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Dining In/Out (12/10/20)

Christmas recipes from Maya Kitchen

MAKE your Christmas spread merry and bright with these three The Maya Kitchen-tested recipes: Marseille Seafood Soup, Lechon Belly with Bacon Saffron Rice Stuffing, and Mini Bibingka. Marseille Seafood Soup is a light and flavorful French soup that’s versatile enough that can include your family’s preferred seafood — shrimp, squid, or clams — which comes out with a cheery ochre color from saffron powder. As Noche Buena may be a bit pared down this year, ordering a whole lechon seems too much for a single household. Opt to prepare Lechon Belly with Bacon Saffron Rice Stuffing, which combines the juicy tenderness of pork belly and the crispiness of lechon, plus some earthy and sweet saffron rice stuffing surprise. To round out the Christmas feast, why not prepare a medley of Mini Bibingka in ube, buko pandan, coffee, or chocolate flavors. These recipes and more can be found at www.themayakitchen.com. Like and follow The Maya Kitchen on Facebook @MayaKitchen and Instagram @TheMayaKitchen1.

Krispy Kreme’s Winter Wonderland doughnuts

KRISPY Kreme has come out with Winter Wonderland doughnuts featuring classic snowy holiday characters and ornaments. Available until Dec. 31 only, the doughnut designs include Rudolph (a salted caramel-filled doughnut topped with pretzels and a red candy nose), the Polar Bear doughnut (white chocolate and Iced Kreme filling), the Holiday Sprinkles doughnut (hand-dipped in red or green glittergelli topped with golden sprinkles), the Cranberry White Choco doughnut (hand-dipped in white chocolate topped with nuts and cranberries), the Holiday Tree doughnut (it comes in either KitKat Green Tea or chocolate variants), the Holiday Wreath doughnut (double chocolate cake with chocolate cream cheese Icing, chocolate curls, Vanilla Kreme filling, cherries), and Santa Claus doughnut (hand-dipped in white chocolate, colored sugar coating, and Iced Kreme filling). These start at P55 a piece at Krispy Kreme stores now, or have it delivered by calling 2-888-79000, ordering online at now.krispykreme.com.ph, GrabFood, foodpanda, or LalaFood.

Mrs. V redefines a traditional Christmas

MRS. V Restobar offers special grazing boxes and a holiday-set menu from Dec. 1 to Jan. 31, 2021. The handcrafted grazing boxes range in price from P1,300 to P1,900 and include wines, fresh fruits, pastries, cheeses, and cold cuts. While there are pre-made boxes available, customers can also create custom packages based on their budget and preferences. These are limited edition boxes that will only be available for this holiday. Pre-order these glazed boxes through the restaurant’s social media pages. Mrs. V Restobar is also known for its Filipino-Spanish meals and the holiday menu highlights its best-sellers: Wagyu salpicao; tapas such as Plato de tapa frias, Plato de quezo; Salted egg tapenade and assorted canapes. These dishes can be paired with any of the restaurant’s selection of wines from reds to rosés to whites. For orders and reservations, contact Mrs. V Restobar at 6682-71211.

US meats available at weekend booths

US Meats will bring in the holiday cheer with their special weekend booths on Dec.12 and 13 at the Glorietta Activity Center, as well as Dec. 19 and 20 at The Block in SM North EDSA, and their continued presence in local restaurants. For those looking to prep their own homemade meals in celebration of the holidays, US Meats is available in groceries in the form of Johnsonville Sausages, SPAM, and Evergood Sausages. For those who like to go out and eat together at the mall, they can enjoy these premium pork and beef options at Burgoo, Yabu, Soban K-town Grill, Marugame, Outback Steakhouse, Teriyaki Boy, Pepper Lunch, Big City, Yoshinoya, TGIFriday’s, Number 1 Barbecues, Conti’s, and Jinjoo Korean Grill, among other restaurants. Customers should remember to keep those receipts for an extra treat, as anyone with a receipt worth at least P500 of US Pork or US Beef dishes from restaurants or US Meats products from supermarkets can hand them in at the Glorietta and SM North Edsa — The Block booths to redeem a special holiday present. Any receipt from Dec. 1 to 20 will be eligible. There will also be a photobooth and menus that can inform visitors about other offers. These booths will have a health check and face mask and shield requirement for all who enter, will maintain social distancing guidelines, and provide a designated sanitation area with all the necessary equipment.

‘Sparkles of Hope’ at Crimson Hotel

CRIMSON Hotel Filinvest City lit up the holidays with sparkles of hope, love, and inspiration through its virtual Christmas Tree Lighting on Nov. 18. The hotel’s gallery was transformed into a luminous festive spot, reusing old decorations and creative installations made out of recycled materials by the upcycling artist Jevie Pagpaguitan to keep the Christmas spirit alive. In line with the Sparkles of Hope Christmas theme, Crimson’s CSR initiatives will be focused on those who have been affected by the pandemic, including its employees and their families. Proceeds from the festive offerings and a portion of the sales from the unique plant pots made by Jevie Pagpaguitan will be donated to them. One can now enjoy the hotel’s signature menus, festive goodies, and pastries at home. Guests may choose from an a la carte menu selection from Café Eight or buy the whole set with appetizers, main course, and desserts. This season’s holiday treats and hampers for the kids and the kids at heart are available for take-out or delivery. For gift-giving, pastry-lovers may check out new pastries and flavors from Baker J. Or try out Firehouse Pizza’s Christmas cocktail collection on-the-go. Bulk orders for intimate or virtual Christmas parties are possible with Take Eat Easy — Crimson’s food delivery service for corporate requirements or out-of-hotel events. Christmas Eve dinner, reunions with friends and family, or milestone celebrations can be accommodated in any of the hotel’s private dining areas. On Dec. 11, the Crimson Club Lounge on the 28th floor will be open for diners for a four-course dinner with premium cut steaks, appetizers, and desserts. For more information on holiday promos or reservations, visit http://www.crimsonhotel.com/manila/ or call 8863-2222.

Get free pasta with Yellow Cab take-out

AVAILABLE until Dec. 31, score a free regular Chicken Alfredo Pasta — a creamy pasta topped with chicken strips, olives, and basil chiffonade — with a minimum spend of P749 in ala carte orders of Edge-To-Edge Pizza at Yellow Cab. This deal is exclusive to take-out, curbside pick-up, and drive-through orders only in all Yellow Cab stores nationwide. Order online at delivery.yellowcabpizza.com. For more information, visit https://www.facebook.com/YellowCabPizzaOfficial/. Meanwhile, to cut down on holiday stress, Yellow Cab suggests ordering in advance — and getting a free pizza to boot. From Dec. 1 to 21, place an order through Yellow Cab’s online delivery website, and enjoy a free 150ml bottle of Yellow Cab’s signature Red Pepper Sauce with your free nine-inch pizza of choice; choose between classic Pepperoni or a BBQ Chicken pizza. The promo is available exclusively when orders of products worth at least P999 are placed online, with delivery dates scheduled on Dec. 24, 25, 31, and Jan. 1, 2021.

Richmonde Hotel Ortigas’ Christmas

CELEBRATING Christmas is a little different this year but you can still create memorable moments with loved ones and enjoy the season safely and joyfully with Richmonde Hotel Ortigas’ holiday offerings. Have a scaled-down Yuletide get-together in with an intimate banquet event at Richmonde. For as low as P1,000 nett per person for a maximum of 10 persons, get a plated lunch or dinner meal with one round of iced tea, coffee or tea (upon request), basic sound system, projector with screen, and special Christmas tokens for the attendees. Function rooms will be adorned with holiday-themed ornaments. For even smaller groups, one can opt to hold the get-together in one of Richmonde’s guest rooms. This Private Dining Experience starts at P3,500 nett for two persons and includes four hours of in-room dining between 10 a.m. and 10 p.m., and set menu choices for breakfast, lunch or dinner meals. Rooms that can accommodate up to four persons are also available. Meanwhile, home celebrations with the family are convenient, worry-free, and festive with Richmonde’s Holiday Bento HotBoxes. Available for takeaway and delivery, these packed meals heat up in an instant for one’s dining enjoyment wherever one may be. Choose from a selection of Yuletide dishes good for one to two persons such as Grilled BBQ pork ribs, Marinated grilled beef belly, Seafood paella, and Osso bucco for as low as P1,000 per order. For bigger groups, HotBox Platters of Grilled beef belly with German sausages, Lemongrass roast chicken, Pan-seared salmon, Grilled baby back ribs, Roast pork belly, Tuna steak and Chicken BBQ are available starting at P2,500 per order and are good for three to four persons. All offerings are served with mixed vegetables and a choice of rice or mashed potato. For larger parties at home or at the office, Richmonde’s Holiday Party Trays have generous servings for six to eight persons starting at P1,500 per tray. Choose from a selection of dishes like Skewered chicken inasal fillet with salted eggplant ensalada, Grilled salmon with dill cream sauce and haricot beans, and Grilled beef with peppercorn or wild mushroom sauce. The hotel also has baked goodies such as Revel Bars, White Chocolate Caramel Cake, and a pack of assorted white cranberry, rocky road, and peanut butterscotch cookies. Its signature breads and pastries like the Richmonde Ensaymada, Richmonde Chocolate Cake, Pistachio Double Cream Cheese Bread), Banana Walnut Bread, Cinnamon Cluster, and Salted Swirl are also available. For a gift there is the Holiday Hamper consisting of an assortment of Richmonde’s all-time favorite freshly baked items, with a bag of ground coffee, a bottled juice drink, and a pack of tablea tsokolate in a seagrass basket and priced (P2,500). Advance orders are required with 50% deposit and a 48-hour lead time prior to pick up. These holiday items are available until Jan. 5, 2021. For inquiries, banquet reservations, takeaway and delivery orders, call 8638-7777. Orders may also be made online at www.richmondehotelortigas.com.ph via the website’s e-commerce page.

Gift boxes from Naked Patisserie

NAKED Patisserie wants to make sure that Christmas is still festive and enjoyable with the launch of its latest Holiday collection of desserts, gift boxes, and giveaways. The pastry shop specializes in making premium bespoke cakes, gift sets, spreads, wines and other food using naked and quality ingredients. Known for its signature Strawberries ‘N Cream, Chocolate Oreo Cheesecake Truffle and sweet and savory Holiday Snackers, Naked Patisserie has new flavors and boxes to try this Christmas including The King’s Crown (P6,950), a moist chocolate ganache cake finished with edible gold and Ecuadorian sugar roses; Strawberries ‘N Cream Wreath Cake (P2,850), a moist strawberry cake with cream cheese frosting surrounded with premium strawberries, sprigs of rosemary, and edible gold dust; the Luxe Chocolate Ganache Christmas Cake (P2,950), a chocolate ganache cake finished with Chocolate Oreo Cheesecake Truffles, ripened strawberries, sprigs of fresh rosemary, and edible gold dust; the Choco-Berry Drip Cake (P4,150), a moist chocolate cake covered in rich dark chocolate ganache and finished with dark chocolate drippings, chocolate ganache, crushed Oreos and premium imported berries; a Luxe Whiskey Set (starts at P6,545) which includes one’s choice of Naked Patisserie cake, Chocolate Oreo Cheesecake Truffles, and Johnny Walker Black Label Whiskey; the Luxe Wine Gift Set (starts at P4,145), with one’s choice of Naked Patisserie Cake, 12 Chocolate Oreo Cheesecake Truffles, and sparkling wine, rose, white or red wine; the Savory Holiday Snacker (P3,950), a grazing box  shaped like a Christmas tree with cheeses and cold cuts, and 10 Chocolate Oreo Cheesecake Truffles; the Sweet Tooth Holiday Snacker (P3,950), with French Kiss Cookies, French macarons, Chocolate Oreo Cheesecake Truffles, candied almonds, Chocolate Covered Pretzels and more; and the shop’s Chocolate Oreo Cheesecake Truffles which come in boxes of The truffles come in three, eight, or 16 pieces (P260 to P1,250). Order online through www.nakedpatisserie.com, online store http://store.nakedpatisserie.com/ or message them on Viber at 09454685141 and/or 0965-139-6609.

Mabuhay Vinyl signs P160-M loan agreement with Philippine Resins Industries

MABUHAY VINYL Corp. (MVC) has entered into a loan agreement worth P160 million with Philippine Resins Industries, Inc. (PRII) in effort by both companies to improve the utilization of their resources.

In a disclosure to the stock exchange on Wednesday, MVC said the loan is payable not later than 163 days counted from drawdown and can be extended upon agreement from both companies.

Under the agreement, MVC is the lender while PRII is the borrower. Both companies are subsidiaries of Tosoh Corp., a Japanese company with business interests in several markets like chemical, petrochemical, bioscience and consumer electronics, among others.

MVC said the initial interest rate for the loan agreement is the PHP Bloomberg Valuation Reference rate on Nov. 22.

“The interest rate will then be repriced every thirty days thereafter, plus 0.50% per year. The loan earns interest starting the drawdown date until the loan is fully paid,” it said in a statement.

MVC and PRII entered a previous loan agreement worth P240 million, bringing the total principal amount of both agreements to P400 million.

Based on its website, MVC is the sole chlor-alkali producer in the Philippines. It produces caustic soda and hydrochloric acid.

Meanwhile, PRII said in its website that it manufactures polyvinyl chloride (PVC) and has a PVC resin manufacturing facility in Mariveles, Bataan.

Shares of MVC climbed 0.21% or one centavo to close at P4.70 per piece on Wednesday. — Revin Mikhael D. Ochave

Underemployment eases in October (2020)

Underemployment eases in October (2020)

How PSEi member stocks performed — December 9, 2020

Here’s a quick glance at how PSEi stocks fared on Wednesday, December 9, 2020.

Barangay Ginebra is Philippine Cup champion once again

By Michael Angelo S. Murillo, Senior Reporter

THE Barangay Ginebra San Miguel Kings are back as PBA Philippine Cup champions after closing out the TNT Tropang Giga in their best-of-seven final series with an 82-78 victory in Game Five on Wednesday at the Angeles University Foundation Sports Arena in Pampanga.

Last won the Philippine Basketball Association All-Filipino crown 13 years ago, the Kings did not waste any opportunity to go for the jugular and shut the door on any TNT series comeback to win it all, 4-1.

The title was the 13th league crown for Barangay Ginebra and first Philippine Cup conquest since the 2006-07 season.

The contest had it competitive in the opening half, with the teams engaging in an affair of runs and counter-runs.

It was a levelled game at 19-all at the end of the first quarter before the Kings secured a narrow two-point cushion, 38-36, at the halftime break.

In the third canto, the teams continued to jockey for leverage and swing momentum in their favor.

Roger Pogoy, after a slow start, towed TNT to an early 48-41 leverage in the first five minutes.

The Kings though got some real estate back, care of Scottie Thompson and Japeth Aguilar, coming to within two points, 48-46, by the 5:35 mark.

TNT tried to hold off the Barangay Ginebra fight-back the rest of the period and successfully did so as it held a 56-55 advantage entering the final frame.  

Rebuffed in the previous quarter, the Kings opened the fourth with more aggression, outscoring the Tropang Giga, 9-2, to take a 64-58 lead with 10 minutes left to play.

Barangay Ginebra continued to hold sway, 68-67, at the halfway point. 

Back-to-back triples by Simon Enciso in the next minute gave the lead to TNT, 73-68

The Kings, however, got their footing and strung up five straight points to tie the knot at 73-all with 4:10 remaining.

Stanley Pringle, who was quiet in the first three quarters, drained a triple, with 3:18 left to make it a 76-73 game in favor of Barangay Ginebra.

TNT had its chance to come closer after but failed to connect and the Kings made it pay for it with Mr. Aguilar scoring a deuce to extend their lead to five points, 78-73, with 1:56 to go.

The Tropang Giga, off a timeout, turned the ball over but Barangay Ginebra was not able to take advantage of it.

But the Kings showed no letup and kept attacking,

Joe Devance made it a seven-point lead for Barangay Ginebra, 80-73, with 53 ticks remaining.

It was a distance TNT could not make up for until the final buzzer and the Kings went on to claim the crown. 

Mr. Aguilar had a career-high-tying 32 points to go along with nine rebounds and three steals.

Mr. Pringle finished with 13 points and six dimes while LA Tenorio had 10 points and six assists.

Mr. Tenorio, meanwhile, was adjudged finals most valuable player after averaging 13.6 points, 6.2 assists, 2.8 rebounds and 1.4 steals in winning his first All-Filipino title.

For TNT, which played sans key cogs Jayson Castro and Ray Parks Jr. because of injuries, Mr. Pogoy showed the way with 23 points and eight rebounds.

JP Erram had a double-double of 18 points and 15 rebounds while Mr. Enciso had 17 markers and five assists.

“The players just found ways to win and I’m proud of them,” said Kings coach Tim Cone after surviving another gallant stand from TNT.    

The win gave Mr. Cone his 23rd PBA title and fifth with Barangay Ginebra.

Wednesday’s closeout dropped the curtains on what turned out to be a successful tournament “bubble” for the PBA where all participants stayed in the Clark City area for the duration of the competition to guard against the spread of the coronavirus.

The league restarted its pandemic-hit Season 45 in October in the hopes of squeezing at least one conference and help in jump-starting the return of sports in the country. 

Peso gains on vaccine progress in US, UK

THE PESO strengthened anew against the greenback on Wednesday, backed by hopes of positive vaccine developments in the United States and the United Kingdom.

The local unit finished trading at P48.05 per dollar on Wednesday, gaining three centavos from its close of P48.08 on Monday, data from the Bankers Association of the Philippines showed.

The peso opened Wednesday’s session at P48.12 versus the greenback. Its weakest showing was at P48.125, while its closing level was its intraday best.

Dollars traded dropped to $505.8 million yesterday from $539.45 million on Monday.

News related to vaccines resulted in risk-off sentiment that benefited the peso, analysts said.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the vaccine progress in the UK made market sentiment upbeat.

On Tuesday, 90-year-old Margaret Keenan became the world’s first person to receive a vaccine shot in central England, Reuters reported. The United Kingdom is the first globally to kick off mass vaccinations and administer a shot developed by Pfizer, Inc. and BioNTech SE.

Meanwhile, the trader cited new findings in the US about Pfizer’s vaccine.

“The peso strengthened anew from market optimism after the US Food and Drug Administration (FDA) noted that the Pfizer vaccine does not have any untoward findings for its emergency use application,” the trader said in an e-mail.

The US FDA gave its seal of approval to the firm on Tuesday and released documents showing there were no issues relating to safety or efficacy from emergency use of the vaccine.

For today, the peso is seen declining against the dollar ahead of the European Central Bank’s policy review.

“The local currency might depreciate [this Thursday] amid expectations of dovish guidance from the European Central Bank tomorrow as the policy-setting authority is expected to provide details in its asset purchases program from its December meeting,” the trader said.

Mr. Ricafort gave a forecast range of P48.00 to P48.10 per dollar. — L.W.T. Noble with Reuters

Stocks drop on profit taking, economic outlook

By Revin Mikhael D. Ochave, Reporter

SHARES ended in negative territory on Wednesday as investors booked profits and as market sentiment was affected by the revised gross domestic product (GDP) forecast of the World Bank for the Philippines.

The bellwether Philippine Stock Exchange index (PSEi) fell 101.01 points or 1.4% to end at 7,102.66 on Wednesday, while the broader all shares index dropped 32.92 points or 0.76% to close at 4,253.13.

Philstocks Financial, Inc. Research Associate Claire T. Alviar said the market ended weaker on profit taking, which was further dampened by the trading day’s net foreign selling result.

Net foreign selling on Wednesday reached P685.74 million, a turnaround from the foreign inflows worth P113.94 million seen on Monday.

“At the 7,200 level, PSEi’s price-to-earnings ratio is already at 21x which is overvalued compared with its historical average of around 18x so traders took profits already after [Tuesday]’s break,” Ms. Alviar said in a mobile phone message.

Ms. Alviar added investor sentiment was dragged by the World Bank’s revised forecast for the country’s GDP performance this year.

In its latest Philippines Economic Update released Tuesday, the World Bank once again lowered its GDP forecast for the Philippines this year to an 8.1% contraction from the 6.9% slump penciled in last October.

The government’s economic team expects GDP to shrink by 8.5-9.5% this year.

For AAA Southeast Equities, Inc. Research Head Christopher John Mangun, the bourse dropped as investors were concerned about the possible spike in local coronavirus disease 2019 (COVID-19) cases after the holiday season as a result of increased mobility and gatherings.

“Investors are not willing to pay a higher price for blue chips, at least not before the holidays. They also may want to see how well the economy performs this December before justifying a higher valuation,” Mr. Mangun said in an e-mail.

Most sectoral indices at the PSE closed in the red on Wednesday. Property declined 65.4 points or 1.8% to 3,558.60; holding firms went down 132.64 points or 1.78% to 7,313.74; services retreated 25.46 points or 1.64% to 1,522.02; and financials shrank 7.02 points or 0.47% to 1,477.88.

On the other hand, mining and oil climbed 336.38 points or 3.81% to 9,159 while industrials increased 69.48 points or 0.74% to 9,443.78.

Value turnover on Wednesday stood at P9.88 billion with some 99.2 billion issues switching hands, higher than the previous session’s P9.56 billion with some 45.27 billion issues.

Advancers outnumbered decliners, 132 against 117, while 27 names ended unchanged.

“We may continue to see the main index move sideways between 6,700 and 7,200 in the coming weeks,” Mr. Mangun said.

Congress to tackle Bayanihan II extension next

THE SENATE and the House of Representatives will focus next on extending the validity of the Bayanihan to Recover as One Act (Bayanihan II), after the chambers concluded their discussions on the 2021 spending plan.

The chambers are looking at extending the Bayanihan II law, or Republic Act No. 11494, will expire on Dec. 19, until March or June 2021.

“Iniisip namin until March, but s’yempre depende pa ‘yan… kung sa tingin natin hindi pa na-utilize lahat, pwede pa natin i-extend longer (We are thinking of an extension to March, but that will depend on whether we are capable of utilizing the funds; if so we will consider a longer extension),” House Appropriations Committee Chairman and ACT-CIS Representative Eric G. Yap said in a livestreamed briefing.

Six bills are pending with the House panel extending the effectivity of the Bayanihan II law, which provided up to P165 billion worth of assistance to sectors hit by the pandemic. The bills contemplate extensions until January, March or June.

Meanwhile, the panel has approved House Bill No. 6656, extending the validity of the 2020 budget until December 2021. He noted that the chamber is awaiting notice certifying the bill as urgent to expedite its approval in the plenary.

“Inaantay na lang namin na ma-certify as urgent ng Malacañang (We are waiting for the Palace to certify it as urgent) then we can finish that today until third reading,” he said.

Senator Juan Edgardo M. Angara, that chamber’s Finance committee chairman, said the Senate is considering extending the Bayanihan II until June 2021; and some provisions of the P4.1-trillion 2020 national budget until June or December 2021.

“We’re looking at… March, perhaps June; Whereas, for the 2020 (national budget), we’re studying either June or December next year, but we have to look at the items, I suppose that we are extending,” he said.

Two bills are pending in the Senate, one extending the Bayanihan II until December 2021, and the other extending selected provisions of the same law and the 2020 spending plan until March 2021. He noted that Congress has passed measures extending the validity of the 2018 and 2019 spending plans.

He also said the certification “will make a big difference” considering that Congress has until Dec. 19, or four session days, to act on measures before it goes on a month-long break. The certification will allow Congress to do away with the three-day interval in passing bills on second and third reading.

“It’s a bit tight honestly, so (the) certification will make a big difference (because) we only have four session days left including today. Without the certification the extension doesn’t look good,” he said. — Charmaine A. Tadalan

Nomura downgrades PHL 2021 growth view, citing slow vaccine procurement

NOMURA GLOBAL Research downgraded its growth projection for the Philippines to 6.8% in 2021 from 7.1% earlier, citing the government’s slow vaccine procurement process relative to the region.

It added that the offshoot is a delayed recovery, which may force the central bank to provide further support for the economy on the monetary policy side amid limited options in terms of fiscal measures, Nomura Global Research said.

In a note issued Wednesday, Nomura Global analysts, including Euben Paracuelles and Rangga Cipta described the vaccine acquisition deals nailed down by various governments in the region as “pivot points” for their economies, with the Philippines and Thailand the notable laggards.

These two countries are expected to have their “pivot points” sometime in the fourth quarter of 2021. Nomura Global said China, Hong Kong, Singapore, and South Korea’s pivot points are expected by the second quarter of next year, followed by India and Indonesia a quarter later.

Nomura Global projects a gross domestic product contraction of 9.8% in 2020.

The government’s official forecast is for a contraction of between 8.5% and 9.5%. Its 2021 outlook is for growth of between 6.5% and 7.5%.

“The main reason for our more cautious view on the pace of the recovery is the continued drag from the COVID-19 (coronavirus disease 2019) outbreak, which we think is unlikely to be brought under control until the (Philippine) vaccine pivot point arrives in the fourth quarter (our baseline assumption),” Nomura Global said.

UK vaccine developer AstraZeneca PLC is working on its application for clinical trials in the Philippines with the Food and Drug Administration. The government, alongside some conglomerates, entered into an agreement with the UK firm in late November for 2.6 million vaccine doses, which is expected to be distributed by June. The proposed 2021 budget provides for P8 billion in vaccine procurement funds, which is expected to be supplemented by debt.

Nomura Global also cited weak fiscal support as a possible risk to the recovery.

In the third quarter, government spending growth slowed to 5.8% from the 21.8% pace set in the three months to June and the 8.8% logged a year earlier, according to the Philippine Statistics Authority.

“We have been flagging the risk of a fiscal cliff in the second half of 2020, and it appears to be materializing… This still-low level of fiscal expenditure growth, in our view, may remain a drag to the recovery in the context of the ongoing outbreak, which would require more sizable support measures,” it said.

Given the government’s “conservative” view on fiscal measures and the weak pace of the recovery, Nomura Global analysts said the Bangko Sentral ng Pilipinas (BSP) faces pressure to maintain an easing stance.

They said they expect the central bank to bring key policy rates to a further low of 1.5% through 25 basis points (bps) cuts in December and in the first quarter of 2021.

“BSP continues to highlight a data-dependent approach to its monetary policy decisions, which suggests that, if the pace of economic recovery continues to underperform official forecasts, as we expect in the near term, policy rate cuts would then be warranted, especially with the inflation trajectory likely to remain benign and within BSP’s target,” it said. 

In November, the central bank reduced benchmark rates by 25 bps, bringing total easing this year thus far to 200 bps. This brought the overnight reverse repurchase, lending, and deposit rates to record lows of 2%, 2.5%, and 1.5%, respectively. The Monetary Board will have its final policy-setting meeting this year on Dec. 17. — Luz Wendy T. Noble

PAGCOR accepting online gambling operations from traditional casinos

REGULATOR Philippine Amusement and Gaming Corp. (PAGCOR) said it will allow traditional bricks-and-mortar casinos to offer gaming activities online to domestic gamblers only, subject to licensing.

PAGCOR Chairman and Chief Executive Officer Andrea D. Domingo said in a forum hosted by Asia Gaming Brief Wednesday that it will open up the application process to all traditional casinos in the Philippines.

Ms. Domingo said casino-based online gaming, which she referred to as “live shots,” should only be offered to domestic gamblers, with minors not allowed to participate.

Gambling via live shots will include security measures like tracking systems, facial recognition and monitoring to ensure activities are compliant with gambling rules.

Ms. Domingo said applicants should have proper software before launching online gaming, and must pay a P100,000 application fee. Approved operators must remit 25% of gross gaming revenue (GGR) to PAGCOR and a franchise tax equivalent to 5% of GGR to the Bureau of Internal Revenue. 

Ms. Domingo said the casinos at Okada Manila, City of Dreams Manila and an unnamed casino in Subic were the first to apply for licenses and are in the software testing stage.

“We are very very careful that we are able to regulate fully, not only for revenue, but also because we don’t want people who are not qualified and who are not allowed by law to play,” she said.

Ms. Domingo also said PAGCOR submitted proposed guidelines to the Office of the President for regulating online cockfighting, also known as “online sabong.”

She said PAGCOR’s net earnings are expected to be positive by year’s end following a sharp decline in nine-month earnings due to the lockdown.

“It’s getting better. Even if we’ve been closed for seven to eight months, when we opened up in September it was kind of slow but (starting) October it was really good so we were able to meet all of our revised targets… We will probably make P33-34 billion (in revenue by the end of 2020),” she said.

PAGCOR’s net profit fell 97% year on year to P132.675 million in the nine months to September.

“In 2021, we see that there are many other options that we can go into, so I think starting the second quarter of 2021, we’ll be doing as well as what we did in 2019,” she said.

Ms. Domingo expects the boost in online gaming to be huge in the near term as more people shift to digital during the pandemic.

“I think the (online market) is bigger than the one we have now with the bricks and mortar situation because wherever there’s internet, they can bet for as long as they are qualified,” she said. — Beatrice M. Laforga

Plastics recyclers seen hampered by lack of incentives

THE plastics recycling industry, specifically the small- and medium-sized firms that engage in such activities, has been offered few incentives, causing the Philippines to lag other countries in the percentage of high-value plastics it recycles, an expert said Wednesday.

“There is a lack of… investment incentives that actually target recycling, and the type of businesses that recyclers often are — which are small to medium enterprises,” Amita S. Baecker, the senior project manager of the Singapore research and strategy firm GA Circular, said in a webinar organized by the European Chamber of Commerce of the Philippines.

She said there was a general lack of understanding about the availability of government support and an absence of data on the industry’s needs.

The main types of plastic typically subjected to recycling are polyethylene terephthalate, high-density polyethylene, low-density polyethylene and polypropylene, according to Ms. Baecker.

“The industry has capacity to recycle about 11% of the consumption, meaning we have a gap in recycling capacity of 89% which is very significant and considerably higher than the other study countries,” she said, citing data from one of GA Circular’s reports.

Some firms which are working to reduce plastic pollution in the country are Republic Cement Group, through its co-processing arm ecoloop, and the Philippine operation of Nestlé SA, which is seeking to transition to paper packaging from plastic. The executives of these companies were present during the forum.

Crispian N. Lao, the vice chairman of the National Solid Waste Commission, said that the Philippines has a long way to go in enforcing the Ecological Solid Waste Management Act (Republic Act 9003), even though it has “made some strides.”

“The law mandates segregation at source. That’s one of the biggest challenges for us really. (Our) segregated collection (and) waste diversion goals now at 50%,” he said at the forum. He added that the current Philippine Development Plan has set the goal at 80% segregation in two years’ time. — Angelica Y. Yang

Bill regulating trans fat content in food hurdles House panel

A MEASURE seeking to regulate the trans fat content in food was approved in committee at the House of Representatives.

The House committee on health approved Wednesday the consolidation of four bills regulating the manufacture, importation, distribution and sale of food products with high levels of trans fats, also known as trans-fatty acids (TFA).

Quezon Representative Angelina D.L. Tan, one the bill’s authors, said TFA accounts for “500,000 deaths each year, globally, increases the risk of death by 34%, and coronary heart disease mortality and morbidity by 23% and 28%, respectively.”

“I believe that this important piece of legislation is significantly urgent, especially during this time of the COVID-19 pandemic where patients with comorbidities, such as coronary heart diseases, have a higher risk of serious illness or death,” the legislator, who is also a physician, said.

If signed into law, the measure will prohibit the manufacture, importation, distribution and sale of food products with hydrogenated oil (PHO); oils and fats made or blended with PHOs; or oils and fats with TFA content of more than 2 grams per 100 grams, excluding TFA content from ruminant sources.

The measure hopes to require manufacturers, importers, distributors, and retailers of oils and fats, and food service establishments, to submit their inventory of food products to the Food and Drug Administration and Department of Trade and Industry.

Under the measure, the DTI (Department of Trade and Industry) and local government units will develop policies and programs providing incentives for small businesses that voluntarily comply with the law.

The bill also tasks the Department of Health, in coordination with the Department of Science and Technology — Food and Nutrition Research Institute, to conduct regular screening and monitoring of TFA population consumption in the Expanded National Nutrition Survey.

Under the measure, first-time violators are liable for a fine of between P50,000 and P100,000 and face the suspension of their licenses and possible criminal and administrative proceedings. — Kyle Aristophere T. Atienza

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