LinkedIn, Facebook and Instagram. The RJ Ledesma Podcast is available on Facebook, Spotify, Google and Apple Podcasts.

FMIC completes sale of FAMI stake

December 19, 2024 | 12:02 am

FIRST METRO Investment Corp. (FMIC), the investment banking arm of listed Metropolitan Bank & Trust Co. (Metrobank), has signed the deed of sale for its controlling stake in First Metro Asset Management, Inc. (FAMI) to the ATR Asset Management Group (ATRAM Group).

“Please be informed that First Metro executed today a Deed of Absolute Sale with ATR Financial Holdings, Inc., following MET Holdings, Inc.’s execution of an Accession Agreement transferring its rights to ATR Financial Holdings, Inc.,” the company said in a disclosure to the local bourse on Wednesday.

The accession agreement allows the entrance of a new party into an existing contract.

On Oct. 30, FMIC’s board of directors approved the sale and signed a share purchase agreement for its 70% stake in FAMI with MET Holdings of the ATRAM Group.

Before the transfer of rights, the transaction involved the sale of FMIC’s 1,050,000 common shares representing 70% of the issued and outstanding capital stock of FAMI to a consortium made up of the ATRAM Group, led by its parent firm ATRAM Investment Management Partners Corp., and MET Holdings.

FMIC has said the sale of its majority stake in its asset management arm is “part of its strategy to focus on the investment banking business.”

FAMI is the principal distributor, administrator and fund manager of First Metro Philippine Equity Exchange-Traded Fund, Inc. and FMIC’s mutual funds.

It was founded in 2005 by FMIC as a joint venture with the Catholic Educational Association of the Philippines and Marist Brothers Congregation Philippines, Inc.

Meanwhile, the ATRAM Group operates through ATRAM Trust and ATR Asset Management, Inc., managing portfolios made up of mutual funds, trust assets, insurance portfolios, and real estate for its clients. It had assets under management of over P385 billion at end-September.

Metrobank’s attributable net income rose by 11.35% to P12.124 billion in the third quarter, bringing its nine-month net profit to P35.729 billion, up by 12.4% year on year.

Its shares went up by P1.20 or 1.63% to close at P75 each on Wednesday. — A.M.C. Sy

‘Zero trust’ mindset to aid businesses in managing cyberthreats amid the holidays

December 19, 2024 | 12:02 am

A “ZERO TRUST” approach amid the increase in online activities this holiday season can help businesses boost their security and defense against cyberthreats, according to industry experts.

The zero trust mindset emphasizes “strict verification for every user and device accessing their networks,” Palo Alto Networks said in a statement.

“By integrating comprehensive threat detection, response, and data protection into a Zero Trust framework, businesses can enhance visibility, streamline security operations, and enable real-time threat responses.”

International Business Machines Corp. (IBM) added that this type of security approach helps address risks brought by remote workers, hybrid cloud services, personal devices, and other elements of today’s corporate networks.

“Zero trust operates on the principle of “never trust, always verify” rather than granting implicit trust to all users inside a network,” IBM said.

According to the 2024 TechTarget Enterprise Strategy Group report, more than two-thirds of organizations revealed they are implementing zero trust policies across their enterprises.

Apart from businesses, consumers also face risks like online scams and fraud during the holidays, according to the Philippine National Police (PNP).

“Christmas is a season of joy and giving, but it is also a period when criminal elements may exploit public vulnerability,” PNP said in a statement.

“Our operations target the syndicates behind these scams, but the public’s awareness and caution are crucial in preventing victimization,” it added.

Palo Alto Networks reminds the public to verify the authenticity of e-mails and links, use two-factor authentication, shop only through official channels, beware of phishing scams, use strong and unique passwords, and never provide sensitive personal details to protect themselves from harmful acts online.

“With the holiday season and Christmas shopping in full swing, Filipinos may feel more inclined to act on attractive offers without verifying the source,” Palo Alto Networks Philippine Country Manager Oscar Visaya said in a statement.

“By fostering a culture of vigilance, we can protect ourselves and others in a landscape where threats are constant,” he added. — Almira Louise S. Martinez

Agoda: More Filipinos eyeing int’l travel for New Year’s Eve

December 19, 2024 | 12:01 am

NAIA passengers — PHILIPPINE STAR/WALTER BOLLOZOS

INTERNATIONAL and domestic flight-related searches are increasing as the holiday season approaches, digital travel platform Agoda said.

“It’s exciting to see more Filipinos looking to celebrate New Year’s Eve abroad,” Mike Hwang, Agoda country director, said in a statement on Tuesday.

According to Agoda, a 34% increase in accommodation searches for international trips has highlighted the influx of Filipinos traveling abroad to celebrate the beginning of 2025.

The digital travel platform added that Tokyo, Hong Kong, Taipei, Bangkok, and Singapore are the top five destinations among Filipinos.

Domestic travel searches also increased by 2%, while inbound searches grew by 10% compared to last year.

The company added that Manila, Cebu, and Boracay Islands are the most popular domestic destinations.

Meanwhile, international travelers, predominantly from South Korea, Japan, and the United States, prefer Manila, Cebu, and Bohol.

“More interest from international travelers consider starting 2025 here in the Philippines,” Mr. Hwang said.

In preparation for the passengers brought by the holiday season, flag carrier Philippine Airlines (PAL) will mount more flights to key domestic and international destinations.

“Our goal is to help people reunite with their loved ones, and we’re committed to expanding our services to meet the needs of our customers and make holiday travel as convenient as possible,” PAL said in a statement.

As of Dec. 15, international visitors to the Philippines reached 5.65 million, falling short of its 7.7-million goal for the year, according to the Department of Tourism. — Almira Louise S. Martinez

Dining In/Out (12/19/24)

December 19, 2024 | 12:01 am

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Do good this Christmas at The Peninsula

THE PENINSULA MANILA once again welcomes guests with a sumptuous calendar of delicious experiences this Christmas as, the hotel’s culinary team unveils festive menus for guests to savor with family, friends, and loved ones at its restaurants. Since its founding, The Pen has extended support to underserved community members through outreach programs and charitable donations. This year, guests can join in contributing to the welfare of children with the Peninsula Festive Afternoon Tea that will feature finger sandwiches, pastries and cakes paired with homemade scones, and a choice of tea or champagne. For each Festive Afternoon Tea set sold at The Lobby, the hotel will donate a portion of the proceeds to the Make-A-Wish Foundation Philippines, an organization that grants the wishes of children with life-threatening illnesses. The afternoon tea is available daily from 2:30 to 5 p.m., for P3,170 (with tea of your choice) and P5,370 (with two flutes of champagne). The hotel’s various dining outlets will be offering special meals on Christmas Eve and Christmas Day. On Dec. 24, The Upper Lobby will be offering a merienda buffet and a dinner buffet. On Dec. 25, it will be serving la carte breakfast, lunch, and dinner merienda buffet. The hotel’s fine dining restaurant, Old Manila, will be serving a four-course set dinner, aside from à la carte lunch and dinner on Dec. 24 and 25. The hotel’s buffet restaurant, Escolta, will have a special Christmas Eve Dinner Buffet and Christmas Day lunch roast and dinner buffet. Spices, the hotel’s Asian restaurant, offers an array of exotic flavors that will bring an extra dash of warmth and joy to the festive season, with special lunch and dinner offerings on Dec. 24 and 25. Savor with family, friends, and loved ones at its restaurants. Visit the official hotel website at peninsula.com/manila/special-offers for more details.

Discovery Samal welcomes holiday with festive offerings

DISCOVERY SAMAL celebrates the Christmas season with dining experience and exclusive holiday packages. On Dec. 24, from 6 to 10 p.m., The Shoreline and Morning Catch restaurants will host a special Christmas Eve Dinner Buffet for P6,000 net per person. Guests can indulge in holiday favorites likeRoast Beef (P20,350 net for 6 kg), Roasted Turkey (P11,500 net for 8 kg), and Christmas Ham (P5,850 net). Festive pastries and treats are also available, including Signature Christmas Log Cakes (P900 net), French Macarons (P250 net), classic Fruit Cake (P850 net), Christmas cookies (P250 net), and the Gingerbread Castle centerpiece at P2,200 net. Discovery Samal offers holiday party packages tailored to groups of various sizes, starting at P300,000 net for 50 guests. These packages include venue use, buffet options, lechon, beer kegs, and other festive inclusions. Also, special room packages are available for those seeking a holiday getaway, starting at P27,385 net, with perks like roundtrip transfers, daily breakfast, and access to beach and pool facilities. For reservations, e-mail @discoverysamal.com or fb@discoverysamal.com.

7-Eleven brings Taiwan flavor to its stores

CONVENIENCE STORE 7-Eleven is taking Filipinos on a culinary journey to Taiwan with its new Taste of Taiwan lineup, available in select stores in Luzon. Partnering with its in-house brands — Big Time Meals, HottaRice, and 7-Fresh — it now offers an array of Taiwanese-inspired dishes including the Big Time Meals Chicken Chop Bento (P129), HottaRice Lu Rou Fan or Taiwanese Braised Pork (P99), and 7-Fresh Taiwanese Beef Noodles (P95). For snacks there are the 7-Fresh Pepper Pork Bun (P59) and the 7-Fresh Almond Jelly for dessert.

Jollibee opens eco-friendly branch in Tuguegarao

JOLLIBEE recently launched a branch at Enrile Blvd., Tuguegarao City, Cagayan, which is designed with sustainability in mind, incorporating advanced green technologies to reduce environmental impact while delivering the brand’s signature offerings to customers. The store utilizes solar panels to lower energy consumption by up to 30%, along with a solar water heater and solar window films that regulate indoor temperature. High-efficiency motors have also been installed to manage the exhaust system and air supply, optimizing energy use during off-peak hours — key for a store that operates 24/7. Also, the store converted its pylon lights to LED, reducing energy use by 80%. Motion sensors in restrooms, automatic low-flow faucets, and a modern wastewater treatment facility further enhance the store’s eco-friendly operations by recycling clean water for toilet use and other maintenance activities, including rainwater collection.

Bounty Fresh introduces safer, healthier holiday chicken

BOUNTY FRESH CHICKEN is setting a new standard for holiday meals with its No Antibiotics Ever (NAE) farming approach, ensuring safer and healthier poultry options for consumers. By eliminating the use of antibiotics and steroids throughout the chickens’ lifecycle, the company adheres to strict biosecurity measures, promoting natural health and optimal living conditions. This approach supports global health initiatives to combat antibiotic resistance, reduces the risk of superbugs, and aligns with ethical and sustainable farming practices. Bounty Fresh offers a diverse selection of products, including Whole Chickens, Premium Chicken, Gourmet Chickens in various flavors, and NAE Chicken Cut-Ups for convenient meal preparation. With pre-marinated options such as Meals in Minutes, the brand caters to the needs of modern households during the busy holiday season. Bounty Fresh products are available at supermarkets.

Korea’s Eat Pizza offers different flavors

EAT PIZZA is bringing a fresh and innovative approach to the local dining scene with its Korean-inspired pizza slides. Since debut in October, the brand has captured the attention of both food enthusiasts and Hallyu fans with its distinctive 10-inch rectangular pizzas, offering unique, personal-sized portions with creative and bold flavors. The menu features 10 options, including Korean Sausage with honey mustard and relish, Beef Bulgogi with marinated beef, and Samgyeopsal with local meat and Korean cheese. Sweet options like Sweet Potato, Sweet Milk, and Sweet Corn are also available, alongside classic choices like cheese, pepperoni, and aloha. Popular Korean sides such as Sweet Potato Corn Cheese, Tteokbokki with Cheese, and Sweet & Spicy Corn Cheese complement the pizzas, along with Spaghetti and Carbonara for added variety. For more information, follow Eat Pizza on their social media pages.

Can everybody be a winner?

December 19, 2024 | 12:01 am

handsome-man-with-blue-glasses-holding-trophy — FREEPIK

SHOULD life always be a contest? If it is not (and it shouldn’t be), then there are really no winners and losers. Of course, in our culture, rankings are common, even when it comes to social status. In front page news on media, bar exams show the grades of the passers, and those in the Top 10. This top ranking is attached to the winners for the rest of their lives.

Still, some cultural forces avoid the tags of winners and losers. Ratings have now become more qualitative even for those who can’t catch up — needs improvement.

The report card, especially for primary school students, is now given the more positive spin of “progress report.” This avoids the traditional numerical grading based solely on exams and evaluation of reports. Ratings are no longer quantitative, favoring fewer qualitative classifications such as exceptional, good, and most friendly. Blurring performance levels can build self-confidence especially for those who “missed the bus.”

The message is a double negative: There are no losers. Everybody is a winner. This confidence-building approach promotes a rating system where nobody feels left behind. If a child is poor in math, she may get a stamped star anyway for joining the spelling contest and going three rounds out of five. (Get a math tutor.)

Contests that need to attract large numbers of participants give as many “awards” as possible. These are not even called “consolation” prizes. There may be an award just for showing up early.

To keep their ratings and broaden viewership, beauty contests have expanded their circle of winners. Prizes are handed out for talent, friendliness, and photogenic appeal. Sponsors give out minor prizes (Ms. Skin Whitener) where the winner serves as product endorser for one year. Finalists are designated as a “court of honor.” (Each one gets a sash too.)

What are online postings in social media, after all, but avenues for life’s consolation prize winners? While not as rich and powerful as the icons they are photographed with, these attendants to the rich and famous become part of the entourage.

However, in real life, not everybody is a winner. Being outside the circle at the top is indistinguishable from being a loser. It’s the podium position that attracts celebrity status, along with its prizes.

Nurtured as a child to always feel good after a contest, the adult may be unprepared for the competitive world that routinely classifies contestants as winners and losers. The sheltered child, now an adult, may have gifts previously recognized (most friendly). When a winner is declared, the nurtured child, now an adult, is apt to sulk and grudgingly accept a plaque of appreciation. The applause for the real winner is just too disheartening.

A student used to a soft grading system (or not being graded at all) discovers the perils of not understanding the difference between winning and losing. When job hunting, he realizes that he either gets the job or a letter saying, “We will keep your application on file should the need for a stoic philosopher come up.”

Corporate performance ratings have not followed the “feel good” bandwagon. There are even forced rankings that put the “bottom 10%” of the rates at risk — what have you done to increase market cap?

Sports contests too are binary. One either wins or loses the championship trophy. The result is straightforward. One team has a bonfire party and the other complains about the officiating. (That last shot shouldn’t have counted.)

The Olympic Games pronounce winners and losers, even if the difference in speeds is only a hundredth of a second. The second-place winner may complain about the accuracy of the clock, but such an attitude makes him the worst type of competitor — a sore loser. Even in defeat, a winning attitude of humility and good cheer is appreciated — I’ll try harder next season.

In any situation, it is our attitude that matters. Sure, it could be better, but it could also have been worse. As Epictetus, the stoic, puts it — we cannot control what happens to us, only how we react to it.

Winning or losing is not just about attitude, especially in the public arena. It is about what is at stake… when one ends up at the losing end.

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com