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Central bank looking to tighten its watch on lenders’ ownership

THE BANGKO SENTRAL ng Pilipinas (BSP) is looking to bring down the threshold for the transfer of shares of stocks that needs its approval to ensure “proper” and “fit” ownership of BSP-supervised financial institutions (BSFIs).

A Jan. 14 version of the draft circular posted on the central bank’s website also moved the authority to approve these transactions to the BSP from the Monetary Board.

Based on the proposal, the BSP is looking to define control of an enterprise when at least 10% of voting shares of a bank or a financial company is indirect or directly owned or held by an entity. This proposed threshold will be the basis for the transfer of shares of stocks that will need prior approval from the BSP once the circular is approved.

The threshold is currently set at 20% under the BSP’s Manuals of Regulations for Banks and Non-bank Financial Institutions.

“The BSP deems that even at 10%, it is considered significant such that it needs BSP approval,” BSP Deputy Governor Chuchi G. Fonacier said in a text message.

“The Bangko Sentral recognizes the importance of public’s trust in promoting the safety and soundness of individual financial institutions and the financial system as a whole,” the policy statement of the draft circular read.

“It is in this light that it is issuing regulations on the transfer of shares of stocks in BSFIs and the qualifications of holders of said shares to ensure that only individuals and corporations as well as their ultimate beneficial owner/s who are fit and proper shall be allowed to own a substantial or controlling interest in a bank,” it added.

The draft circular likewise says prior approval from the BSP is needed for these transactions. Under current regulations, these are approved by the Monetary Board.

Ms. Fonacier said if the proposal is approved, the BSP Financial Supervision Sector will be in charge of the approval of the transfer of shares of stocks.

Stakeholders are given until Jan. 22 to give their feedback on the draft circular.

An analyst said the proposal would help protect both the financial system and the public.

“This move would further promote further financial stability as well as greater protection of the depositing public, to ensure stronger banking system and also fulfill the mandate of sustainable economic growth over the long-term,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

The central bank has said it will monitor financial stability risks in the banking system amid the current crisis by managing potential systemic risks or events even at the company level. — L.W.T. Noble

First Philippine Holdings amends tender offer for Lopez Holdings shares

FIRST PHILIPPINE Holdings Corp. (FPH) has modified its tender offer to buy common shares of Lopez Holdings Corp. by lowering the number of stocks that it plans to acquire, the company said in a regulatory filing on Wednesday.

FPH said its revised tender offer will cover up to a maximum of 1.57 billion common shares, equivalent to 34.5% of the total issued and outstanding common shares.

The figures represent a revision of its previous plan to acquire a minimum of 20% or 908.46 million common shares and up to a maximum of 45.56% or 2.07 billion common shares of the total issued and outstanding common shares of Lopez Holdings, the parent firm of FPH.

The shares will be acquired from Lopez Holdings shareholders at P3.85 per common share. However, the intention does not include the shares owned by Lopez, Inc., which agreed not to tender its common shares.

“The reduction will remove the risk of [Lopez Holdings] falling below the required minimum public ownership and dispense with the need to pursue its petition for a voluntary delisting,” the disclosure said.

FPH President and Chief Operating Officer Francis Giles B. Puno said the company wanted to remove the pressure that a number of Lopez Holdings shareholders may have experienced from its plan to delist.

He added that the firm wanted the market to decide whether investors want to avail of the tender offer shares.

“It bears stressing that the tender offer price is at a significant premium to the market price right before the tender was announced and is even at the higher range of the valuation provided by the independent financial adviser, KPMG, as accredited by the exchange,” Mr. Puno was quoted as saying.

FPH said its tender offer price of P3.85 is a 25% premium over Lopez Holdings’ closing share price on Nov. 27 last year, at P3.08, and is 41%, 43%, and 36% premium over its three-month, six-month, and 12-month volume weighted average price at P2.74, P2.69, and P2.82, respectively.

The company added that its tender offer price is also a 22% premium over Lopez Holdings’ six-month closing high of P3.15 as of Nov. 27, 2020.

“The tender offer period is intended to still commence on Jan. 22, 2021 and end on Feb. 19 2021, subject to extension as circumstances may warrant,” the disclosure said.

In December last year, Lopez Holdings announced that it had filed for the voluntary delisting of its 4.63 billion shares from the Philippine Stock Exchange.

Lopez Holdings is the Lopez family’s holding firm for investments in major development sectors. FPH is the parent firm of the family’s energy investments.

On Wednesday, shares in FPH at the stock exchange fell 1.24% or P1 to close at P79.50 each. — Revin Mikhael D. Ochave

Plant-based food and ready-to-eat meal packs: Food trends that will define 2021 and beyond

IT’S NO question that the pandemic has changed the way people are living their lives and one of the more prominent changes is the shift towards a diet focused on one’s health and wellness, according to a representative of the San Miguel Foods Culinary Center (SMFCC).

“Consumers are more open and ready for alternative flexitarian diets that support immune health, cognitive function, promoting relaxation, and relieving stress,” said Llena Arcenas, SMFCC culinary services manager in a webinar held last Tuesday.

“Such a rise in the health and wellness movement is attributable to the pandemic situation and seeping awareness for sustainability,” she added.

During the webinar, the culinary arm of San Miguel Food and Beverage highlighted five key trends: plant-based food, upcycling, ready-to-eat packages, global ethnic flavors, and functional indulgence.

Ms. Arcenas highlighted meat substitutes for products such as bacon and eggs, that use plant and fungi-derived products like coconut oil, tapioca, and mushrooms. According to her, ingredients to watch out for are mushrooms, tofu, and chickpeas.

San Miguel has also joined the plant-based game via Veega, their line of sausages, nuggets, and other plant-based breakfast food substitutes.

As for the upcycling trend for food, she explains, “It’s all about finding purpose. It’s about utilizing underused parts; creating by-products or waste into usable materials or products of high value.”

She pointed out the use of plant fibers to make textiles, but in the kitchen, there are coffee grounds that can still be used for flavoring; or else the old practice of reusing stale bread for pudding.

And to exemplify said trend, the SMFCC sent this writer an empanada that showcased nose-to-tail dining. Magnolia chicken innards that would otherwise have been discarded were chopped, fried, and seasoned, resulting in a filling that was perfectly like beef.

Ms. Arcenas credits the ready-to-eat trend to the changing dining landscape. “These will dominate this year due to the sustained home dining given the restricted traveling, and work- and study-at home situations,” she said, then noting, “These products are also a good means to ward off cooking fatigue of home cooks.”

While she cited Purefoods Ready to Eat meals, she points out various restaurants offering frozen or heat-then-eat packs. She also said that cake and cookie mixes (which the company also offers) are part of the trend.

Consumers, according to Ms. Arcenas have also gravitated to cooking different cuisines as many are still not able to travel freely due to existing travel restrictions and thus contributing to the “global ethnic food trend.”

“Consumers will turn to culinary adventure and explore exotic and unconventional flavors and ingredients,” she explained.

Trends in tastes she forecasts veer towards the Mediterranean, Indian, and North African; but also regional cuisine like more obscure Chinese, Filipino, and Japanese flavors.

Lastly, Ms. Arcenas explained why “functional indulgence” is becoming a trend. “Instagrammable and indulgent food and drink will not only be crafted to look and taste great; but will be beneficial to one’s well-being, [by] using functional food and ingredients. As people care more about their health, innovations in food and drinks go beyond beauty and deliciousness to promoting good immunity.”

For this, she predicts that high-antioxidant food, spices, and fermented food will be highlighted.

Ms. Arcenas says that her predictions come from a lot of “desktop research, brainstorming, and trade checks,” but also a review of a previous food forecast she made back in 2018, when she attended the 2017 National Restaurant Association Show in Chicago. “The trends that I saw back in 2017 are dominating now. That’s why the trends that we are saying here right now, they might be more aggressive or dominant in two to three years time.”

To learn more about San Miguel’s plant-based alternatives, here’s a story on Veega (https://www.bworldonline.com/veega-tastes-like-chicken/). A smaller company, meanwhile, makes more luxurious plant-based offerings such as barbecued “ribs” (https://www.bworldonline.com/avoiding-meat-during-the-pandemic/). For upcycling trends, one can see how we’ve used organ meats to make a meal (https://www.bworldonline.com/have-a-heart/), but also how a Filipino company harvests pineapple leaves and turns them into luxury “leather” (https://www.bworldonline.com/from-waste-to-high-taste/). — Joseph L. Garcia

BPI to absorb thrift unit

BANK OF THE Philippine Islands is looking to absorb its thrift unit BPI Family Savings Bank (BFSB) within the year, the listed bank said on Wednesday.

The move will still be subject to shareholder and regulatory approvals, the Ayala-led lender said in a filing with the local bourse.

“As One BPI, our 8.5 million customers will be able to enjoy the full suite of the BPI group’s products, via all our digital and physical channels,” BPI President and Chief Executive Officer Cezar P. Consing said in a statement.

“Similarly, as One BPI, our employees will have the ability to work across a larger, more varied bank, while having continuity of tenure and job level,” he added.

BPI added that the reduction in the gap in the regulatory reserve requirements between commercial banks and thrift banks was also a factor for the move.

It said they hope to complete the merger within the year.

“The integration of both entities will provide considerable advantages to the customers and employees of BPI and BFSB, and present potential synergies that will benefit shareholders,” BPI said.

“If our customers and employees are better off, our shareholders will also benefit. This merger is timed to provide us with the platform to help lead the economic recovery that is sure to come,” Mr. Consing added.

BFSB is the country’s largest thrift bank with P287 billion in assets, P235 billion in deposits and P227 billion in loans, with the lender’s portfolio mostly focused on the housing and auto sector. The thrift bank has about 3,000 employees.

Its parent bank BPI’s net income declined 33.7% to P5.5 billion in the third quarter of 2020 as it set aside higher loan loss reserves amid the pandemic. This brought its net profit for the first nine months to P17.17 billion, down 22.1% from the P22.03 billion booked in the comparable 2019 period.

The listed lender’s shares dropped by P1.30 or 1.54% to close at P83.20 apiece on Wednesday. — L.W.T. Noble

Cebu Pacific sees growing demand for cargo

BUDGET carrier Cebu Pacific said it recently took delivery of its second cargo freighter, as it aims to take advantage of the growing demand for cargo to and from the Philippines amid the ongoing pandemic crisis, a top official said.

“We saw this pandemic as an opportunity to recalibrate our business and optimize operations to address the needs of our customers. There is a growing demand for cargo to and from the Philippines and our fleet of dedicated cargo aircraft allows us to address this while doing so in a more efficient manner,” Cebgo, Inc. President and Chief Executive Officer Alex Reyes said in a statement e-mailed by Cebu Pacific on Wednesday.

The budget carrier, operated by Cebu Air, Inc., had its ATR 72-500 aircraft with tail number RP-C7253 converted at a facility in Dinard, France, where it also had its first freighter modified.

The two freighters are operated by Cebgo, a subsidiary of Cebu Air.

They are equipped with a “large cargo door, allowing for capacity to be as much as eight tons of palletized cargo,” Cebu Pacific said, adding that it also modified recently an A330 aircraft from passenger to all-cargo configuration.

The budget carrier expects its cargo business to continue to “flourish” amid the pandemic crisis.

Cebu Air swung to a net loss of P14.69 billion during the January to September period of 2020, from the P6.77-billion profit it generated in the same period in 2019.

Cebu Air shares closed 1.10% lower at P49.50 apiece on Wednesday. — Arjay L. Balinbin

UnionBank eyeing digital bank license

UNIONBANK of the Philippines, Inc. is looking to join the online banking landscape as it looks to move forward with its digitization.

“I believe [we have] not yet [submitted an application for a license] but we intend to… I’m not so sure yet about the timeline,” UnionBank Senior Executive Vice-President and Chief Technology and Operations Officer Henry Rhoel R. Aguda said in an online briefing on Wednesday.

The central bank in November released a framework that distinguishes digital banks from other types of lenders such as universal, commercial, thrift, rural, cooperative, and Islamic banks.

The framework also allows traditional lenders to convert into digital-only banks as long as they can meet the minimum capital requirement of P1 billion for digital lenders within three years of the transition plan.

BSP Deputy Governor Chuchi G. Fonacier has said the central bank has already received one license application from a partnership of local and foreign firms, while four more parties have expressed interest. She said the Monetary Board has set an initial limit of granting up to five digital bank licenses.

Mr. Aguda said applying for a digital banking license or converting into a digital-only bank are viable options for the lender.

“Options are open. We have a team that studies the best option for the bank. It will also depend on who are the other competitors in that space,” he added.

Mr. Aguda said UnionBank clients are beginning to embrace digital transactions, noting 50% of their customers have used their app, website, and chatbot.

He said they are also seeing an average of 2,000 account openings done online daily, from the 2,000 monthly they saw before the pandemic that were mostly done through their branches.

However, Mr. Aguda said he doesn’t see all their clients shifting to digital banking.

“Maybe give us two to three years, maybe it will go up to 80% [of clients using digital banking] but it will never be 100% because again, there are customers who still want the personal touch,” he said.

As part of the bank’s efforts to boost its technologies, Mr. Aguda said they are also building the UnionBank Innovation Campus in Laguna inspired by Silicon Valley infrastructures.

“As soon as we’re back to normal, that campus is going to house our innovation projects as well as the data science institute, the blockchain institute, and accelerator. Some corporate offices will also be there,” he said.

UnionBank’s net profit rose 11% year on year to P4.2 billion in the third quarter of 2020. This brought its nine-month net earnings up 0.9% to P8.56 billion.

The lender’s shares slipped 70 centavos or 0.98% to P70.40 apiece on Wednesday. — L.W.T. Noble

Selena Gomez learns to cook adobo

AMERICAN singer and actress Selena Gomez will be learning how to cook a  Filipino dish on the second season of her Selena+Chef streaming on HBO Max starting January 21. The dish Ms. Gomez will cook alongside Filipino-Canadian celebrity Jordan Andino is the classic Filipino adobo.

PSALM reduces debt by 9.5% by end-2020

THE Power Sector Assets and Liabilities Management Corp. (PSALM) ended 2020 with principal financial obligations amounting to P381.91 billion or lower by 9.5% compared with the level at the start of last year.

In a press release on Wednesday, PSALM said that it had reduced its debts by P40.103 billion, which was “much more than its target of P10.18 billion for 2020.” At the start of the year, its total obligations stood at P422.01 billion.

“PSALM also paid all interests and borrowing costs that matured in 2020 totaling P11.56 billion,” the state-led entity said.

PSALM cited these figures in its accomplishment report, which was forwarded to Department of Finance Secretary Carlos G. Dominguez, who chairs the company’s board.

In its report, PSALM said that it was able to collect deferred privatization proceeds worth P38.66 billion from independent power producer administrators and from concession payments from the power transmission business.

Last year, it was able to sell 10 real estate assets in various parts of the country, as the government-owned entity logged revenues of P51.65 million. Among the land assets, which it was able to privatize, are those located in Agusan, Bukidnon; Maco, Davao de Oro; Nasipit, Agusan del Norte; Loboc, Bohol; and Camalaniugan, Cagayan.

PSALM was also able to raise P36.45 million from selling its other disposable assets, such as retired equipment and scrap materials.

In its latest status report on the implementation of Republic Act No. 9136 or the Electric Power Industry Reform Act of 2001, the Department of Energy (DoE) said that PSALM would seek approval in pursuing a negotiated sale for the 650-megawatt Malaya thermal power plant in Pililla, Rizal.

The Energy department said that the rarely used plant, which has seen three failed rounds of bidding, costs around P1.2 billion a year to maintain, starting in 2010.

In 2014, the DoE classified the Malaya plant as a “must-run” unit, or a generating unit that can only operate when needed for energy security.

The department added that while Malaya was running between 2015 and 2019, PSALM incurred average yearly net losses of around P556 million. — Angelica Y. Yang

India plans foreign investment rule changes that could hit e-commerce

NEW DELHI — India is considering revising its foreign investment rules for e-commerce, three sources and a government spokesman told Reuters, a move that could compel players, including Amazon.com, Inc., to restructure their ties with some major sellers.

The government discussions coincide with a growing number of complaints from India’s bricks-and-mortar retailers, which have for years accused Amazon and Walmart, Inc.-controlled Flipkart of creating complex structures to bypass federal rules, allegations the US companies deny.

India only allows foreign e-commerce players to operate as a marketplace to connect buyers and sellers. It prohibits them from holding inventories of goods and directly selling them on their platforms.

Amazon and Walmart’s Flipkart were last hit in Dec. 2018 by investment rule changes that barred foreign e-commerce players from offering products from sellers in which they have an equity stake.

Now, the government is considering adjusting some provisions to prevent those arrangements, even if the e-commerce firm holds an indirect stake in a seller through its parent, three sources said. The sources asked not to be named because the discussions are private.

The changes could hurt Amazon as it holds indirect equity stakes in two of its biggest online sellers in India.

Amazon said e-commerce created “huge job opportunities” and is a significant contributor to economic growth. “Any major alterations” to the policy will adversely impact small- and medium-sized busineses, it said in an e-mailed statement.

Walmart and Flipkart did not immediately respond to a request for comment.

Yogesh Baweja, the spokesman for the Ministry of Commerce & Industry, which is working on the issue, confirmed to Reuters any changes will be announced through a so-called “press note,” which contains foreign direct investment rules. He did not give details.

“It’s a work in progress,” Mr. Baweja said, adding an internal meeting on the subject last took place about a month ago.

“Of course, Amazon’s a big player so whatever advice, whatever suggestions, whatever recommendations they make, they are also given due consideration.”

FRAYED TIES
The 2018 rules forced Amazon and Flipkart to rework their business structures and soured relations between India and the United States, as Washington said the policy change favoured local e-tailers over US ones.

India’s e-commerce retail market is seen growing to $200 billion a year by 2026, from $30 billion in 2019, the country’s investment promotion agency Invest India estimates.

Domestic traders have been unhappy about the growth. They see foreign e-commerce businesses as a threat to their livelihoods and accuse them of unfair business practices that use steep discounts to target rapid growth. The companies deny they are acting unfairly.

“The way the government is thinking is that marketplaces are not doing what they are supposed to do. The government wants to tinker with the nuts and bolts of the policy,” said one of the sources who is familiar with the talks on the policy changes.

LIMITING WHOLESALE TIES
India’s trade minister Piyush Goyal has been critical of e-commerce companies in private meetings and told them to follow all laws in letter and spirit, Reuters has previously reported.

In the face of growing trader complaints and an antitrust investigation, Mr. Goyal last year said Amazon was not doing “a great favour to India” by making fresh investments.

Among other changes, the government is considering changes that would effectively prohibit online sales by a seller who purchases goods from the e-commerce entity or its group firm, and then sells them on the entity’s websites, two of the sources said.

Under existing rules, a seller is free to buy up to 25% of its inventory from the e-commerce entity’s wholesale or another unit and then sell them on the e-commerce website.

A boom in e-commerce in India accelerated last year when the COVID-19 pandemic drove more shoppers online. Flipkart, in which Walmart invested $16 billion in 2018, and Amazon are among the top two players.

“E-commerce has already made its mark for itself in the country, particularly during COVID-19,” Commerce Ministry’s Baweja said. “They are bound to grow and a conducive environment should be there, which is good for the brick-and-mortar as well as e-commerce.” — Reuters

BSP chief discharged from hospital

BANGKO SENTRAL ng Pilipinas (BSP) Governor Benjamin E. Diokno has been discharged from the hospital after undergoing a medical procedure on Sunday.

“The governor is now recuperating at home and may preside over the Monetary Board meeting as early as next week,” the central bank said in a statement on Wednesday.

The BSP said Mr. Diokno’s discharge is earlier than expected. It said on Monday that the central bank chief could be out of the hospital in four to five days.

Deputy Governor Francisco G. Dakila, Jr. has been appointed officer-in-charge by Mr. Diokno while he recovers.

The BSP earlier said the “successful” medical procedure was done to address a blood clot caused by a minor head accident.

Mr. Diokno took over as BSP chief in 2019 to serve the remaining part of the term of the late Nestor A. Espenilla, Jr. which will expire in 2023.

Prior to leading the central bank, Mr. Diokno was the Budget secretary of the Duterte administration. — LWTN

7 takeaways on wine consumption during the COVID Era

THE year 2020 is finally over (*sigh of relief*), but we are all still trying to adjust to the so-called “new normal.”

Optimism may be in the air as COVID-19’s days are probably numbered with vaccines coming our way, albeit, limited at the onset. Since last March, under ECQ (enhanced community quarantine, the strictest level), our lives have changed drastically, including our drinking habits. Being in the wine profession, the changes have been significant. Wine, of all alcohol beverages, is the most “social” drink. Unlike beers or spirits that are consumed via single bottles or shots, wine normally comes in a 750 ml bottle which is meant to be shared and finished. With the coronavirus disease 2019 (COVID-19) era still upon us, I give you my seven takeaways on how wine consumption changed since the start of our lockdown and the social distancing protocols.

1. DRINKING WITH FAMILY MEMBER(S) IS PRETTY COOL TOO.

While this is like a default option, it can turn out to be a blessing in disguise. Like most husbands, I do most of my drinking with friends outside of the comfort of my home. The pandemic and the lockdown have made me drink a lot more at home. While normally my wife drinks half a glass only when we are outside with friends or at a restaurant, as her face turns red quite fast, and she gets conscious about it, at home she can get a much bigger share, and that is absolutely great. My wife in fact gives me the most unbiased opinions on wines that I do not normally hear. With my friends, especially those in the industry, there is still some “wine speak” involved, but with my wife, she can bluntly say a wine is dull or too sour and that is sometimes more refreshing to hear.

At home, I also have kids who are both of drinking age, so now I can open a bottle and let my kids’ virgin palates describe the wine for me. My kids do not care whether they are drinking an expensive Grand Cru wine or a mere P500 wine — what they care about is if they like the wine or not.

Of course, with no friends around, and just family members, my family sadly had to bear with my talk on the wine, the history, the terroir, the varietals, and other seemingly boring details, that I am hoping may turn out interesting for them. Who knows? I may be grooming a fellow oenophile among my family members which, prior to pandemic since we were not drinking a lot at home, I may not have known.

2. WE CAN STILL DO ‘VIRTUAL’ TASTINGS WITH FRIENDS.

If drinking with old buddies is just too hard to miss out on, there is the virtual way — what some ingenious Filipinos started calling “e-numan” (from the Tagalog word inuman which means drinking). Zoom is always a good first choice — and I read that Zoom lifted their 40-minute time limit on free accounts on select dates between Dec. 17 to Jan. 2 during the holidays, so that obviously helped in these virtual tastings.

During these virtual tastings however, it is still much preferred (at least for wine lovers) to be drinking, as much as possible, similar wines. Since virtual tasting simulates a real tasting, but this time from the different individuals’ homes, it is therefore best if everyone in the Zoom chat drinks exactly the same bottle, and perhaps similar food, so there can be lively discussions on the wine, the food pairing, etc. as if all participants were gathered together like old times.

3. WE CANNOT RUN OUT OF WINE AT HOME.

Scary thoughts about empty wine chillers are real. The liquor ban was almost nationwide from mid-March to May (excluding Taguig and Makati), and even got extended in other cities, and this had me in panic mode when I could not restock my wine chiller. During the liquor ban period, I totally exhausted my stock, having drunk whatever bottles I had at home. Initially it was really to drink as an escape from the then unknown COVID-19 pandemic scare, but then it also became a celebration of life and of family bonding.

When the liquor ban was lifted, at least in Quezon City, I was able to go out and stock up on my wines. The lesson here is we need wine as much as we need rubbing alcohol during this pandemic. Alcohol, the non-drinking type can disinfect us, while the wine, the drinking alcohol, can de-stress us – and they are both equally crucial during this COVID era.

I believe we should have a good stash of wine in our possession at all times. To me, it is no different from our food stash for emergency purposes.

4. IT IS TIME TO UTILIZE YOUR CHERISHED WINE ACCESSORIES.

I, myself am guilty of this — I reserved the use of my most cherished decanter for a special occasion, or I would save some of my best crystal glasses for a celebratory event. Well, what the pandemic taught me more than anything else is to enjoy and live my life now. Why wait? What if that opportunity does not come soon? So, it is time to remove some of those nice decanters, crystal glasses, and wine aerators from their original boxes for immediate utilization.

5. START DRINKING THE BEST BOTTLES AVAILABLE.

Like No. 4, some of the wines I have been saving — in particular special vintage wines from important birth years or those that are several decades old — I actually started enjoying and I could not have been happier. I shared them with my family (as mentioned in No. 1), my loved ones, and that counts the most. Gone are the days I need validation from fellow wine experts.

However, a word of caution here — if you own relatively new vintages of certain long-lived wines like a Bordeaux or a Barolo, you may have to hold on to them a little longer than some others of your other available wine stash. But if those young wines are the only ones left, that is where your decanters and aerators come into play.

6. EXPERIMENT ON FOOD AND WINE PAIRING.

When we dine outside, we normally have an idea what food we will order to pair with the wine we bring or the wine we will order. Being outside, we want the dining experience to be as perfectly as possible, though as I always lectured both here in my column, in my occasional wine classes, and with my friends, that while food and wine pairing may have a basic template, it is more often subjective (people, after all, have different taste preferences). When we are all cooped up at home and eating home cooking, this is a good time to experiment on food and wine pairing. There is no time limit in getting this right. The important part is that this is an exercise to hone us for the kind of food and wine pairing we like.

7. CHEERS TO LIFE.

Finally, and probably the most understated takeaway of all, let us all be grateful we are alive, well, and still kicking. To-date, over 2 million people died from COVID-19 and around 95 million people are infected with this virus worldwide. If we are COVID free or have recovered from this virus, we should be thankful to the Almighty and celebrate life.

I was also reminded of my conversation some time last year, with fellow oenophile and well-respected businessman Romy Sia of Healthy Options and Wine Story, when I chanced upon him at the parking lot (we have neighboring offices in same QC compound) and he told me that as long as he can smell, drink, and appreciate wine, he feels safe and COVID free. Romy was referring to what we have learned about COVID-19 — that it affects the nervous system and hinders the transfer of sensory information leading to the loss of taste and smell. A lot of times simple things we possess like sensory appreciation are taken for granted. This should not be the case anymore.

While COVID-19 is supposedly on its way out, there is a serious threat of more pandemics to come. Even billionaire Microsoft founder and philanthropist Bill Gates foresaw the possibility of another global pandemic in the next 10 to 15 years, so the “new” normal may be here to stay longer than we want. Wine will also still be around, so let us continue to cherish this fine liquid (in moderation) and raise our glass to a much better tomorrow.

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

SEC approves incorporation of Suncity WC Hotel to Suntrust

THE Securities and Exchange Commission (SEC) has approved the incorporation of Suncity WC Hotel Inc. as a new wholly owned subsidiary of Suntrust Home Developers, Inc.

In a disclosure to the stock exchange on Wednesday, Suntrust said the SEC on Jan. 19 released the certificate of incorporation of Suncity WC Hotel that granted its juridical personality.

According to the company, Suncity WC Hotel will be in charge of Suntrust’s hotel business and other tourism related operations.

Suntrust added that based on its articles of incorporation, the main purpose of Suncity WC Hotel is to engage in the business of establishing, constructing, operating, managing, and/or maintaining hotels, health and wellness shops, cinema, car parks, entertainment centers, amusement centers and other tourism-related facilities, and all its incidental and allied facilities and services.

The company said another purpose of Suncity WC Hotel is to own, hold, lease, or sublease any real and personal property that can be deemed necessary or convenient for the conduct of the said businesses.

Suntrust said the transaction involved some 10.14 million shares with a par value of P1 per share amounting to P10.14 million.

On Jan. 4, Suntrust announced that it had issued P5.6 billion worth of 6% convertible bonds to Summit Ascent Investments Ltd., and P7.3 billion worth of zero-interest coupon convertible bonds to Fortune Noble Ltd.

Both issuances will raise funds for the development of its five-star hotel and casino in Manila Bayshore Integrated City in Parañaque City, the company said.

On Wednesday, shares in Suntrust at the stock exchange rose 2.79% or six centavos to end at P2.21 apiece. — Revin Mikhael D. Ochave

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