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Defying odds in Bordeaux

THE surreal Le Dome Saint-Émilion Grand Cru 2016

BACK IN 2014, I got an exclusive interview (care of Romy Sia at the former Wine Story hub in Serendra Taguig City) with Jonathan Maltus, one of Bordeaux’s key characters during the 1990s explosion of the garagistes wines or vins de garage — meaning “wines from the garage.” The inspiration behind the garagiste movement probably came from the tiny, less than two-hectare Château Le Pin from nearby Pomerol, known for some of the best, as well as most expensive Bordeaux right bank wines. The term garagistes, created by French writer Michel Bettane, refers to winemakers laboriously and primitively making low-crop wines in a garage or garage-like size area, due primarily to lack of funding and no big wine making facilities.

The garagistes were mostly in the Saint-Émilion wine region, and led by JeanLuc Thunevin (I also interviewed him for a story before) of Château Valandraud, now a certified Premier Grand Cru Classé B. Other bigger wine names from the garagistes movement included Château La Mondotte (another Premier Grand Cru Classé B), Château Quinault l’Enclos (now a Grand Cru Classé), and wines coming from Jonathan Maltus’ Château Teyssier, namely Le Dôme, Vieux Château Mazerat, Les Asteries and Le Carré. None of the Saint-Émilion wines from the JCP Maltus, Jonathan’s holding company, are classified in the Grand Cru Classé — the magic word  being classé, but that might change for JCP Maltus soon. Under the latest Saint-Émilion Grand Cru Classification, there are only 18 Premier Grand Crus, divided into A and B, and 64 Grand Cru Classé, while there are hundreds of chateaux donning the Saint-Émilion Grand Cru name, without the “classé” in their labels. Note that “Saint-Émilion Grand Cru” is apparently considered in this region as an appellation and not a classification.

Without repeating myself on something I wrote before, in my previous interview with Jonathan Maltus, I wanted to be better acquainted with the Saint-Émilion grand cru classification, which, unlike its sacred 1855 Medoc counterpart, started a century later in 1955, and changes (supposedly) every 10 years, the last one being honored at present being the 2012 classification. I had a very candid and in-depth talk with Jonathan, part of which was off the record. But the gist was that the process is quite tedious and that criteria includes Wine Quality which is decided from tasting of wines, including verticals, on vintages from past 10 years for  Grand Cru Classé, and even longer verticals for Premier Grand Cru. Other criteria are Reputation, which includes how wines are priced in the market, Terroir, and, finally, Winemaking Practices. There is also a volume angle to this based on the total production of the chateau.

JCP Maltus’ Le Dome could have made the 2012 Grand Cru classification easily given its incredible reputation, buoyed up by high prices and critical acclaim. After all, Le Dome, as Jonathan mentioned, is the most expensive Cabernet Franc wine in the world. Le Dome uses up to 80% Cabernet Franc in their Saint-Émilion blend, much higher than the usual 55-60% Cabernet Franc of Saint-Émilion legend and truly the sole AA+ Premier Grand Cru, Château Cheval Blanc. Most of the other Saint-Émilion wines traditionally use dominant Merlot blends. Le Dome is not the only present non-Saint-Émilion Grand Cru Classé wine that is fetching high value in the market, another one is Château Tertre Roteboeuf (another “sure in” candidate for Grand Cru Classé). These two Saint-Émilion Grand Cru wines are far pricier and more reputable than most of the 64 Grand Cru Classé wines, and are pretty close, if not even higher priced than some from the Premier Cru Classé B level.       

AWAY FROM NEGOCIANT SYSTEM
Just like Château Tertre Roteboeuf, JCP Maltus very recently, just in 2017, left the traditional négociant system (basically through La Place de Bordeaux) and opted to sell its wines directly to importers — including the top prized Saint-Émilion wines Le Dome, Vieux Château Mazerat, Les Asteries, Le Carre, and flagship Château Teyssier. According to Xiao Li, JCP Maltus regional export manager for East and Southeast Asia, owner Jonathan decided to junk the négociant system because they struggled to control and protect prices in the external markets, which created a lot of tensions with their direct customers. Most Bordeaux chateaux, especially the big names, only sell through negociants. JCP Maltus on the other hand previously sold portions of its wines through a select pool of negociants since the 2009 vintage, but has, since 2017, moved out of this system. Instead, Jonathan expanded his sales team. Xiao is one of five export managers based in Bordeaux but selling to over 65 countries in the world.

As Xiao mentioned, the direct selling helped the company not only establish a strong relationship with all its clients, but also to have better control over pricing, and, equally important, avoid the huge problem of parallel imports. And it surely worked. JCP Maltus’ business grew every year since going direct with its own sales force.

Ironically, this move came at a time when this négociant system, La Place de Bordeaux, started doing more non-Bordeaux wines and international wines from Super Tuscans like Masseto to Napa icons like Opus One.

LOOKING FORWARD TO THE NEXT SAINT-ÉMILION GRAND CRU CLASSIFICATION IN 2022
JCP Maltus has been busy priming up for the Saint-Émilion Grand Cru Classification in 2022. While there was some controversy in the classification in the past, including the now notorious 2006 classification, the most updated version, being the 2012 classification, seemed to be universally accepted. JCP Maltus’ Le Dome is poised to make a run at the Grand Cru Classé classification in 2022, and a new Le Dome winery, located just across Chateau Angelus, the Premier Grand Cru Classé A, is already being built and is expected to be finished by April 2021 despite the pandemic. JCP Maltus also employed the services of Thomas Duclos, who also worked with Chateau Cheval Blanc, as its wine consultant, to improve further the wine quality of the company. All is set for Le Dome’s next chapter!

Tasting Notes of current release 2016 Vintage:

• Château Teyssier 2016 – a blend of 70% Merlot and 30% Cabernet Franc; “fresh, black currant, licorice, eucalyptus, subtle notes of leather, cedary, but after minutes in the glass, mocha fragrance, medium texture, sour cherry acidity, good minerality, lingering blueberry flavors with dry cocoa aftertaste”

• Le Dome 2016 – blend of 80% Cabernet Franc and 20% Merlot; “vibrant in color and nose, luscious, alluring, with flavors of tobacco leaves, mint, dark cocoa, black cherries, full-bodied, coffee tart, butter toast and violets at the end; so much happening with ever-evolving flavor nuances”; it is really hard to put this glass down once you start drinking, and this wine can really keep for ages given its incredible structure and depth at this very early stage.

I have no doubt given the quality of Le Dome that this wine will easily make the 2022 Saint-Émilion Grand Cru Classé classification, and 10 years later, will have another good shot at being part of the elite Premier Grand Cru club. But do expect prices to go higher so this 2016 vintage should be snatched up when one sees it available in the shop, or even online. Château Teyssier on the other hand exemplifies a good Saint-Émilion wine, and is extremely hard to beat on its value for money. Château Teyssier is a special wine at an “everyday wine” price.

Aside from wines from Bordeaux, JCP Malthus also produces wines from the famed Napa Valley in California, under the World’s End brand. The Napa wines are named after famous old classic songs that owner Jonathan Maltus enjoyed listening to during the old days, including: “Good Times Bad Times” (Led Zepellin), “If Six was Nine” (Jimi Hendrix), “Against the Wind” (Bob Seger), and “Crossfire” (Stevie Ray Vaughan).

JCP Maltus is looking for an exclusive wine importer in the Philippines for its top Bordeaux and Napa Valley wines. If interested, contact Xiao Qi at xiao@maltus.com or mobile +33-6-10995465, and visit the website at www.maltus.com.

The author is a member of the UK-based Circle of Wine Writers. For comments, inquiries, wine event coverage, wine consultancy and other wine related concerns, e-mail the author at protegeinc@yahoo.com or via Twitter at www.twitter.com/sherwinlao.

DFNN unit seeks Singapore listing

A SUBSIDIARY of gaming firm DFNN, Inc. is preparing to get listed in Singapore by acquiring the listing status of China Sky Chemical Fibre Co., Ltd.

The listed technology company on Wednesday told the stock exchange that its 49.36%-owned unit iWave, Inc. entered into a binding term sheet with the Singaporean manufacturing firm, which will transfer its listing status in the Singapore Exchange, Ltd. (SGX) to the former for S$4.45 billion.

“The consideration shall be in the form of shares in the listing vehicle to be distributed among eligible creditors and eligible shareholders of China Sky via a scheme of arrangement, as allowed under SGX rules,” DFNN said.

Presently, China Sky is managed by an independent judicial manager as it underwent debt restructuring.

Both companies are still drawing up an implementation agreement for the listing transfer deal. “Additional information will be provided when it is available,” DFNN said.

Other Philippine-listed firms that are also listed in SGX are Del Monte Pacific, Ltd. and Rizal Commercial Banking Corp.

iWave is a financial technology firm engaged in systems integration, software and technology development.

In April, DFNN incorporated a new subsidiary that will hold its future acquisitions.

On Wednesday, shares in DFNN grew by 1.97% to close at P3.11 each. — Adam J. Ang

Dining In/Out (08/20/20)

Max’s August promos

ENJOY MAX’S favorites with two promos this August: the Payday Delivery Trio and the Build-Your-Own Fried Chicken Sandwich. Available on the usual 15th and 30th payday weekends, Payday Delivery Trio is an exclusive delivery deal featuring Max’s bestselling Sarap-To-The-Bones Regular Whole Fried Chicken and signature Spicy Tofu for P1,099. The bundle also includes one’s choice of Spicy Gambas or Camaron Rebosado. Then there is the Sarap-In-A-Box with four Build-Your-Own Fried Chicken Sandwiches. At P839 for takeout and P923 for delivery, one can assemble Sarap-In-A-Bun sandwiches to one’s liking with a complete range of ingredients: Max’s chicken thigh fillets, buttery sesame brioche buns, pickled cucumber slices, shredded cabbage, Max’s house sauce, and mayo-garlic sauce. Each Sarap-In-A-Box also comes with a side of sweet potato fries. Order at https://delivery.maxschicken.com/ or call 888-79000 (for Metro Manila only). For more information, visit http://www.facebook.com/maxsrestaurant.

Conrad Manila celebrates Mid-Autumn Festival

CONRAD MANILA’S award-winning restaurant China Blue by Jereme Leung celebrates the coming Mid-Autumn Festival with handcrafted mooncakes presented in signature designer bags by the hotel and Malaysian style icon Christy Ng. The mooncakes are available for pre-order starting Aug. 15 with pick-up from Sept. 8 to Oct. 1. Specially prepared by Executive Chinese Chef Eng Yew Khor, the Mid-Autumn Festival mooncakes are available in boxes of four in the following flavors: Baked traditional red bean single yolk, Baked white lotus with lava custard, and Baked fragrant pandan with lava coconut. Patrons may choose among three mooncake bags namely: the Pacific Pearl by Conrad Manila (East Asian-inspired gold markings on a purple weave and a pearl handle) at P3,600 and Malaysian designer Christy Ng’s Tropical Allure (hibiscus prints, gilded zippers and trimmings in either Royal Purple or Crimson Red and which can be used as a statement piece or a cross-body bag with the addition of a handbag strap) at P4,500 each. For Mid-Autumn Festival pre-orders or inquiries, call 0917 -6504043 or 8833-9999.

Santé launches new cappuccino infused with Sante Barley Coffee Mix

FOR THE barista experience at home in an instant, there is the new Barliccino, a cappuccino plus Santé Barley Coffee Mix that offers a healthier and tastier choice than the usual pricey “coffee-shop” brew. As the latest coffee drink mix from Santé, a provider of premier organic health and wellness products and services, Barliccino brings the coffee-shop quality experience in an instant. Barliccino is mostly sweetened using Stevia, a natural substitute for sugar, derived from the leaves of a small perennial green shrub. In every cup of Barliccino, there is only a minimal amount of sugar (1.63 grams), a lot lesser compared to a regular instant coffee’s sugar content, which is around 12 to 15 grams per serving. It also has low-calorie content (52 calories) and contains non-dairy creamer. Barliccino is also infused with organic pure barley grass from Santé, known to be certified by BioGro, New Zealand’s leading organic certification agency. Barley grass is an antioxidant and is rich in vitamins and minerals. To learn more about Barliccino and Santé, visit its website at santebarley.com.

TWG releases iced teabag collection

INDULGE in the taste of summer all year round with TWG Tea’s Iced Teabag Collection. The collection features 15 invigorating tea blends such as Eternal Summer Tea, Moroccan Mint Tea, Pink Flamingo Tea, and Cocktail Hour Tea, all inspired by the latest fashion trends. Each tea blend is proportioned and packaged for fuss-free preparation of iced teas at home. Each box of iced tea bags is priced at P1,695 and is available at TWG Tea Boutiques in Greenbelt 5 and Central Square. Call the boutiques to order teas and accessories. For inquiries, call the TWG Tea Boutique in Greenbelt 5 at 0917-804-6931 or TWG Tea Boutique in Central Square at 0917-803-7775.

McDonald’s offers free delivery

THIS AUGUST, McDonald’s is officially offering free delivery for orders worth P200 and above made via McDelivery. Promo runs until Aug. 31, so make sure to catch it while it lasts. Order via the McDelivery PH app or McDelivery website (mcdelivery.com.ph) or via Chatbot on McDonald’s Facebook Messenger, or by dialing the McDelivery Hotline 8888-6236 (for NCR).

The Plaza offers Hamwich kits

THE PLAZA now has Hamwich Kits featuring hams carved fresh upon order and freshly baked Plaza pan de sal, paired with its signature sauces — Premium Glaze, Gutsy Garlic, Sweet Mustard, and Wasabi Mayo. Each kit includes: one kilo of sliced The Plaza Premium Baked Ham, a dozen Plaza  regular pan de sal; and four signature sauces. Delivery is free to certain areas in Metro Manila. Meanwhile, Plaza Catering specialties are also available for ordering including carvery items, food-to-go trays, and frozen convenience food. Order by calling 7729-0001 to 03, 0917-718-2200, through e-mail at info@theplazacatering.com or through The Plaza website (https://theplazacatering.com/).

Sheraton Manila Bay adds items to takeaway menu

THE SHERATON Manila Bay now offers classic French cuisine Duck a l’orange and savoury Chicken Pot Pie on its Gourmet Takeaway menu. A whole portion of crispy roasted Duck a l’orange is available at P2,800 net while its premium breast cut is P2,900 net. It is served with a sweet and tangy orange sauce and comes with steamed rice. It is good for sharing with up to four persons. Meanwhile, the classic Chicken Pot Pie is available in medium size at P950 net and large at P1,400 net. The pie features a flaky, buttery crust, creamy sauce and hearty mix of chicken. To order call 5318-0788, 0917-583-7294, 0917-583-7326 or e-mail sh.mnlsb.fnb@sheraton.com. Twenty-four hours advance notice is required. Diners shall arrange pick-up with their courier of choice. Cash and credit card payments are accepted. The hotel will strictly implement a No Mask, No Pick-up Policy and has designated a pick-up point at the hotel main entrance canopy area to ensure social distancing measures are followed and health and safety precautions are met. For a full listing of gourmet takeaways menu, visit http://bit.ly/ccmnlsb. Sheraton Manila Bay is located at M. Adriatico cor. Gen. Malvar Streets, Malate, Manila.

PLDT, Meralco donate equipment in virus fight

PLDT, INC. and Manila Electric Co. (Meralco) have turned over P45 million worth of hospital equipment to East Avenue Medical Center for its new facility to respond to the coronavirus disease 2019 (COVID-19).

The companies, led by Manuel V. Pangilinan, made the donation to provide assistance to the hospital as it increases its bed capacity to accommodate more COVID patients.

“Along with other private sector groups, we continue to support government efforts to fight the COVID-19 pandemic. We hope that our assistance to the East Avenue Medical Center for its new COVID-19 facility will help provide quality care for patients, especially during this critical phase of the health emergency,” said Mr. Pangilinan, chairman and chief executive officer of PLDT.

Up to 60 beds were allocated for the emergency room, wards and intensive care unit of the medical center. These include hospital bed with mattresses, overhead and bedside tables, foot stool, IV stands, curtains, comforters and draw sheets. Monitors, ventilators and gadgets for serious and critical patients were also part of the donation.

“We are utilizing our resources in order to address the immediate need for hospital equipment in the new COVID-19 facility of the East Avenue Medical Center. This is essential in enabling our hospitals to accommodate more patients, especially during the current health crisis,” said Meralco President and CEO Atty. Ray C. Espinosa.

The East Avenue Medical Center is a general hospital under the Department of Health.

OPPO announces Reno 4, smartwatch

By Zsarlene B. Chua, Senior Reporter

CHINESE smartphone brand OPPO has launched two new products — their newest flagship phone, the Reno 4, and the company’s first smartwatch, which took years of development, a company representative said.

The newest entry to the Reno line, the Reno 4, has a Qualcomm Snapdragon 720G processor, 8GB RAM and 128GB ROM. The device also has a 48-megapixel HD quad-camera capable of taking 960 fps AI slow motion videos and three stabilization modes “perfect for users interested in capturing high-intensity action shots like when running or skateboarding,” said the release. A similar electronic image stabilization algorithm will also be present for the front camera.

Reno 4, with its 6.43-inch AMOLED screen, also boasts a thinness of 7.7mm and a weight of 165 grams. The phone is also 5G ready and comes in two colors: Galactic Blue and Space Black.

The phone is open for pre-orders until Aug. 21 at P18,990. Those pre-ordering the phone will receive a pair of Rock Space EB100 True Wireless Stereo Earbuds worth P2,899.

OPPO WATCH
After years in development, OPPO has also finally introduced their first smartwatch said to “deliver intelligence and elegance in a premium compact device,” the company said in a press release.

“If you ask us why it took so long to come out with a smartwatch, it’s because we wanted to get it right,” Gordon Tok, OPPO APAC training manager, said during a digital conference on Aug. 5.

The OPPO Watch comes with a 41-mm rectangular AMOLED screen powered by Wear OS by Google and a VOOC Flash Charging System, which can achieve 30% charge in 15 minutes (said to be enough for a day’s use). A full charge can be achieved in 75 minutes and can last 24 hours in smart mode and up to 14 days in power save mode.

“We have always been focused on developing user-oriented multi-device, and cross-scenario lifestyle products for consumers that are practical and [fits their] personal, home, and travel uses,” Jimmy Yi, OPPO APAC president, said in a statement.

The OPPO Watch also comes with “an intelligent outfit-matching watch face” as a few taps, including photographing an outfit, will have the watch recommend a “complementary watch face to suit the occasion through AI-imaging and built-in algorithms,” according to the release.

The device is water-resistant for up to 50 meters for 10 minutes for those engaging in water activities and it also has tracking and monitoring sensors for those doing physical activities including an always-on heart tracker and a sleep tracker. It can also be integrated with GoogleFit.

The OPPO Watch retails for P12,990 and comes with a black band. It is available via OPPO concept and online stores and in Lazada.

Insurers launch digital products

TWO INSURANCE companies have launched new microinsurance products, likewise teaming up with digital partners to make these more accessible to the underserved microinsurance sector amid the coronavirus pandemic.

Singapore-based insurance technology startup Igloo said in a press release on Thursday that it partnered with UnionBank of the Philippines, Inc. and e-commerce platform Akulaku Philippines to offer a new set of microinsurance products covering personal accidents.

Igloo, which was rebranded from Axinan in April, said it will provide microinsurance products “unique” in the market and are “specially designed for the underserved population in lower-income households.”

It said the company also plans to launch its single disease, home, business, internet security and privacy and pet insurance products in the country towards the end of 2020.

“With plans to further expand its business in the Philippines, Igloo will be partnering with more companies that will help it further its mission of providing affordable insurance for all,” it said.

Meanwhile, DiskarTech, Rizal Commercial Banking Corp.’s (RCBC) online banking app, said in a separate statement on Wednesday that it will start offering the new Dengue Cash insurance product of nonlife insurer Malayan Insurance, Inc. via its mobile application.

The product has an annual premium of P300 which will give P10,000 cash assistance to the insured client if diagnosed with dengue. It also covers accidental death and permanent disabilities, for those aged 18-64 years old.

“Especially with the challenging health and safety environment, we believe that our collaboration with DiskarTech will bring essential insurance products to all Filipinos. These products are especially designed to be within their reach, both in price point and in actual access through the mobile app,” said Malayan Insurance President and CEO Jose Paolo Y. Abaya.

The product adds to the pool of Malayan’s microinsurance products sold through DiskarTech. This includes motor insurance products called Ridesafe worth P20-P50 each, and its personal accident insurance costing P45-P100 each for accidental death and disablement benefits.

“Insurance is an essential element to financial security. Many Filipino households are made vulnerable by unexpected sickness or accidents in the family.  Aside from the stress brought about by anxiety and grief, how to cope with the unplanned expenses make them more susceptible to making unwise decisions. This can easily be addressed by inexpensive and responsive insurance products,” said Angelito “Lito” Villanueva, RCBC’s chief innovation and inclusion officer.

Premiums produced by the microinsurance sector climbed to P9.12 billion in 2019 from the P8.14 billion in 2018, data from the Insurance Commission showed.

Total individuals covered also rose 16% to 45.13 million from 38.89 million in 2018. — B.M. Laforga

Vivant Corporation sets virtual annual stockholders’ meeting on September 11

How high is the Philippines’ ‘market potential’ compared with other economies?

How high is the Philippines’ ‘market potential’ compared with other economies?

How PSEi member stocks performed — August 19, 2020

Here’s a quick glance at how PSEi stocks fared on Wednesday, August 19, 2020.

Peso rallies as market expects dovish Fed signals

THE PESO continued to strengthen against the dollar on Wednesday on risk-off sentiment due to expectations of a dovish stance from the minutes of the US Federal Reserve’s latest meeting.

The local unit closed at P48.575 per dollar on Wednesday, appreciating by five centavos from its P48.625 finish on Tuesday, data from the Bankers Association of the Philippines showed.

This was the peso’s strongest finish in more than three years or since its P48.48-per-dollar close on Nov. 4, 2016, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

The peso started the trading session at P48.61 versus the dollar, which was also its weakest showing for the day. Meanwhile, its intraday best was at P48.525 against the greenback.

Dollars traded slipped to $794.5 million on Wednesday from the $875.4 million recorded on Tuesday.

The peso gained on the back of market expectations of dovish signals from the US Federal Reserve, a trader said.

“The peso appreciated on expectations of dovish guidance from the US Federal Reserve policy meeting minutes,” the trader said in an e-mail.

The US central bank in July left policy rates untouched at near-zero levels, with Fed Chairman Jerome Powell saying they will do what they can “for as long as it takes” to mitigate the impact of the pandemic and to foster growth.

The minutes of the Federal Open Market Committee’s July policy review will be released on Aug. 21.

The peso also continued to strengthen versus the dollar after the easing of restriction measures in Metro Manila, Mr. Ricafort said.

“[T]his helps improve economic recovery prospects and valuations,” he added.

Metro Manila and surrounding provinces Bulacan, Cavite, Laguna and Rizal are back under general community quarantine until Aug. 31 after two weeks under a tighter lockdown.

For today, the trader gave a forecast of P48.45 per dollar while Mr. Ricafort expects exchange rates to move within the P48.45 to P48.60 levels. — L.W.T. Noble with Reuters

Shares drop on profit taking ahead of BSP decision

STOCKS dropped on Wednesday as investors booked profits after the shift to relaxed quarantine protocols and ahead of the central bank’s policy-setting meeting.

The benchmark Philippine Stock Exchange index (PSEi) fell 114.33 points or 1.85% to 6,042.12 while the broader all shares index retreated 44.42 points or 1.22% to 3,591.36.

Philstocks Financial, Inc. Research Associate Claire T. Alviar said in a mobile phone message that the market declined after last-minute profit taking dragged the market to negative territory.

“Right after the optimism yesterday from the announcement of more relaxed quarantine measures, investors booked profits already, following some adjustments on the guidelines that have made it a little stricter; including but not limited to the suspension of operation of gyms and internet cafés,” Ms. Alviar said.

For Timson Securities, Inc. Head of Online Trading and Trader Darren Blaine T. Pangan, the local market declined due to the upcoming decision of the Bangko Sentral ng Pilipinas’ (BSP) Monetary Board on benchmark interest rates.

“Investors may have chosen to stay on the sidelines and wait for the decision to come out before they reposition on local stocks,” Mr. Pangan said in a mobile phone message.

The Monetary Board will hold its fourth policy-setting meeting for the year on Aug. 20. The BSP cut policy rates by 50 basis points (bps) in June, bringing the rates on its overnight reverse repurchase, deposit and lending facilities to 2.25%, 1.75% and 2.75%, respectively.

A BusinessWorld poll last week showed most economists expect the BSP to keep borrowing costs steady following signals from BSP Governor Benjamin E. Diokno.

All sectoral indices registered declines on Wednesday except for services, which rose 10.14 points or 0.69% to close the session at 1,460.20.

Meanwhile, property retreated 75.84 points or 2.54% to 2,905.21; holding firms went down 140.29 points or 2.19% to 6,261.18;  mining and oil declined 90.74 points or 1.53% to 5,820.56; financials dropped 16.90 points or 1.45% to 1,146.01; and industrials shrank 108.80 points or 1.37% to 7,819.44.

Decliners outpaced advancers, 95 to 92, while 42 names ended unchanged.

Value turnover stood at P5.47 billion with 1.36 billion shares changing hands, against Tuesday’s P5.96 billion on volume of 9.76 billion shares.

Net foreign selling amounted to P850.23 million on Wednesday, wider than the net P229.36 million that left the market in the previous session.

“Tomorrow (Thursday) being the last trading day of the week, we’ll have to see if the market manages to end above the 6,000 level for the second consecutive week, or if it fails to hold at this level,” Timson’s Mr. Pangan said. — Revin Mikhael D. Ochave

Senate ends PhilHealth corruption probe

PHILSTAR/MICHAEL VARCAS

THE PHILIPPINE Senate ended its investigation of corruption at the Philippine Health Insurance Corp. (PhilHealth) and has begun drafting a report that will be endorsed to anti-graft and prosecutorial agencies.

“We are done with the carousel of denials and lies,” Senate President Vicente C. Sotto III said in a statement on Wednesday.

PhilHealth President Ricardo Morales and other officials accused of pocketing billions of pesos in taxpayers’ money should get ready with their defense at the Ombudsman and Justice department, the lawmaker said.

“I’m formulating the committee report soon and will forward all findings to the Department of Justice,” Mr. Sotto said. “Enough is enough.”

“Filipinos don’t deserve a state health insurance that is so corrupt, made possible by officials entrusted with mandatory monthly deductions from hard-earned salaries of ordinary employees,” Senator Panfilo M. Lacson said in a separate statement.

He said Health Secretary Francisco Duque III, who is PhilHealth chairman, has stayed too long at both agencies in different capacities and has admitted in a public hearing that he had given his best but it wasn’t good enough, Mr. Lacson said.

“More than public interest, public health is imperiled with Secretary Duque at the helm of the Department of Health (DoH),” he said.

“Notwithstanding the trust and confidence reposed on him by the appointing authority, Filipinos deserve a good, competent, honest and capable DoH secretary,” he added.

Mr. Lacson said documentary and testimonial evidence from whistleblowers and resource persons were enough to indict corrupt officials responsible “for the systematic corrupt practices and malevolent acts that have practically dragged PhilHealth to its present financial death bed.”

The Senate committee found gross overpricing of equipment bought by PhilHealth and favoritism in the release of so-called interim reimbursement mechanism funds.

The mechanism allowed the agency to grant advance payments to health institutions by up to three months during the pandemic, even if only P1 billion had been liquidated.

Former PhilHealth anti-fraud legal officer Thorsson Keith earlier told senators at a hearing the agency’s top officials had pocketed P15 billion through fraudulent programs.

He said the sum came from overpriced equipment the agency had bought, as well as from a program that gave financial aid to health facilities amid a coronavirus pandemic. Mr. Keith called PhilHealth executive committee officers in-house mafia members.

Meanwhile, Senator Juan Miguel F. Zubiri filed a resolution asking the Office of the President to suspend top PhilHealth officials immediately.

This would stop them from tampering with evidence vital to separate probes by the National Bureau of Investigation, Commission on Audit (CoA) and Office of the Ombudsman.

“PhilHealth’s unwillingness to cooperate with regard to the submission of records could qualify as obstruction of justice that prevents the NBI from carrying out its responsibilities,” Mr. Zubiri said in the resolution.

He also cited the agency’s refusal or delay in the submission of documents and refusal to grant audit access to their record system.

PhilHealth officials on Tuesday admitted lying about the agency’s anomalous IT procurement program to avoid Senate detention for contempt.

During a Senate hearing, Mr. Lacson moved to cite PhilHealth Senior Vice-President Jovita V. Aragona and Acting Senior Manager Calixto I. Gabuya, Jr. for lying under oath.

He withdrew the motion after the officials admitted that they lied at the first hearing, where lawmakers found that PhilHealth officials had tried to buy obsolete network switches that were five times the price of newer models last year.

Former PhilHealth board member Alejandro L. Cabading said he had repeatedly flagged questionable budgetary items for the IT department, including a P2.1-billion budget proposal without details.

The agency nearly bought 15 units of an older model of a Cisco device used to manage computers in a local area network for P420,000 when a newer model costs only P62,000 each, Etrobal Laborte, who resigned as head executive assistant of PhilHealth President Ricardo Morales said earlier. 

PhilHealth officials including Mr. Morales have denied the allegations.

Mr. Duque, who attended the hearing for the first time on Tuesday, said the program was not exclusive to coronavirus facilities. He denied that some hospitals had been favored by the scheme.

Senator Ralph G. Recto questioned the request to allocate P10 billion under a bill seeking to give President Rodrigo R. Duterte special powers in the battle against the pandemic for coronavirus testing.

PhilHealth does not need more budget because it has about P200 billion in financial assets, Mr. Recto said, citing Deputy Treasurer Sharon P. Almanza.

Mr. Duterte earlier vowed to “finish off” PhilHealth officials involved in irregularities at the agency even if he had no plan to fire its chief.

He created a task force headed by the Department of Justice to investigate PhilHealth, including doing lifestyle checks and audits of its officials and employees.

The President also ordered the Office of the Special Assistant to the President Undersecretary Jesus Melchor Quitain to conduct a separate probe.

Mr. Morales earlier filed for a medical leave after he was diagnosed with cancer in February.

The PACC has said it had recommended the filing of charges against three dozen PhilHealth officials, which the Senate may adopt in its committee report.

PhilHealth Vice-President for Operations Augustus de Villa earlier quit his job but promised to cooperate with the congressional probe. — Charmaine A. Tadalan

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