Facebook Instagram Linkedin X Youtube
Home Blog Page 7832

Local investors seen to push PSEi growth

COURTESY OF PHILIPPINE STOCK EXCHANGE, INC.

AS FOREIGNERS continue to exit the market, local investors are expected to be the drivers of growth in the local bourse.

“Key feature is all the foreigners are out,” First Metro Investment Corp. (FMIC) Head of Research Cristina S. Ulang said during FMIC’s midyear economic briefing.

“This market is in our house. We are all in and it is our consensus view that’s going to propel this market higher and there are a lot of catalysts,” she added.

Catalysts also include valuation and corporate earnings growth, which FMIC expects to increase by 25% this year and 34% in 2022.

The upcoming elections may also affect the index’s performance as the country’s GDP (gross domestic product) may benefit from election spending.

“It’s a big incentive for seizing opportunities every time the market dips to be in very good companies — to position in very good companies — because the Philippine Stock Exchange Index (PSEi) we expect is going to be on an upward trajectory,” Ms. Ulang said.

FMIC reported foreign ownership at the 30-member index hit a nine-year low of 21%. While local and new investors remain interested in the bourse, foreign investors are still expected to return to the market.

“It’s just that there are so many uncertainties, but the fundamentals are there. The fundamentals are strong and they are intact and this is what’s keeping this market resilient,” Ms. Ulang said.

Ms. Ulang said the PSEi may trade between 7,400 to 7,800 this year.

Risks to market growth include the health crisis getting worse, high inflation and interest rates, prolonged recession, and credit rating downgrades. — Keren Concepcion G. Valmonte

Apple seeks up to 20% increase in new iPhone production for 2021

APPLE, Inc. has asked suppliers to build as many as 90 million next-generation iPhones this year, a sharp increase from its 2020 iPhone shipments, according to people with knowledge of the matter.

The Cupertino, California-based tech giant has maintained a consistent level in recent years of roughly 75 million units for the initial run from a device’s launch through the end of the year. The upgraded forecast for 2021 would suggest the company anticipates its first iPhone launch since the rollout of COVID-19 vaccines will unlock additional demand. The next iPhones will be Apple’s second with 5G, a key enticement pushing users to upgrade.

This year’s update will be more incremental than last year’s iPhone 12, emphasizing processor, camera and display improvements, the people said, asking not to be named as the plans are not public. Apple is planning updates to all of the current models, spanning the 5.4-inch and 6.1-inch regular versions and the 6.1-inch and 6.7-inch Pro models. The phones, codenamed D16, D17, D63, and D64, are all expected to be announced in September, earlier than last year’s October introduction partly thanks to the supply chain recovering.

At least one of the new versions will have an LTPO (low-temperature polycrystalline oxide) display capable of alternating its refresh rate based on the content being shown. Apple has used this technology in the Apple Watch for several years, allowing the screen to be slower in certain situations — such as the Always On mode — to extend battery life. Oppo, OnePlus and Samsung Electronics Co. already have LTPO screens in their flagship phones. The new iPhones with LTPO displays will also use IGZO (indium gallium zinc oxide) technology for improved power efficiency and responsiveness.

While the design of the new Apple phones will remain largely unchanged, the company plans to reduce the size of the front-facing camera and face unlock sensor cutout, or notch, to better match its rivals. The company hopes to eventually remove the notch entirely in a future version of the iPhone and is likely to shrink its size further next year.

An Apple spokesperson declined to comment.

Apple’s camera upgrades will put the focus on more advanced video recording features such as improved optical zoom. An upgraded system-on-chip, built around the same six cores as the current A14 chip, will also be included. The company has tested an in-display fingerprint scanner for this year’s devices, however that feature will likely not appear on this generation.

While Apple has asked suppliers to build up to 90 million units, the actual number could be a few million units shy of that target, one of the people said. Huawei Technologies Co.’s sanction-stricken smartphone business is a major factor for Apple’s increased shipment orders, according to another person familiar with the strategy.

The ongoing chip shortage that has undermined operations across several global industries is not expected to affect the production of upcoming iPhones, some of the people said. Apple is key chipmaker Taiwan Semiconductor Manufacturing Co.’s biggest customer and its outsize orders make the launch of a new iPhone an annual event that suppliers across Asia plan for months in advance.

TSMC shares rose as much as 1.3% after the report of Apple’s upgraded output plans. Among other supply partners, fellow Taiwanese connector and power-pack maker Cheng Uei Precision Industry Co. climbed as much as 9% and lens maker Largan Precision Co. was up as much as 2.4%. Japanese electronic component maker Alps Alpine Co. was up as much as 3.5%.

Chinese assembly partner Luxshare Precision Industry Co. is set to have a bigger role this year after it acquired iPhone assembly facilities from Wistron Corp.

Assembler Hon Hai Precision Industry Co. will dominate orders for the 6.7-inch Pro Max model and split the 6.1-inch Pro with Luxshare and the 6.1-inch regular iPhone with Pegatron Corp. Pegatron is expected to make all the 5.4-inch units.

Beyond the new iPhones, Apple is preparing several other products for later this year, including new MacBook Pro laptops with custom Apple chips, redesigned iPad mini and entry-tier iPad models and Apple Watches with updated displays. Apple plans to kick off production of the new MacBook Pro in the third quarter after facing some issues related to MiniLED screens that also challenged the launch of the latest iPad Pro.

To resolve the MiniLED supply issue, Apple has recruited Luxshare to split orders for an essential MiniLED component for the new MacBook Pro with Taiwan Surface Mounting Technology Corp., which earlier dominated the orders for the component for iPad Pro. — Bloomberg

Yields on term deposits go down

REUTERS

YIELDS ON THE central bank’s term deposits continued to slip on Wednesday as they tracked rates of benchmark US Treasuries and as investors expect the government to borrow less following its offshore bond issuance last month.

Total bids for the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) hit P741.224 billion on Wednesday, exceeding the P550-billion offer but lower than the P771.292 billion in tenders logged during the previous week’s auction.

Broken down, tenders for the seven-day term deposits stood at P215.972 billion, surpassing the P160-billion auctioned off by the BSP but failing to beat the P216.209 billion in bids seen a week ago.

Banks asked for yields ranging from 1.7% to 1.7175%, a slimmer margin compared with the 1.7% to 1.729% band a week ago. This caused the average rate of the one-week papers to inch down by 0.79 basis point (bp) to 1.7097% from 1.7176% on July 7.

For the 14-day deposits, bids amounted to P525.252 billion on Wednesday, going beyond the P390-billion offer but below the P555.083 billion seen last week.

Accepted rates for the tenor ranged from 1.75% to 1.7975%, a thinner band versus the 1.75% to 1.8144% seen in the previous week’s auction. With this, the average rate of the two-week papers dropped by 1.97 bps to 1.7817% from 1.8014% previously.

For the 38th straight week, the BSP did not offer 28-day term deposits to give way to its weekly offerings of bills with the same tenor.

The central bank uses the TDF and its short-term bills to gather excess liquidity in the financial system and to better guide market rates.

The lower yields fetched for the BSP’s term deposits on Wednesday reflect the direction of benchmark US Treasuries, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

Bond yields jumped on Tuesday as the biggest hike in US inflation in 13 years rattled investors who fear rising interest rates could end a stock market rally that has doubled prices from 2020 lows, Reuters reported.

The yield on US Treasury debt initially fell on news the US consumer price index (CPI) in June jumped 5.4% year over year, the largest gain since August 2008, the Labor department said.

But a weak Treasury auction sparked a 4.7-basis-point jump in the benchmark 10-year note to 1.41% after initially falling to 1.343% after the CPI data was released.

The inflation spike followed a 5.0% increase in the 12 months through May, while CPI rose 0.9% month over month after advancing 0.6% in May, gains that unnerved investors.

Mr. Ricafort added that investors continued to price in the government’s latest offshore bond issuance, which they believe could reduce the need for local borrowings.

The Philippines last month raised $3 billion (P146 billion) from the sale of US dollar-denominated global bonds in a dual-tranche offering, which will be used to fund the national budget. The 25-year tranche raised $2.25 billion, while the 10.5-year tranche generated $750 million.

The Treasury wants to borrow P3 trillion from local and foreign sources this year to fund its budget deficit seen to widen to 9.3% of the country’s gross domestic product.

Economic managers set an 85:15 borrowing mix for the year in favor of domestic sources to minimize risks from foreign exchange volatility and other external developments. — L.W.T. Noble

The tales behind the chocolate

Dalareich Food Product managed by couple Mr. & Mrs. Ricardo Polot with the help of their daughter Dalareich — DALAREICHCHOCOLATEHOUSE.COM/

BEHIND every sweet bite of chocolate is a lot of sweat, blood, and tears: at least, this is what we gleaned from a talk by Collabox on July 7 (World Chocolate Day) with stakeholders in the Philippine chocolate industry called “Elevate Philippine Chocolate.”

Dalareich Chocolate House’s Dalareich Polot (called “Bohol Chocolate Princess” on their website) said that their story began with tablea that her parents made, the cocoa tablets that one dissolves in water to make a drink. “We were able to go to college, all of us, because of that,” she said during the webinar. According to their website, her parents had quit their day jobs as a street cleaner and a tricycle driver to focus on the cacao trade. Cacao certainly took her places: she was able to get a scholarship to Cacaolab of Ghent University in Belgium. “I realized that they didn’t know we have cacao in the Philippines. They were surprised that we had that,” she said, adding, “We have cacao in the backyard; we drink hot chocolate in the morning.”

In Belgium, she realized that tablea was akin to 100% dark chocolate. She let her Belgian peers taste it, and reintroduced it to the Philippine community there. “We should innovate with tablea; make it really fine, and sell it to the world,” she said. The effort paid off, and Dalareich 100% Unsweetened Chocolate won a gold in 2019 at London’s Academy of Chocolate under the Drinking Chocolate category. “It opened my mind that we should say to the world that we have the beauty of cacao in the Philippines.”

One of the pioneers of bringing Philippine chocolate to the world stage is Malagos Chocolate, which has been winning international awards since 2015. To date, it has won, among others: the Gold Award for 2020 International Chocolate Awards-World Drinking Chocolate (Direct Traded), the Gold Award for 2020 International Chocolate Awards-World Drinking Chocolate (Growing Country), and several Bronzes from the Academy of Chocolate Awards. The journey has been long, though: they started out in farming and exporting in 2003, but began making chocolate in 2012. Chocolate maker Rex Puentespina recalled that he began by joining mall shows — and got calls from tasters and buyers who were nibbling incognito. “We have one foot in the door. It’s easier to sell rather than [doing] door-to-door sampling.” His first international trade show was Germany’s Anuga in 2015; one of the biggest food fairs in the world.

Meanwhile, Froilan Pamintuan, Commercial Attache for the Philippine Trade and Investment Center (PTIC)-Paris, recalled how he and seven chocolate makers (including Dalareich and Malagos) conquered the 2017 Salon du Chocolat.

Apparently, while the Department of Trade and Industry (DTI) had been helping place products like Philippine chocolate in international fairs, they realized that joining large fairs impeded their efforts, drowned as they were in the large variety of products offered. They switched strategies and decided to join smaller niche trade shows instead. They found out in advance that Mr. Puentespina’s farm had been chosen as a finalist for the Cocoa of Excellence awards, which were due at the Salon du Chocolat. The PTIC had managed to get funding from their counterparts in the Philippines — just enough for a small booth in the show, but what luck: it was right by the entrance, which got them a lot of attention. “We were already swamped by visitors,” Mr. Pamintuan recalled. “I think it was the very first time that the Philippines was featured in an international chocolate or cacao pavilion.”

On this note, Mr. Puentespina said that to go international, “You have to have a very local brand first. Europe is very far. I’m also biased [towards] Asia, and we have a big chance also, for exporting our product. When exporting, you better be ready with the values — and a lot of things.”

Mr. Puentespina was asked if he had any secrets for going international. “There’s no secret. The quality of the cocoa bean has to be there.”

“You have to hand it to the farmer who processed it. A chocolate maker can only do so much. A chocolate maker cooks it, or molds it —  but a farmer takes care of it for years.”  —  J.L. Garcia

Concepcion Industrial prepares for recovery via vaccinations, investments in digital

FREEPIK

CONCEPCION Industrial Corp. is preparing for the start of business recovery by vaccinating its stakeholders and making “strategic” investments.

“We expect the recovery to be sometime by the end of this year, beginnings of recovery,” Raul Joseph A. Concepcion, chairman and president of Concepcion Industrial, said during the company’s virtual stockholders’ meeting on Wednesday.

“We are leading the way by vaccinating our employees, our partners, and making strategic investments to survive in the new digital normal,” he said.

The company focused on making sure its business survived when the pandemic hit. It also prioritized creating safe workspaces for its personnel through daily health declarations and sanitizing offices.

Concepcion Industrial said it conducted more than 19,000 coronavirus disease 2019 (COVID-19) tests, with only 128 cases.

“What’s important is we had zero office transmissions,” Mr. Concepcion said.

It also introduced new business models to help the company weather the pandemic, such as concept stores. The company is confident that recovery will be attained.

Shares of Concepcion Industrial at the stock market closed unchanged for the third consecutive day at P21.40 on Wednesday. — Keren Concepcion G. Valmonte

FCC votes to replace Huawei equipment in US networks

TRUSTPAIR.COM

WASHINGTON — The US Federal Communications Commission (FCC) voted unanimously on Tuesday to finalize a $1.9-billion program to reimburse mostly rural US carriers for removing equipment from telecommunications networks from Chinese companies deemed national security threats like Huawei and ZTE Corp.

Last year, the FCC designated Huawei and ZTE as national security threats to communications networks — a declaration that barred US firms from tapping an $8.3-billion government fund to purchase equipment from the companies. The FCC in December adopted rules requiring carriers with ZTE or Huawei equipment to “rip and replace” that equipment.

“There is a serious risk that this equipment may be manipulated, disrupted or controlled by foreign actors,” Acting FCC Chairwoman Jessica Rosenworcel said. “We will evaluate network after network, base station after base station and router after router until we have rooted out our equipment that could undermine national security. It’s a daunting task.”

The issue is a big one for rural carriers that face high costs and difficulty finding workers to remove and replace equipment.

Huawei said in a statement the rules “are simply an unrealistic attempt to fix what isn’t broken. The FCC initiative only creates extraordinary challenges for carriers in the most rural/remote areas of the US to maintain the same high level and quality of service they provide to their customers without disruption.”

The FCC’s final order expands the companies eligible for reimbursement from those with 2 million or fewer customers to those with 10 million or fewer customers.

The FCC in September 2020 estimated it would cost $1.837 billion to remove and replace Huawei and ZTE equipment from networks.

Last month, the FCC voted to advance a plan to ban approvals for equipment in US telecommunications networks from Chinese companies deemed national security threats like Huawei and ZTE. The FCC could also revoke prior equipment authorizations issued to Chinese companies.

In March, the FCC designated five Chinese companies as posing a threat to national security under a 2019 law aimed at protecting US communications networks.

The affected companies included the previously designated Huawei and ZTE, as well as Hytera Communications Corp., Hangzhou Hikvision Digital Technology Co and Zhejiang Dahua Technology Co.

In August 2020, the US government barred federal agencies from buying goods or services from any of the five Chinese companies. — Reuters

Local e-vehicle makers open to exporting units

ELECTRIC VEHICLE ASSOCIATION OF THE PHILIPPINES FACEBOOK PAGE

LOCAL electric vehicle (EV) manufacturers are open to entering the export market, but they will need government assistance in obtaining bank financing, the Electric Vehicle Association of the Philippines (EVAP) said on Wednesday.

“Most of our local EV manufacturers are still concentrating first on the local market; however, if there are some opportunities that are being offered or given to them, they won’t resist on having it on an export,” EVAP President Edmund A. Araga said at the 9th Electric Vehicle Summit.

“In terms of technology and experience, they already proved to the market that it’s viable and feasible and that their units are working,” he added.

Mr. Araga pointed out that the “big question” this time is on the financing schemes.

“The capitalization is very significant for them to pull through and have it offered to the export market as well,” he noted.

EVAP, Mr. Araga also said, is “hoping” that the Finance department would tap commercial banks to open their doors to the local EV manufacturers.

Energy Utilization Management Bureau Director Patrick T. Aquino announced at the forum that the Energy department will soon release a policy on EV charging stations.

“The public consultations have been done on the electric vehicle charging stations and infrastructure,” he said. “The circular has been finally signed. We are looking forward to its publication later this month or early next month.”

“If you are going into the business of EV charging stations, you get a menu coming from the board of investments,” the official added.

Raymond B. Ravelo, Meralco vice-president and chief sustainability officer, said EVs will play a vital role in the country’s post-pandemic economic recovery.

“If there is anything that COVID did, it created a greater sensitivity to health or respiratory health in general, so EVs are definitely supportive of anything in that regard,” he said.

“EVs have shown a lot of resilience in light of this pandemic. Even the overall car market has shrunk in 2020, EVs maintained a steady growth,” Mr. Ravelo also noted. — Arjay L. Balinbin

Hotel News (07/15/21)

Rainy day staycation at The Peninsula

AS MANILA slowly drifts towards the rainy season, one can’t be faulted for looking forward to cozy, peaceful moments indoors. And there’s probably no better way to enjoy the Manila thunderstorms than with The Peninsula Manila’s “Happy Rainy Days at The Pen” room package.

Here’s a list of the “Happy Rainy Days at The Pen” room package inclusions that will lift one’s spirits during a staycation on a cloudy day: a rainy-day retreat in a newly renovated Deluxe Room (or upgrade to a suite) with personalized service amid beautiful interiors (a maximum of two adults and two children ages five and below are allowed in a room); breakfast at The Lobby with local and international specialties like pork tocino, daing na bangus, and longganisa or pancakes, bircher muesli, and other treats one never really has at home; Peninsula Classic Afternoon Tea (that can be shared by two), served daily in The Lobby, accompanied by Martin Avila tinkling the piano keys daily at The Upper Lobby (Afternoon Tea for two may also be served in-room); and, surprisingly, ice cream on a rainy day, as adult guests who book the room package can choose two pints from The Peninsula Boutique’s new line of inventive alcohol-infused ice creams and sorbets (families with children can opt for two pints of icy milk, fruit, and nut-laden ice cream creations instead) which may be enjoyed in-room or at The Lobby.

Guests can enjoy Filipino-made welcome amenities for children and adults from Looking for Juan —  an on-line social enterprise store that is home to socially-relevant and art-infused merchandise that is the result of years of collaborative efforts with Filipino creatives to promote children’s literacy, explore national identity, and broaden public awareness for Philippine art, culture, and the environment. For every confirmed stay, the hotel together with Looking for Juan will donate two books to children from underprivileged communities.

Rates for this July to August staycation start at P9,000 for a Deluxe Room, exclusive of taxes. For inquiries or further information on the room package, call 8887-2888 (trunk line), extension 6630 (Room Reservations), e-mail reservationpmn@peninsula.com, visit the website peninsula.com, or through PenChat, The Peninsula Manila’s 24-hour e-concierge by using this link: https://bit.ly/PenChatFacebook.

Safe escapes at Lio Beach

LIO ESTATE Resorts is introducing its e-commerce platform for travelers who want to visit the resorts in El Nido. The new online scheme provides convenient booking, flexible rebooking and cancellation, and exclusive discounts within one website. Lio Beach embraces digitization as a vital step towards tourism recovery in line with safety standards, and simplifies the travel planning experience by showing only the best available offers, available dates, and travel requirements.

Ayala Land’s first sustainable township development in El Nido, Lio has its own airport which connects it to Manila and other destinations. It has grown into a self-contained beach community town with hotels, resorts, and commercial establishments along a 4.2-km coastline, as well as nature trails and lagoons supervised by certified environmental stewards.

Among the packages travelers can avail of online now are: the Huni Lio Travel Bubble Package (approved by the Department of Tourism), which includes end-to-end travel solutions such as pre-arranged RT-PCR swab testing, a dedicated carrier by AirSWIFT, a four day-three night stay in Huni Lio, and low-density nature activities under the “Be GREEN, Be Clean” Enhanced Care Program; the Casa Kalaw Leisure Travel Package, designed for solo travelers or small groups who prefer to explore at their own pace, it offers three day-two nighs accommodations, daily set breakfast, and free access to beach recreational amenities and activities (antigen testing is required for guests coming from Palawan); and, Work From Paradise Long-Term Stays, a special program which combines a beach setting and being connected to work. It follows a Travel Bubble format and includes lodging at Balai Adlao, roundtrip airport transfers, access to lounge areas, discounts on use of LTE pocket Wi-Fi, and use of Seda Lio’s swimming pool and gym.

The estate’s restaurants are open, as are access to ATMs, the estate clinic, and a mobile wet and dry market. For more information, log on to www.lio.ph or e-mail reservations@lioestateresorts.com.

Park Inn by Radisson opens in Bacolod

THE RADISSON Hotel Group has opened a Park Inn by Radisson hotel in Bacolod City, the capital of Negros Occidental province. The family-friendly Park Inn by Radisson Bacolod is located within the SM City Bacolod mall, providing guests with instant access to extensive retail, F&B outlets, entertainment facilities and the SMX Convention Center.

The property features 150 modern rooms ranging from 25 to 49 sqm, including Superior Rooms, Deluxe Rooms, and Junior Suites. All rooms come equipped with king or twin beds, bathrooms, and amenities such as bedside USB ports and free Wi-Fi. There are separate outdoor pools for adults and children, in-room spa services, a fitness center, and jogging path. The hotel offers guests a choice of four restaurants and bars: Arima, an all-day dining destination that serves a wide range of international dishes; DASH, the ground floor “Grab & Go” concept; Lobby Lounge, a casual café and juice bar; and Marapara Plaza an al fresco venue that specializes in comfort food and cool drinks. Guests can also visit Art Cove, the hotel’s gallery space dedicated to showcasing the work of local artists and photographers with regular exhibitions.

For corporate travelers and meeting planners, Park Inn by Radisson Bacolod features three function rooms suited to a variety of events including business meetings, training sessions and media briefings, all supported by audiovisual equipment and professional services.

Radisson Hotel Group now operates five Park Inn by Radisson properties in the Philippines, located in Clark, Davao, Iloilo City, North EDSA (Quezon City), and Bacolod, as well as an upscale Radisson Blu hotel in Cebu City.

Hotel discounts for safe staycations

UNIVERSAL bank EastWest is making staycations more worthwhile for its credit cardholders through exclusive discounts and perks with its hotel partners. EastWest credit cardholders get access to special benefits across a wide selection of hotels:

Las Casas Filipinas de Acuzar — Offers 40% off on published rates on all Standard Rooms and Casas inclusive of breakfast for two, a walking tour, kalesa and tranvia rides, beach and swimming pool access, and Wi-Fi. Groups of four may avail of the Beach Perfect Packages which, on top of their corresponding rooms and standard inclusions, also offer the use of the beach cabana with P2,000 credits at Dapitan Bar, P1,000 dining credits at all major food and beverage (F&B) outlets, and P1,500.00 water activity credits. All guests are also entitled to a free appetizer for a minimum single receipt F&B purchase of P1,500.

Rancho Bernardo Luxury Villas and Resort — Offers 30% off on its villas with breakfast, welcome refreshments, 24/7 butler service, and exclusive access to the resort and its partner facilities. Guests will also get 15% off on their total F&B bill at The Ambassador’s Reception and Nicci Pool Bar and Lounge.

Discovery Primea (for quarantine stays) — Offers a complimentary box of Tapenade pizza for guests who stay in an Executive Suite for a minimum of seven nights, while those who stay in a Primea Suite for a minimum of seven nights will get two Tapenade pizza boxes.

Taal Vista Hotel — Offers room rates for as low as P4,300 per night with a breakfast buffet for two pax and a welcome kit with face masks, sanitizer, and alcohol wipes. Guests can also enjoy a 10% discount at the Veranda and Taza restaurants for a la carte meals, as well as a 20% discount at the Veranda buffet on Saturdays and Sundays.

Two Seasons Coron Island Resort & Spa — Offers 30% off on published rates on rooms inclusive of breakfast and roundtrip transfers for two people with a minimum two-night stay, topped with 10% off the total F&B bill and 10% off on Narra Spa services.

Two Seasons Coron Bayside Hotel — Offers 30% off on published rates on rooms inclusive of breakfast for two pax, as well as 10% off the total F&B bill.

Two Seasons Boracay Resort — Offers 30% off on published rates on rooms inclusive of breakfast for two pax, as well as 10% off the total F&B bill.

Crimson Resort and Spa Boracay — Offers an all-in four-day/three-night stay package inclusive of private round-trip air travel via AirTaxi.PH. Offer is inclusive of a stay at a Signature Beach Front Villa, daily breakfast for two, P7,000 resort credits that can be used for dining, AUM Spa, and Sports and Leisure activities, 15% savings on Sports and Leisure activities and AUM Spa, and 50% savings on selected drinks from 10 a.m. to 4 p.m. at J’s Pool Bar.

The District Boracay — Offers a four-day/three-night stay in a Deluxe Room starting at P4,900 per night and includes breakfast, a massage, and a roundtrip transfer from and to Caticlan Airport for two. Guests can also enjoy 10% off on all F&B outlets for a minimum single receipt spend of P1,000 as well as 10% off on Upperhouse Spa services.

Bluewater Maribago Beach Resort — Offers 30% off on published rates on rooms inclusive of breakfast for two pax. Guests can also enjoy 15% off on F&B, 5+1 on day tour packages, and 20% off on Amuma spa services plus a one-time 15-minute Amuma Sampler massage.

Bluewater Sumilon Beach Resort — Offers 30% off on published rates on rooms inclusive of breakfast and dinner for two pax as well as roundtrip boat transfers. Guests can also enjoy 15% off on F&B and 5+1 on day tour packages.

Bluewater Panglao Beach Resort — Offers 30% off on published rates on rooms inclusive of breakfast for two pax. Guests can also enjoy 15% off on F&B and 5+1 on day tour packages.

Acacia Hotel Davao — Offers its Deluxe Room at P4,500 per night inclusive of breakfast for two pax and offers 10% savings on the total F&B bill.

For more information on these hotel promos, visit bit.ly/EWBCreditCardPromos.

QBO teams up with Microsoft  for startup accelerator program

TRUSTPAIR.COM

QBO Innovation Hub has teamed up with Microsoft Philippines to launch a program meant to help startups developing enterprise solutions, it said on Tuesday.

The program called AQELERATION: B2B Startups Disrupting Industries will run for six months to support ventures creating business-to-business (B2B) solutions to help digitize local companies, QBO, a public-private partnership platform for Filipino startups, said in a statement.

“This program aims to empower the B2B tech startups, which is currently the largest startup segment in the country, as part of QBO and Microsoft’s shared commitment to nurturing the greater Philippine startup community,” it said.

“The AQELERATION program leverages QBO and Microsoft’s combined strengths, and we’re excited to collaborate with Microsoft for this initiative,” QBO Innovation Hub Executive Director Katrina Rausa Chan was quoted as saying. “Microsoft’s experience and deep technology expertise in developing B2B and enterprise solutions will be valuable to Filipino founders and will help them scale their startups.”

“There’s so much potential and creativity within the Philippine startup and digital native community which is why we’re thrilled to work together with QBO Innovation Hub in this effort,” Abid Zaidi, Chief Operating Officer of Microsoft Philippines, said. “Economic recovery will take a concerted effort from all players in the Philippines and that includes startups. As such, we want to ensure technology’s transformational potential is accessible and inclusive to all businesses in the country.”

The program will select three startups that will receive training and mentorship, as well as a financial grant from QBO and strategic support.

The statement said the program is open to B2B tech startups offering “innovative solutions that disrupt the industry” and have over 10 micro, small, and medium enterprises or two corporate accounts as clients.

These startups must also be incorporated or be registered business entities, have a full team and validated business model, and should be open to or are currently using Microsoft Azure solutions.

Applications are ongoing, with the deadline for filing set on June 23. QBO said they will select top 10 startups by the end of this month and the three ventures that will go through the program that will run from September 2021 to February 2022 will be announced on Aug. 13.

Qualified and interested startups can send their applications through this link: bit.ly/msftaqeleration2021. — BVR

Enabling regulations, pandemic pushed fintech sector’s expansion

THE CORONAVIRUS pandemic and an enabling regulatory environment have allowed more fintech firms to prosper in the Philippines and offer various products seen to help bring more of the population into the financial system.

In a BusinessWorld Insights session on Wednesday, experts discussed how the country’s finance ecosystem has evolved as more fintech firms emerged and forged partnerships with bigger players in the sector.

Bangko Sentral ng Pilipinas (BSP) Assistant Governor Edna C. Villa said the central bank’s regulatory approach has helped to boost the industry, with  220 fintechs recorded as of end-2020 from just 30 in 2016.

“The BSP’s stance on fintech innovation is to encourage responsive but responsible innovations. What I mean is the BSP would like to see the emergence of new models, products, and services, but at the same time, we have the assurance that timely identification and appropriate mitigation of risks associated with these new products are in place,” Ms. Villa said.

She noted key regulatory issuances such as BSP Circular 1105, which differentiated digital banks from traditional lenders, and BSP Circular 1122, which established an open finance framework, allowing players can share customer-consented data in aid of product development, are expected to help foster the continued growth of the financial sector as a whole.

V Ram, vice-president and chief technology officer of the Banking Financial Services and Insurance unit of Tata Consultancy Services, said the pandemic was crucial in the acceleration of the adoption of digital payments in the country.

Banks and companies have been forced to undergo digital transformation, which normally happens in a span of five to seven years, during the pandemic, he said. This helped facilitate the use of online payments, which became a “lifeline” for many businesses and individuals, especially during the time when many countries imposed lockdowns.

“There was minimum travel, minimum movement. If it was not for digital payments that served as a lifeline, the movement of goods and services would have been a problem,” Mr. Ram said. 

But even with the fintech sector seeing accelerated growth recently, gaps and opportunities remain as financial inclusion remains low in the Philippines. BSP data showed only 29% of Filipino adults were part of the banked population as of 2019, leaving 51.2 million unbanked.

By 2023, the central bank wants to bring 70% of adult Filipinos into the banked population and have 50% of the volume and value of transactions done digitally.

To capture the underbanked and underserved Filipino market, financial services should be “non-intimidating, simplified, secure, and innovation-driven,” said Tonik Digital Bank, Inc. (Philippines) President Maria Lourdes Jocelyn S. Pineda.

“We understood that not all of the population are digital natives. Some people, especially the older set, are not too comfortable with using technology to do banking,” Ms. Pineda said.

She said fintech players should ensure their services are accessible and easy to use, especially for people not entirely at ease with making online transactions.

“How else do we do banking? People have been used to going to physical bank branches but they had to do for alternative transactions during the pandemic,” Ms. Pineda said.

Meanwhile, PearlPay CEO and co-founder Sparky Perreras shared that for their part, they opted to offer digital solutions for the smaller rural banks whose clients mostly only have passbooks that cannot be used in e-commerce and online payments. He said they also want to help microfinance institutions digitize.

Mr. Perreras is positive that with the welcoming regulatory environment in the country, fintech players will continue to grow and help in giving more Filipinos access to financial services.

“We give credit to our regulators. Because the BSP is one of the most aggressive in the region comparatively, it really changed the landscape,” he said. — L.W.T. Noble

Federal Reserve’s Daly says inflation temporary, taper may start by yearend

CONSUMER PRICE spikes, which in June surged the most since 2008, will likely be a temporary feature of an economy that’s quickly recovering from the pandemic, said Federal Reserve Bank of San Francisco President Mary Daly.

Ms. Daly, who said she is “bullish” about the economy going into the fall, said it’s now appropriate for the central bank to begin discussing scaling back its monthly asset purchases, which could start at the end of the year or early 2022.

“It’s appropriate to start talking about tapering our asset purchases, taking some of the accommodation we provided to the economy down,” Ms. Daly said Tuesday in an interview on CNBC. “We’ll still be in a very accommodative position with a low funds rate, but we don’t need all the tools as we see the economy get its own footing.”

Consumer prices rose 0.9% in June, the biggest increase since 2008, and 5.4% on a year-over-year basis, according to Labor department data released Tuesday. Used vehicles accounted for more than a third of the gain, signaling that higher inflation is likely to be temporary, said Ms. Daly, a voter on this year’s Federal Open Market Committee.

“I really do see this as temporary, the used cars really being a good example,” Ms. Daly said. “The used car prices are simply a reflection of the temporary bottlenecks we see in the new car supply because of the semiconductor chips that need to be put into the cars, and also people are going back to work and they need to get cars. All of these things work themselves out.”

Fed critics, including some Republican lawmakers, argue the central bank is risking runaway inflation by holding interest rates near zero and purchasing $120 billion in Treasuries and mortgage-backed securities every month. Chair Jerome Powell can expect to be grilled on the dangers when he appears before the House Financial Services Committee at 12 p.m. in Washington on Wednesday and the Senate banking panel a day later.

The coronavirus delta variant, which has become the main strain in the US poses risks to the economic recovery, Ms. Daly said, adding that she doesn’t think it’s time yet to start talking about raising interest rates.

“I think it’s really premature to talk about rate increases,” Ms. Daly said. “Right now we want to do the following: we need to get through the fall — the Delta variant being so contagious and spreading throughout the globe and actually spreading in the US — that’s a risk. We just need to open the economy fully.”

Fed officials moved up their expectations for an interest rate increase at the June meeting, with the median projection of the 18 policy makers showing two rate increases in 2023, from none when they last published forecasts in March. Seven of 18 officials also penciled in rate liftoff next year.

Ms. Daly said the Fed will first focus on tapering its asset purchases, and then will turn to the federal funds rate.

“The next step will definitely depend on the economy, and most importantly where COVID goes,” Ms. Daly said. — Bloomberg

Dining In/Out (07/15/21)

Las Flores offers new lunch menu

SPECIALIZING in Spanish dishes, Las Flores in Salcedo Village, Makati City, recently launched a new lunch menu plus crowd favorite tapas and paella bundled with sangria. For those who opt to stay home, delivery and take-out services are also available. Las Flores has taken its lunch menu a notch higher with the addition of the following Lunch Plates: Grilled Tuna with Garlic Rice (P595) and Roasted Chicken with Garlic Rice (P595), served with a glass of calamansi iced tea and two Chorizo Croquetas. For a heartier Lunch Plate, choose one starter (Tuna Tartar, Beef Carpaccio, Grilled Vegetables, Salmorejo, Pumpkin Soup, Green Salad, Caesar Salad) and one main course (Seafood Spaghetti, Canelones, Spanish Omelette, Grilled Salmon, Butifarra, Chicken Paella, Vegetarian Paella) for P695 inclusive of a glass of calamansi iced tea. There is also paella for lunch, with solo sizes starting at P395 (Paella Negra, Paella Setas, Paella Verduras, Paella Mariscos, Paella Pulpo, and Paella Pollo y Cerdo). Plates full of bite-sized Spanish appetizers are available too: Dos Tapas for P595 (Patatas Bravas, Bombas de la Barceloneta); Tres Tapas for P995 (Chipirones Andaluza, Patatas Bravas, Bombas de la Barceloneta); and Cuatro Tapas for P1,395 (Chipirones Andaluza, Patatas Bravas, Bombas de la Barceloneta, Croquetas de Jamon Iberico). Make it a Spanish feast with the Fiesta Bundle which includes two kinds of tapas (Patatas Bravas and Bombas de la Barceloneta), a grande Paella Verduras, and a pitcher of Red Sangria for P1,595. For those who’d rather dine at home, order from Las Flores’ delivery partners. Delivery offers include 30% off on all Sundays and Mondays of the month when one orders via Foodpanda. For more information follow @lasfloresph on Instagram and Las Flores on Facebook. For table bookings, visit bit.ly/bistronomia-ph or contact 0966-331-1351.

RWM reopens Jardin dining spot

RESORTS World Manila’s (RWM) al fresco hangout spot reopens to the public. Indulge in Filipino-style BBQ and classic pizza at the open garden of the Holiday Inn Express Manila Newport City. Jardin is open Thursdays to Sundays from 4 to 10 p.m. As RWM was recently granted a property-wide Safety Seal, guests and patrons are assured that 100% of business establishments within the RWM complex adheres to strict implementation of the standard health and safety protocols set by the IATF and Department of Health. For more information on Jardin and other RWM spots, visit www.rwmanila.com and follow @rwmanila and @newportmall on Facebook and Twitter.

Meetings with Sheraton Manila Bay’s sandwich box

SHERATON Manila Bay’s Sandwich Box of Surprises offer a versatile option for meeting, planning sessions, or work parties. For P1,988 net, each set includes 16 assorted sandwiches composed of four savory selection (Sheraton Club Sandwich, Smoke Salmon in Country Baguette, Chicken Shawarma, and Pulled Pork Cubano), Mango & Grapes Salad with Feta Crumble, Nachos with Salsa, Mango Float, and Special Mocktails, good for sharing up to four persons. Promo is available until Aug. 30. To order for delivery, call 5318-0788, 0917-583-7294, 0917-583-7326 or e-mail sh.mnlsb.fnb@sheraton.com. Twenty-four hours advance order is required. For a full listing of the hotel’s gourmet takeaways menu, visit http://bit.ly/ccmnlsb. Sheraton Manila Bay is located at M. Adriatico cor. Gen. Malvar Streets, Malate, Manila.

McDonald’s opens new Bike and Dine facilities in Pampanga

MCDONALD’S Philippines has opened Bike & Dine facilities in its CM Recto and Clark Gate stores in Pampanga, in its bid to provide more outdoor dining options. Known as a bike-friendly zone, Clark plans to build more bike-related facilities moving forward and through the McDonald’s Bike & Dine, this aims to provide cyclists a dining space after they “Ride Thru.” McDonald’s Ride Thru aims to encourage all types of vehicles, not just four-wheeled ones, to order food via the drive through lane without leaving their vehicle. Apart from that, cyclists can mount their bike securely in racks that are attached to a ledge which doubles as a table. That way bike-riding customers can enjoy their meals without worrying about the safety of their bicycles. There are two other Bike & Dine facilities in the country, McDonald’s Vermosa (Cavite) and McDonald’s McKinley West (Taguig), with more slated to open this year.

Space Jam Tune Squad toy collectibles out in McDonald’s

THE SPACE JAM: A New Legacy film is coming out this year, and McDonald’s Philippines will offer the new Space Jam Happy Meal to mark the occasion. Bugs Bunny, Daffy Duck, Sylvester, and the rest of the crew are all returning, with the addition of King Lebron James in the toy character lineup. The new design collectibles are in honor of the sequel to the classic Space Jam movie which was released 25 years ago. Space Jam: A New Legacy is the standalone sequel that features another adventure with the Looney Squad. The Space Jam Happy Meal consists of 12 Tune Squad characters which include: Bugs Bunny, Lola Bunny, Daffy Duck, Sylvester, Road Runner, Yosemite Sam, Wile E. Coyote, Taz, Elmer Fudd, Marvin the Martian, and Lebron James. All 12 toys are now available. Order via McDelivery, McDo Drive-Thru, Take-Out, or Dine-In.

Crimson Hotel’s Baker J’s celebrates Bastille Day

CRIMSON Hotel celebrates the festive French holiday Bastille Day with Baker J’s Bastille Day Apéro. Available from July 14-18, from 4 to 7 p.m. is an Apéro Platter good for two persons for P1,500. Add P450 per person for two cocktails. Advance reservation is required. There are three Apero Platters to choose from, the Planches Froide (Cold Board) — Pork, chicken and lemon pate, Cooked pork and garlic sausage, Cooked ham, Pulled pork, Cured ham, and Duck foie gras — and Planche Chaude (Hot Board) — Duck confit croquet, Snails in puff pastry with garlic butter, Caramelized onion, anchovies, and bread dough, a Crepe filled with mushroom, cooked ham, and cheese; and Ratatouille — and the Planche Sucree (Sweet Board) —   macaron, dark chocolate lava cake, creme brulee, canele, and apple tartlet. Crimson Hotel is at 2609 Civic Drive, Entrata Urban Complex, Filinvest City, Alabang, Muntinlupa. For more information, message the hotel on Viber (0998-590-0428).

1...7,8317,8327,833...14,278Page 7,832 of 14,278
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube