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Myanmar activists vow more protests after bloodiest day since coup

March 4 – Myanmar pro-democracy activists pledged on Thursday to hold more demonstrations after the United Nations said 38 people had been killed in the most violent day of unrest since last month’s military coup.

Police and soldiers opened fire with live rounds on Wednesday with little warning, witnesses said.

The bloodshed occurred a day after neighbouring countries had called for restraint in the aftermath of the military’s overthrow of the elected government of Aung San Suu Kyi.

“We know that we can always get shot and killed with live bullets but there is no meaning to staying alive under the junta so we choose this dangerous road to escape,” activist Maung Saungkha told Reuters.

“We will fight the junta in any way we can. Our ultimate goal is to remove the junta system from the roots,” said Maung Saungkha, who said his General Strike Committee of Nationalities group planned to hold a protest on Thursday.

Social media posts from other activists said at least two other demonstrations were also planned in parts of Yangon.

United Nations special envoy on Myanmar, Christine Schraner Burgener, said in New York that Wednesday was the “bloodiest day” since the Feb. 1 coup with 38 deaths, bringing the total toll to more than 50 as the military tries to cement its power.

A rights group and some media have given different numbers of wounded and killed after Wednesday’s violence. The dead included four children, an aid agency said. Local media reported that hundreds of protesters were arrested.

A spokesman for the ruling military council did not answer telephone calls seeking comment.

Ms. Suu Kyi’s National League for Democracy party said in a statement that flags would fly at half mast at its offices to commemorate the dead.

Schraner Burgener said she warned Myanmar deputy military chief Soe Win that the military was likely to face strong measures from some countries and isolation in retaliation for the coup.

“The answer was: ‘We are used to sanctions, and we survived’,” she told reporters. “When I also warned they will go (into) isolation, the answer was: ‘We have to learn to walk with only few friends’.”

The U.N. Security Council is due to discuss the situation on Friday in a closed meeting, diplomats said.

U.S. State Department spokesman Ned Price said the United States was “appalled” by the violence and was evaluating how to respond.

The United States has told China it expects Beijing to play a constructive role, the spokesman said. China has declined to condemn the coup, with Chinese state media calling it a “major cabinet reshuffle”.

The European Union said the shootings of unarmed civilians and medical workers were clear breaches of international law. It also said the military was stepping up repression of the media, with a growing number of journalists arrested and charged.

 

‘EVERYTHING WILL BE OK’

In Yangon, witnesses said at least eight people were killed on Wednesday, while local media reported six were killed in the central town of Monywa.

“I heard so much continuous firing. I lay down on the ground, they shot a lot,” protester Kaung Pyae Sone Tun, 23, told Reuters.

Save the Children said four children were killed including a 14-year-old boy who Radio Free Asia reported was shot dead by a soldier on a passing convoy of military trucks. The soldiers loaded his body onto a truck and left, according to the report.

Security forces breaking up protests in Yangon detained about 300 protesters, the Myanmar Now news agency reported.

Images of a 19-year-old woman, one of two shot dead in Mandalay, showed her wearing a T-shirt that read “Everything will be OK”.

Police in Yangon ordered three medics out of an ambulance and beat them with gun butts and batons, video broadcast by U.S.-funded Radio Free Asia showed. Reuters was unable to verify the video independently.

The military justified the coup by saying its complaints of voter fraud in the Nov. 8 vote were ignored. Ms. Suu Kyi’s party won by a landslide, earning a second term.

The election commission said the vote was fair.

Junta leader Senior General Min Aung Hlaing has pledged to hold new elections but given no time frame.

Ms. Suu Kyi, 75, has been held incommunicado since the coup but appeared at a court hearing via video conferencing this week and looked in good health, a lawyer said. – Reuters

Philippines raises alert as Pinatubo volcano shows unrest

Philippine seismologists on Thursday raised an alert on the Mount Pinatubo volcano in the main Luzon island.

“There is low-level unrest that may be related to the tectonic processes beneath the volcano,” the Philippine Institute of Volcanology and Seismology (Phivolcssaid in an advisory.

While no imminent eruption is foreseen, it advised the public to avoid entry into the crater area.In 1991, Mount Pinatubo erupted after lying dormant for more than 600 years. Since Jan. 20, more than 1,700 earthquakes were recorded beneath its edifice, the agency said. — Bloomberg 

Can stress cause stomach problems?

What is acid reflux?

Acid reflux is a disorder that occurs when there is a backflow of stomach acid into your esophagus. The acid irritates the lining of your esophagus, causing a painful, burning sensation in your chest.

Symptoms of acid reflux

• A painful burning sensation in your esophagus, especially during and after eating

• Worsening chest pain when lying down

• Pain when swallowing

• Sour liquid being regurgitated at the back of your throat

• The feeling of an object stuck at the back of your throat

Can stress cause acid reflux?

Stress increases acid production, which can increase the likelihood of experiencing acid reflux symptoms. This condition can be made worse if you react to stress by taking stimulants such as caffeine-based beverages, which tend to increase the incidence of reflux symptoms.

Treatment for acid reflux

Acid reflux is a relatively easy condition to treat as medication is easily available and effective. Here are some of the treatments you may be advised to take for acid reflux:

Antacids

Antacids are over-the-counter medications that neutralize stomach acid to relieve the pain of acid irritating your esophagus. However, while antacids help you feel more comfortable in the short term, they can’t heal the esophagus from acid damage. It is also important to note that the over-consumption of antacids may cause adverse side effects like loose stools or kidney complications.

Acid reducers

Acid reducers decrease the amount of acid the stomach makes. This protects the esophagus, stomach, and intestines from getting damaged. It can also help to heal damage caused by inflammation of the esophagus. Examples of the 2 types of acid reducers are H2 blockers and proton pump inhibitors.

H2 receptor blocker

The active ingredient in H2 receptor blockers inhibits the cells in the stomach from producing acid. In a day, they can reduce stomach acid production by up to 70%. As a result, the irritated esophagus lining will have more time to heal. Cimetidine, famotidine, and ranitidine are all different types of H2 receptor blockers. This group of medications, however, can cause bowel complications like constipation and diarrhea.

Proton pump inhibitor

This group of medications works similarly to H2 receptor blockers, except that they are much stronger, reducing acid production for longer periods of time. Pantoprazole, rabeprazole, lansoprazole and omeprazole are examples of proton pump inhibitors.

Endoscopy

If medications do not alleviate your symptoms, endoscopy is usually recommended to evaluate the extent and other possible causes for the symptoms. Endoscopy also enables the taking of tissue samples from the esophagus to make sure that a severe form of gastro-esophageal reflux disease called Barrett’s esophagus has not developed. Barrett’s esophagus is a condition that increases the risk of developing esophageal cancer.

Surgery

If medications do not alleviate your symptoms, surgery may be recommended as a last resort. A fundoplication is a minimally invasive procedure commonly done to treat chronic heartburn. In this procedure, the top part of the stomach is wrapped around the base of the esophagus to tighten the sphincter, reducing the incidence of acid reflux. Your surgeon can operate on the outside by looking through a tiny camera inserted through a few small incisions.

Symptoms of peptic ulcer disease — photo from https://www.mountelizabeth.com.sg

What is peptic ulcer disease?

Peptic ulcers occur when stomach acid erodes your digestive tract’s own protective mucus lining. This leads to painful, open sores in the lining of your stomach (gastric ulcer) and the upper part of your small intestine (duodenal ulcer).

Symptoms of peptic ulcer disease

• Pain in the upper abdomen

• Heartburn

• Dizziness

• Feeling full quickly when eating

• Worsening pain between meals

Rarely, more severe symptoms may occur:

• Vomiting blood

• Black stools

• Unintentional weight loss

Can stress cause ulcer disease?

The role of stress as a cause of peptic ulcers remains controversial because of difficulties associated with quantifying stress in different people. However, several studies tracking ulcer occurrence in a defined population have linked certain types of stresses to the risk of developing ulcers. These stresses include depression, work-related stress, social problems and post-traumatic stress disorder.

Treatment for peptic ulcers

Peptic ulcers can usually be treated in a similar way to acid reflux by using medication to neutralize or reduce acid in the stomach. However, other approaches may be necessary. Some of the additional recommended medications can include:

Antibiotics

Helicobacter pylori is a common bacteria that can cause peptic ulcers. Once your doctor has determined that you have the bacteria present in your system, they will prescribe a suitable regimen of antibiotics to kill the Helicobacter pylori bacteria.

Cytoprotective agents

This medication increases mucus production in the stomach and increases the flow of blood throughout the digestive tract. The active ingredients form a coat to protect the ulcers in the stomach from further irritation and allow them to heal.

Endoscopy

Peptic ulcers are usually diagnosed during upper gastrointestinal endoscopy. Endoscopy is useful as samples can be taken from the stomach to ensure that the ulcer is not cancerous. Bleeding from peptic ulcer disease is usually treated by endoscopy. The doctor will identify the site of bleeding in the stomach or small intestine and apply clips to stop the bleeding.

Surgery

In very severe cases of peptic ulcer disease, a hole (perforation) in the stomach wall can occur. The hole will need to be closed surgically to avoid serious complications.

Managing your stress is key

It is important to identify the causes of your stress and address them. Sometimes, stress can’t be avoided, especially when you have responsibilities to handle. Still, you can find ways to release the built-up tension in your mind through some of the following activities, which help you produce endorphins and reduce stress hormones in your body:

• Physical exercise

• Spending time with loved ones

• Long uninterrupted sleep

If acid production is a constant source of discomfort for you, consult your doctor, who will be able to work out the best treatment plan.

Learn more about cancer care. Join BusinessWorld Insights, in partnership with Mount Elizabeth Hospital Singapore and Parkway Cancer Centre, with the theme, “Hope, Science and Technology: Cancer Care in the New Normal” this March 10, 2021 at 11 a.m. Register at bit.ly/BWCancerCare.

For inquiries, please contact us at Parkway Hospitals Singapore-Manila Office at G/F-B, Marco Polo Hotel, Meralco Avenue and Sapphire Street, Ortigas Center, Pasig City 1600, e-mail us at manila.ph@parkwaypantai.com or call 0917-526-7576.

(This article was reviewed by Dr. Chua Tju Siang, gastroenterologist at Mount Elizabeth Hospitals.)

BoI-approved pledges rise to P122B

INVESTMENT PLEDGES approved by the Board of Investments (BoI) surged by 156% in the first two months, despite a drop in commitments from foreign investors as the pandemic continued.

Trade Secretary Ramon M. Lopez, who is also the chairman of the BoI, said on Wednesday the investment promotion agency approved P121.9 billion in investments in January and February, higher than the P47.6 billion in pledges approved during the same period a year ago.

The BoI accounts for the bulk of planned projects registered with investment promotion agencies.

Broken down, foreign investment commitments declined 16.81% to $6.2 billion, while domestic investment pledges jumped 188% to $115.7 billion.

The number of projects likewise fell 39% to 31, but the projected number of jobs the investments will create rose by 41% to 10,207.

“As our economy recovers, we are confident of achieving our pre-pandemic growth rates and beyond. To this end, we are facilitating greater trade and investment in the country by continuously pursuing reforms to foster a better business environment,” Mr. Lopez said in a speech at the Manila Forum for China-Philippines relations on Wednesday.

He referred to reforms such as the reduction in corporate income tax to 25% from the current 30%, which was included in the Corporate Recovery and Tax Incentives for Enterprises Act (CREATE) passed by Congress in February.

The BoI reached P1.02 trillion in approved investment pledges last year, or around 10% lower than the P1.14 trillion recorded a year earlier and below the P1.25 trillion target set before the pandemic. BoI-approved investment pledges reached P617 billion in 2017 and P915 billion in 2018.

The investment promotion agency is targeting P1.25 trillion in investment approvals for 2021, or 22.5% higher than last year’s tally as it anticipates more infrastructure projects.

The Bangko Sentral ng Pilipinas (BSP) reported the country’s net foreign direct investment inflows dropped by 10.8% year on year to $5.8 billion in the first 11 months of 2020, amid lingering concerns over the coronavirus pandemic.

Mr. Lopez told the attendees of the Association for Philippines-China Understanding (APCU) event that investment opportunities in the Philippines include manufacturing of e-vehicles, e-bikes, and bicycles; light industries manufacturing for connectivity devices, bags, and textile manufacturing; and Internet of Things (IoT), smart manufacturing, and artificial intelligence.

Another investment promotion agency, the Phiippine Economic Zone Authority (PEZA), approved P11.308 billion in investment pledges in January , or 139% higher than the P4.726 billion in the same month last year.

PEZA expects the 24 projects to employ 5,601 workers.

Economic managers expect gross domestic product to grow by as much as 7.5% this year after a 9.5% contraction in 2020. — Jenina P. Ibañez

Ranks of super-rich set to grow in Philippines

In the Philippines, one only has to have a net wealth of at least $60,000 (around P2.9 million) to be considered part of the wealthiest 1% of the population, according to the Knight Frank Wealth Report. — REUTERS/ELOISA LOPEZ

THE number of super-rich Filipinos is likely to grow over a five-year period in line with a global trend, the annual wealth report from real estate consultant Knight Frank said.

High-net-worth individuals in the Philippines — or those with net worth over $1 million (around P48 million) — have declined by 3% since 2015. But this trend will reverse, with the number of high-net-worth individuals expected to grow by 36% between 2020 and 2025, Knight Frank said.

The number of ultra high net worth individuals (UHNWI) in the Philippines, or those with more than $30 million (around P1.5 billion), will likely increase by 35% in the five years to 2025. This after the UHNWI population dropped by 10% in the previous five years.

What would it take to join the wealthiest 1% and 0.1% of the population?

Globally, Knight Frank projects the population of high net worth individuals and UHNWIs to jump by 41% and 27%, respectively, between 2020 to 2025. The Wealth Report covered 44 economies.

“This year’s forecasts represent optimism for the emergence of a new economic cycle and set new expectations for the post-pandemic world,” Knight Frank said.

The coronavirus pandemic cut the number of wealthy Filipinos last year.

The number of high net worth individuals in the Philippines slipped by 3% to 13,936, while the UHNWI population dropped by 7% to 489.

The Philippines also lost three billionaires (in US dollar terms), bringing the total to 12 in 2020. Knight Frank projected the number of billionaires will return to 15 by 2025.

The decline is in contrast with a global trend maintaining a 7.1% growth in the number of billionaires between 2019-2020. The global response to the pandemic, Knight Frank said, supported the wealthy.

“With lower interest rates and more fiscal stimulus, asset prices have surged, driving the world’s UHNWI population 2.4% higher over the past 12 months to more than 520,000. The process was seen across North America and Europe, but it was Asia, with 12% growth, that saw the real upswing,” Knight Frank said, referring to countries like China and Singapore.

This expansion was not seen everywhere, “with a fall in the number of UHNWIs in Latin America, Russia and the Middle East as currency shifts and the pandemic undermined local economies.”

Countries hardest-hit by the pandemic and economies reliant on tourism also saw the number of UHNWIs decline.

Wealth inequality, Knight Frank said, would spur demand for policies that would curb such imbalance, such as wealth taxes.

WHAT IT TAKES TO BE RICH
The threshold to join the wealthiest 1% of the population varies per country, according to Knight Frank.

For instance, one needs to have a net wealth of $7.9 million (around P383 million) to be part of the 1% in Monaco and $2.9 million (P140 million) to be considered among the richest in Singapore.

But in the Philippines, one only has to have a net wealth of at least $60,000 (around P2.9 million) to be considered part of the top 1%.

“This reflects rising wealth but, as elsewhere, growth is not uniform. Wealth inequality has become starker within countries and globally, particularly as a result of the COVID-19 pandemic, and this is likely to become a point of growing contention,Knight Frank said.

To be considered part of the richest 0.1% in the country, a Filipino needs a net wealth of $210,000 (around P10.2 million). This is significantly smaller compared with the $10-million (around P485-million) threshold in Singapore and $10.4 million (around P504 million) in Hong Kong.

The Wealth Report Attitudes Survey identified the coronavirus disease 2019 (COVID-19) as the biggest concern of 80% of the respondents’ clients. Also, 90% of the respondents see new investment opportunities in the post-pandemic recovery.

The Attitudes Survey is based on responses from more than 600 private bankers, wealth advisors and family offices representing combined wealth of more than $3.3 trillion. The survey was conducted between October-November 2020. — J.P. Ibañez

Super-rich Filipinos seen to grow by 35% by 2025 — consultancy firm

Philippine banks likely to weather crisis better than SE Asian peers, says S&P

REUTERS/THOMAS WHITE/ILLUSTRATION

By Beatrice M. Laforga, Reporter

PHILIPPINE BANKS appear better positioned to weather the surge in soured loans than Southeast Asian peers, but sluggish economic growth could dampen the sector’s recovery this year,   S&P Global Ratings said.

“We have a negative outlook on the Philippine banking sector, that means there is a one-third chance that the rating can be downgraded in 1.5 to two years, so clearly that there are risks,” Ivan Tan, director at the financial institutions ratings of S&P, told a webinar on Wednesday.

The credit rater gave a “negative” outlook on the Philippines’ rated banks on expectations that existing financial buffers may not be enough to absorb the fast deterioration of asset quality, if economic recovery is delayed.

“But if you look at it in a relative perspective in terms of the other Southeast Asian banking system that we have a negative outlook as well, including Thailand, Indonesia and Malaysia — the Philippines as a whole has actually performed quite well,” Mr. Tan said.

He said the number of loans that availed of the payment moratorium in the Philippines are lower compared with Malaysia and Indonesia, despite the surge in nonperforming loans (NPLs)from retail and small- and medium-sized enterprises (SMEs) segments.

Republic Act No. 11494 Bayanihan to Recover as One Act (Bayanihan II) provided a one-time 60-day moratorium on loan payments following the similar grace period provided by the government’s first stimulus package.

Mr. Tan said Malaysia’s moratorium on loan payments was more extensive, covering two thirds of the total loan book of banks, and lasted until September.

“The negative impact of the loan quality of the bank, the trajectory of the recovery of the Philippines in terms of nonperforming loans buildup and the resolution of loans under moratorium has been comparatively better than Southeast Asia peers,” he said.

The rise in NPLs in the country was also less severe than expected, said Geeta Chugh, senior director of financial institution ratings at S&P, during the forum.

Ms. Chugh said gross NPL ratio at 3.6% end of 2020 was softer than the credit rater’s forecast that this would rise to 6%. The restructured loan ratio of 1.91% as of end-December was also lower than their prediction of 2.5%.

“Based on the buffers, or the level of capital that the banks are holding, the level of provisioning that they have already written, the level of provisioning that they are forecasting for this year, and the earnings capacity on how much provisioning can the banks do before ending in the red, the levels that we forecasted they are manageable,” she said.

“Banks will remain cautious and asset quality preservation will be a priority over growth simply because the economic outlook is still a bit uncertain,” she added.

The debt watcher expects NPLs would spike further in the first quarter,  and peak in the second half of 2021 as monetary support ends.

A slow economic recovery could further dampen the grim outlook for the banking sector, said Vincent Conti, Asia-Pacific senior economist at S&P.

S&P gave a 9.6% growth forecast for the Philippine economy this year coming from a record 9.5% contraction in 2020.

Mr. Conti said the growth will largely be driven by a pickup in household consumption and the ramped-up infrastructure program.

The two main growth drivers will be supported by further easing of mobility restrictions and the pent-up demand from last year, as well as increased government spending, he said, adding that they are unlikely to be slowed down by weak credit growth.

“These are the key drivers for the growth this year. If anything I believe, the demand push from these two factors can help open the tabs on credit once again. The risks to growth from a slower recovery weigh more heavily on credit than the other way around,” he said.

PHL poised to reap gains from global recovery

THE Philippines is among key Southeast Asian nations best positioned to take advantage of the growing demand for electronics as the global economy recovers from the pandemic, Moody’s Analytics said.

In its report “Factory Southeast Asia: Global Manufacturing’s Next Frontier,” the think tank said Southeast Asia has gained attention as a global manufacturing hub, especially with the US-China tensions, an increase in labor costs in China, and diversification of global supply chains due to the pandemic.

“Southeast Asia is better positioned than any other global region to benefit from rising labor costs in China and global manufacturers’ push to reduce exposure to trade and geopolitical risks. The combination of low labor costs, a growing workforce, strong macroeconomic institutions, and a stable business climate sets Southeast Asia apart from emerging market peers in Latin America, South Asia and Eastern Europe,” Moody’s Analytics said.

The Association of Southeast Asian Nations (ASEAN) region’s six largest economies, Singapore, Malaysia, Thailand, the Philippines, Indonesia and Vietnam, are active in the electronics, textile and automotive industries.

“While Southeast Asia will not displace China as the world’s factory, its diverse economies are better positioned than any other global region to benefit from the push to cut labor costs and hedge trade and geopolitical risks,” the think tank said.

The ASEAN-6 accounts for nearly one-sixth of global electronics exports, which have grown over 20% since 2015.

The region’s electronics exporters create value in the assembly and processing stages of intermediate goods, such as advanced semiconductor fabrication in Singapore and Malaysia to lower-value microchip assembly and test activities in the Philippines and Thailand, it added.

“Southeast Asia plays a key role in the global electronics supply chain with potential for further growth and diversification. Vietnam, Malaysia, Thailand and the Philippines are likely to lead this trend,” Moody’s Analytics said.

“Vietnam, the Philippines, Malaysia and Thailand are especially well-positioned to benefit from the surge in global consumer electronics demand in the short term, but also from a potential longer-term realignment, as the ongoing global tech battle and concerns regarding intellectual property theft will be pervasive,” it added.

However, Moody’s Analytics noted these nations are still heavily reliant on imports of raw materials and advanced components for electronics production.

Sought for comment, Semiconductor and Electronics Industries in the Philippines, Inc. (SEIPI) President Danilo C. Lachica said the sector is expected to benefit from the demand surge.

“Long term, we need to continue creating an environment conducive for investments in expansions, new products and technologies and competitive compared to our ASEAN neighbors such as Vietnam and Thailand,” Mr. Lachica said via Viber on Wednesday.

Meanwhile, Southeast Asia’s contribution to the textile industry is relatively small but Moody’s Analytics noted Vietnam and Indonesia have recently ramped up production.

The two countries will remain attractive for textile producers over the medium term, thanks to their abundant, low-cost labor, the think tank said.

At the same time, Southeast Asia may still have a limited presence in the automotive industry, but Moody’s Analytics said there is “potential to contribute to selected segments of production given its growing integration in value chains and maturing domestic markets.”

“Even though economies such as Vietnam have emerged as lucrative manufacturing hubs and attracted sizeable foreign investment in recent years, the region’s auto production has been highly volatile since 2013, raising concerns regarding its ability to scale up production in the short term,” it noted.

Moody’s Analytics said most Southeast Asian nations will benefit from China’s economic recovery and the surge in electronics demand over the near term.

However, the region has to improve its presence in the global supply chains to reap long-term gains.

“To a large extent, this will depend on ASEAN nations’ ability to attract additional foreign direct investment and expand the region’s productive capacity,” it said.

“As global manufacturers ramp up investments in labor-saving technologies, the lure of low-cost labor will play less of a role in production decisions. To remain competitive longer term, Southeast Asian economies will need to invest in infrastructure development and the human capital necessary to drive investment in higher-value manufacturing activities,” Moody’s Analytics added. — Beatrice M. Laforga

Metro Pacific core income falls 34%

Pandemic hits toll roads, rail services, water and power businesses

METRO PACIFIC Investments Corp. (MPIC) said on Wednesday that its core net income last year had declined 34% to P10.2 billion as the global health crisis slowed down economic activities and reduced business operations.

“MPIC’s consolidated core net income for 2020 declined 34% to P10.2 billion owing largely to the economic contraction brought about by the COVID-19 pandemic,” the Manuel V-Pangilinan-led holding firm said in a regulatory filing.

MPIC said contributions from its operating businesses were down 26% because of reduced toll road traffic, suspended and decreased light rail services, and lowered demand for water and power last year, among others.

“Power accounted for P10.5 billion or 69% of operating income. Water contributed P3.1 billion or 20% and toll roads contributed P2.4 billion or 16%,” MPIC President and Chief Executive Officer Jose Ma. K. Lim said in a briefing on Wednesday to present the firm’s 2020 financial performance.

Contributions from MPIC’s power business came from Manila Electric Co. (Meralco) and the Visayas-based Global Business Power Corp. Maynilad Water Services, Inc. largely made up the contribution from the water sector.

“This earnings mix reflects our growing dependence on Meralco until our tollway network expansion is completed and Maynilad is able to resume paying dividends,” Mr. Lim said.

MPIC’s other businesses, which include hospitals, light rail services and logistics, incurred an overall loss of P709 million last year.

Meanwhile, MPIC’s core net income for the fourth quarter of 2020 improved 4% to P2.5 billion due to the gradual easing of restrictions, and the resumption of economic activities.

Asked about the capital expenditures (capex) for 2021, MPIC Chief Financial Officer and Chief Sustainability Officer Chaye A. Cabal-Revilla said the firm was looking at P15 billion, which is around the same level as the budget earmarked for 2020.

In a statement, Mr. Lim said the firm had gone through the “most difficult year” as operations of its portfolio companies were significantly affected by the pandemic.

“At the parent level however, we endeavored to preserve our balance sheet and optimize capital allocation as evidenced by our recent asset monetization efforts. It is difficult to ascertain the pace of growth in economic activity so we believe it is prudent to ensure that our financial position is robust and can sustain operations and expansion even in a prolonged period of recovery,” he said.

MPIC shares at the local bourse improved 0.99% or 0.04 centavos to finish at P4.09 apiece on Wednesday.

The listed MPIC is one of three Philippine subsidiaries of Hong Kong’s First Pacific Co. Ltd., the others being PLDT, Inc. and Philex Mining Corp.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., maintains an interest in BusinessWorld through the Philippine Star Group. — Angelica Y. Yang

Germany’s Lipp, MPIC unit to build two biogas plants

Pineapple waste will be used to produce clean energy

GERMAN tank builder Lipp GmbH has tied up with a subsidiary of Metro Pacific Investment Corp. (MPIC) to build two industrial-scale biogas plants in Mindanao that will use farm waste to produce clean energy.

In a press release on Wednesday, the German-Philippine Chamber of Commerce and Industry said the German tank construction specialist is collaborating with MPIC’s wholly owned unit MetPower Venture Partners Holdings, Inc. for the two plants.

The biogas plants, which will process pineapple waste from a local canned goods firm to generate power, are seen to replace energy from fossil fuel.

“Lipp GmbH, in partnership with MetPower Venture Partners, is building the first industrial-scale biogas plants in Mindanao to process Dole Philippines’ pineapple waste and convert it into biogas. Once fully operational, the two plants will generate clean energy to replace fossil fuel for power, steam and heat generation,” the German business chamber said.

It cited the agricultural country’s potential in processing biowaste into biogas, adding that the technology is not yet widespread in the Philippines.

On its website, MetPower said that it was undertaking a P1-billion waste-to-energy (WTE) project with Dole Philippines. The project aims to extract biogas from the fruit waste of Dole Philippines canneries in South Cotabato.

The project is seen to provide 5.7 megawatts (MW) of clean energy for Dole, and contribute to the reduction of carbon dioxide emissions by 100,000 tons yearly. The target completion date of the facilities is in the first half of this year, the MPIC unit said on its website.

In May, the WTE project received the first tranche of subsidy, which is up to 50% of its qualified capital cost from the Japanese government.

On Tuesday, the German business chamber, Lipp GmbH and the German Biogas Association held a comprehensive training series on the use and maintenance of biogas systems as part of the German government’s initiative in adding biogas to the Philippine renewable energy mix.

“We see strong potential for biogas production in the Philippines,” said Manuel Lipp, managing director of Lipp GmbH, in a statement.

“To support our technology on the ground, we need to train the employees so they can safely operate and maintain the plants in the future,” he added.

Employees of Dole Philippines, participants from the Department of Science and Technology, and members of the academe attended the training program.

Martin Henkelmann, executive director of the German-Philippine business chamber, said his group “is proud to be part of this project to bring German biogas technology and experience to the Philippines.” — Angelica Y. Yang

SEC flags RGS World Marketing easy-money scheme

THE Securities and Exchange Commission (SEC) issued an advisory against investing in another unauthorized group, RGS World Marketing Corp., which also operates under the names RGS Online Shop, RGS Online Marketing, and RGS Online Foundation.

The groups are said to be headed by Rodolfo Garcia Salarda, Jr., Henje Noble Cuadra, and Engie Esteves.

RGS Online Shop/RGS Online Marketing is registered with the Department of Trade and Industry (DTI) under Business Name No. 2240745 on Oct. 14, 2020.

Meanwhile, RGS World Marketing is a corporation registered with the SEC under company registration No. CS202069716 on Dec. 10, 2020.

RGS Foundation is not registered with the commission.

RGS World Marketing’s main offering involves a scheme wherein investors can easily earn money.

“Investigation disclosed that the lynchpin of RGS World Marketing Corp.’s scheme is its First In First Pay Out Policy and No Invite No Pay Out Policy, which means an investor is no longer required to do anything, [for example], sell RGS Soap and RGS Liniment Oil among others, except to wait for the return of his or her money,” the corporate regulator said in an advisory.

The entities are in multi-level marketing, which involves chain distribution or pyramid sales, the SEC said, as it reminded the public that the scheme is “prohibited by the Republic Act No. 7394 or the Consumer Act of the Philippines as the company relies heavily on recruitment of potential members rather than selling its products.”

The commission also said that RGS World Marketing’s multi-level marketing is a front for its unauthorized investment collection activities.

The entities are reportedly offering a scheme called “complans,” where investors are grouped according to the plans they choose.

Those lured in the scheme are promised a return of at least 250% within a month or so, depending on the plan and the payout schedule they sign up for.

Investors can put in as low as P1,000, with a promise of a guaranteed growth to P3,500; while investments worth P5,000 are promised P17,500.

Those who invest P10,000 in the scheme are promised a growth of 250% to 300%, with returns ranging from P35,000 to P40,000.

A P20,000 investment, meanwhile, may earn up to P80,000.

RGS World Marketing also offers investors three different ways of earning: through referral bonuses, board bonus or payouts, or through direct selling.

Those who opt to earn via direct selling will receive RSG products for use or for sale for every P1,000 worth of membership.

The SEC maintains that the entities do not have a license to collect investments from the public. It noted that the offer of MGS World Marketing resembles a Ponzi scheme, where investors earn through the investments of new recruits.

“Please be informed that although RGS World Marketing Corp. is a registered corporation under the Revised Corporation Code of the Philippines, and while RGS Online Shop/RGS Online Marketing are registered with the DTI, nonetheless, all of them are not authorized to solicit investments from the public as they did not secure prior registration and/or license to solicit investments from the Commission as prescribed under Section 8 of the Securities Regulation Code,” the commission warned.

The SEC said the advisory against RGS World Marketing is the 10th warning the commission issued on illegal investment schemes this year. — Keren Concepcion G. Valmonte

PSE wants mineral reporting to include environment, health plans

By Revin Mikhael D. Ochave, Reporter

THE Philippine Stock Exchange, Inc. (PSE) has proposed changes to the 2007 Philippine Mineral Reporting Code (PMRC) to meet international reporting standards.

In a memorandum dated March 2 uploaded on its website, the stock market operator said it proposed to include a discussion on the mitigation and remediation plans to address environmental, social, and health and safety impacts.

Another proposal is the addition of a statement that verifies the compliance of an accredited competent person or the report with the 2020 PRMC version.

The PSE also recommended other revisions such as the accredited competent person’s consent to the public disclosure of the report; editorial revisions; and the disclosure of any potential conflict of interest with the issuer’s related parties as defined in the PSE’s consolidated listing and disclosure rules.

According to the PSE, the 2007 mineral reporting code outlines the minimum standards needed to be followed by stakeholders for the public reporting of exploration results, mineral resources, and ore reserves.

However, the Philippine Mineral Reporting Code Committee (PMRCC) initiated the review of the reporting code in Feb. 2019 to make it compatible with global reporting standards.

The PSE said the proposed 2020 code was “modeled substantially after the 2019 International Reporting Template of the Committee for Mineral Reserves International Reporting Standards and the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves of the Australasian Joint Ore Reserves Committee.”

Meanwhile, the committee has also proposed changes to the 2007 code such as changing the term “competent person” to “accredited competent person”; modifying reporting terminology from ore reserve to mineral reserve; requiring the reporting of metal equivalents; prohibiting of in ground valuations; and introducing technical studies, including the scoping, pre-feasibility, and feasibility.

“Another proposed revision is the inclusion of a transitory provision, which states that the 2020 PMRC shall be fully implemented two years after SEC approval and that during said two-year transitory period, the reporting company shall comply with the 2007 PMRC but may choose to comply with the 2020 PMRC,” the memorandum said.

Ronald S. Recidoro, executive director of the Chamber of Mines of the Philippines, said in a mobile phone message that the group fully supports the proposed amendments to the PMRC.

He said the chamber is working closely with the PMRCC and lead professional associations to upgrade the country’s mineral reporting code and match it with leading global reporting codes.

“Once approved, the PMRC will give due recognition to the work being done by Filipino geologists, mining engineers, and metallurgists in determining and reporting on mineral resources and reserves,” Mr. Recidoro said.

In a mobile phone message, PMRCC Chairperson Ciceron A. Angeles, Jr. said he is hopeful that the 2020 PMRC will be approved as soon as possible.

“Our current PMRC 2007 edition is no longer compatible with the international mineral reporting codes recognized by stock exchanges other than the PSE,” Mr. Angeles said.

BusinessWorld sought the comment of Mines and Geosciences Bureau regarding the proposed revisions, but it has not responded as of press time.

The PSE is asking concerned parties to send their comments on the proposed amendments until March 16.

A good environment, nourishment make for happy pigs

… and pretty happy cows too

THE EMERALD Isle is renowned for its lack of snakes (thanks to St. Patrick), leprechauns (and their pots of gold), people with the gift of gab (it is, after all, the home of the Blarney Stone), and music (Enya, The Cranberries, and U2). And if Bord Bia market specialist Jack Hogan has his way, it will be renowned for its meat.

Bord Bia, the Irish Government Food Board, with co-funding from the European Union (EU), held an Irish Pork and Beef Masterclass with Grand Hyatt Manila’s Executive Chef Mark Hagan. Mr. Hagan made Confit Pork Belly and Grilled Beef Striploin for the class, while Bord Bia’s Mr. Hogan explained how Irish cows and pigs are raised to create excellent meat.

First, he promotes Ireland’s geography —  “Our island with 1,500 kilometers of coastline is a strong and natural defense against the spread of viruses and diseases, such as Asian Swine Fever,” he said. Furthermore, Ireland has no wild boar population (thus protecting the gene pool), and strict EU regulations give Ireland what he calls “world-leading biosecurity standards.”

Up to 80% of the land in Ireland is used for agricultural purposes. “We are a non-industrialized island which means we have a clean environment free from pollution,” said Mr. Hogan. The pigs are also free from growth hormones and promoters, ensuring a healthy product. They’re also processed at six months; the younger animal yielding more tender meat. Animal welfare regulations in the EU, meanwhile, ensure a good living environment for the animals. “Irish pigs are raised in controlled environments with plenty of clean, open space and nourishment. Irish pigs are some of the happiest pigs in the world,” said Mr. Hogan.

If the pigs are fed grain, the cows are fed grass. “It is produced as nature intended,” said Mr. Hagan. What’s good for the sow is also good for the cow (paraphrasing a popular adage), and Mr. Hogan underscores Ireland’s environment and agricultural culture in ensuring happy (and therefore, delicious) cows. Their lifestyle gives them an edge: according to Mr. Hogan, their beef has higher levels of Vitamins A, B1, D, and E, as well as Omega-3.

WHAT TO LOOK FOR IN MEAT
Mr. Hagan, meanwhile, started the demonstration by slicing open the striplon, still wrapped in plastic. “Like butter!,” mused host Issa Litton in the kitchen, as we participants (who had been sent meat to cook along with the class) all watched via Zoom. Mr. Hagan neatly and fluidly sliced the thick striploin with nary any struggle. With this, Mr. Hagan quickly grilled it, but not before demonstrating how he made the sweet chili glaze to go with it.

Meanwhile, Mr. Hagan gave tips on what he looks for in a cut of beef: “Definitely the fat on the outside. A tinge of yellow, not too much over there. You want it to be yielding as much as possible.”

As for the pork, Mr. Hagan patted the slab of pork belly, about to be turned into confit, and said, “The fat content in this animal is a dream come true for a chef. It’s just right.”

Based on the cut of pork I received (which was turned into a pork pot roast and not a confit), it has a thin, but not too-thin, layer of fat, about the width of a pinky finger. While pork fat is much appreciated in these islands, it becomes not only too rich and cloying after some time, but also a dangerous health hazard.

Healthy animals might make healthy meat, but do they make for good-tasting meat?

While acknowledging his own biases as an Irishman himself, Mr. Hogan explained how a healthy living environment actually affects the final product. “If animals have open spaces, they’re free from stress. They’re grazing in their natural environment, eating what they should be eating, and moving freely about the land. There’s very little cortisol and stress hormones that come in within their lives, which makes for a more tender product.”

So, happy animals become tasty food.

Below are the recipes prepared by Grand Hyatt Manila’s Executive Chef Mark Hagan. —  Joseph L. Garcia

CONFIT PORK BELLY
Ingredients:

Pork Belly

400 gm of Irish Pork Belly

3 gm of Rosemary

100 gm of Rock salt

4 gm of Garlic

White Onion Puree

1 kg of White onion

500 ml of Milk

500 ml of Cream

25 gm of Butter

Salt

Olive Oil

Braised Shallots

100 gm of Shallots (peeled)

1 knob of Butter

200 ml of Chicken stock

1 clove of Garlic

1 sprig of Fresh rosemary

Honey Mustard Sauce

30 gm of Dijon mustard

30 gm of Grain Mustard

85 gm of Honey

30 gm of Apple cider vinegar

10 ml of Soy sauce

Salt

Pepper

Preparation:

1. To prepare the pork belly, first make a curing salt by blending the rosemary, garlic, and rock salt in a food processor until coarse. Rub the portioned pork belly with curing salt. Line a perforated pan with cling film, then transfer the cured pork belly. Let it sit for six hours covered in chiller.

2. Preheat Sous vide machine to 75 degrees Celsius. Wash the pork belly, pat dry and vacuum seal. Place in the sous vide machine for 12 hours. Once the pork belly is cooked. Remove from the bag, cut into portions and chill until required.

3. To prepare the white onion puree, melt butter in a pan then add the thinly sliced white onions and season with a good pinch of salt. Sauté until translucent. Add cream and milk, cover with a cartouche and simmer until soft. Drain the liquid into a large colander. Transfer into a blender, process until smooth and pass through a fine chinois. Put back the puree into a pot and reduce to consistency.

4. For the braised shallots, heat butter in a pan and sauté the shallots until soft. Add a clove of garlic, chicken stock, and a sprig of rosemary. Cover with foil and transfer into the oven and bake for 8 minutes.

4. To prepare the honey mustard sauce, transfer the Dijon mustard, grain mustard, apple cider vinegar, and soy sauce into a bowl, and whisk together until incorporated. Transfer the mixture into a sauce pot, heat the honey mustard sauce and season with salt and pepper.

To serve:

Place the pork belly on each plate and dot the white onion puree alongside. Scatter the braised shallots across the plates and drizzle with honey mustard sauce. Serve immediately.

GRILLED BEEF STRIPLOIN
Ingredients:

Beef Striploin

200 gm of Irish Beef Striploin

butter

Salt

Pepper

Chili Glaze

45 gm of Gochujang paste

225 gm of White sugar

112 ml of Mirin

25 gm of Garlic

250 ml of water

Lettuce Wrap

4 leaves of Lettuce

20 gm of thinly sliced red onions

30 gm of sliced Japanese cucumber

Black and white sesame seeds

Preparation:

1. To make the chili glaze, blend the garlic with water, mirin, and Gochujang paste until smooth. Place the garlic paste in a sauce pot with the sugar, then mix well. Simmer and reduce over a low heat, stirring frequently, until it reaches a thick consistency.

2. Heat a heavy bottomed pan until smoking hot and sear the beef on one side for one minute. Turn the beef onto the other side and leave for 20 seconds. Add the butter and paste the meat for a further 40 seconds. Remove the beef from the pan and place in a cooling tray and leave it rest. Cut.

To serve:

Fill the lettuce leaves with sliced beef striploin, drizzle the chili glaze sauce then garnish with thinly sliced red onion, cucumber, and black and white sesame seeds.