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Robinsons Retail’s Kasiban bags 14th CFO of the Year award

MYLENE A. KASIBAN, chief financial officer (CFO) of Gokongwei-led Robinsons Retail Holdings, Inc., has been named 14th ING-FINEX CFO of the Year.

The awarding of Ms. Kasiban marks the second time a woman has been conferred the honor by the partnership of ING Bank N.V. Manila Branch and Financial Executives Institute of the Philippines (FINEX), 13 years since the CFO of the Year award was born.

In a ceremony streamed live on Wednesday, Ms. Kasiban said she hopes to be “an inspiration to the women CFOs to always do their best and be their best authentic selves.”

“I would like to thank the board of judges for selecting me as the FINEX CFO of the Year. Rest assured that I will promote and practice the ideals and aspirations of the finance professionals in the Philippines,” she said.

The only other woman to be ING-FINEX CFO of the Year was Sherisa P. Nuesa of Manila Water Co., Inc. in 2008. Last year’s awardee was Augusto Cesar D. Bengzon of Ayala Land, Inc.

“These extraordinary times call for an extraordinary league of finance leaders. Traditionally, CFOs are responsible for managing their companies’ financial resources. The global pandemic, however, has ushered in an increasingly remote and risky environment that finance executives must navigate,” ING Philippines Country Head Hans B. Sicat said during the awarding program.

“(CFOs) now face a host of responsibilities and demands from equipping the organization with the resources needed to be nimble and resilient, to changing their risk management strategy to adapt to the new normal… It is impressive how (Ms. Kasiban) has cultivated a strong relationship with her CEO, and is valued as an internal trusted advisor,” he added.

Twitter launches disappearing ‘fleets’ worldwide

TWITTER, INC. said on Tuesday it was globally launching tweets that disappear after 24 hours, similar to the stories feature that is popular on Snapchat and Facebook’s photo-sharing app Instagram.

Twitter has previously announced its plan for these ephemeral tweets, dubbed “fleets”, and tested the feature in Brazil, Italy, India, and South Korea.

“Some of you tell us that Tweeting is uncomfortable because it feels so public, so permanent, and like there’s so much pressure to rack up Retweets and Likes,” design director Joshua Harris and product manager Sam Haveson said in a blog post.

“Because they disappear from view after a day, Fleets helped people feel more comfortable sharing personal and casual thoughts, opinions, and feelings,” they added.

However, some Twitter users experimenting with the tool said it had created worrying opportunities for online harassment, like allowing unwanted direct messages. It also allows fleet authors to tag people who have blocked them.

Twitter said it was listening to feedback and working on fixes for safety concerns like the blocking issue.

Fleets, which include text, photos and videos, will be available at the top of users’ home timelines on Twitter and on the sender’s profile.

Twitter and other major social media companies are under pressure to better police abuses and viral misinformation on their sites. Twitter spokeswoman Liz Kelley said fleets are subject to the same rules as tweets.

Kelley said warnings or labels, which Twitter has started applying to content such as manipulated media and misinformation about civic processes or COVID-19, could be applied to fleets.

Twitter also confirmed it was working on a live audio feature, dubbed ‘Spaces,’ that it aims to test later this year. The feature will allow users to talk in public, group conversations. It has similarities with Clubhouse, a social platform in which users are invited to talk in voice chat rooms.

“Given all of the potential for abuse within audio spaces, we are going to be making it available first to women and historically marginalized communities,” said Kelley.

The company earlier this year launched a feature for users to tweet recorded voice notes. — Reuters

Cabernet Sauvignon and Shiraz: the not-so-odd couple

Any hardcore old world wine lover will never imagine Bordeaux’s quintessential grape varietal Cabernet Sauvignon would be blended or mixed with Rhone Valley’s top varietal, Syrah, or, as the Australians’ renamed it, Shiraz. However, as proven by Australia’s wine success with Shiraz Cabernet (dropping the “Sauvignon”) or Cabernet Shiraz blends (whichever of the two varietal is higher in percentage in the blend takes the earlier billing), this seemingly unorthodox marriage is actually not only a wine that is here to stay, but one that has been much sought after.

THE FRENCH ORIGIN
Even though the Australians championed the Cabernet Syrah blended wines, the first influential person known to have experimented with this blend was none other than famous French agronomist and viticulturist Dr. Jules Guyot (1807-1872).

People in the wine industry, especially the ones involved in vineyard management and grape-growing, will be very familiar with the Guyot name, as this is the same Dr. Guyot who created what is known as cane-pruning or his eponymous “Guyot system” of vine-training for better development of the foliage and grape quality. In fact, just February this year, I attended a hands-on pruning lesson on the “Guyot system” by Dr. Edoardo Monticelli right in Alba, Piedmont. Apparently, during the mid-19th century Dr. Guyot already had the idea of mixing Cabernet Sauvignon and Syrah together in the Provence region. But sadly, the strong French appellation laws on keeping certain authorized grape varietals to certain wine regions pretty much stopped this Cabernet Syrah blend from evolving further, that is, until the innovative Australian wine people came along and made it a huge commercial success.

THE AUSTRALIANS AND PENFOLDS LED THE WAY
While Yalumba, and other century-old Australian family wineries were already blending Shiraz and Cabernet Sauvignon and exporting this wine in the late 19th century under the “claret” name, the biggest mover and influencer of this blend may have been Penfolds, care of their winemaker extraordinaire Max Schubert.

Schubert was the chief winemaker of the winery from 1948 to 1975. He created Australia’s most prestigious wine, Penfolds Grange, in 1951, but it was in the 1953 vintage that Max Schubert added Cabernet Sauvignon to a previous 100% Shiraz wine. This addition of Cabernet Sauvignon, ranging from as low as 1% to as high as 14%, would be a Grange calling card, at least from 1953 till the late 1990s with exception of the 1963 vintage which was made with 100% Shiraz (according to the book Penfolds The Reward of Patience by Andrew Caillard).

In 1960 Schubert released his first closer-parity Cabernet and Shiraz blend, which would be known as the Bin 389. Bin 389 brought Penfolds to the forefront of this Cabernet Shiraz evolution. The success of Bin 389 ushered in similar versions by several Australian wineries, including the biggest brands from Jacob’s Creek and Wolf Blass, to Hardys, Lindeman’s, and Yalumba, and from different wine regions. Fast forward to today when Shiraz Cabernet is probably Australia’s best known signature wine in the world.

If Australia was like a traditional Old World wine powerhouse similar to France, Italy, or Spain, and hounded by the appellation and grape varietal laws and restrictions, this harmonious union of Cabernet and Syrah may not have happened.

How times have changed! Note that one of France’s largest wine exporters is JP Chenet, and JP Chenet is famous not only for their unique deformed-looking wine bottle, but also for their best selling wine, a Cabernet Syrah blend, which they launched in 1991 when the Australians were already having success with this blend. And look at Tuscany too… some of the so-called “Super Tuscans” from Bolgheri also use the Cabernet and Syrah blend. The list of adaptors of this blend goes from Chile and South Africa, to Spain and other wine producing countries.

MULTI-BLENDING AND THE PENFOLDS HOUSE STYLE
Aside from being one of the pioneers of multi-varietal blending, Penfolds also prides itself on multi-regional blending. While a vast majority of the most expensive wines in the world are either single region, like the Grand Cru Classe wines of Bordeaux, or single vineyard like the “Grand Cru” and “Premier Cru” Burgundy wines, or similar to fellow Aussie icon Henschke Hill of Grace, Penfolds has taken a different approach with its premium wine range.

It is quite clear that Penfolds has huge resources, including vast vineyard holdings and long-term contracts with growers of top vineyards, so that they can easily, if they wanted to, craft single-vineyard and, even easier, make single-region wines. Yet the winery opted not to do this for many of its most prestigious wines. Instead, its top-of-the-line Grange Bin 95, Bin 707 Cabernet Sauvignon, Bin 407 Cabernet Sauvignon, Bin 389 Cabernet Shiraz, and its most premium white wine, the Yattarna Bin 144 Chardonnay, are all blended multi-regionally. The multi-region concept ensures that Penfolds gets to pick the best vineyards from the different wine regions, mostly within South Australia, that is suited for the style of each of its top bin wines. This is how Penfolds get to achieve consistency in its most cherished wines vintage after vintage. These are more winemaker-driven wines, or what Penfolds is calling its House Style, rather than what the French espoused as terroir-driven wines — and the resulting wines really speak for themselves.

PENFOLDS RANGE OF CABERNET SHIRAZ WINES
The Grange may have hinted at a good Cabernet synergy with Shiraz with a small percentage added to this predominantly Shiraz wine, but it was the Bin 389 that pushed forward with the more prominent and equitable union of the cabernet sauvignon and shiraz grapes. Now on its 60th anniversary, Bin 389 is still by far the winery’s most commercially successful Cabernet Shiraz blend. Bin 389 is known as “Baby Grange” or the “Grange Second Wine” because of its long shared heritage and consistent quality reputation with the Grange, and for its price being just a fraction of that of its big brother.

The Bin 389 Cabernet Shiraz, with Cabernet taking the first billing, has more Cabernet (55-60%) than Shiraz (35-40%). For the almost inverse version — 60% Shiraz to 40% Cabernet Sauvignon — there is the Bin 8 Shiraz Cabernet. Bin 8 was launched in 2003. And there is another one, Max’s Shiraz Cabernet, a tribute wine in honor of the one and only Max Schubert, which was introduced just in 2013. The Max’s wine comes in a special “shelf-screaming” red shrink-wrapped bottle that seems targeted at the huge Chinese market.

Customary Tasting Notes

• Max’s Shiraz Cabernet 2018: 64% Shiraz/36% Cabernet Sauvignon blend from multi-regions; “black berries, cinnamon, allspice, ‘sibot’ Chinese herbs, leafy, silky texture, fresh acids, soft tannins and creamy finish”; Average Retail Price: P1,200/bottle

• Penfolds Bin 8 Shiraz Cabernet 2017: 54% Cabernet Sauvignon/46% Shiraz; Average Retail Price: P2,100

• Penfolds Bin 389 Cabernet Shiraz 2017: 60% Shiraz/40% Cabernet Sauvignon; Average Retail Price: P3,900.00/bottle

I did not include my tasting notes on either Bin 389 Cabernet Shiraz or Bin 8 Shiraz Cabernet because the samples I got had bottle leaks and cork stain when opened. While both wines still tasted good, I felt from both the wine’s color and nose that these were not in their prime state for a young 2017 vintage currently available in the local market. As of this writing, I have yet to receive the replacement bottles, so tasting notes to follow soon.

The Australians have paved the way for a strange mix of Bordeaux and Rhone grapes with their successful Cabernet Shiraz, even though it is still cringe worthy to see the Bordelais drink one in a party. I am sold on the Shiraz Cabernet blend, but can we slow down on other crazy mixes like a Semillon-Chardonnay?!

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

China’s credit jitters deepen a sell-off in bonds

THE CREDIT DEFAULT shock waves rippling through China are hurting demand for sovereign bonds, with market watchers seeing the slide lasting the rest of 2020.

China’s 10-year government notes are set to drop for a seventh month in November, on track for the longest retreat since 2007. The decline has pushed the benchmark yield to 3.31%, set for the highest since May 2019. A technical indicator suggests the bonds are facing the worst selling pressure in a year.

Behind the sour sentiment are worries that Beijing will tighten its monetary policy amid the economic recovery, even though lenders are challenged by a series of recent corporate bond defaults and a $900-billion funding shortage over the last two months of this year. The central bank’s 200 billion yuan ($30.5-billion) net cash injection on Monday failed to dispel concern over scarcer funding supply. An indicator of trader expectations for money market rates is at a 10-month high.

“The yield will keep rising and it will be very hard for us to see a turn toward a lower rate this year,” said Qi Sheng, a fixed-income analyst at Founder Securities Co. in Beijing. “The demand for government bonds is quite weak, as corporate defaults are forcing financial institutions to hoard cash to deal with their clients’ redemptions of funds.”

The defaults on Monday of a top chipmaker and a car manufacturer have triggered worries over the credit conditions of state-owned firms and their lenders. That can prompt financial institutions to sell the most liquid government bonds for funding, as their clients step up redeeming investments in corporate bonds.

Adding to the stress, demand for cash will climb as banks need to repay at least 3.7 trillion yuan of short-term interbank debt and devote another 1 trillion yuan to buy newly issued government bonds by the end of 2020. They also have to navigate maturing policy loans.

The People’s Bank of China (PBoC) has taken a measured approach to monetary loosening this year, avoiding aggressive and broad stimulus deployed by the US and Europe. Earlier this month, the authorities once again raised the topic of exiting their easing policies when PBoC Vice Governor Liu Guoqiang said such a move “is a matter of time and it is also necessary.”

The 14-day relative strength index on the Chinese government bond yield hit 76.6. A reading above 70 signals to some traders the securities are oversold and could see a reversal soon. In July, the yield tumbled about 20 basis points in the two weeks after the gauge breached this level.

“This confusion about the monetary policy stance may continue to weigh on market sentiment” even though the current sovereign bond yield is attractive, said Tommy Xie, an economist at Overseas Chinese Banking Corp. — Bloomberg

PSALM starts negotiated sale of P458-M property in Paco, Manila

STATE-LED Power Sector Assets and Liabilities Management Corp. (PSALM) will hold an online pre-negotiation conference on Thursday for the sale of its Paco, Manila property.

The minimum bid price of the property, located in Isla de Provisor, is set at P458 million. The decommissioned Manila Thermal Power Plant (MTPP) is located in the area, along Pasig River.

The negotiated sale for the Paco property is on an “as is, where is” basis. The pre-negotiation conference is part of the sale process that will allow for the orderly privatization of the agency’s assets. 

The negotiated sale is open to all individuals/sole proprietorships, corporations, and partnerships that are registered and organized in the Philippines. In addition, they must be at least 60% Filipino-owned, and authorized by the law to acquire, own, hold, or develop real properties in the country.

Interested parties may submit their offer for the Paco, Manila property on or before Dec. 2, 2020.

In a separate announcement on Wednesday, PSALM announced that it held a pre-bid conference on Tuesday for the public sale of its Loboc, General Santos City and Camalaniugan properties.

During the pre-bid conference, bidders are allowed to ask questions about the terms of the sale.

Three bidders participated in the event. These are: Sta. Clara Power Corp., SPC Power Corp. and Cagayan Electric Cooperative II.

The minimum bid prices for PSALM’s Loboc, General Santos City, and Camalaniugan properties are P12.1 million, P10.97 million, and P3.22 million, respectively.

The bidding for the three properties is on a “cash” and “as-is, where-is” basis.

Earlier in October, PSALM announced that it was unable to sell its 650-megawatt (MW) Malaya Thermal Power Plant in Pililla, Rizal, despite halving its original price to P2.19 billion from P4.48 billion. This marked its third failed attempt to sell the asset.

By selling its assets through orderly means, the wholly owned government entity aims to liquidate all of the National Power Corp.’s financial obligations and stranded contract costs in an optimal manner, the company said. — Angelica Y. Yang

Huawei selling Honor brand to consortium to keep smartphone unit alive

SHENZHEN, China — Huawei Technologies Co. Ltd. is selling its budget brand smartphone unit Honor to a consortium of over 30 agents and dealers in a bid to keep it alive, the company and the consortium said on Tuesday.

The deal comes after US government sanctions have restricted supplies to the Chinese company on grounds the firm is a national security threat—which it denies.

The consortium issued a statement on Tuesday announcing the purchase, which will be made via a new company, Shenzhen Zhixin New Information Technology.

Huawei will not hold any shares in the new Honor company after the sale, the statement said.

In Huawei’s statement, the company said its consumer business has been under “tremendous pressure” due to the “persistent unavailability of technical elements” for its phone business.

“This move has been made by Honor’s industry chain to ensure its own survival,” Huawei said.

The change of ownership will not impact Honor’s development direction, both statements said.

No figure for the deal was given.

Sources with knowledge of the matter say US government restrictions have forced the world’s second-biggest smartphone maker—after South Korea’s Samsung Electronics Co. Ltd. – to focus on high-end handsets and corporate-oriented business.

One source said on Tuesday the US government will have no reason to apply sanctions to Honor after it separates from Huawei.

Honor sells smartphones through its own websites and third-party retailers in China, where it competes with Xiaomi Corp., Oppo, and Vivo in the lower-priced handset market. It also sells phones in Southeast Asia and Europe, and ships 70 million units annually, according to the Huawei statement.

Electronics products and appliance store Suning.com is listed among the buyers, which include several state-owned investment firms in Huawei’s hometown of Shenzhen.

Honor will look for more investment partners in the future, with the possibility of an eventual listing, the source said.

Reuters reported earlier this month that Huawei was in talks to sell Honor in a 100 billion yuan ($15.2 billion) deal to a consortium led by handset distributor Digital China and the Shenzhen government.

Digital China was not part of the final buyer group, the source said.

Huawei has said its higher-end smartphone line is also under threat from the US sanctions, with the head of its consumer business saying in August that it would be unable to continue making the Kirin chips that power its premium models.

Offloading Honor will give Huawei some “breathing room” on the sourcing side for its premium business while it focuses on developing its proprietary HarmonyOS for smartphones, said Nicole Peng, vice president of mobility at industry research consultancy Canalys.

The sale will help to sustain the brand, while allowing the possibility of buying Honor back some day, said Will Wong, an analyst at IDC.

“It will be easier for Huawei to make a potential buyback in the future from this consortium, which might not be so easy if they sell it to other smartphone or electronics makers,” he said. — Reuters

Dining In/Out (11/19/20)

The Burger King Plant-Based Whopper is here

ON NOV. 16, Burger King Philippines officially joined the plant-based movement through the launch of Plant-Based Whopper — a burger that’s mainly made with soy proteins, but tastes like smokey, flame-grilled beef. The plant-based patty was made through the partnership with Australia’s V2Food. “What we are offering our customers is an option. Filipinos are such huge meat-eaters, and the insight for this local roll-out is to provide them with an affordable alternative to reduce meat intake with an equally satisfying product,” said Allan Tan, Marketing Director for Burger King Philippines, in a statement. “We’ve seen more developed markets making the shift earlier on, and locally, we see the Plant-Based Whopper as a game-changer, a revolutionary product. We wanted to be at the forefront of that shift here.” The Burger King Plant-Based Whopper is now available in all Burger King Metro Manila branches, and will be coming soon nationwide. It is available through Dine-in, Take-out, Drive-through, and Delivery (#2-22-22/GrabFood/Foodpanda/Lalafood). Prices start at ₱89 for the junior size.

Kuya J opens first new restaurant in new normal

KUYA J has opened its newest branch in Fisher Mall Malabon. The new branch is a milestone as it is the first Kuya J concept store to open since the country implemented the lockdown, making it one of the few restaurants in the Philippines to do so. The opening aims to help boost the Philippine economy by generating income and providing employment as the country pivots into the new normal. “We decided to push through with the opening of this restaurant, despite the ongoing pandemic because we need to help rebuild our economy by generating jobs and encouraging everyone to fully pivot to the new normal,” said Ton Gatmaitan, marketing director of Kuya J Group, in a statement. “Moreover, as we move closer to Christmas, we want to give families in Malabon better access to Kuya J treats which they can enjoy with their families during the Christmas season.” The new store will serve Kuya J’s best-sellers such as Crispy Pata, Lechon Baka, Beef Kare-Kare, and Caldereta. To ensure the wellbeing of the customers, health measures and safety protocols are strictly implemented in the store. The restaurant is at Second Floor, Fisher Mall, C4 Road, cor. Dagat-Dagatan Ave, Longos, Malabon, Metro Manila.

Discovery employees offer gifts through Facebook

AS  MEMBERS of the hospitality community continue to band together and innovate ways to uplift each other, the teams behind award-winning destinations Discovery Shores Boracay, Club Paradise Palawan, Discovery Suites Ortigas, and Discovery Primea Makati opened Delightful Discoveries, a new hub for unique finds. Spearheaded by the properties’ management company Discovery Hospitality Corp., the Facebook group aims to provide an avenue for staff to share the small businesses and projects they started during the pandemic including food items, household items, handcrafted products, and other essentials. The group makes it easy (and safe) to shop for thoughtful gifts, while also showing support for the hospitality industry. Transactions are done directly with the sellers, who share their contact details in the group. “It’s our business to care, and we want to show our support to our dedicated employees who have done nothing but care for our guests, the company, and each other throughout these trying times,” said Discovery World Corp. President and Discovery Hospitality Corporation COO Jose C. Parreño. “We’re pleased that we can extend this platform to them and hope that this helps boost their business.” Visit www.facebook.com/groups/delightfuldiscoveries.

Starbucks launches Mobile Order and Pay in the PHL

AS STARBUCKS Philippines navigates through the new normal, the company announced the nationwide availability of Mobile Order and Pay on iOS and Android devices, a new feature of its mobile app that allows customers to place and pay for their order in advance and pick it up at any Starbucks store. Following the successful launch of the new Starbucks Rewards program, mobile ordering is the company’s latest digital innovation providing Starbucks Rewards members a contactless alternative for getting their beverages. Starbucks Rewards members can redeem rewards and collect Stars through Mobile Order & Pay. Starbucks Rewards members can also join the Starbucks Christmas Traditions promotion, earning e-stickers on eligible mobile orders. E-stickers will be credited to their Starbucks Rewards account, which they can use to redeem the 2021 Starbucks Planners & Organizers. Download the Starbucks PH app (via App Store  or Google Play) and sign up for Rewards to order on-the-go.

Shake Shack offers truffle flavored items

SHAKE SHACK is now offering the Truffle Trio: the Black Truffle Burger (P315), made of 100% Angus beef with Swiss cheese, crispy ale-marinated shallots, black truffle mayo, and arugula; Black Truffle Chick’n Shack (P285), crispy chicken breast with black truffle mayo, pickled shallots and arugula; and Black Truffle Fries (P205), crinkle-cut fries topped with black truffle mayo, crispy ale-marinated shallots and scallions. The Truffle Trio is available for a limited time only at the three Shake Shack branches. They can also be ordered via Grab and foodpanda.

The Art of Italian Apertivo on Saturday

THE PHILIPPINE Italian Association, The Tasting Club Manila, and the Italian Chamber of Commerce in the Philippines will be holding a virtual tasting, The Art of Italian Aperitivo, on Nov. 21 via Zoom. Each participant will receive a tasting kit featuring everything they need to enjoy this culinary experience in the comforts of our own home. To reserve a tasting kit and join the virtual tasting, register at https://docs.google.com/forms/d/e/1FAIpQLSfWr22xopLRvg5CmpTCLOGPvMpfyej-Hlfzme4168efgtzOFA/viewform. For details, visit https://philippineitalianassociation.org/events/2020/11/21/the-art-of-italian-aperitivo.

Nobu Manila reopens

ALONG with its three hotels, City of Dreams Manila has reopened its signature restaurants at 50% capacity, following government guidelines. The latest to reopen is Nobu Manila, which opens only for dinner, on Wednesday to Sunday from 5 p.m. It serves its signature dishes such as Black Cod Miso, New Style Sashimi, Rock Shrimp Tempura, Yellowtail Sashimi with Jalapeño, and Beef Tobanyaki, among others. Nobu Manila also highlights new dishes on its menu including two that infuse Filipino flavors: Nobu Manila Style Kurobuta Pork Sisig, and Green Tea Leche Flan with homemade mochi pearls, azuki beans and goma tuile. Tofu Sliders, Nori Tacos, and Tomato Matsuhisa Salad, are among the other new dishes. There are also new sushi and sashimi specialties made with sustainably sourced seafood. Nobu’s eight-course Signature Omakase, specialty tempura, toban yaki (Nobu roast specialties), yakimono (grille items), brick oven dishes, kushiyaki (grilled skewers), soup and noodle dishes, and a broad selection of sushi, sashimi and sushi rolls, salads and soups complete the extensive menu. Nobu Manila will be serving dinner guests until 10 p.m., and until 11 p.m. on Fridays and Saturdays. The other signature restaurants of City of Dreams that have also reopened are Crystal Dragon, Red Ginger, Jing Ting, and Wave, all operating at 50% capacity in observance of physical distancing. For inquiries and reservations, call 8800-8080 or e-mail guestservices@cod-manila.com or visit www.cityofdreamsmanila.com.

How about a book and wine for Christmas?

KNOW anyone who loves a good book and loves to drink wine? Receive one bottle of Prosecco sparkling wine (from Ralph’s wines and spirits) when you buy with the art book Diosdado Magno Lorenzo: Art Rebel to Legend by Alice Guillermo. The book was published by the Philippine Italian Association (PIA) and Tantoco-Rustia Foundations in 2009. The bundle is available at the PIA’s E-Shop https://philippineitalianassociation.org/e-shop/diosdado-magno-lorenzo-art-rebel-to-legend.

Hong Kong MX Pastries’ holiday gifts

THIS SEASON, Hong Kong MX, iconic makers of traditional gourmet pastries, offers a unique selection of treats in gift boxes, everything from Egg Rolls and Hearty Butter Pastries, to Mille-Feuilles and Cookies. All treats are made using the purest of butter minus preservatives, shortening, margarine, or additives. There is HKMX’s flagship product, the Original Eggrolls Gift Box (32 pieces), packaged in a classic tin box. The newly-launched 15-piece Eggroll Set (P450), has the treats tucked inside dainty paper boxes. Then there is the Assorted Petite Eggrolls Gift Box (P800) — 36 pieces in coconut, chocolate, matcha, and original flavors. The Hearty Butter Pastries Gift Set comes in original, maple syrup, hazelnut, and coconut flavors. HKMX’s Mille-Feuille Gift Set (P950) offers 192 layers of finely crafted puff pastry set on a bed of almonds that comes in a sophisticated gift box. These and many more treats can be ordered via Facebook (facebook.com/HongkongMXMooncakesPhilippines), Instagram (@hkmxproductsph), and the official website (doubledownimportexportinc.storehub.me). They are also available through Lazada (DD Hong Kong MX Products), Shopee (DD Hong Kong MX Products), GrabMart (Double Down PH–Cabatuan), FoodPanda’s PandaMart (Double Down Import and Export, Inc.), and select Rustan’s Supermarket and Robinsons Supermarket Branches. Hong Kong MX will also have pop-up stores at SM Mall of Asia from Nov. 21 to Jan 21, 2020, and at Eastwood Mall from Nov. 25 to Jan 25, 2020. There is also a limited time Official Website Order Promo with free delivery for minimum purchases.

SaladStop! opens cloud kitchen

ENJOYING SaladStop! at home is easier with its wider delivery coverage through the SaladStop! Kitchen and its newest offering of delivering subscription-based meal plans up to seven days a week. The SaladStop! Kitchen, located along Chino Roces Ave., Makati, is the brand’s first cloud kitchen in the Philippines, with a similar menu as the other SaladStop! Branches. Look for the SaladStop! Kitchen — Chino Roces (cloud kitchen) pin on your preferred app — GrabFood, Foodpanda, and LalaFood — and check if the location is within the delivery radius. The SaladStop! Kitchen is also available for long distance delivery through GrabFood and Lalafood. For curbside pick-ups (personal or via courier service), call the SaladStop! Kitchen at 0917-506-2494. SaladStop! is offering 10% off for those who avail of their first seven-day subscription, 15% off on a three consecutive week seven-day subscription, and 15% off on a four consecutive week five-day subscription. Corporate orders are also welcome.

Thanksgiving Feast To Go

The Grand Hyatt Manila is offering Thanksgiving meals to enjoy at home. The hotel’s Thanksgiving menu boasts of traditional turkey large enough to serve eight people, accompanied by giblet gravy, homemade cranberry sauce, roast potatoes and buttered brussels sprouts. Maple and cinnamon-glazed ham, Roast Mulwarra rib eye, and The Grand Kitchen’s popular Roast porchetta are also available. One can choose to take this feast home or have it specially delivered. To place an order online, visit bit.ly/DineAtHomeGHM. For bulk orders and inquiries, call 8838-1234 or e-mail manila.grand@hyatt.com.

How PSEi member stocks performed — November 18, 2020

Here’s a quick glance at how PSEi stocks fared on Wednesday, November 18, 2020.

Philippines falls further in english proficiency ranking

Philippines falls further in english proficiency ranking

Peso climbs vs dollar on US data

THE PESO rebounded against the dollar on Wednesday as drug firms in the United States race to launch vaccines against the coronavirus disease 2019 (COVID-19) and after US retail sales grew slower than expected in October.

The local unit closed at P48.22 against the greenback on Wednesday, rising by two centavos from its P48.24 finish on Tuesday, data from the Bankers Association of the Philippines showed.

The peso opened Wednesday’s session at P48.28 per dollar. Its weakest showing was at P48.29 against the greenback while its closing level was its intraday high.

Dollars traded declined to $635.8 million on Wednesday from $705.82 million on the previous day.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso climbed versus the dollar as investor sentiment continues to improve with the results of tests of possible COVID-19 vaccines.

Johnson & Johnson’s chief scientist said the drug maker is recruiting over 1,000 people per day for the late-stage trial of its experimental COVID-19 vaccine and expects to have all the data needed to seek US authorization by February or earlier, Reuters reported.

The Phase III trial of the single-dose vaccine started in late September. The company paused the trial in October because of a serious medical event in one participant and resumed after getting the green light from an independent safety panel.

J&J lags some of its rivals in the global race to develop a safe and effective vaccine against the virus that has killed over 1.3 million people worldwide and roiled the global economy.

Rival Moderna on Monday said its experimental vaccine was 94.5% effective in preventing COVID-19 based on interim data from a late-stage clinical trial, following similar results from Pfizer last week.

Both Pfizer’s and Moderna’s vaccines use a new technology known as messenger RNA, or mRNA. By contrast, J&J’s vaccine uses a common cold virus known as adenovirus type 26 to introduce coronavirus proteins into cells in the body and trigger the body’s immune system.

J&J’s candidate is a single-dose vaccine, whereas the vaccines from Moderna and Pfizer and another under development by AstraZeneca all require two shots separated by several weeks.

Meanwhile, a trader said the peso rose following the release of data on US retail sales showing slower-than-expected consumer spending in October.

US retail sales increased less than expected in October and could slow further, restrained by spiraling new COVID-19 infections and declining household income as millions of unemployed Americans lose government financial support, Reuters reported.

While other data on Tuesday showed production at factories accelerating last month, output remained well below its pre-pandemic level and the uncontrolled coronavirus outbreak could disrupt production. The public health crisis and frail economy are major challenges confronting President-elect Joe Biden when he takes over from US President Donald Trump in January.

Mr. Biden on Monday urged a divided Congress to come together and pass another pandemic relief package.

Retail sales rose 0.3% last month, the smallest gain since the recovery started in May, after increasing 1.6% in September, the Commerce department said. They account for the goods component of consumer spending, with services such as healthcare and hotel accommodation making up the other portion.

Sales were supported by Amazon.com’s “Prime Day” event, with online receipts surging 3.1%. “Prime Day” is normally in July and some economists said this could have thrown off the model that the government uses to strip seasonal fluctuations from the data, leading to the modest sales gain.

Consumers bought motor vehicles at a much slower pace than in previous months. There were increases in sales of electronics and appliances, as well as building materials and garden equipment. But households cut back spending on sporting goods and hobbies, clothing, furniture, drinking and dining out.

Stocks on Wall Street were mostly lower. The dollar slipped against a basket of currencies. US Treasury prices rose.

Daily new coronavirus cases have been exceeding 100,000 since early this month, pushing the number of infections in the United States above 11 million, according to a Reuters tally.

For today, Mr. Ricafort sees the peso moving from P48.16 to P48.26 versus the dollar, while the trader expects a range of P48.10 to P48.30. — KKTJ with Reuters

PSEi returns to 7,000 level on investor optimism

By Denise A. Valdez, Senior Reporter

THE MAIN INDEX returned to 7,000 territory on Wednesday on sustained investor optimism backed by an improvement in remittances in September.

The bellwether Philippine Stock Exchange index (PSEi) rose 92.64 points or 1.33% to end the session at 7,051.78. The wider all shares index also grew 41.13 points or one percent to close at 4,144.87.

“The local bourse ended on green territory as last-minute buying of shares pushed the index above the 7,000 mark. Locally, market sentiment may have been affected positively by the recent news that remittances for the month of September grew 9.3% from the year ago,” Timson Securities, Inc. trader Darren T. Pangan said in a text message.

The PSEi was moving flattish until the last hour of Wednesday’s trading. It opened at 6,971.9 and dipped to an intraday low of 6,970.49, before jumping in the last minute to close at its highest level for the session.

Cash remittances coursed through banks jumped by 9.3% to $2.601 billion in September from $2.379 billion a year ago, data released by the Bangko Sentral ng Pilipinas on Monday showed. This was the quickest growth in remittance inflows since 12.7% in April 2018.

Month on month, cash remittances also rose by 4.8% from $2.483 billion in August, when these dropped by an annual 4.1%.

Remittance inflows in the first nine months of the year reached $21.886 billion, slipping by 1.4% from $22.187 billion a year ago. The decline is slower than the 2% drop in remittances expected by the BSP this year.

“Investors remain optimistic that the economy will see a massive rebound in the fourth quarter. Several issues are now at their 2020 highs or higher as the sentiment on equities continues to improve,” AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail.

“We may see some profit-taking toward the end of the week and maintain our forecast that the trend will continue sideways,” Mr. Mangun said.

Nearly all sectoral indices recorded gains at the end of Wednesday’s trading. Holding firms rose 139.23 points or 1.93% to 7,320.66; financials climbed 25.83 points or 1.92% to 1,369.44; property improved 32.46 points or 0.92% to 3,545.57; services added 8.14 points or 0.52% to 1,551.75; and industrials increased 27.98 points or 0.3% to 9,167.72. Mining and oil was the sole declining index, giving up 89.02 points or 1.08% to 8,081.75 at the end of session.

Some 12.34 billion issues valued at P10.93 billion switched hands on Wednesday, growing from the previous day’s 2.49 billion issues worth P10.25 billion.

Advancers bested decliners, 126 against 86, while 55 names ended unchanged.

Net outflows continued for a fourth straight day but declined to P375.18 million on Wednesday against P723.78 million the day prior.

Duterte asked to quicken vaccine approvals

By Gillian M. Cortez and Vann Marlo M. Villegas, Reporters

THE HEALTH department asked President Rodrigo R. Duterte on Tuesday night to issue an order that will fast-track the approval process for coronavirus vaccines.

“We are respectfully requesting that you consider the issuance of an executive order for the Food and Drug Administration (FDA) to grant an emergency use authorization for the various vaccines that will enter the country,” he told the President at a televised meeting.

The executive order would cut the processing time to 21 days from six months, Mr. Duque said.

The recommendation came as countries around the globe race to develop a vaccine against the virus that has sickened 56 million and killed 1.3 million people worldwide. The Philippines is preparing orders for the vaccines that may come next quarter.

Mr. Duque said the emergency use authorization could only be used if there is a medical health emergency or a life-threatening disease, and there is proof that a drug could prevent, diagnose, or treat it.

At the same meeting, vaccine czar Carlito G. Galvez, Jr. said the private sector would help fund the vaccines through a public-private tripartite agreement.

Under the deal, companies will buy the vaccines directly from the drug maker and will then donate these to the government, which will be the one to choose the beneficiaries, he said.

The Lucio Tan Group, San Miguel Corp. and Go Negosyo have pledged to donate vaccine doses, Mr. Galvez said. Business tycoon Enrique K. Razon also committed to donate 300,000 doses, he added.

The government is planning to buy as many as 50 million doses of coronavirus vaccines once these become available.

The Department of Health (DoH) reported 1,383 coronavirus infections on Wednesday, bringing the total to 412,097.

The death toll rose to 7,957 after 95 more patients died, while recoveries increased by 143 to 374,666, it said in a bulletin.

There were 29,474 active cases, 83.8% of which were mild, 8.3% did not show symptoms, 4.9% were critical, 2.7% were severe and 0.22% were moderate.

Cavite reported the highest number of cases at 81, followed by Laguna at 74, Batangas at 71, Quezon City at 69 and Rizal at 67.

The agency said four duplicates had been removed from the tally, while 18 cases previously tagged as recovered were reclassified as deaths. Seventeen laboratories failed to submit their data on Nov 17, the agency said.

The coronavirus has sickened about 55.9 million and killed 1.3 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization.

About 39 million people have recovered, it said.

CLINICAL TRIALS
Meanwhile, Health Undersecretary Maria Rosario S. Vergeire said the lack of clinical trials in the country would not affect government orders of COVID-19 vaccines.

“If the manufacturer will not conduct a clinical trial here in the country, this won’t affect our decision to order the vaccine,” she told an online news briefing in mixed English and Filipino.

Moderna, Inc. had informed Science and Technology officials that it does not plan to hold clinical trials here for a coronavirus vaccine it was developing, Ms. Vergeire said. The company claims the drug is 94.5% effective.

Pfizer, claims its vaccine is 90% effective, also does not plan to conduct clinical trials in the Philippines, she said.

Ms. Vergeire said a drug only needs to go through the regulatory process.

China’s Sinovac Biotech Ltd.’s application for clinical trials had been approved by an expert panel from the Science and Technology department. A separate ethics board must also approve the application before Sinovac can apply for approval from the local Food and Drug Administration (FDA).

President Rodrigo R. Duterte last month said the government had funds to buy coronavirus vaccines, but it needs more so the entire population of more than 100 million could be inoculated.

Mr. Duterte said he had spoken with outgoing Russian Ambassador Igor A. Khovaev and was told that Russia intends to set up a pharmaceutical company in the Philippines that will make the vaccines available here.

Meanwhile, vaccine maker Serum Institute of India Pvt. Ltd. has authorized Faberco Life Sciences, Inc. to represent the Philippines for the supply of coronavirus vaccines it is developing with US biotechnology company Novavax, Inc.

Fabreco has partnered with the Indian drug maker for key vaccine programs such as inactivated polio, rotavirus, pneumococcal conjugate and COVID-19 vaccines.

“The President himself has expressed doubts if the Philippines will get vaccines being developed in the West,” Luningning Villa, a medical director at Faberco, said in a statement. “If and when the vaccine becomes available, SII and Faberco hope to bring a pleasant surprise.”

Fabreco is a distributor of specialized healthcare products.

Serum Institution in August signed a license agreement with Novavax for the development and commercialization of a coronavirus vaccine.

Serum also joined the COVID-19 Vaccines Global Access co-led by Gavi, the Vaccine Alliance, Coalition for Epidemic Preparedness Innovations, and the World Health Organization,  which aims to ensure availability of COVID-19 vaccines to all countries.

Novavax is set to start phase 3 clinical trials in the US this month and was given a “fast-track status” by the US Food and Drug Administration. A late-stage study of the vaccine was conducted in the United Kingdom, it said.

Ms. Villa told BusinessWorld in a phone call the vaccine was targeted to be available by June 2021. Its availability will depend on the result of the clinical trials.

Its availability in the Philippines will depend on the local registration process. Ms. Villa also said the vaccine is expected to be “logistically manageable” in terms of cold chain requirements because it does not require deep freezing during storage and transport.

At least 300 million doses have been committed to other countries, she said, adding that some may be allocated to the Philippines if there is an advanced negotiation.

The company had informed government agencies about the potential vaccine, she said.

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