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Aboitiz, APEC council back sustained public, private partnership

THE public and private sectors need closer coordination while taking on a digital approach towards economic recovery as the pandemic crisis persists, the top official of the Aboitiz Group said.

“The private sector must be one with the government in achieving the objectives of digital transformation, so economies can recover and people can sustain themselves. It will not be easy, but we need to work together not just to live, but to sustainably thrive, under a new normal,” said Sabin M. Aboitiz, president and chief executive officer of Aboitiz Equity Ventures, Inc., in a statement on Wednesday.

His comments came from his speech at a virtual forum on Wednesday led by the Asia Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC), where he is a member.

“We know that no country in the world, regardless of socio-economic status, can claim that they were well-prepared to handle COVID-19 (coronavirus disease 2019). This further highlights the need to maximize regional cooperation to share resources. Countries need to come together to address the gaps in both resources and strategy on the road to building back better,” Mr. Aboitiz said.

The forum gathered representatives from the private sector, the government, the national and regional network of the Philippine Chamber of Commerce and Industry, and the regional affiliates of the Makati Business Club.

It was also participated in by digital firms, other business organizations and chambers of commerce, Aboitiz Group, Ayala Enterprise Circle, and SIKAP, which served as a learning platform to share best practices and successful models in APEC economies on digital innovation for economic recovery and resilience.

The Aboitiz statement quoted APEC as saying in July that COVID-19 had caused a 3.7% decrease in the Asia-Pacific region’s economic growth for 2020. It placed the total output loss at $2.9 trillion. It said APEC’s main recommendations for member economies are to invest in digital technology, improve technological infrastructure, and equip people with digital skills.

Mr. Aboitiz said a public-private partnership that is backed by a strong digital approach is a key solution for economies moving forward.

“Our collective experience these past months also points to how vital it is to have strong public-private collaboration. According to the Asian Development Bank, we particularly need close cooperation in order to protect consumers against cyber-crimes and fraud, prevent illegal activities, enhance cybersecurity to prevent cyberattacks, and protect personal data and privacy,” he said.

He also said that a digital transformation was essential to keeping companies afloat during the pandemic.

“Some companies struggled to make the shift while for others, it was simply like flipping a switch. Aboitiz belongs to the latter, thanks to the digital transformation efforts we have put in place several years back, but more importantly, our team was mentally ready which is the hardest part and takes the longest time,” Mr. Aboitiz said.

Created in 1995 by APEC leaders, the ABAC serves as the voice of the business sector and provides information on business-related issues or a business perspective on specific areas of cooperation.

Hungarian restaurant reinvents the wheel for social distancing

BUDAPEST — Hit by a plunge in turnover after foreign tourists vanished, Michelin-starred Hungarian restaurant Costes has staged a skyline dining event on the Budapest Eye ferris wheel to generate sales in a coronavirus-proof environment.

Costes owner Karoly Gerendai said that turnover at one of his reopened restaurants is down to about a tenth of pre-lockdown levels, forcing him to look for new ways to do business.

“Now that there are not many people either on the wheel or in the restaurant because there are no tourists, the opportunity arose that we could do this,” he said of the event at the landmark attraction in central Budapest.

“It is now especially important for people to be able to be separate from other guests to be safe, and the ferris wheel is ideal with its separate cabins.”

As of Sunday, Hungary had reported 46,290 COVID-19 cases with 1,142 deaths and the economy is heading towards a 5-7% contraction this year.

Tickets for the novel Costes dining experience cost up to 48,000 forints ($154.40) each for a four-course meal and sold out within days, Gerendai said, as affluent local clients sought a rare escape from the constraints of coronavirus restrictions.

Gerendai is planning to repeat the event when warmer weather arrives in the spring, though the cooler October night was no deterrent for customers on Saturday.

“We wanted to get out a bit and enjoy an experience again because we have been living quite closed in,” said Szabolcs Balazs, who took the meal with his wife and two children.

“We used to go to restaurants quite often; we have been to two Michelin-starred ones, but because of COVID we stopped going. So this is the only chance for us now because here we are really separated.” — Reuters

Term deposit yields inch higher as demand slows

YIELDS ON term deposits offered by the Bangko Sentral ng Pilipinas (BSP) were higher on Wednesday, tracking rates of US government bonds on hopes for a fresh stimulus to prop up the world’s largest economy amid the coronavirus pandemic.

Total tenders for the BSP’s term deposit facility (TDF) reached P518.88 billion on Wednesday, higher than the P490 billion on the auction block. However, this was lower than the P574.19 billion in bids logged during the previous auction against a P470-billion offering.

Broken down, bids for the seven-day deposits totaled P225.955 billion, higher than the P220-billion offering but failing to beat the P254.485 billion worth of tenders seen a week ago.

Accepted rates for the one-week paper ranged from 1.835% to 2%, a wider and higher band compared with the 1.8% to 1.9% logged on Oct. 14. With this, the average rate for the tenor settled at 1.8813%, increasing by 3.47 basis points (bps) from the 1.8466% seen at last week’s auction.

Meanwhile, demand for the 14-day papers amounted to P292.925 billion, beyond the P270 billion on the auction block but lower than the P319.705 billion in bids last week for a P250-billion offering.

Banks asked for yields ranging from 1.835% to 2.24%, up from the 1.78% to 1.87% band a week ago. This caused the average rate to settle at 1.9051%, increasing by 6.25 bps from the 1.8426% fetched at last week’s offering.

The 28-day papers were not offered for this week’s auction. BSP Governor Benjamin E. Diokno has said the TDF tenor will eventually be phased out as the central bank last month started offering bills of the same term.

The TDF and the BSP’s securities are among the central bank’s main tools to gather excess liquidity in the financial system and to better guide market interest rates.

“The results of the TDF auction continue to show that liquidity in the financial system is ample,” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement.

The higher TDF yields seen at this week’s auction followed the trend seen in US government bonds, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said yesterday.

“US government bond/Treasury yields are lately among four-month highs amid optimism on possible US stimulus that could entail more borrowings by the government and more supply of bonds that lead to higher bond yields,” Mr. Ricafort said in a text message.

Benchmark US Treasury yields hit four-month highs on Tuesday and the yield curve steepened as hopes grew that US lawmakers will agree on a deal for new stimulus, Reuters reported.

US President Donald Trump on Tuesday pushed for a comprehensive COVID-19 relief package, and said he would accept a deal worth more than $2.2 trillion despite opposition to large spending measures among his fellow Republicans in the US Senate.

Benchmark 10-year note yields rose four basis points on the day to a high of 0.801%, the highest since June 10. The yields have traded in a tight range from 0.50% to 0.80% since April, with the exception of a brief spike to 0.96% in early June.

The yield curve between two-year and 10-year notes steepened to 65 bps, the steepest since June 8.

Some investors are betting long-dated yields will rise after the Nov. 3 presidential election on the likelihood of greater fiscal spending to boost the economy, with Democrats expected to support a larger package if they win a majority in the Senate.

Mr. Ricafort said term deposit yields also rose amid lower bids after the central bank increased its offer volume.

“The higher TDF auction offering in recent weeks may be used to mop up excess liquidity,” he said. — LWTN with Reuters

PLDT eyes bigger budget for 5G expansion next year

PLDT Inc. may set a higher budget for the expansion of its 5G network next year, while also expecting its ability to deliver fixed wireless services to homes to increase significantly in a couple of years.

“We are in the middle of our budget planning for next year, and we will propose to the chairman further expansion of our 5G coverage. Obviously, we will work with our network team to make that happen,” Chief Revenue Officer Alfredo S. Panlilio said at a virtual briefing on Wednesday.

PLDT’s wireless arm Smart Communications, Inc. launched its 5G service commercially in July.

Mr. Panlilio added that PLDT will also be rolling out more fiber lines and ports nationwide in the next three to six months, as the telecommunications services company aims to serve the “continuously rising demand of more Filipinos for high-speed broadband and connectivity.”

PLDT announced separately that its units, PLDT Enterprise and Smart, are in an “advanced stage of discussion” with the multinational telecommunications firm, Nokia Corp., to provide Internet of Things (IoT) services for its customers.

“Smart and Nokia intend to build the ‘Smart IoT Platform’ –  the first of its kind for enterprises in the Philippines. This platform aims to help businesses easily deploy IoT services and solutions to manage their connected devices for growth opportunities in the future,” PLDT said in an e-mailed statement.

At the briefing, PLDT Chairman, President and Chief Executive Officer Manuel V. Pangilinan said: “We believe that in about a year or two, the ability of delivering fixed wireless services to the homes will increase significantly.”

He added that PLDT is focusing on fiber to the home, ”which we think will still remain the best platform to deliver services like entertainment, video, sports, and the like.”

He noted that PLDT’s fixed wireless services will become more important in servicing both the middle and the lower segments of the whole market, which are about “25 million households.”

PLDT and Smart had spent some P260 billion in total capital expenditures (capex) over the past five years.

The PLDT group’s capex reached P72.9 billion in 2019. It expects to spend a total of P70 billion this year despite the pandemic.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Arjay L. Balinbin

Royal Canin launches pet care app

Our pets have kept us company throughout this pandemic, and just because they are under the various levels of lockdown like their humans, that does not mean that their health has to suffer.

Royal Canin, a French pet nutrition company that exists as a subsidiary of candy giant Mars, has released a rewards program mobile app called Royal Canin Club. The Royal Canin Club app provides pet owners with exclusive access to credible pet care information as well as Royal Canin products and exclusive promos.

In line with the brand’s thrust of providing the tailored nutrition for pets, the app is a complementary tool for both new and old Royal Canin patrons. After registering their pet’s profile, pet owners can receive a gift set and vouchers, whether they are loyal users or new to the brand. It also comes with the Royal Canin e-learning tool, with informative and engaging content on maintaining pets’ wellbeing: proper diet and nutrition, digestive health, neonatal to ageing care, skin and coat care, training, and understanding pet behavior. Users also get access to app features such as pet quizzes, store locators for partner establishments, and first dibs to sale and promotion announcements from Royal Canin. Through the app, Filipino pet owners will have access to an exclusive store finder feature that can connect them to the nearest pet store, veterinary clinics, and pet breeders.

The app was announced via a Facebook Live broadcast last week. Dr. Melissa Phoon, Royal Canin Malaysia Corporate Affairs and Scientific Communications Manager, talked about the different nutritional needs every unique pet has. This is one of the cornerstones of Royal Canin, which emphasizes specific nutrition for different breeds and different lifestyles.

“Each pet is different and special,” said Dr. Phoon. For example, she says that age plays a factor: younger cats would need more nutrition than their adult parents, while busier working dogs need higher-calorie food for their active lifestyles. As for breeds, she notes that Siberian Huskies would need harder kibble to help with maintaining their teeth. She points out that chihuahuas would break their teeth on the food huskies eat, but they also need certain nutrients to prevent their genetic predisposition to having enlarged hearts.

Special guests also showed up during the event: crooner Moira dela Torre appeared with her dog (both were on their way to a shoot), while showbiz couple Aubrey Miles and Troy Montero consulted with cat breeder Francis Bonnevie.

While the app provides many tools, Adriann Eusebio, Royal Canin Philippines’ Country Director, still advises pet owners to regularly consult with their veterinarians. “The app will help give us, for you, relevant information. The best thing you can do as a pet owner is to make sure you complete the profile,” he said. “While the app has global knowledge, it might not be able to make up for the local situation.”

The Royal Canin Club app can be downloaded from the iOS App Store and Google Play Store for free. For more product news, promotions, and information on special giveaway contests, one may follow Royal Canin Philippines on its social media pages. — JLG

Google breakup seen needed to end antitrust law violations

WASHINGTON — The US sued Google on Tuesday, accusing the $1-trillion company of illegally using its market muscle to hobble rivals in the biggest challenge to the power and influence of Big Tech in decades.

The Justice Department lawsuit could lead to the break-up of an iconic company that has become all but synonymous with the internet and assumed a central role in the day-to-day lives of billions of people around the globe.

Such an outcome is far from assured, however, and the case is likely to take years to resolve.

The lawsuit marks the first time the US has cracked down on a major tech company since it sued Microsoft Corp. for anti-competitive practices in 1998. A settlement left the company intact, though the government’s prior foray into Big Tech anti-trust — the 1974 case against AT&T — led to the breakup of the Bell System.

The federal government’s complaint against Alphabet, Inc.’s, which alleges that Google acted unlawfully to maintain its position in search and search advertising on the internet, was joined by 11 states. “Absent a court order, Google will continue executing its anti-competitive strategy, crippling the competitive process, reducing consumer choice, and stifling innovation,” the lawsuit states.

The government said Google has nearly 90% of all general search engine queries in the United States and almost 95% of searches on mobile.

Attorney General Bill Barr said his investigators had found Google does not compete on the quality of its search results but instead bought its success through payments to mobile phone makers and others.

“The end result is that no one can feasibly challenge Google’s dominance in search and search advertising,” Barr said.

When asked on a conference call if the department was seeking a breakup or another remedy, Ryan Shores, a Justice Department official, said, “Nothing is off the table, but a question of remedies is best addressed by the court after it’s had a chance to hear all the evidence.”

In its complaint, the Justice Department said that Americans were hurt by Google’s actions. In its “request for relief,” it said it was seeking “structural relief as needed to cure any anti-competitive harm.” “Structural relief” in antitrust matters generally means the sale of an asset.

“Ultimately, it is consumers and advertisers that suffer from less choice, less innovation, and less competitive advertising prices,” the lawsuit states. “So, we are asking the court to break Google’s grip on search distribution so the competition and innovation can take hold.”

Google called the lawsuit “deeply flawed,” adding that people “use Google because they choose to — not because they’re forced to or because they can’t find alternatives.”

Investors seemed to shrug off news of the lawsuit, sending shares Alphabet up 1.9% to $1,563.51 on Tuesday afternoon.

POLITICAL ELEMENT
Tuesday’s federal lawsuit marks a rare moment of agreement between the Trump administration and progressive Democrats. US Senator Elizabeth Warren tweeted on Sept. 10, using the hash tag #BreakUpBigTech, that she wanted “swift, aggressive action.”

Still, coming just days before the US presidential election, the filing’s timing could be seen as a political gesture since it fulfills a promise made by President Donald Trump to his supporters to hold certain companies to account for allegedly stifling conservative voices.

Republicans often complain that social media companies, including Google, take action to reduce the spread of conservative viewpoints on their platforms. Lawmakers have sought, without explaining how, to use antitrust laws to compel Big Tech to stop these alleged limitations.

The complaint pointed to the billions of dollars that Google pays to smartphone makers such as Apple, Inc., Samsung, and others to make Google’s search engine the default on their devices.

This means that rival search engines never get the scale they need to improve their algorithms, and grow, the complaint said.

“General search services, search advertising, and general search text advertising require complex algorithms that are constantly learning which organic results and ads best respond to user queries,” the government said in its complaint. “By using distribution agreements to lock up scale for itself and deny it to others, Google unlawfully maintains its monopolies.”

Google has been successful at protecting its profit derived from the Android mobile operating system, which is officially open source, but companies that change it are barred from lucrative revenue-sharing agreements.

Justice Department investigators found an internal Google analysis of restrictive agreements determined that just 1% of Google’s worldwide Android search revenue was at risk of being lost to competitors.

“This analysis noted that the growth in Google’s search advertising revenue from Android distribution was ‘driven by increased platform protection efforts and agreements,’” the complaint found.

OTHER CHALLENGES
The 11 states that joined the lawsuit all have Republican attorneys general.

More lawsuits could be in the offing since probes by state attorneys general into Google’s broader businesses are under way, as well as an investigation of its broader digital advertising businesses. Attorneys general led by Texas are expected to file a separate lawsuit focused on digital advertising as soon as November, while a group led by Colorado is contemplating a more expansive lawsuit against Google.

The lawsuit comes more than a year after the Justice Department and Federal Trade Commission began antitrust investigations into four big tech companies: Amazon.com, Inc., Apple, Facebook, Inc., and Google.

Seven years ago, the FTC settled an antitrust probe into Google over alleged bias in its search function to favor its products, among other issues. The settlement came over the objections of some FTC staff attorneys.

Google has faced similar legal challenges overseas.

The European Union fined Google $1.7 billion in 2019 for stopping websites from using Google’s rivals to find advertisers, $2.6 billion in 2017 for favoring its own shopping business in search, and $4.9 billion in 2018 for blocking rivals on its wireless Android operating system. — Reuters

BPI’s net income sinks 33.7% in Q3 on higher loan loss reserves

BANK OF THE Philippine Islands (BPI) posted a lower net income in the third quarter as it continued to increase its loan loss reserves amid the coronavirus pandemic.

The Ayala-led bank’s net income dropped 33.7% to P5.5 billion in the third quarter from the P8.29 billion it booked in the same period last year, it said in a disclosure to the local bourse on Wednesday.

This brought BPI’s net profit for the first nine months of the year to P17.17 billion, down 22.1% from the P22.03 billion booked in the comparable year-ago period.

This translated to a return on equity of 8.32%, while its return on assets was at 1.05%. 

The bank’s loan loss provisions stood at P21.06 billion in the first nine months, more than four times the P4.58 billion it set aside in the same period last year. BPI said it ramped up its provisioning “in anticipation of an increase in NPL (non-performing loan) levels in light of the continued weakness in the economic landscape.”

BPI’s revenues in the nine-month period rose 9.7% year-on-year to P77.88 billion.

The lender’s net interest income grew by 11.8% to P54.4 billion at end-September, which it said was driven by the 5.7% expansion in its average asset base supported by an 18-basis-point widening in its net interest margin to 3.51%. 

BPI’s loan portfolio stood at P1.38 trillion as of September, up 0.9% from the previous year. The bank said this increase was on the back of a 8.7% growth in mortgage loans and a 2.6% rise in corporate lending.

Meanwhile, deposits with the bank increased four percent year-on-year to P1.68 trillion on the back of a 14.7% growth in current account, savings account or CASA deposits.

The bank’s CASA ratio stood at 76.2% while its loan-to-deposit ratio was at 82.1%.

BPI posted an NPL ratio of 2.98% in the third quarter. Its NPL coverage ratio, meanwhile, stood at 100.4%.

On the other hand, the bank posted a non-interest income of P23.48 billion in the first nine months, climbing 5.1% from the year-ago level, boosted by “robust” gains from securities trading.

BPI’s total operating expenses dropped 1.6% to P36.48 billion at end-September due to “lower premises, technology, and various discretionary costs such as marketing, advertising, and management and professional fees,” it said. This brought the cost-to-income ratio to 46.8%, lower than the 52.2% recorded in the prior year.

The lender’s assets totalled P2.2 trillion at end-September, growing 3.6% from the previous year, while equity stood at P283.44 billion.

Its common equity Tier 1 ratio was at 15.46% while its capital adequacy ratio stood at 16.35%, both well above regulatory requirements.

BPI shares closed at P75.80 apiece on Wednesday, rising P6.80 or 9.86% from the previous day’s finish.

SEC warns against investing in Olympro

THE Securities and Exchange Commission (SEC) is warning the public against engaging with a certain Olympro Stocktrading Web Content Publishing (Olympro), which it said is not authorized to solicit investments from the public.

In an advisory on its website, the corporate regulator said Olympro has no business registration with the SEC, except a Certificate of Business Name Registration that was given last August.

It also does not have the secondary license that allows companies to offer and sell securities to the public, nor a registration as a crowdfunding intermediary or a funding portal.

“The public is advised not to invest or stop investing in any investment scheme being offered by any individual or group of persons allegedly for or on behalf of Olympro… and to exercise caution in dealing with any individuals or group of persons soliciting investments for and on behalf of them,” it said.

The SEC is issuing the advisory after an investigation of the company, which it found to be offering an investment scheme through its own website and Facebook page. These were no longer accessible as of Wednesday.

Olympro supposedly claims to be a “private platform where it gives 20% interest in just eight days,” based on a screenshot of the company’s website, which the SEC attached to its advisory.

The group solicits P200 to P100,000 investments in exchange of a 5% commission from recruiting more investors. Compensation plans guarantee a 20% return in eight days, a 50% return in 15 days, or a 100% return in 30 days, depending on which plan investors participate in.

The SEC said this activity can be qualified as offering securities for public sale, which is a regulated activity that requires an SEC license.

For violating the Securities Regulation Code, the people behind Olympro may be held criminally liable and penalized with a maximum P5-million fine, 21-year imprisonment, or both.

The SEC is consistently issuing advisories on its website to warn investors of fraudulent investment schemes. It has so far issued cease and desist orders to several groups this year, namely Forsage and Forsage Philippines; Fast Track Worldwide, Inc.; JOCALS688 Beauty and Wellness Products Trading, Inc.; Building Our Success Stories Network, Inc.; CROWD1 Asia Pacific, Inc.; Lion City Finance Group, Inc.; and Payasian Pte. Ltd. Corp. — Denise A. Valdez

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.

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