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Term deposit yields inch higher as BSP halts monetary easing

YIELDS on term deposits inched up on Wednesday as markets anticipate a pause in the central bank’s monetary easing after successive rate cuts this year.

Bids for the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) totalled P160.179 billion, slightly above the P160 billion placed for auction, central bank data showed.

This also surpassed the P127.606 billion in bids the BSP received last week for the P120 billion on the auction block.

Tenders for the seven-day notes hit P48.058 billion, higher than the P40 billion on offer and also going beyond last week’s P45.668 billion worth of bids.

Accepted yields for the tenor ranged from 4.15% to 4.45%, a wider band compared to last week’s 4.125% to 4.225%. This resulted in an average rate of 4.2264%, 3.41 basis points (bp) higher than last week’s 4.1923%.

Meanwhile, the 14-day papers lured bids worth P57.8 billion, beyond the P50 billion on offer and also higher compared to the P41.165 billion in tenders seen last week versus the P40-billion offer.

Lenders asked for returns ranging from 4.2% to 4.425%, a slightly narrower range versus the 4.15-4.45% band seen a week earlier. The average rate for the two-week papers climbed to 4.3184%, 8.48 bps higher than last week’s 4.2336%.

On the other hand, the 28-day deposits received tenders totalling P54.321 billion, beyond the P40-billion offering as well as the P40.773 billion in bids seen last week for the BSP’s P40-billion program.

Rates for the one-month tenor ranged from 4.25% to 4.4730%, thinning from the previous auction’s margin of 4.18-4.5%. This brought the one-month paper’s average yield to 4.3597%, 4.75 bps higher than last week’s 4.3122%.

The TDF is the BSP’s main tool to shore up excess liquidity in the financial system and to better guide market interest rates.

According to analysts, the higher yields came as the central bank signalled that it will pause its monetary easing cycle.

“We do know that the BSP has cut both RRR (reserve requirement ratio) and RRP (reverse repurchase rate) rates, obviously an easing trend, this year. The higher yields may also mean that the BSP is really in a “pause” with regard to further easing rates, either or both RRR or RRP,” UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in an email.

“TDF auction yields were higher amid market expectations that local policy rates would be kept unchanged on monetary policy-setting meeting as also signalled recently by some local monetary policy officials and also due to expectations that local inflation already bottomed out in October 2019 at a 3.5-year low of 0.8%,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a separate email.

BSP Governor Benjamin E. Diokno told ANC and Bloomberg earlier this month that the central bank is done cutting rates for this year. The Monetary Board holds its policy meeting today.

Mr. Diokno also said current monetary policy “remains appropriate” as the “economy is back on track to a strong growth path” following the release of data showing gross domestic product growth of 6.2% in the third quarter.

The BSP has cut benchmark interest rates by 75 basis points this year, partially dialling back the 175-bp in hikes implemented in 2018 amid an elevated inflation environment. — Luz Wendy T. Noble

Anchanto sees continued growth in clients

SINGAPORE-BASED logistics tech solution provider Anchanto Pte. Ltd. said its clients in the Philippines have surged by 150% since 2018 as more companies turned to digital solutions to increase their profits.

“The number of businesses we served in 2018 has increased by 150% in 2019,” Anchanto Co-founder, Chief Operating Officer and Country Head for the Philippines Abhimanyu Kashikar said in an emailed reply to questions on Sunday.

Anchanto helps its clients, including brands, retailers, e-distributors, and service providers, simplify and manage their selling operations across multiple channels by providing them with a multi-channel management platform called “SelluSeller.”

The tech firm, which established its office in the Philippines in October 2017, has grown from “handful customers to a massive base” comprising of global enterprises and small and medium-sized enterprises (SMEs), Mr. Abhimanyu said.

The company has also developed “Wareo,” a platform that enables businesses, especially logistics and warehousing players, to manage both business-to-consumer (B2C) and business-to-business (B2B) processes.

“Businesses are increasingly adopting technology and contributing in making their customers’ lives easier. Such factors present enough motivation and guarantee that software products like ours have a bright future to make a big impact on how sellers do multi-channel and/or omni-channel business,” he explained.

However, the laxity and complacency of Filipino customers to embrace digital transformation remains a major challenge. “A lot of our potential customers still tend to go traditional ways to expand operations while some of them use traditional systems… But we have been persistently combating this scenario by spreading awareness,” Mr. Abhimanyu said.

Apart from the Philippines and Singapore, Anchanto also operates offices in India, Malaysia and Indonesia, and over 7,000 businesses subscribed to its platforms to manage their 11.11 (Singles’ Day) sale day operations this year.

“While last year’s 11.11 day clocked around $30.8 million GMV (gross merchandise volume), this year is expected to be even bigger,” Mr. Abhimanyu said. “We are supporting these 7,000+ businesses through the Live 24/7 War Room setup across five countries.”

“Due to the highly stable and scalable nature of our platforms, our customers are able to seamlessly manage any number of volume without any hassle. To present an idea, one of our biggest customers in Philippines who processed more than 100,000 transactions on our platform during this sale last year, is projecting to process double the volume this 11.11,” he said further.

The company is also hoping to start its expansion into other markets in the coming year. “We are currently in the process of evaluating our next target markets, and Middle East and North Africa are surely on the list,” Mr. Abhimanyu noted.

“As for our long term goal, we are looking to establish a clear #1 position and become the most customer-centric Software-as-a-Service (SaaS) technology company in our domain across Asia-Pacific region. We intend to touch every third eCommerce order and make eCommerce multichannel selling and logistics seamless for businesses of all sizes. And with our global team moving steadfastly towards achieving out audacious goals, we are surely on our way!” he added. — Arjay L. Balinbin

Europe’s elite wineries try to make Chinese drink their own wine

AS China celebrated the 70th birthday of the Communist Party with a parade in Beijing last month, alongside the obligatory displays of tanks and nuclear missiles was a showcase of its cultural treasures. Sandwiched between elaborate floats featuring giant pandas and dancing women in local costumes was an entry from the northern Ningxia province adorned with grapes and wine barrels — to represent the region’s premium vineyards.

It’s perhaps fitting that the country’s wineries were showcased on a day devoted to the “Great Rejuvenation of the Chinese Nation.” Vintners are seeking to reinvent an industry plagued by its reputation for mass-produced, bad quality wine. With the trade war fueling a slowdown in the economy, they’re banking on patriotism to convince local consumers to appreciate “Made in China” wine.

From the dry, high-altitude slopes of Ningxia, in the country’s center, to the temperate, coastal hills of Shandong, domestic vintners have slowly been making their presence known in the wine world. And Europe’s most respected wine houses are placing their bets: The Rothschilds, whose Chauteau Lafite has long been coveted by China’s elite as a status symbol, this autumn released their first vintage produced in China.

The timing is ripe, say proponents, for fine China wine. They point to the huge potential of young, middle-class drinkers ready to be turned on to quality wine. Demand — projected to grow to $17.3 billion by 2021 — may also get a boost from a nationalistic trend toward local brands.

But while the size of the consumer market makes its outlook promising, China-made wine faces an uphill battle. It’s long been a punchline among locals and foreigners alike and a few prized bottles may not be enough to transform China’s wine-growing regions into the next Napa Valley.

“The fact that it’s from China normally works against you as a fine wine because of China’s history of producing mediocre or substandard wines for a long time,” said Jeannie Cho Lee, a Master of Wine based in Hong Kong. Still, “the level of understanding and appreciation of wine in China has really come very far.”

CHINA LOVES WINE
Chinese do savor a good wine — especially if it’s from somewhere else. Demand has boomed over the last two decades with France’s best bottles considered luxurious gifts for social and official occasions. Chinese thirst propped up European producers after the financial crisis, and sparked a wave of investment in prominent French vineyards by Chinese companies.

The movement has helped turn China into the world’s second-largest wine market by value, behind the US, and the fifth-largest in terms of volume, according to IWSR Drinks Market Analysis. The potential is huge: Julius Baer’s Wealth Report Asia last year said China had 48 million millennial wine drinkers in 2015, with a growth rate of 25% annually.

Despite its reputation for weak and bland wines, Chinese bottles still make up the bulk of what’s consumed in the country. But production has seen a noticeable decline in recent years, with domestic wine consumption expected to slump to 71.2 million cases in 2021 from 105.4 million cases in 2016, according to IWSR.

Demand is being hit as the economy slows and drinkers gravitate toward more familiar liquor, such as the fiery sorghum-based baijiu — China’s national drink. Richard Hemming, a Singapore-based Master of Wine, believes the first boom in Chinese wine consumption has passed.

“Fine Chinese wine won’t be the next big thing, since even China’s best wines currently lack the all-important credibility of their French counterparts,” he wrote last month.

Hong Jian, a 36-year-old who runs a wine club catering to elite clients in Beijing, echoes that sentiment. He only carries a few Chinese bottles. Late last year he bought two vineyards in Bordeaux. Asked why he didn’t buy in China, where land is cheaper, he said his homeland lacks the tried and tested quality developed over centuries in some French wines.

Domaines Barons de Rothschild Lafite is hoping to change wine lovers’ perceptions. In 2009, it bought land in Shandong, on China’s eastern coast. A staff of locals and French workers have cultivated more than 340 terraces of imported vines, growing grapes including Cabernet Sauvignon, Cabernet Franc and Marselan. The fruits of their labor will reach the tables of high-end restaurants in Beijing and Shanghai this month with their 2017 vintage — Long Dai.

‘MADE IN CHINA’ WINE
While Saskia de Rothschild, chairwoman of Chateau Lafite Rothschild, declined to say how much the French company’s China investment was worth, the vineyard’s sprawling plantation and glitzy tasting and storage facilities demonstrate a certain commitment.

The family isn’t the only big name investing in local vineyards. In 2016, LVMH launched its first bottle made in the southern province of Yunnan, a Cabernet Sauvignon-Cabernet Franc blend called Ao Yun. It’s received enthusiastic reviews from global wine aficionados.

Wine critic Cho Lee believes firms like LVMH and Lafite won’t face hurdles selling their wine in China, but what’s key is whether well-known brands will be able to bolster the reputation of small producers.

Some are already making their mark. Silver Heights in Ningxia was established more than a decade ago by Bordeaux-educated Gao Yuan and her French winemaker husband Thierry Courtade. This year, Ningxia wineries picked up 25 gold and silver medals at the Decanter World Wine Awards.

FOREIGN PALATE
Luxury consultant Daniel Langer sees parallels in their success to the emergence of Californian wine.

“Some decades ago, no one had ever considered a Californian wine to be good,” he said. “Now, some can rival even some of the best French ones. Consumer perceptions are changing and this gives Chinese wine makers a huge opportunity.”

Lafite’s Long Dai wine sports its name in Chinese calligraphy and bottles have an image of its vineyard featuring a building with a traditional curved roof. Chinese are turning back to their roots and rising patriotism could make them more curious about their own terroir, according to De Rothschild.

But for some consumers, that sort of branding might be exactly what turns them off.

As Zhao Lei, a 39-year old banker in Beijing, puts it: “When I see red wine that is made in China at the dinner table, I say, ‘Give me a bottle of beer.’” — Bloomberg

Sales of luxury, casual brands drive SSI’s Q3 profit surge

SSI Group Inc. more than doubled its earnings in the third quarter, as the specialty store retailer saw robust sales from its luxury and casual brands.

In a regulatory filing, the Tantoco family-led listed company reported a net profit of P175.4 million, 107% higher than the P84.8 million posted during the same three-month period in 2018.

For the first nine months of 2019, SSI’s income surged 42% to P521.34 million, from P368 million a year ago.

Third-quarter revenues rose 10.5% to P5 billion, “driven mainly by strong performances of its luxury, bridge, casual and others categories.” Revenues jumped 7.7% to P14.9 billion during the January to September period.

Same-store sales growth stood at 6.2% in the third quarter, and at 6.8% in the nine-month period.

SSI recorded higher sales despite trimming the number of stores to 583 as of end-September, from 602 a year ago. Gross selling space dipped 3% to 118,258 square meters (sq.m.) as it closed 18 stores covering 2,505 sq.m. However, it added seven stores covering 4,418 sq.m., including a Zara store at One Bonifacio High Street, reopening of Zara at SM Mall of Asia and the first Tommy Hilfiger Jeans store at Robinsons Place Manila.

For the January to September period, revenues from luxury and bridge brands surged 25% to P4.4 billion, while sales of fast fashion brands fell 6% to P4.5 billion.

Casual brands contributed P1.95 billion in sales, up 12%, while footwear, accessories and luggage saw sales dip by 3% to P1.7 billion.

Operating expenses went up 3.5% to P5.4 billion during the nine-month period.

“During the 3rd quarter, and through the first nine months of the year, the Group has benefited from a focus on strong execution, cost rationalization and the generation of operating efficiencies. This focus has reinforced the Group’s ability to capture growing consumer spending within a highly competitive and evolving industry,” Anthony T. Huang, SSI Group president, was quoted as saying in a statement.

As of end-September, SSI had 92 brands under its portfolio, such as Gucci, Salvatore Ferragamo, Zara, Samsonite, Lacoste, Marks & Spencer, Old Navy, Gap and Muji. It added Crystal Jade during the third quarter, adding to its food brands TWG, SaladStop! and Shake Shack.

HP feels no pressure to react quickly to Xerox takeover bid

HP Inc.’s board is still deliberating over a $33 billion takeover proposal from Xerox Holdings Corp., people familiar with the matter said, adding uncertainty to a potential blockbuster deal that would reshape the printing industry.

HP’s board is trying to create the most value for shareholders and isn’t yet convinced a sale to Xerox is the right move, said the people, who asked not to be identified discussing HP’s private deliberations. The board doesn’t feel any pressure to respond quickly, the people added. Xerox wants to receive an answer within a week to the $22 per share cash-and-stock offer made Tuesday, according to people familiar with Xerox’s thinking.

Palo Alto, California-based HP confirmed in a statement Wednesday last week that it had received an offer, but didn’t comment on its level of support for a combination. The second-biggest maker of personal computers pledged to do “what is in the best interest of all our shareholders.”

HP, one of the world’s largest printer makers, and Xerox, one of the biggest sellers of photocopiers, are struggling as waning interest in office and consumer printing has blunted both companies’ most profitable businesses. HP also has contended with a stagnant PC market.

Both hardware makers have responded to the changing markets by cutting costs. HP’s new Chief Executive Officer Enrique Lores announced another restructuring that could remove as much as 16% of the workforce by the end of fiscal 2022, amid falling sales in its lucrative printer ink business. Xerox said it plans to cut $640 million in expenses this year. The copy-machine company, based in Norwalk, Connecticut, expects a combined Xerox-HP entity could save at least $2 billion in expenses, the people said.

Xerox began building the business case for an HP acquisition months ago, said the people, who asked not to be identified discussing the strategy. The company sees a combined entity having enough market share in printers and photocopiers to rival Canon Inc., which has a significant presence in both markets, they said. Ricoh Co., another Japanese company, would be another major rival.

With the unwinding this week of its half-century long joint venture with Fujifilm Holdings Corp., Xerox has lost a major distribution channel in Asia. HP has a large presence in Asia and can give Xerox a sales organization across the region, the people said. Xerox expect its dedicated sales staff for small and mid-sized businesses in the US can help boost HP product revenue. A combined company would be able to sell or offer a subscription, for example, to Xerox photocopiers, HP printers and personal computers to those customers, the people said.

A Xerox spokeswoman didn’t immediately respond to a request for comment. An HP spokeswoman declined to comment. — Bloomberg

Chef Talk: Anton Amoncio on opening restaurants, cooking on television, and his grandma’s tinola

ANTON AMONCIO isn’t on TV just for his looks. He is on TV at the Asian Food Channel and Food Network because he won the Food Hero contest in 2016, which tested his on-screen appeal and creativity, winning with a Cheesy Lamb Kaldereta (helped by his smile). The kaldereta was part of his menu at Antojos (which has since closed its doors). However, the restaurant in itself is a story: Mr. Amoncio opened that, his first, at the young age of 24.

“I had a pretty good support system, until now. Family has pretty much helped me a lot. They gave me excellent advice, whenever I feel like I’m in trouble or I feel like I have things that I’m quite unsure of, I make sure that I ask them but leading up to the opening up of the restaurant I already had that goal set in mind. Ever since I was 18, I told myself I would eventually open my restaurant.”

Mr. Amoncio has since appeared on Home Cooked Asia: Philippines, and is promoting an upcoming show, Cruise the World, which will see him in four coastal cities (including one in the Philippines). BusinessWorld went on to ask Mr. Amoncio in an e-mail what it means for a chef to see a city (as opposed to a shopper, for example): “When I eat a food at a place, I take in a lot of things: the ingredients, the preparation, and the flavor. Eating food at a foreign place is kind of like me reading a history book but tastier because you get to see what influenced them,” he said. “So, the food, in a weird way whispers to you, all you got to do is just listen and you get to see those small things that talk about the culture of the place.”

In previous interviews, he has mentioned that his own personal food hero is his grandmother. “I used to hate being in the kitchen with my grandmother. I’d rather be outside playing with other kids. But it’s actually a blessing in disguise ’cause in a way, me being in the kitchen showed me a different side of her. Like, even though she is so sick she would find a way to just stand up and be in the kitchen and cook for the family. And that’s love right there. That’s something that money cannot buy, and I think that’s something that kind of got ingrained in my head, in my being.” With this, he also keeps saying that his favorite dish is his grandmother’s tinola (chicken soup). “Although it’s not anything mind-blowing. What I like about her tinola is she puts a lot of chilis, makes use of native chicken, and she adds a ton of ginger, and buko (young coconut) juice. Really delectable.”

Whenever you ask chefs what their favorite dish is, it’s usually something simple, or something quite special made by someone they’re very fond of. For them, the best things in the world aren’t something that money, or even skill, can afford. Addressing this, Mr. Amoncio said, “I’d rather have a homecooked meal that is plated so carelessly by an untrained chef, but you know that they made it with love and they’re not paid to do it and they just want to serve it for you. You know, it’s so much different. It might sound cliché but if you come in the mindset of cooking inside the kitchen and just serve people to earn money, then I think you are in the wrong profession. Because cooking — you know, food tastes better when you put your heart and soul into it. It’s kinda like music, it’s an extension of yourself, in a way that you put in a sheet of music. Here, our sheet of music is our plate. So, something like that.”

Having often wondered how cooking on TV works, Mr. Amoncio gave us a glimpse of how different it is to cook for a distant audience. “I would say it’s a little more difficult to serve customers. One, they are paying. Two, when I’m in front of the television, I have producers, I have make-up artists, I have the director, I have the art department to help me look good but when you’re cooking for a customer, a paying customer, it’s just pretty much you and them. So, you have to make sure — there are no take backs. Once you bring food out of the kitchen, you gotta make sure that it’s really good. Really, really good and you can’t just say, ‘Oh, it’s a little salty. Can I take that back?’ So, that’s a little bit more challenging for me.”

As we’ve mentioned, Mr. Amoncio isn’t quite involved in the restaurant scene anymore since his restaurant closed. He said however, “Contrary to popular belief, I’m still working inside the kitchen but as a restaurant consultant. In a way, it allows me to be able to be a little bit more free to do things such as Cruise the World, be a part of the Asian Food Channel, TLC, be part of a soap opera and stuff like that, but I’m still cooking and I’m learning. I don’t know if I’ve told you guys this already, I am training under a two Michelin star chef right now. I’m still constantly learning. Learning does not stop. I’ve been in the industry for a long time already and I feel like there’s so much room for me to grow so I took the opportunity to be able to do that. Right now, I’m opening five restaurants in November and in December.” — Joseph L. Garcia

RCBC raises P7.5 billion from three-year bonds

RIZAL COMMERCIAL Banking Corp. (RCBC) has raised P7.5 billion from its fixed-rate bond offering due November 2022.

RCBC initially wanted to raise just P3 billion.

The three-year bonds with a fixed rate of 4.426% per annum are part of the lender’s P100-billion bond and commercial paper program.

Proceeds from the fund raising will be used to boost the bank’s asset growth and to strengthen its liquidity, RCBC said in a filing with the local bourse on Wednesday.

“This bond offering brings the total amount raised by RCBC to P30.5 billion in 2019,” the bank said in a statement.

Standard Chartered Bank was appointed as the sole arranger and bookrunner for the transaction.

The Yuchengco-led bank booked a 41% increase in its net earnings to P4.5 billion as of end-September from the P3.2 billion logged in the same period last year.

RCBC shares closed at P25.80 apiece on Wednesday, inching up by 0.19% from its previous close. — LWTN

CLI income surges to nearly P800 million in July-September period

CEBU Landmasters, Inc. (CLI) reported its net income attributable to parent company’s shareholders increased by 356% to P794.24 million in the third quarter from P174 million a year ago, on higher real estate sales and rental revenues.

In a regulatory filing, CLI said real estate sales more than doubled to P2.4 billion in the July to September period, from P1 billion a year ago. Rental revenues rose 54% to P18.98 million, while management fees surged 130% to P15.9 million.

The Cebu-based property developer said in a separate statement its attributable net income in January to September jumped 77% to P1.6 billion, up from P932.7 million in the same period last year.

Revenues during the three quarters reached P5.9 billion, up 61%, driven by record-high reservation sales that reached P9.2 billion or 29% higher from last year.

The company said its mid-market residential segment was the main driver of growth at P2.14 billion, followed by its economic segment that posted P1.91 billion in sales, high-end segment that generated P1.7 billion and office sales that ended at P84.8 million.

Cost of sales during the period stood at P3.02 billion, up 60% from last year.

“Our fast-selling projects give us confidence that we will achieve our top-line and net income growth targets for the end of the year. The numbers reflect our operational excellence and commitment to responsible development,” Cebu Landmasters Chief Executive Officer Jose R. Soberano III said in the statement.

The company is banking on the 29% growth in reservation sales take-up to P2.94 billion during the nine-month period. This represents about 3,472 units sold for an average of P2.7 million.

Shares in Cebu Landmasters at the stock exchange added 0.14 points or 2.98% to close at P4.84 each on Wednesday. — Denise A. Valdez

Fed’s Harker says he opposed last rate cut

NEW YORK — Philadelphia Federal Reserve Bank President Patrick Harker said on Tuesday he did not support the Fed’s last rate cut in October and that the central bank should keep policy steady.

“I’m of the mind that we stay put for now and see how things work out,” Harker said in New York during an event organized by the Society for Advancing Business Editing and Writing.

The policy maker said he thinks rates are currently neutral or “slightly accommodative” and that he doesn’t think lower rates will be enough to encourage spending by businesses being held back by trade uncertainty.

He said he expects the economy to grow slightly above trend and inflation to increase slowly to reach the Fed’s 2% target.

Harker previously said that he opposed the September rate cut and thought the committee should “hold firm” on policy. He does not currently have a vote on monetary policy but becomes a voting member next year.

Harker reiterated his view that there would be an “extremely high hurdle” for him to support negative interest rates. In the event that the economy hits a “major bump,” the Fed should first lower rates to zero, communicate that rates will stay low and then make asset purchases to stimulate the economy, Harker said.

“Negative rates, they may not be as effective as other tools that we have as a society, as a government, to deal with a negative shock,” he said.

Harker also said the Fed is working to understand the causes of the recent volatility in money markets. He said officials are looking into why the five financial institutions that hold roughly 80% of reserves did not lend in mid-September when a liquidity crunch sent short-term borrowing rates up. “If it is a regulatory issue then that needs to be fixed,” he said.

The heads of some big US banks, including JPMorgan Chase & Co. CEO Jamie Dimon, have criticized Fed-imposed liquidity standards and said they played a role in causing market volatility by restricting how much banks could lend.

Harker said discussions about creating a standing repo facility, which would allow financial firms to borrow cash from the Fed as needed, are still ongoing.

“We’re committed to making the market work,” Harker told Reuters after the event, adding that the Fed’s efforts to calm markets by increasing the balance sheet and conducting temporary repo operations have been working. “Given that commitment, we have time to debate this fully before we make any decision on the long term.” — Reuters

Benjarong brings Thai cuisine to Davao

BENJARONG, the Thai bar and restaurant that originated in Bangkok, is now bringing its authentic and rich Thai flavors to Davao.

Named after the royal porcelain of Thailand, Benjarong means “five colors” which represent the five different tastes — sweet, salty, sour, bitter and umami or savory — revealed in the simple yet complex flavors of the dishes and drinks available in the bar and restaurant.

“We are very excited to bring the well-loved Benjarong to Davao because it will be the first and only authentic Thai bar and restaurant in the city. We want our guests to be transported to the dynamic country of Thailand as soon as they set foot inside,” Christopher Wichlan, General Manager of dusitD2 Davao, Dusit Thani Residence Davao and The Beach Club at Lubi Plantation Island, Managed by Dusit, was quoted as saying in a press release.

The kitchen of Benjarong Davao is managed by resident Thai chef Suthin Songmuang and Filipino chef de cuisine Jessa Marie Lacerna. “We are staying true to Benjarong’s roots and keeping all dishes as authentic as possible. The taste would be as close as to how Thai people know it,” Ms. Lacerna was quoted as saying.

Benjarong Davao’s menu was developed around the ingredients available within the region and the restaurant works with local farmers to grow herbs in the highlands of Davao. To remain close to the original Thai flavors, some ingredients also have to be sourced directly from Thailand.

Benjarong Davao’s signature dishes include Som Tam (Thai papaya salad), Tom Yam Gai (tiger prawn soup with galangal, lemongrass, kaffir lime and chili), Khao Pad Khai (fried rice with egg, carrot, tomato and spring onions), Pla Sam Ros (deep-fried seabass with three-flavor sauce), Gung Sa Moon Prai (wok-fried tiger prawns with lemongrass, lime leaves, capsicum, chili and garlic), and Khao Niew Ma Muang (mango sticky rice with coconut ice cream).

Benjarong Davao also features a full bar with an extensive list of local and international beers, fine wines and bespoke cocktails.

From Wednesdays to Saturdays, a DJ also plays from 9 p.m. onwards.

To celebrate its opening, unlimited rounds of Chang and Singha beers, selected wines and signature Thai cocktails are available during Benjarong Davao’s Happy Hour every night from 5-8 p.m. for P599 nett.

Benjarong Davao is open daily from 5-11 p.m., Mondays to Thursdays and Sundays, and until 1 a.m. on Fridays and Saturdays. For inquiries and reservations, call +63 (82) 272-7500 or e-mail davao@dusit.com.

Adidas planning to close German, US robot factories

BERLIN — Adidas plans to close high-tech “robot” factories in Germany and the United States it launched to bring production closer to customers, saying on Monday deploying some of the technology in Asia would be “more economic and flexible.”

The Adidas factories were part of a drive to meet demand for faster delivery of new styles to its major markets and to counter rising wages in Asia and higher shipping costs. It originally planned a global network of similar factories.

The German sportswear company did not give details for why it was closing the facilities, which have proved expensive and difficult to extend the technology to different products.

Martin Shankland, Adidas head of global operations, said the factories had helped the company improve its expertise in innovative manufacturing, but applying what it had learnt with its suppliers would be “more flexible and economic.”

Adidas started production of shoes largely by robots at its “Speedfactory” in the southern town of Ansbach near its Bavarian headquarters in 2016 and opened another near Atlanta in 2017.

Founded by German cobbler Adi Dassler in 1949, Adidas has shifted most of its production from Europe to Asia and now relies on more than 1 million workers in contract factories, particularly in China and Vietnam.

However, Adidas said on Monday production at the two factories would be discontinued by April 2020 at the latest as it focuses instead on using the technologies they pioneered to produce shoes at two of its suppliers in Asia.

The suppliers would use the techniques to make a broader range of products with a short production time, not just running shoes, while Adidas will keep testing manufacturing processes at its so-called adiLab site in Scheinfeld in Germany.

It said it would continue to work with Oechsler, the German company which operates the two factories, in other manufacturing areas, such as producing soles for its springy Boost shoes, as well as soles for soccer shoes and advanced 3D printed soles. — Reuters

Dining Out (11/14/19)

Thanksgiving Special at New World Manila Bay Hotel

THE New World Manila Bay Hotel sets the spotlight on the star of Thanksgiving — turkey — with a special buffet spread at Market Café. Roast turkey will be served along with its flavorful side dishes, plus roast prime ribs, porchetta, and croissant stuffing with sausage and apple at the carving station. Cap off the meal with pumpkin tart, apple cranberry crumbles and other desserts. The Thanksgiving lunch buffet on Nov. 28 at Market Café is priced at P2,400 per person while dinner is at P2,600 per person. Club Epicure members are entitled to 50% off on the buffet. For reservations and inquiries, call +632 8252-6888 or e-mail dining.manilabay@newworldhotels.com.

Crimson Hotel’s Thanksgiving dinner buffet

THE hotel’s Café Eight will offer a buffet spread with the traditional roast turkey and ham, seafood paella, and other treats for Thanksgiving on Nov. 28, 6-10 p.m., for P1,460++. Meanwhile, the Christmas Goodies Corner is up until Dec. 31, with parties and hampers on offer. Over at the Lobby Lounge, Sparkling Afternoon Tea is being served daily from 3-5 p.m. until Dec. 31 for P868++ for two persons. Also being served is a Kakanin Sampler, a platter of native Filipino desserts, until Dec. 31. Rate for two persons is P456++. Over at the Deck bar, Santa’s Poptails — boozy ice pops dunked in a glass of cocktail — are being served until Dec. 31. For inquiries and reservations, call 8863-2222 or e-mail alabang.info@crimsonhotel.com.

Yellow Cab’s Potluck Holiday Bundle

This year, Yellow Cab offers all-new Party Trays for the holidays. These include a Baked Mac Pasta Tray (macaroni and savory ground beef in a sweet and tangy tomato sauce), a Mac & Cheese Pasta Tray (oven-baked macaroni and cheese topped with crumbled bacon), and a Wings Tray (32 chicken wings with a choice of up to four variants per tray, which include the original Hot Chix, Garlic Parmesan, Sweet Soy, Sriracha, Lemon Pepper, and Smoked Chipotle). One can get all these new Party Trays and more with Yellow Cab’s Potluck Holiday Bundle, a deal which includes one pasta tray of your choice, one 32-piece Wings Tray, two 10-inch cheese pizzas, and two 10-inch pizzas with flavors of your choice — all for P2,799. Customers can avail of Yellow Cab’s Potluck Holiday Bundle promo until Jan. 15 for take-out, delivery, or curbside pick-up. For more information, visit https://www.facebook.com/YellowCabPizzaOfficial/.

Golden Goose at Lung Hin

The Golden Goose returns to Marco Polo Ortigas’ Lung Hin this November. Coming from a century-old recipe of guest chef Billy Cheong, the Hong Kong classic roasted dish in comes in quarter, half, and whole portion sizes. A specially crafted set menu is also available together with Lung Hin’s signature dishes, including Steamed Seafood Dumplings with Caviar, Steamed Whole Japanese Scallop with Minced Garlic in XO Sauce, and Poached Garoupa with Wild Mushroom in Fish Stock. The Golden Goose is currently available until Feb. 3. For details visit www.marcopolohotels.com.

SaladStop! partners with WWF

SaladStop! Philippines celebrates its fifth anniversary with some good food, and by doing a little good for the world. It is partnering with the World Wide Fund for Nature (WWF) Philippines to that involves not just eating well, but also taking the environment into consideration. The good food comes in the form of the latest featured menu item, Mo’ Green: romaine lettuce, red and white cabbage, a pumpkin quinoa patty, cage-free eggs, roasted peanuts, capsicum, cucumber, mandarin orange, and green miso dressing. This vegetarian-friendly option can be enjoyed as a salad (P375) or a wrap (P365) in all SaladStop! stores (except at Ayala Tower 1) until Jan. 11. Ten percent of the profits from every order of Mo’ Green is a donation to the WWF-Philippines to help fund the organization’s environmental efforts. SaladStop! and WWF-Philippines have also come out with a limited edition T-shirt that will be available in all SaladStop! stores (except at Ayala Tower 1). Every purchase of the shirt, which costs P595, provides another way to help the environmental cause, with 10% of its sales donated to WWF-Philippines. In addition, since 2017, customers who bring their own bag or refuse the SaladStop! paper bag get a P10 discount for a minimum of P250 on take-away purchases. SaladStop! has branches at Central Square, Power Plant Mall, Greenhills, Glorietta 2, Ayala Tower One, Burgos Circle, Alabang Town Center, Salcedo Village, SM Megamall, SM Mall of Asia, U.P. Town Center, Robinsons Cyberscape Gamma, Ayala Center Cebu, Oakridge Business Park Cebu, and TriNoma.

Taittinger Comtes de Champagne in 1st Class

Singapore Airlines (SIA) customers can now enjoy Taittinger Comtes de Champagne in First Class. Produced by the prestigious family owned champagne house Taittinger, Comtes de Champagne Blanc de Blancs is produced only in the best years, composed exclusively of chardonnay grown in five Grand Crus vineyards, and only first press wine is used to give it an absolute guarantee of quality. The bottles are not produced in large volumes, making it a rare and celebrated wine. In selecting the champagne, SIA’s Wine Panel conducted blind tastings of wines from many of the world’s most famous wine regions, before deciding upon Comtes de Champagne for its exceptional quality and taste. Each year, more than 350,000 bottles of champagne are served on SIA flights. Comtes de Champagne joins two prestige cuvées in First Class, Dom Pérignon and Krug Grand Cuvée. Comtes de Champagne will first be served on flights to Auckland, Beijing, Delhi, Dubai, Melbourne, Mumbai, Seoul, Shanghai, Sydney and Tokyo (Haneda) until February 2020, before being rotated to other routes.

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