Facebook Instagram Linkedin X Youtube
Home Blog Page 8917

Time for World’s End?

WHEN the World Health Organization (WHO) first announced last March that the COVID-19 outbreak was already a pandemic, the world went into absolute shock. That was over eight months ago. Back then, COVID-19 was an unknown virus that was considered quite lethal, and was even being compared to one of the deadliest pandemics of all time, the Spanish Flu from 1918 that killed an estimated 20 million people worldwide.

I remember during the immediate days and weeks after the WHO’s pandemic announcement that the internet and social media were morbidly mentioning the popular late 1980s hit song “It’s the End of the World as We Know It (And I Feel Fine)” by legendary American alternative rock band R.E.M. This apocalyptic song, released in 1987, became extremely popular on iTunes downloads and Spotify playlists. R.E.M. lead singer Michael Stipe even made his own YouTube video  that came out during Saint Patrick’s Day (March 17), showing him in isolation and singing this song’s famous chorus acapella. This song remains in my doomsayer playlist, as the Philippines is unfortunately not yet over the COVID-19 hump, given that our country is still hovering in the top 20 in terms of number of infected, out of 214 countries.

While the world is preoccupied with COVID-19, over two dozen wineries in world-renowned Napa Valley had their doomsday moments too when the Glass fire (named after nearby Glass Mountain Road) devastated the Napa and Sonoma wine regions on Sept. 27. The Glass fire destroyed over 27,000 hectares of land, around 1,550 structures, including over 650 homes along its path. Meanwhile, another wine-producing country, Australia, experienced bushfires in March that had badly damaged the grape growing regions of New South Wales, Victoria, and South Australia. The bushfires were a key factor for why Australia had a 12% drop in wine grape crush in 2020 compared to 2019 (source: Wine Australia).

A LOOK AT NAPA REDS
After cringing while watching the news that the Glass fire destroyed several Napa wineries, I thought of writing about this wine region.

Napa is one of the very first wine regions I fell in love with when I started my wine career. Admittedly I am not a fan of Napa whites through the years, though there are quite a few notable exceptions including the Chateau Montelena Chardonnay. Chateau Montelena was the one that got California Chardonnay onto the world map because of the historic 1976 Judgment of Paris blind tasting, where this Napa Valley Chardonnay of 1973 vintage won first place against prestigious Cote de Beaune white burgundies.

Another white wine I like consistently from Napa is the Robert Mondavi Fumé Blanc — basically, Mondavi’s version of Sauvignon Blanc. The trendsetting Napa icon Robert Mondavi made this name in 1968 inspired by Loire’s oak-aged Sauvignon Blanc, popularized in the Pouilly-Fumé appellation. Fumé is “smoke” in French, and the Robert Mondavi Fumé Blanc was supposed to have drier and oak-influenced wines, compared to the more commercialized Sauvignon Blancs that are fresher, juicier, and sweeter.

While Cabernet Sauvignon is the de facto Napa varietal, making up easily 40% of total Napa wine production, and an overwhelming majority of all reds  made in the region, there are other red varietals that are also making their names in Napa, including Merlot, Pinot Noir, Zinfandel, and Petite Sirah.

THE BORDELAIS’ TAKE ON NAPA
Speaking of the song “It’s the End of the World,” I would like to believe that Jonathan Maltus’ World’s End winery in Napa Valley got its name from this R.E.M. song. After all, World’s End wines go by labels like “Good Times Bad Times” (a Led Zepellin song from 1969), “Stir It Up” (a Bob Marley song from 1973) and “Crossfire” (a Stevie Ray Vaughan song from 1989). But I was sadly wrong.

According to Xiao Qi, JCP Maltus regional export manager for East & Southeast Asia, Jonathan Maltus, during the early 1990s prior to moving to France, was an owner of a restaurant located in the World’s End district of Chelsea, London. So, this Napa Valley winery is named after the Chelsea district, and now its name is more relevant, and hopefully less prophetic.

The approach of Jonathan Maltus — one of the “Saint-Emilion garagiste” movement pioneers — to Napa wines has been intriguing, to say the least. I remembered interviewing Philippe Bascaules, the present Managing Director of Chateau Margaux, during the time he took a short tenured job with Francis Ford Coppola as its Managing Director/Chief Winemaker at Inglenook Estate. During this short tenure, the wines Philippe churned out were more elegant than those normally seen in Napa because, all of a sudden, the winemaking rules were a lot more relaxed than those practiced in Bordeaux, from irrigation of vineyards to acidification, and there was more technical leeway to produce exceptional wines. Napa wines are notorious for high alcohol and residual sugar, and the Bordelais take is to try to reduce both. In the case of Jonathan Maltus, he decided not only to bring in French winemaking knowhow, but also to collaborate with Napa’s most influential grape-grower and vineyard owner, Andy Beckstoffer to source grapes from the Beckstoffer’s premium vineyards in Oakville, Rutherford, and Carneros. World’s End’s first vintage was 2008, and I was very fortunate to have tasted some of World’s End’s initial wines from the 2008 and 2009 vintages during one of the wine events at Wine Story several years ago.

NAPA WINE STAPLE BRANDS
Treasury Wine Estates is among the top five largest wine producers in the world, and this huge wine conglomerate, headquartered in Melbourne Australia, owns a good number of very reputable Napa Valley wineries, including two regular fixtures in the local market: Beringer Vineyards and Stags’ Leap Winery.

Incidentally, both these wineries are quite historical and have vineyards planted since the late 19th century. To me personally, outside of Mondavi, Beringer is perhaps the most recognizable Napa winery in the world. The Beringer Napa Valley Cabernet Sauvignon has always been a safe and consistent go-to Napa wine for as long as I remember drinking Napa wines.

On the other hand, Stags’ Leap Winery is often mistaken for the Stag’s Leap Wine Cellars (note the difference is in the placement of the apostrophe). Stag’s Leap SLV Cabernet Sauvignon 1973 vintage won as the best red against Grand Cru Bordeaux wines in the same 1976 Judgment of Paris blind tasting that saw Chateau Montelena Chardonnay win against its French counterparts. Even assuming consumers like myself were at first confused on which Stags Leap wine won the Judgment of Paris, I have tried both Stag’s and Stags’ Leap wines, and I really enjoyed their respective wines. In the case of Stag’s Leap Wine Cellars, it is their Cask 23, and for Stags’ Leap Winery, it is their Petite Sirah.

NAPA REDS TASTING NOTES
Below are some amazing Napa wines performing at the top of their game:

Beringer Cabernet Sauvignon Napa Valley 2015 — the quintessential Napa Cabernet Sauvignon, and I believe this is the best selling Napa Valley AVA (American Viticultural Area) brand in the market; “aromatic, sweet oak, blackberries, anise, coffee-latte, silky on the palate, refined tannins, with lovely mocha flavors lingering at the end”; P2,500/bottle retail average

Stags’ Leap Petite Sirah Napa Valley 2014 — made from 76% Petite Sirah and 24% of Rhone varietals (Syrah, Grenache, etc.); Petite Sirah is also known as Durif, especially in Australia; this varietal is a crossbreed of Syrah and Peloursin vines; “smoked BBQ nose, meaty, cassis, vanilla, violets, has unique aromatics, lovely velvety texture, finishing with alluring blueberry pie flavors”; P2,800/bottle retail average

World’s End Crossfire Single Vineyard Cabernet Sauvignon Napa Valley 2014 — from the Beckstoffer Georges III Vineyard in Rutherford; “captivating nose, blackcurrant, flambe berries, vanilla, continuously evolving inside the glass, long and lengthy flavors, ripe cherry taste, graphite, dry peppery finish”; P6,000/bottle estimated retail (based on cost price, import taxes, freight, forex and importer’s typical margin)

World’s End Good Times Bad Times Single Vineyard Cabernet Sauvignon Napa Valley 2014 — from the Beckstoffer To Kalon Vineyard in Oakville; “blackcurrant, red plums, subtle eucalyptus scent, cold brew coffee, so silky, very dry, with lavender, clean and elegant finish”; there is a Medoc feel to this one; P8,500/bottle estimated retail

World’s End If Six Was Nine Reserve Cabernet Sauvignon Napa Valley 2014 — “wild berries nose, super luscious, chocolatey, almost like Raisinets on the palate, satin like texture, lingering crème de cassis towards the end; a really nice ripe and juicy Cabernet”; P3,500/bottle estimated retail

World’s End Rocksteady Reserve Red Blend Napa Valley 2014 -— this is a proprietary red blend made from 49% Merlot, 18% Syrah, 15% Petit Verdot, 13% Cabernet Franc and 5% Cabernet Sauvignon; “musky, farm nose, cured meat, blackcurrant, coffee-like bitter tannins, dry, leafy and charcoaled finish”; P3,300 estimated retail price

World’s End Stir It Up Single Vineyard Cabernet Sauvignon Napa Valley 2014 — from the Stagecoach vineyard in Atlas Peak; “plummy, blueberries, graham cake, luscious flavors, bitter-sweet tannins, caramelized onion, very nice cinnamon spice aftertaste”; P7,400 estimated retail price

World’s End is looking for an exclusive wine importer in the Philippines for their premium Napa Valley wines. If interested, kindly contact Xiao Qi at xiao@maltus.com or visit their website at www.maltus.com. Beringer and Stags’ Leap Napa wines are available in select leading supermarkets.

The author is a 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.

PT&T appeals to SC for decision review on fee recomputation

PHILIPPINE Telegraph and Telephone Corp. (PT&T) on Wednesday said it asked the Supreme Court to review a decision by the Court of Appeals on the recomputation of the supervision and regulation fees (SRF) that it has to pay.

In a disclosure to the stock exchange, PT&T said the Court of Appeals had ordered the National Telecommunications Commission (NTC) to recompute the SRF.

“The Court of Appeals nevertheless affirmed the use by the NTC of the incorrect amount of PT&T’s paid-up capital in computing the SRF,” it added.

PT&T said it was constrained by the decision to “file an appeal with the Supreme Court to rectify the said error.”

The company did not provide further details on the matter.

To recall, PT&T filed in 2018 a petition with the Court of Appeals questioning the amount of SRF imposed on the company by the NTC.

“While PTT is required to pay an annual SRF, the amount PT&T is being required to pay under the 28 September 2018 Decision of the NTC is inaccurate for the same was computed by the NTC based on its erroneous assumption of PT&T’s paid-up capital,” the company said in a statement. — Arjay L. Balinbin

Dining In/Out (10/22/20)

The Pen offers a Cakeaway Afternoon Tea Set

AFTER months of fiddling, experimenting, and tasting, the hotel came up with The Peninsula Cakeaway Afternoon Tea Set that can be enjoyed at home or given as a gift to someone special. Enjoy The Pen’s iconic Afternoon Tea with clotted cream, lemon curd, strawberry jam, raisin scones, cakes, dainty finger sandwiches, macarons, and other savories while sheltering at home. These will be arranged on a three-tier stand inspired by The Lobby’s Villeroy & Boch Minton Haddon Hall china pattern and carefully packed in a tall Peninsula page hat takeaway box. It’s a treat for three for P2,950 (teas not included). Those who would like to make their Peninsula Cakeaway Afternoon Tea Set even more special, they can add to their order cakes, pastries, and savory items from the hotel’s 44th Anniversary Menu that highlight specials from The Lobby (like Pancit Luglug, Caesar Salad), Old Manila (Beef Wellington, Duck Confit Cassoulet), Spices (Tikka Masala, Asam Goreng), Escolta (Poke Bowls and sushi), Pool Snack Bar (a Philly Cheese Steak Sandwich or an Avocado Toast), The Bar/Salon de Ning (batched bottles of Negroni, Margarita, an iced bottle of Deutz Cuvée Peninsula Brut Champagne), and The Peninsula Boutique (Strawberry Shortcake or King Oscar). Gluten-free, dairy-free, vegetarian and vegan, and children’s Afternoon Teas are also available. The Peninsula Cakeaway Afternoon Tea Set is available for takeaway or delivery every day, 9 a.m. to 5 p.m., at The Peninsula Boutique. Orders must be made 24 hours before pick-up or delivery. For inquiries or orders for takeaway or delivery, call The Peninsula Boutique at 8887-5747 or 8887-2888, e-mail penboutiquepmn@peninsula.com, or order online through PenChat, The Peninsula Manila’s contactless 24-hour e-concierge by clicking https://bit.ly/PenChatFacebook.

Conrad Manila’s Brasserie on 3 now open

Conrad Manila’s award-winning restaurant Brasserie on 3 is all set to welcome patrons with culinary offerings curated by Executive Chef Daniel Patterson starting October 19. Diners will be able to choose from the well-curated selection of favorites, a main course from either the Asian Favorites, From the Grill, or Pizza & amp; Pasta sections, each complemented by a medley of appetizer, soup and dessert. The “Asian Favorites” selection includes mouth-watering Singaporean laksa, Ox-tail kare-kare and Brasserie on 3’s Signature Beef Bulalo. “From The Grill” offers Wagyu beef burger, Organic chicken, and Sirloin steak, among others. “Pasta & amp; Pizza” features Truffle four-cheese and Chicken Pesto flatbread pizza, Fettuccine carbonara and Spaghetti Bolognese. Enjoy these feasts while relishing on the stunning views of Manila Bay’s azure calm and beautiful sunset. Brasserie on 3 is committed to diners’ health and safety, with stringent measures in place to ensure their well-being including social distancing practices, acrylic table barriers and a digital a la carte menu which can be viewed by scanning a QR code for contactless ordering, among other best practices. Conrad Manila implements extensive health protocols, particularly in proper food hygiene and safety. A Hygiene and Services Manager ensures that each dish is prepared in compliance with the highest global and Hilton standards, with team members undergoing daily health checks and observing proper hygiene practices at all times.“Feast of Flavors” prices start at Php 975 nett per person. Brasserie on 3 is open daily for lunch from 11:30 a.m. to 2:30 p.m. and for dinner from 5:00 p.m. to 9:00 p.m. For inquiries or reservations, please call +639176504043 or email conradmanila@conradhotels.com

Binalot diners donate free extra rice to frontliners

IN WHAT is probably the equivalent of pasaload for mobile phone service, Binalot has implemented a Donate Your Free Extra  Rice Project that allows diners to share or pass on to medical and non-medical frontliners the free extra rice that comes with Binalot All Time Pinoy-vorites meal. The Dahon Program, Binalot’s CSR arm,  launched a BAYANI or Biyaya at Yaman Alay Natin sa Inang Bayan program in March to solicit pledges from companies and individuals to help feed frontliners. To date, BAYANI has been able to provide over 33,000 hot meals and counting to the frontliners in different hospitals and communities in the country. To augment the BAYANI Program, Binalot launched the Donate Your Free Extra Rice project in September — to run until Dec. 31. The Donate Your Free Extra Rice project works this way:  customers who order any All Time Pinoy-vorites meal may choose to donate their free extra rice to the project through the Binalot store for every 1,000 free extra rice donated by the customers, the Binalot store will donate P5,500 worth of meals to a hospital or community.

Edsa Shangri-La opens pop-up bakeshop

THE BAKESHOP at Edsa Shangri-La has opened a pop up at the neighboring Shangri-La Plaza mall. The Bakeshop is known for its iconic banana bread, a recipe that has been enjoyed by many for the past two decades, which is baked fresh daily with locally sourced ingredients. It comes in five  flavors: Plain, Chocolate, Walnut, Cream Cheese, and Supreme that combines all the flavors into one loaf. The Bakeshop pop-up also offers artisanal breads, handcrafted pastries, and signature chocolates like Funky Monkey. The pop-up is open from 11 a.m. to 7 p.m. daily at the 2nd Level of Shangri-La Plaza Main Wing. For updates and inquiries, follow Shangri-La Plaza on Facebook at www.facebook.com/shangrilaplazaofficial and on Instagram @shangrilaplazaofficial.

Café Pronto offers celebration cakes

MARCO Polo Ortigas’ Café Pronto makes get-togethers, virtual or otherwise, all the sweeter with its cake selection. Its classics include the signature Chocolate Haven, the Choconut Cake with Tablea Crunch, and the Strawberry Entremet. Guests may also get in touch with the Café Pronto team for custom designs for celebration cakes ahead of special occasions and events. The cakes are available for advanced orders at least two weeks prior to the event date. To welcome November, Café Pronto will kick off the month with its Milk Chocolate Pistachio Cake, which will also be available for advanced orders for P1,450. For inquiries on Café Pronto’s custom cakes and available promotions, call 7720-7777 or e-mail restaurant.mnl@marcopolohotels.com. Visit to www.marcopolohotels.com for updates and subscribe to alerts via social media through the Hotel’s official social media accounts: facebook.com/MarcoPoloOrtigasManila and @MarcoPoloManila on Twitter and Instagram.

Shake Shack to open in Greenbelt 5

SHAKE Shack is set to open in Greenbelt 5 on Oct. 27 at 11 a.m. To mark the occasion, from Oct. 27 to Nov. 2, customers can have their Shake Shack faves delivered for free via Grabfood for a minimum spend of P1,000. The first 100 who order via the app on Oct. 27 will also get a Shack Box of exclusive Shack Greenbelt swag. Meanwhile, the first 50 guests to swing by the Greenbelt 5 Shack on opening day for dine in or takeaway will receive free Shack shades, Shack2O and Auro Chocolate Bars. The first guest at the Shack gets a year’s supply of its signature Concretes from Shack Greenbelt — free for every monthly visit. Meanwhile, from Oct. 27 to Nov. 2, every purchase of a Chick’n Shack at Shake Shack Greenbelt will contribute a P100 donation towards Ayala Foundation’s “Your Support, Their Future,” a campaign to benefit Filipino students affected by COVID-19 (coronavirus disease 2019) by providing internet access allowance for a year. The beneficiaries will include 500 elementary and high school students from Metro Manila, Batangas, Palawan, Cavite and Mindoro, all of whom are currently supported by the Ayala Foundation. And for those worried about the pandemic, Shake Shack Greenbelt will also have an adequate al fresco space that integrates the indoors with the outdoors.

RWM October Fiesta celebration continues with Delishvery

THE GLOBAL pandemic may have canceled most of the important occasions earlier in the year, but Resorts World Manila’s (RWM) annual October Fiesta celebrations carry on. Like most things this year, one can still enjoy iced-cold beers and chug along with friends virtually via e-sessions in the comforts of your home. And since iced-cold beers are best paired with signature Pinoy hotdogs (in Bistek, Inasal, and Adobo variants), RWM makes sure that its October Fiesta packages of beer pairings are now available for delivery right to its customers’ doorstep via Delishvery. For a small group, one can opt for Package A with bar grub that includes one serving of Shrimp Salted Egg Popcorn, a plate of Roasted Pork Sisig, and six mini-servings of signature Franks Pinoy Hotdogs, with six cans of San Miguel Beer. Good for 6 pax, Package A is available at P1,200 nett. For P550 nett, Package B comes with a choice of one bar grub and two cans of San Miguel Beer, for a solo drinking session. To complete celebrations at home, check out the L.O.V.E Project at www.facebook.com/TheLoveProjectOfficial, an online marketplace platform for professional musicians, theater actors, singers, and performers where they can be booked for virtual live entertainment. The exclusive October Fiesta offer is also available for dine-in at The Grand Bar and Lounge, at a limited capacity. Following the government guidelines, only guests aged 21 to 59 years old will be allowed to enter the property and guests are encouraged to bring proper identification. Strict safety and health protocols are also in place, including the IATF guidelines on maximum alcoholic beverage serving allowed. The Grand Bar and Lounge is at The Grand Wing and is open from Tuesdays to Sundays, 4 to 10 p.m. Call the Delishvery hotline at 7908-8885 or 0917-878-8856 for inquiries regarding minimum order requirements and delivery orders. Visit www.rwmanila.com or follow the official social media accounts @rwmanila for more updates.

URC goodies available via Zalora

HERE’S another convenient way to shop for Universal Robina Corp.’s (URC) products. Great Taste, Nissin, Swiss Miss, Dewberry, and more goodies are now available on Zalora. With just a few clicks, everyone can “add to cart” snacks like Piattos, C2, V-Cut, Vitasoy, and other URC snacks, candies, chocolates, and beverages to be delivered straight to their home. They can even opt to pay cash on delivery or use debit or credit cards. Start shopping for URC products by downloading the Zalora app or visiting Zalora’s website at www.zalora.com.ph.

Amazon unit wants to help more PHL firms adapt to new normal

By Arjay L. Balinbin, Senior Reporter

CLOUD SERVICE provider Amazon Web Services (AWS), a subsidiary of the American multinational technology company, Amazon, is keen on helping more Philippine firms address technological and skills demands of the “new normal.”

“What we are focused on right now is helping our customers and partners in the Philippines not only to manage the unprecedented crisis, but also build future resilience by investing in the right technologies and right skills for their people to be future-ready,” Conor McNamara, AWS managing director for ASEAN, told BusinessWorld in a recent e-mailed reply to questions.

He said AWS has been working with its partners and local customers to respond to the ongoing pandemic crisis.

The immediate focus when the pandemic unfolded, he said, was to help businesses communicate and keep their services functioning.

He noted cloud services have been supporting industry needs in various ways — “from supporting accelerated research and development in healthcare, to enabling enterprises to rapidly scale remote work options to employees and provide secure virtual workspaces, to supporting education institutions deploy online learning, to helping startups develop innovative applications.”

An example in the Philippines is UnionBank of the Philippines, Inc., which shared that AWS’s services have allowed 85% of its employees to work from home during the pandemic.

“With AWS, UnionBank is also able to ensure the security of its customers’ data, reduce backup time from eight to two hours, offer annual cost savings of $380,500 for storage, save 75% of data retrieval time, and facilitate more strategic work roles for its IT team,” Mr. McNamara explained.

He added UnionBank was able to garner 250,000 new accounts, 90% of which were accessed from digital channels with the help of AWS.

AWS has also powered fintech startup PearlPay to offer Software-as-a-Service (SaaS) core banking software to rural banks.

The company enabled rural banks working with PearlPay the ability to handle “50 concurrent users and up to one million accounts and transactions at a much reduced and affordable cost ($99/month),” he said.

“PearlPay is now looking to migrate over 200 core banking systems to its platform,” Mr. McNamara added.

AWS also offers support to small and medium enterprises through credits, technical support, and training.

“Since June 2019, Amazon has provided more than $1 billion in AWS credits to help startups accelerate their growth and development as they build their businesses. We also offer extensive cost optimization services to our customers. AWS has reduced the prices of our products and services 85 times since we launched in 2006, our team members are actually tasked with reducing a startup customer’s cloud bill, ensuring startups make the most economically efficient use of our services,” Mr. McNamara said.

The company offered no-cost usage of its productivity tools such as Amazon Chime, Amazon WorkSpaces, and Amazon WorkDocs until Sept. 30, he noted.

BoJ member says swift action needed if COVID-19 delays economic recovery

THE Bank of Japan must take swift and appropriate action if the impact of the coronavirus pandemic takes longer than expected to contain, a board member said.

TOKYO — Bank of Japan (BoJ) board member Makoto Sakurai said on Wednesday the central bank must take “swift and appropriate” action if the coronavirus shock delays the country’s economic recovery.

If the pandemic takes longer than expected to contain, more companies could be pushed under, saddling commercial banks with bad loans and threaten Japan’s financial system, he said.

“At present, financial institutions have sufficient capital so there is no big concern over Japan’s banking system. But we need to be prepared to take swift action, with a close eye both on the economy and the banking system,” Mr. Sakurai said in a speech to business leaders in Fukui prefecture.

The remarks came ahead of the BoJ’s rate review next week, when the central bank is likely to cut its growth and price forecasts, but leave monetary settings unchanged.

They also underscore a growing concern in the BoJ over the additional pain COVID-19 could inflict on commercial banks, many of which are suffering from years of ultra-low interest rates.

“If Japan’s economic recovery is delayed, that could hurt growth and the banking system. As such, it’s critical for us to act swiftly and appropriately as needed in coordination with the government and other central banks,” Mr. Sakurai said.

Japan’s economy suffered its biggest postwar slump in the second quarter. Analysts expect any rebound to be modest as uncertainty over the outlook weigh on consumption and capital spending.

Mr. Sakurai said while Japan’s economy was likely to gradually recover, it remained in a severe situation.

Inflation may also not accelerate much for some time, as companies cope with a tight labor market with automation rather than wage hikes, he added.

“There needs to be deeper scrutiny on how structural changes in the economy are affecting prices,” he said.

Mr. Sakurai also said the BoJ must ensure inflation expectations do not fall too much, as firms and households will put off spending if they expect prices to fall for a prolonged period.

“Even if actual price rises are slow, it’s important to maintain inflation expectations in positive territory to prompt private entities to keep spending,” he said. — Reuters

Global trade weakness persists in the third quarter (with some exceptions)

Global trade weakness persists in the third quarter (with some exceptions)

How PSEi member stocks performed — October 21, 2020

Here’s a quick glance at how PSEi stocks fared on Wednesday, October 21, 2020.

Stocks rise further on improved economic outlook

By Denise A. Valdez, Senior Reporter

THE MAIN INDEX rose to its highest level in more than three months as local and foreign investors picked up shares on increasing optimism over the economy’s recovery.

The bellwether Philippine Stock Exchange index (PSEi) advanced 165.88 points or 2.71% to close at 6,278.59 on Wednesday. The broader all shares index grew 79.59 points or 2.16% to end at 3,760.85.

This marked the third consecutive day that the PSEi posted a gain and the index’s return to the 6,200 level since July 8’s 6,285.50 finish.

“The local bourse managed to close above the 6,200 level as investor sentiment remains optimistic over the economic reopening of the country,” Timson Securities, Inc. Trader Darren T. Pangan said in a text message.

While Metro Manila mayors have previously said they want the existing lockdown status to last until the end of the year, the government has started issuing exemptions to current quarantine rules to accommodate more business sectors to reopen.

On Wednesday morning, the Department of Tourism said it will allow hotels to operate at full capacity even under the current lockdown status, which used to limit them to a skeleton workforce.

This caused the property sub-index to rise to 2,995.06 at the close of Wednesday’s trading, up 103.84 points or 3.59%.

Financials also grew 59.20 points or 4.89% to 1,268.21; mining and oil increased 283.06 points or 3.84% to 7,644.92; holding firms rose 144.81 points or 2.29% to 6,447.56; services climbed 16.54 points or 1.13% to 1,469.47; and industrials added 75.63 points or 0.91% to 8,352.31.

Another driver of the market’s growth was the return of foreign investors to net buying. After 28 straight days of net foreign selling, offshore investors posted net inflows of P343.24 million on Wednesday.

“Positive sentiment carried over to the Philippine market after negotiations on a new round of fiscal stimulus (in United States) looked like making some progress,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile message.

After the Trump administration and House Speaker Nancy Pelosi agreed to discuss the proposed fiscal stimulus package on Tuesday, US stocks have risen: the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite indices grew 0.40%, 0.47% and 0.33%, respectively.

“Asian markets were mostly higher (on Wednesday) on the back of renewed optimism over a possible stimulus package in the US before the elections,” Timson Securities’ Mr. Pangan said.

Value turnover expanded to P10.52 billion on Wednesday with 2 billion issues switching hands, up from the previous session’s P8.23 billion with 2.24 billion issues.

Advancers stood at 163, decliners at 49, while unchanged names totalled 39.

Peso strengthens as US officials continue talks on fresh stimulus

THE PESO strengthened against the dollar on Wednesday as the United States government continues talks on a fresh stimulus to boost activity in the world’s largest economy amid the ongoing coronavirus pandemic.

The local unit closed at P48.585 versus the dollar on Wednesday, rising by 3.5 centavos from its P48.62 finish on Tuesday, data from the Bankers Association of the Philippines showed.

The peso opened Wednesday’s session at P48.53 against the dollar, which was also its intraday best. Meanwhile, its weakest showing was at P48.625 versus the greenback.

Dollars traded declined to $710.70 million on Wednesday from the $869.33 million that changed hands on Tuesday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso climbed versus the dollar amid anticipation that the US government will soon agree on a stimulus.

“Peso was stronger as US House Speaker Nancy Pelosi is still hopeful for a deal this week for a stimulus package before the November 3 presidential elections,” Mr. Ricafort said in a text message.

The White House and Democrats in the US Congress moved closer to agreement on a new coronavirus relief package on Tuesday as US President Donald J. Trump said he was willing to accept a large aid bill despite opposition from his own Republican Party, Reuters reported.

With just two weeks until the US presidential election, Mr. Trump signaled a willingness to go along with more than $2.2 trillion in new COVID-19 relief, a figure Democrats have been pushing for months.

Senate Majority Leader Mitch McConnell, a Republican, publicly said he would bring up a deal if one is reached by Treasury Secretary Steven Mnuchin and Democratic House Speaker Nancy Pelosi and approved by the House of Representatives.

But he provided no timetable and privately has told his fellow Republicans that he did not favor a deal before the Nov. 3 presidential and congressional elections, a senior Senate Republican aide told Reuters.

Holding a vote on a costly new package of aid could prove politically difficult for some Senate Republicans running for reelection in conservative states.

The dollar fell to a one-month low on Wednesday after Mr. Trump boosted hopes for a large fiscal stimulus package, prompting a wave of market optimism that saw traders ramp up their bets on riskier currencies.

“All in all, the chances of a stimulus bill being passed still look rather thin and we doubt investors have high expectations in these terms,” ING strategists wrote in a note to clients.

At 0710 GMT, the dollar was down 0.3% against a basket of currencies, at 92.801.

A trader said the peso rose on expectations that Ms. Pelosi will accept a compromise on the stimulus before the US presidential elections.

For today, Mr. Ricafort expects the peso to move from P48.50 to P48.65 versus the dollar, while the trader sees it ranging from P48.50 to P48.70. — KKTJ with Reuters

P3-B design contract signed for Bataan-Cavite bridge project

THE Department of Public Works and Highways (DPWH) said late Tuesday that it signed a contract for the detailed engineering design of the 32-kilometer Bataan-Cavite Interlink Bridge project.

The P3.03-billion detailed engineering design activities will be carried out “in the next 15 months,” the DPWH said in a statement.

“Parties to the contract agreement that gives the green light to conduct the detailed engineering design from November 2020 to January 2022 are T.Y. Lin International Senior Vice-President Sajid Abbas, Pyunghwa Engineering Executive Vice-President Soo Young Park, Renardet S.A. Director Michele Coangelo, DCCD Engineering Corp. President Michael Roberto P. Reyes, and Project Director Sharif Madsmo H. Hasim of the DPWH,” the department added.

It said further that the detailed engineering design to be conducted will be funded under a loan agreement between the Asian Development Bank and the Finance department.

The project is expected to cut travel time between Cavite and Bataan to 20 to 30 minutes from the current five hours, the department said.

It added that the four-lane bridge will start from Barangay Alas-asin in Mariveles, Bataan, crossing the mouth of Manila Bay and terminating in Barangay Timalan, Naic, Cavite.

“Other than reduced travel time and lower vehicle operating costs, the Bataan-Cavite Interlink Bridge Project will provide opportunities for expansion outside Metro Manila for economic growth as well as support development of seaports of Cavite and Bataan as premier international shipping gateway to the country,” Public Works Secretary Mark A. Villar said. — Arjay L. Balinbin

PSA downgrades estimate for palay output; remains on track for 16.1% gain year on year

THE GOVERNMENT statistics office downgraded its third-quarter estimate for production of palay, or unmilled rice, to 3.542 million metric tons (MT), 0.1% less than the previous forecast issued on July 1.

If realized, the estimate would represent a 16.1% gain year on year due to an increase in the harvestable land area as well as yields per hectare.

The Philippine Statistics Authority (PSA) said that palay harvest area is projected to increase 15.7% year on year to 859,533 hectares.

Yield per hectare for palay is now seen at 4.12 MT. The PSA did not provide a previous estimate.

“About 310.54 thousand hectares or 36.1% of the updated standing crop has been harvested,” the PSA said.

Meanwhile, the corn production estimate for the third quarter has been upgraded to 2.825 million MT, 0.3% higher than the previous estimate on July 1.

If realized, corn output will see a 3.7% year-on-year increase.

Harvestable land area is now projected to increase to 919.51 thousand hectares, against 874.40 thousand hectares a year earlier.

Yield per hectare for corn is estimated to decline to 3.07 MT.

“About 523.21 thousand hectares of 56.9% of the updated standing crop has been harvested,” the PSA said.

In a mobile phone interview, former Agriculture Undersecretary and current Bangko Sentral ng Pilipinas Monetary Board member V. Bruce J. Tolentino said the upgraded rice projections can be attributed to the Rice Competitiveness Enhancement Fund (RCEF), as authorized by Republic Act No. 11203 or the Rice Tariffication Law.

He cited “the seed component of RCEF and efforts in distributing new good-quality seed to the farmers. It will really have an effect on production,” Mr. Tolentino said.

Under the law, P10 billion is allocated yearly to support rice farmers and increase their productivity. The P10 billion is funded from tariffs collected from deregulated rice imports.

In a separate report, the PSA said the average farmgate price of palay declined for a sixth consecutive week, falling 3.4% week on week to P16.26 per kilogram in the fourth week of September. The average price is up 2.8% year on year.

According to PSA data, the last increase in the farmgate price was in the third week of August, when it rose 0.2% week on week to P18.39.

In its weekly update on palay, rice, and corn prices, the PSA said the average wholesale price of well-milled rice fell 0.4% to P38.18 while the retail price fell 0.3% to P42.

The average wholesale price of regular-milled rice fell 0.8% to P34.43 while the retail price fell 0.1% to P37.68.

The farmgate price of yellow corn grain fell 0.4% week on week to P11.83.

The average wholesale price of yellow corn grain fell 0.3% to P20.83 while the retail price fell 0.2% to P24.88.

The farmgate price of white corn grain fell 0.1% week on week to P13.23.

The average wholesale price of white corn grain rose 2.4% to P16.13 while the retail price remained flat for a fourth consecutive week at P27.80.

Mr. Tolentino said the drop in palay farmgate prices has been typical of price behavior during harvest time.

“This time, every year, farmgate prices really decline. We should not be surprised by the drop in prices. Even farmers should not be surprised,” Mr. Tolentino said.

Mr. Tolentino said that around the end of November, farmgate prices of palay will start to increase once again, in anticipation of the Christmas season. — Revin Mikhael D. Ochave

BSP cites surge in online payment accounts for easy access to gov’t aid

MILLIONS OF new accounts have been opened with financial institutions to facilitate the receipt of government aid, mainly the Social Amelioration Program (SAP), but also to enable users to make digital payments and access credit during the pandemic, the central bank said.

“The COVID-19 pandemic actually induced a change in behavior in our consumer. Four million new accounts were opened digitally (from March 17 to April 30) and based on our data, 7.5 million accounts were opened to facilitate the distribution of the social amelioration program benefits,” Rochelle D. Tomas, deputy director for Consumer Empowerment Group of the Bangko Sentral ng Pilipinas (BSP) said at a Home Credit Philippines (HCPH) virtual media forum Wednesday.

Consumers gravitated to digital transactions in recent months due to quarantine restrictions, Ms. Tomas said.

The central bank targets a 50% share for digital payments out of all transactions by 2023.

Online payments accounted for 10% of transaction volume in 2018, against 1% in 2013, according to a United Nations Better than Cash Alliance report. By value, e-payments comprised 20% of the total in 2018, from 8% in 2013.

The BSP said in 2019, only 29% or 51.2 million adults held accounts with financial institutions. By 2023, the BSP aims to raise that share to 70%.

Sheila Paul, chief marketing officer of HCPH, said the company has observed a shift in buying behavior among its clientele.

“What’s interesting is we observed the increase in purchases of laptops and appliances. Before, mobile (devices were) our biggest (category) but now we see an increase in purchases of laptops, appliances, and bikes,” Ms. Paul said.

Due to the pandemic, HCPH made some of its services accessible through an online app, including loan applications, balance inquiries, and contactless payment options through a QR-enabled credit card.

HCPH also maintains an online marketplace with goods that can be claimed at partner stores.

The Prague-based financing company has 7 million customers in the Philippines and 2.2 million users of its app. — Luz Wendy T. Noble

1...8,9168,9178,918...14,237Page 8,917 of 14,237
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube