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Philippine trade year-on-year performance (April 2020)

PHILIPPINE international trade performance further shrank in April as the coronavirus disease 2019 (COVID-19) pandemic and the global lockdown restrictions constricted trade activity, the Philippine Statistics Authority (PSA) reported on Wednesday. Read the full story.

Philippine trade year-on-year performance (April 2020)

DICT rules allow telcos to build common towers

THE Department of Information and Communications Technology has released the guidelines for the common tower policy, which it hopes would improve wireless network coverage in the country. — BW FILE PHOTO

By Arjay L. Balinbin, Reporter

THE Department of Information and Communications Technology (DICT) finally released on Monday evening the long-awaited rules governing the shared use of telecommunications towers.

Signed by DICT Secretary Gregorio B. Honasan II on May 29, Department Circular No. 8 sets the policy guidelines on the co-location and sharing of telco towers for cell sites, which would provide “quality, efficient, fast, affordable, and secure ICT (information communications technology) services.”

“In order to fast-track the country’s digital transformation and prepare the country for its transition to the ‘New Normal,’ there is a need to expedite the roll-out of ICT infrastructure and facilities that could accommodate the increasing demand for connectivity and better quality of ICT services, especially in the unserved and underserved areas,” the circular stated.

The rules do not include the contentious proposals that would limit the number of common tower companies to two, and restrict existing telecommunications companies from building their own towers.

Under the guidelines, mobile network operators or telcos may build new telecommunications towers, but they should “provide ample access slots” for other players and the DICT to “co-locate, mount or install their respective antennas, transmitters, receivers, radio frequency modules, radio-communications systems, and other similar active ICT equipment.”

“Settled na lahat ’yun. Bago inilabas ang final version na ito. Of course, stakeholders were consulted kaya nga tumagal almost ng one year. So lahat ng mga contentious issues before had been settled,” former DICT Undersecretary Eliseo M. Rio, Jr. told BusinessWorld in a phone interview on Wednesday.

“For example, ’yung gusto ni RJ dalawa lang, wala na ’yun,” he added, referring to newly appointed DICT Undersecretary Ramon P. Jacinto who previously wanted to allow only two companies to build common towers.

Mr. Rio stressed under the DICT circular, all new towers, even if they are built by telcos, will be available for sharing.

“If telcos want to come up with a new tower, they will have to get a permission from the National Telecommunications Commission (NTC) at di naman papayag ang NTC na magbigay ng permit for a tower that will be exclusively used by one telco,” he explained.

Under the guidelines, interested tower companies engaged in the business of establishing or operating one or more shared telecommunications towers should secure a certificate of registration from the DICT. Existing telecommunications companies with legislative franchise and certificate of public convenience and necessity (CPCN) are exempt from the requirement.

Tower companies should have relevant construction experience, registration, license, and financial capacity, equivalent to a category A contractor or higher of the Philippine Contractors Accreditation Board.

The circular also states all private sector agreements for tower-sharing should provide for “fair, cost-based, reasonable, competitive, transparent, non-exclusive, and non-discriminatory terms, conditions, fees, and charges.”

Common tower agreements should be complemented by appropriate service level agreements that comply with global and domestic standards, and subject at all times to pertinent laws and department circulars, rules and regulations.

The DICT, which has the authority to regulate the construction, maintenance, and operation of common towers, is mandated to periodically monitor the charges and fees imposed by common tower owners or operators.

As for the towers built by telcos prior to this issuance, Mr. Rio said these will not be covered by new rules.

Hindi na sila gagalawin, especially ’yung towers na na-put up ng Globe and Smart na about 30,000. Bahala na sila if they want to have their towers taken over by common tower providers or sila mismo ang mag offer sa competitors nila,” he said.

The DICT is also mandated to provide “reasonable assistance” to common tower providers or telcos in obtaining access or right-of-way to public or private land “as may be necessary for the installation, construction, maintenance or operation” of shared towers.

The department may also participate in the use of the common towers “whenever deemed necessary and desirable in the public interest” for the implementation of the government’s Free Public Internet Access Program.

Under the guidelines, common tower owners or operators should not offer or impose terms, conditions, fees, and charges to the DICT “that are more onerous than those offered or imposed upon its private sector clients.”

Barangays, local government units, and national government agencies are required to strictly adhere to the 7-working-day maximum time period mandated by law for processing and approving the application of common tower providers for licenses, clearances, permits, certifications, or authorizations to construct, install or operate shared towers.

There is a “non-extendible” period of 20 working days for documents that require the approval of a local legislative body.

Homeowners associations are given a maximum of 10 working days to refer to their members the application of common tower providers. They will have to decide on the application within the non-extendible period of 30 working days.

The DICT had pushed the concept of tower sharing to improve tower density, which is said to be one of the lowest in the region at 4,000 subscribers per tower. Allowing common towers means more than one telco can use a single tower, thereby increasing the number of subscribers being served by each tower.

Financial system may face $505M in ‘collateral damage’

THE coronavirus disease 2019 (COVID-19) pandemic is causing widespread financial difficulties around the world, and the Philippines is no exception. — REUTERS

THE Philippine financial system may face as much as $505.3 million (P25.2 billion) in incremental “collateral damage” caused by distressed banks, as credit and contagion risks rise amid the pandemic, the ASEAN+3 Macroeconomic Research Office (AMRO) said on Tuesday.

“As a result (of the pandemic), banks are confronted with sharp drops in revenue and rising credit risks… Concurrently, banks are facing increasing bad loans, as corporate customers go under and unemployed retail borrowers struggle to service their obligations,” AMRO said in a analytical note “COVID, Credit, and Contagion risks to ASEAN+3 Financial Systems.”

In the note, AMRO did a stress test for “additional expected costs to the wider financial system from shocks to individual ASEAN+3 banks as a result of the pandemic.” Additional costs refer to the loss on top of direct credit costs already booked in the financial system before the pandemic, and costs to the wider financial system beyond the direct damage to an individual banks’ asset quality, it said.

The stress test was done by applying the actual increase in probability of default (PD) since January, prior to the global spread of the pandemic of 20 basis points (bps) to each bank.

AMRO estimated the incremental expected “collateral damage” from distressed banks on the Philippine financial system will reach $505.3 million.

The Philippines’ potential “collateral damage” are the fourth highest in the region, after China’s $19.777 billion, Singapore’s $2.926 billion and Japan’s $2.541 billion.

Hong Kong, on the otherhand, faces incremental expected losses of $292 million, followed by Indonesia’s $287 million, Korea’s $226 million, Vietnam’s $225 million, Thailand’s $133 million, and Malaysia’s $3.5 million.

Based on the impact on other financial systems excluding its own, AMRO estimated the “collateral damage” of Philippine banks in distress on the wider ASEAN financial system is valued at $3.7 million, while a $191-million impact on the financial system of ASEAN+3 is seen. The potential impact on the rest of the world’s financial system is at $184 million.

Meanwhile, AMRO projected the estimated additional credit loss of Philippine banks from source entity to direct creditors is at $252.2 million, based on the nine banks it studied.

“The total incremental expected losses to the wider financial system from a bank’s distress may be attributable to two key sources,” it said, citing the direct credit losses from defaulted obligations and the “collateral damage due to contagion through financial interconnectedness.”

AMRO explained that default risk is the likelihood that a bank cannot pay off its debts, while contagion risks are from several factors such as “borrowing-lending relationships, common business models and stakeholders, capital market transactions and market sentiment.”

For the global systemically important banks (G-SIBs), AMRO saw an incremental expected credit losses of as much as $10 billion and another $10 billion in contagion losses to the wider global financial system, while for the domestic systemically important banks (D-SIBs), the estimated incremental losses are lower at $10 million to over $1 billion in credit losses and $10 million to $1 billion for contagion losses.

“The additional expected losses from credit and contagion risks could have important ramifications for the affected FIs (financial institutions) and at the extreme, for the fiscal purse,” it said, adding that the “actual failure of any one of the G-SIBs or D-SIBs could have massive implications for the global or regional financial system.”

According to AMRO, the aim of the study is “to provide financial regulators with a gauge of the potential magnitude of any financial fallout from the ripple effects ultimately triggered by the pandemic, and allow fiscal authorities to gauge the contingent claims from the banking system if any provision or capital buffers pre-pandemic are not sufficient to cover such additional costs.” — Beatrice M. Laforga

BIR streamlines registration of new businesses

THE Bureau of Internal Revenue (BIR) is streamlining the process for registering a new business, by removing the mayor’s permit as one of the requirements.

BIR Commissioner Caesar R. Dulay issued Revenue Memorandum Circular No. 57-2020 dated March 12 but released on June 9, which provides an updated checklist of documentary requirements for business registration and other applications.

“The requirements for registering a new business with the bureau have been streamlined by removing the Mayor’s Permit as one of the mandatory requirements when the BIR Citizen’s Charter 2019 was published on BIR website,” the circular read.

The BIR reiterated it will only process applications with complete documentary requirements.

“The Bureau shall not process deficient or incomplete application or requirements and shall only process an application if it is complete, pursuant to Rule VII, Section 2(b) of the implementing rules and regulations of Republic Act No. 11032, otherwise known as “Ease of Doing Business and Efficient Government Delivery Act of 2018,” it said.

The BIR also updated the checklist of documents needed for other types of applications such as those wanting to register their branches or facilities, their employees, ONETT or one-time transactions, books of accounts, and information updates.

The new guidelines also cover applications for authority to print, permit to use manual loose leaf, issuance of taxpayer identification number (TIN) card, transfer of registration and cancellation of TIN or registration of closure of business.

The government has been introducing reforms to improve the ease-of-doing business in the country.

In the World Bank’s Doing Business report released in October 2019, the Philippines rose to 95th place from 124th in 2018.

Despite the rank improvement, Manila was seventh among 10 Southeast Asian economies, behind Singapore which ranked second overall, Malaysia at No. 12, Thailand at 21st, Brunei at 66th, Vietnam at 70th and Indonesia at 73rd.BML

ERC to Meralco: Explain billing ‘violations’

MANILA Electric Co. (Meralco) was told to appear before the Energy Regulatory Commission (ERC) to explain its supposed violations of the regulator’s advisories on customer billings during the lockdown period.

The ERC on Wednesday said it had issued a show-cause order to the electricity distributor for defying certain orders of the commission that guided utilities on how to charge power users during the enhanced community quarantine and the modified lockdown.

“We cannot tolerate such non-compliance and any erring party must be held accountable for their actions or misactions,” ERC Chairperson and Chief Executive Officer Agnes VST Devanadera said in a statement.

In an order dated May 29, the commission said the listed utility violated its order on estimated billing, the implementation of the former staggered payment scheme, and the start of bills payments on May 30 for customers in areas under strict lockdown.

In response, the Philippines’ biggest electricity distributor maintained that it did not breach any government regulation despite being also hit by the pandemic.

“We believe that we have complied with the existing regulations and directives set by the regulator and we will explain in full to the Commission the basis for our actions and compliance,” Jose Ronald V. Valles, Meralco’s first vice president and head of Regulatory Management, said in a Viber message.

“We reiterate that Meralco has not violated any rule even if our operations were severely challenged by this pandemic,” the Meralco official added.

The company has been under fire for the high electricity charges in the past three months, computing bills based on customers’ estimated consumption from March to April, when meter reading activities were suspended, and actual usage in May.

Previously, the ERC allowed the estimated billing of customers’ power consumption by distribution utilities as meter readings were suspended, provided they comply with its distribution services and open access rules (DSOAR).

Meralco did so by estimating some March and all April bills using customers’ consumption in the past three months.

Following criticisms on such a scheme, the regulator told utilities on May 22 to conduct actual readings and to issue new bills.

Moreover, the ERC revised its earlier order to power distributors of allowing customers to pay their unpaid bills during the lockdown months in four installments.

Now, customers with 200 kilowatt-hours (kWh) consumption and below in February can settle their unpaid bills in six portions starting mid-June, while those with usage above 200 kWh can pay their March-May bills in four installments.

Complying with this order, Meralco said on June 6 that its customers with unpaid bills will receive two statements: one for the installment bill and the other for their monthly bill.

Aside from the commission, the Department of Energy and legislators had called Meralco’s attention to explain the so-called “bill shock” experienced by consumers.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls. — Adam J. Ang

Max’s Group incurs P169-million net loss

MAX’S Group, Inc. (MGI) swung to a net loss in the first quarter as its stores closed when Luzon locked down to fight the spread of the of the coronavirus disease 2019 (COVID-19) pandemic.

The listed operator of casual dining restaurants told the exchange Wednesday it had booked a net loss of P169.28 million in the January-to-March period, a turnaround from its net income of P138.57 million in the same period last year.

Systemwide sales, which include sales from company-owned and franchised stores, fell 13% to P3.99 billion because of store closures since mid-March. Consolidated revenues likewise dropped 19% to P2.72 billion.

“The cumulative impact of temporary store closures, dine-in restrictions and various fixed costs have resulted in a swift reversal from last year’s performance. We anticipate that this trend will continue through the second quarter as well,” MGI President and Chief Executive Officer Robert F. Trota said in a statement.

The company said it had to stop operations in all mall-located stores since the imposition of the lockdown in mid-March. It kept running delivery and take-away services for stand-alone and in-line locations, until it eventually suspended all operations from March 26 to April 4.

But since then, MGI has worked on getting back on its feet and has reopened 573 stores or 76% of its total store network.

“We believe that the convergent power of our brands gives us a unique resilience as we navigate what we acknowledge will be a challenging second quarter. Our delivery business continues to operate in multiples of 2-3x versus their previous same-store levels, demonstrating the continued trust and confidence consumers put in our portfolio…,” MGI Group Chief Operating Officer Ariel P. Fermin said.

MGI is the company behind brands such as Max’s Restaurant, Pancake House, Yellow Cab Pizza, Krispy Kreme, Jamba Juice, Max’s Corner Bakery, Teriyaki Boy, Dencio’s, Sizzlin’ Steak, Maple and Kabisera.

But as its finances are dampened, the company said it would suspend plans to open new stores in the meantime to help it lower overhead costs and limit capital spending.

It has also cut margin-dilutive products, improved its online services, expanded into lateral categories such as offering ready-to-cook items, and developed its team to focus on cloud-based sales.

“Our goal is to successfully execute strategic shifts to thrive within the ‘new normal’… Though challenges remain, we will continue to be vigilant and prudent in our decisions, building on the durability of our brands and in MGI’s capacity for renewal,” Mr. Fermin said.

MGI had 756 stores at the end of April, where 698 are located in the Philippines and 58 are spread across North America, Middle East and other parts of Asia.

Shares in MGI at the stock exchange shed 26 centavos or 4.13% to close at P6.04 each on Wednesday. — Denise A. Valdez

Suntrust to sell convertible bonds to HK firms

SUNTRUST Home Developers, Inc. is selling more shares in the company to Hong Kong-based firms to fund the construction of its hotel casino project in Parañaque City.

In disclosures to the stock exchange Wednesday, the listed company said it is finalizing its application with the Securities and Exchange Commission (SEC) to sell P7.3-billion and P5.6-billion convertible bonds to Fortune Noble Ltd. and Summit Ascent Investments Ltd., respectively.

For its deal with Fortune Noble, Suntrust entered a subscription agreement on May 29 to issue P7.3-billion convertible bonds that will be subscribed to by Fortune Noble. Suntrust committed to get the approval of the SEC on or before July 31. After the transaction, Fortune Noble’s ownership of Suntrust will increase to 74.42%.

To recall, Fortune Noble bought shares in Suntrust last year and currently holds a 51% stake in the firm. This diluted Megaworld Corp.’s ownership of Suntrust to 34%.

Fortune Noble is a wholly owned subsidiary of Suncity Group Holdings, Ltd., a Hong Kong-listed company engaged in leisure and entertainment.

Suntrust said the proceeds from selling convertible bonds to Fortune Noble will be used in the development of its five-star hotel casino project in Parañaque City. After the transaction, Megaworld’s ownership of Suntrust will be reduced to 17.75%.

Fortune Noble may convert the bonds into 6.64 billion common shares at the initial conversion price of P1.1 each, representing about 47.79% of Suntrust’s enlarged issued share capital. But if Fortune Noble chooses not to turn the bonds into conversion shares, the amount of the bonds will become debt.

For its deal with Summit Ascent, Suntrust will issue P5.6-billion convertible bonds to be subscribed to by the Hong Kong firm. Suntrust is tasked to obtain the approval of the SEC on or before September 30.

After the transaction, Fortune Noble’s ownership of Suntrust will be 35.69%, Summit Ascent’s ownership will be 30.03% and Megaworld’s ownership will be 23.79%.

Summit Ascent is a Hong Kong property development firm under Summit Ascent Holdings Ltd., where Suncity holds approximately 24.74% direct and indirect interest.

Summit Ascent may convert the bonds into approximately 3.11 billion common shares in Suntrust, representing about 30% of its issued and outstanding capital stock upon conversion. But similar to its deal with Fortune Noble, Suntrust said the amount of the convertible bonds will become debt if Summit Ascent opts not to convert them into conversion shares.

Proceeds from selling the convertible bonds will also be used to support the construction of Suntrust’s hotel casino project. It is envisioned to have 400 hotel rooms, a casino establishment with 400 gaming tables and 1,200 slot machines, and a parking facility with 960 slots. It will be erected at the Manila Bayshore Integrated City as part of Megaworld’s Westside City.

Shares in Suntrust at the stock exchange inched up three centavos or 2.36% to P1.30 each on Wednesday. — Denise A. Valdez

SEC orders companies to improve cybersecurity

THE Securities and Exchange Commission (SEC) told companies to enhance cybersecurity safeguards as most business transactions move to digital spaces due to physical distancing protocols.

In a statement Wednesday, the corporate regulator said it advised corporations to assess their exposure to cybersecurity risks now that people are flocking to online platforms due to the coronavirus disease 2019 (COVID-19) pandemic.

It noted there are recent cases of hacking and duplicate social media accounts that may lead to new cyber crimes, and in turn, harm corporations.

“Digital transformation benefits businesses, allowing them to improve their productivity and realize greater efficiencies, but not without risks,” SEC Chairperson Emilio B. Aquino said in the statement.

“The boards of directors of companies must ensure that a robust cybersecurity strategy is in place and that existing cybersecurity measures, including regular penetration testing and risk assessments, remain effective amid the evolving security landscape,” he added.

Over the weekend, there have been reports of multiple creation of Facebook profiles bearing the names of students, journalists and other Filipino users, sounding alarm at universities and private institutions over the safety of the internet.

The National Privacy Commission said it had alerted Facebook, which claimed it was doing its own investigation of the issue.

The SEC said digital platforms have enabled most companies to maintain operations especially when Luzon was under a strict quarantine. Because of this, some are already shifting to low-touch and online-only services as a way to adapt to life post-lockdown.

With this trend, the need for strong cybersecurity measures has become more relevant among corporations, the SEC said, as it told companies to be wary of phishing attempts, data breaches and other cyberattacks that may harm them and their customers.

“Cybersecurity is more than an IT matter. It is a corporate governance issue that companies should give serious attention to and proactively manage, as cyberattacks could damage their reputation, disrupt their operations, and eventually jeopardize their profitability and enterprise value,” Mr. Aquino said. — Denise A. Valdez

Avoiding meat during the pandemic

By Joseph L. Garcia, Reporter

THE novel coronavirus that has effectively frozen our lives is thought to have animal origins — the virus may have spread from eating certain wild animals which were the original reservoirs of the SARS-Cov-2 virus which causes COVID-19 (scientists today point to either bats or pangolins; we’ll not get into the other conspiracy theories surrounding the spread of the virus). At the same time, the lockdowns and lack of public transportation have made it more difficult to acquire food than it was before the pandemic. As a temporary solution, some — this reporter included — have taken to eating meat analogues, or products made to resemble meat, to provide protein substitutes in the absence of meat.

Meat analogues are simply a new name given to a practice that began eons ago. Buddhist monks in China valued wheat gluten and tofu as substitutes for duck or mutton. Closer to our era, the Archer Daniels Midland Co. invented textured vegetable protein in the 1960s, made out of soy protein created by defattening soy beans. This product, sold dry, keeps for a year when stored properly. A cup of it, when rehydrated in hot water, expands to about four times its weight. Its nutritional value is comparable to ground beef, providing high levels of iron, potassium, magnesium, and large amounts of B vitamins. It has been used as a meat extender for prisons and schools, and this reporter has used it for a meatless version of chili con carne. Keep in mind though, that just because the product is meatless, it is still very much a processed food.

“It is always wiser to eat vegan foods because of its benefits, regardless of a pandemic,” said Mitch Trinidad, co-owner of Meatless Philippines, a company that provides “meat” assembled out of flaxseed, rice flour, soy, and other plant-based ingredients, in an e-mail. “As more and more vegan food is developed around the world, the stigma of vegan diets having no taste and blatantly identified as boring food is a thing of the past.”

Mr. Trinidad gave a practical reason for adopting a meatless lifestyle: “It’s a cheaper alternative to fast food.” The meat analogue used by this reporter costs about a third the price of ground beef. Over at Meatless Philippines, their products range in price from P300 for pork barbecue good for four people (assembled with rice flour “fat”) to P1,500 for a pack of plant-based “ribs.” He also says that it’s cheaper to produce — one doesn’t have to house or feed animals.

It is also nutritious. “Because we use a combination of different locally sourced vegetables to boost the nutrient benefits and taste of each product, our customers can enjoy a balanced meal without fear of not getting the same nutrition compared to eating meats,” he said. “We only use real foods to make our products. For example, we use real portobello and shiitake mushrooms, sweet potatoes, kale, flaxseeds to name a few… we learned that each vegetable could contribute to a specific flavor profile of a certain food product. Through extensive research and a lot of testing, we perfected combinations of vegetables to replicate the taste of meat whether it is fish, chicken, pork, or beef. We use bamboo for bones!”

He also adds, “You can eat bigger portions without worrying about cholesterol.”

According to data from the Food and Agriculture Organization of the United Nations, the livestock industry produces emissions of “7.1 gigatonnes of C02-equiv per year, representing 14.5% of all anthropogenic GHG (greenhouse gas) emissions.” So eating less meat, or no meat, is good for the environment.

Some hardcore vegans (those who do not eat any animal-derived products, including milk, eggs, and honey) might say that in using meat analogues, one isn’t fully immersed in the vegan cause. After all, you are still looking for the “meaty” experience. Mr. Trinidad says, “We think adopting a vegan diet is not about what society dictates, it is about you making a conscious decision to protect your health, to eat better foods, and to safeguard the animals from senseless slaughter.”

Bank requirements make financing tough for start-ups

START-UP companies have difficulties accessing financing as the intellectual property-based organizations do not meet the asset and business timeframe requirements.

Taxumo Chief Executive Officer EJ Arboleda said in a BusinessWorld online forum on Wednesday that banks do not assign value to intellectual property, the usual asset of start-ups.

“If you wanna get a loan, a lot of them would still require it’s collateralized. And if you’re a tech start-up, you don’t necessarily have assets. Your asset is IP — intellectual property — and banks are not able to put a value on IP unless you sell it to someone who wants to acquire you,” he said.

Mr. Arboleda said many small businesses are young, but banks require companies to have been running for at least three years before they are able to get financing.

In the discussion on the “crisis-proofing” of the labor force and small businesses through the pandemic, he said much of the workers go through small businesses before moving on to bigger firms.

“I think it’s important that we make sure that the small business, the new business, the start-up industry is well taken care of,” he said.

As of 2018, MSMEs (micro, small, and medium-sized enterprises) accounted for 99.5% of total businesses in the country, employing 5.7 million people or more than 60% of total employment.

Mr. Arboleda said that the country must also improve on educating its workforce for a digital economy.

“I would really love for the Philippines to really embrace being a service-based economy…but we do need to make sure that people are prepared for that type of environment,” he said.

Cobena Business Analytics and Strategy, Inc. President and Chief Executive Officer Francis Del Val said generational and geographic problems hinder the shift of MSMEs to digital.

“Those businesses that are owned by the Gen X… they’re just starting to learn about these things, so they don’t necessarily know what it is to be digital,” he said.

He also said digital is not as critical in areas located outside urban centers, especially without strong Internet connectivity.

Philippine Chamber of Commerce and Industry Assistant Vice President for Mindanao Ghaye Alegrio said that she does not foresee small businesses bouncing back in the next two years as the economy shifts to the “new normal.”

But she sees a silver lining for the manufacturing sector producing healthcare products. She urged manufacturers to hire from their local communities. — Jenina P. Ibañez

Meat analogue recipes

HERE are a few recipes using meat substitutes, both from Meatless Philippines and other sources.

EASY CHILI SIN CARNE (MEATLESS CHILI)

Ingredients:

1 can of kidney beans, 250 g

1 cup of textured vegetable protein, rehydrated in hot water and soy sauce olive oil

1 can diced tomatoes half tablespoon each of cumin and curry powder

1 tablespoon chili powder a sprinkling of aniseed

1/2 cup beer (we prefer Pale Pilsen, though San Miguel Super Dry lends a smokier flavor)

1 teaspoon of gochujang (Korean red chili paste) salt and pepper to taste

Coat the bottom of the pot in olive oil, mixing in the spices at low heat.

Increase heat and saute the kidney beans in the now-spicy olive oil.

When the beans are sufficiently coated in the oil, add the textured vegetable protein. Do not make the mistake of treating it like meat — this stuff browns easily. Constantly stir to prevent sticking.

Add the diced tomatoes, sauteing them briefly in the pan. When the mixture begins to hiss and bubble, add two cups of water.

When all of that starts to boil as well, add a teaspoon of gochujang, and splash the half-cup of beer over it. Bring to a boil, add the aniseed, then simmer to 30-45 minutes, seasoning as you please. The textured vegetable protein has a trick of absorbing flavors more effectively, so season with care as it might be hotter and spicier than you think.

MEATLESS VEGAN BARBECUE WITH “PORK” FAT

Meatless Philippines “pork” (The “meat” is made with rice powder, soy protein isolate, beans, glutinous rice powder, potato starch, soy sauce, lemon extract, black pepper, garlic powder, onion powder, brown sugar, vinegar, tomato paste, calamansi juice)

Your choice of BBQ sauce

Make sure the grill is hot and without flame.

Spray olive oil or vegetable oil on the griller to prevent the product from sticking on the grill.

Grill each side for 4 to 6 minutes, or until golden brown. Do not leave it unattended.

Serve hot with lemon or with your favorite vegan barbeque sauce.

MEATLESS VEGAN BEEF BACK RIBS

Ingredients:

Meatless Philippines “baby back ribs” (The “meat” is made with soy protein Isolate, portobello mushrooms, shiitake mushrooms, beans, soya crème, roasted tomatoes, caramelized onions, wakame seaweed, natural miso paste, rice powder, jackfruit, beets, wheat protein isolate, apple cider vinegar, mustard, natural herbs and spices. The “bone” of the ribs is made from bamboo and rice flour with coconut milk.)

Your choice of BBQ sauce

Preheat oven to 375F.

Spoon some BBQ sauce on the bottom of the pan, and place the ribs on top and brush with more BBQ sauce.

Cover with aluminum foil and bake in the preheated oven for 15-30 minutes.

Allow to cool and set for a few minutes before slicing with a sharp knife

PT&T trims net loss to P15.6 million as revenues rise

PHILIPPINE Telegraph & Telephone Corp. (PT&T) trimmed its net loss in the first quarter by 23.4% after revenues from its broadband business improved.

In a disclosure to the stock exchange on Wednesday, the listed company said it had incurred a net loss of P15.60 million for the first three months, down from the P20.36 million it reported during the same period last year.

PT&T’s total revenues for the quarter stood at P107.38 million, an improvement of 38.5% from the previous year’s P77.56 million.

“The company ended the quarter with more than 1,800 data services circuits, notable broadband connections which is a key performance indicator for an increase of 30% over the same quarter of the previous year,” the company said.

The listed company attributed its net loss to additional expenses such as “recognition of the legal interest rate of 6% per annum on unsettled obligations as directed by the Rehabilitation Court, the increases in operating expenses and increase in depreciation as the company invests in more property and equipment to support the business.”

PT&T remains keen on its plan to provide mobile services in the country since the penetration of smartphones continues to grow and the advent of 5G technology provides an ability for the company to enhance various applications.

It said it was also studying the latest concepts in implementing “vizualization of network components into data centers.”

“This will expectedly reduce the numbers of network elements deployed throughout the country and will substantially reduce cost and implementation period,” it said.— Arjay L. Balinbin