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Asia Brewery drafts new ties with Heineken for Philippine operations

LUCIO C. TAN’s Asia Brewery, Inc. is reforming its joint venture with Dutch brewery Heineken International B.V. for a new partnership structure that will continue bringing its products to the country.

LT Group, Inc., the listed parent of Asia Brewery, told the stock exchange on Wednesday that the beer manufacturers were working to create a “realigned” partnership to be completed by the end of the year.

“[Asia Brewery and Heineken] have agreed to transition the AB Heineken Philippines, Inc. joint venture to a new partnership structure to produce and distribute Heineken beer brands Heineken and Tiger in the Philippines,” it said.

“Heineken will establish a sales and marketing office based in Manila and will engage Asia Brewery to brew and distribute its beers in the country,” it added.

Asia Brewery and Heineken started their partnership in May 2016 through joint venture AB Heineken Philippines. It is jointly controlled by both companies, with each owning 50%, and manufactures beer brands such as Asia Brewery’s Beer na Beer, Colt 45 and Brew Kettle, and Heineken’s Heineken and Tiger.

In Wednesday’s statement, Asia Brewery said Heineken continues to see a “good long-term business opportunity” in the Philippines and wants to continue distributing its Heineken and Tiger brands to the country.

“The immediate priority for Asia Brewery and Heineken is to ensure a smooth transition for the employees of AB Heineken Philippines and continuity for its customers and suppliers,” it said.

LT Group was not immediately available for comment when asked about the reason for the partnership realignment.

Aside from its joint venture with Heineken, Asia Brewery also produces energy drinks, bottled water, soy milk, and yoghurt products. It is 99.9% owned by LT Group to represent the holding firm’s beverage segment.

In the first six months of 2020, net income from LT Group’s beverage segment fell 85% to P40 million. But the whole group’s attributable net income climbed 9% to P10.03 billion due to growth in the tobacco, distilled spirits, and property segments.

Shares in LT Group at the stock exchange picked up 74 centavos or 8.08% to P9.90 each on Wednesday. — Denise A. Valdez

Lenovo introduces new Yoga laptop

PC AND SMART DEVICE company Lenovo has introduced the newest entry to their convertible Yoga line, the premium Slim 7i Carbon, targeted towards “always-on-the-go business leaders, entrepreneurs, and millennials.”

The 13.3-inch, 966-gram laptop is said to only offer featherweight portability, but also “military-grade durability” after it went through “strict in-house reliability test and nine military-grade tests for durability,” according to a press release.

“Whether it transforms the way people use technology or a faster way of getting things done so they can focus on what truly matters — the Yoga Slim 7i Carbon is a testament to Lenovo’s mission to continuously break innovation boundaries and deliver smarter technology for all,” said Peter Yeung, general manager for consumer business of Lenovo Asia Pacific, in the release.

The announcement of the new Yoga laptop follows Lenovo launching its new cloud-based Software as a service (SaaS) called Lenovo Device Intelligence meant to help diagnosing PC issues and predicting potential system failures before they occur. The company also introduced new entries to its ThinkBook, ThinkPad, and ThinkVision lines, the lines targeted towards small, medium businesses and professionals.

The Yoga 7i Slim Carbon comes with a proprietary multi-layer carbon fiber coating that makes the device lighter by 47% and 25% more durable, with an easy-to-clean, anti-fingerprint finish.

Within, the laptop is powered by the Intel Evo platform which assures “a laptop that is co-engineered, designed and verified for exceptional responsiveness, as well as a lasting battery life with fast charging capabilities.”

The device contains 11th generation Intel Core processors, Intel Wifi 6, two Thunderbolt 4 ports, and is capable of lasting through 15 hours of video playback or 13 hours of “all-day office productivity.” Fifteen minutes of charging can also provide two hours of use.

Yoga Slim 7i Carbon has more than 91% active area ratios and a 2560×1600 Quad HD display, and 300-nit brightness. It also has 100% sRGB color gamut and supports Dolby Vision HDR imaging enhancement and includes 2×2 Dolby Atmos-certified speakers.

As part of its privacy features, the device has Glance by Mirametrix, which recognizes when the user is looking away and automatically blurs the on-screen content, and sends posture notifications if the user gets too close to the screen.

Pricing and availability of Lenovo Slim 7i Carbon will be released on Oct. 26. — Zsarlene B. Chua

Filipino food and stories centerstage at 4th Mama Sita tilt done online

STORIES nourish just as much as food, and the Mama Sita Foundation’s 4th Mga Kwentong Pagkain goes on despite a pandemic.

The contest focusing on Filipino food, went online this year: the submissions, deliberations, and awarding of the winners were all done in everyone’s homes, with contestants coming from all corners of the Philippines.

While the last contest (held in 2016) was strictly an essay-writing one, with the winners published in a book the online format opened new possibilities with entries for this year were submitted in written, video, and even in illustrated form through the contest website’s page, with over 50 entries submitted from its launch on June 25 to its close on August 16.

The different entries were reviewed and discussed by panelists, which include food historian Felice Sta. Maria, Ateneo de Manila University professor emeritus Fernando Zialcita, author Guillermo Ramos, Jr., columnist Michaela Fenix, and writer Nina Puyat.

They shared their insights and inputs from the entries with each other through an email thread. The top ten entries for the contest were posted on Facebook last September 15, which also opened the nominations for the Patok na Mangkok award, given to the entry with the most likes and reactions in the post.

The winners and runners-up of the contest were announced in a video premiere on the Mga Kwentong Pagkain’s Facebook page, hosted by Paolo Paculan and Matthew Yuching. Taking home the Patok na Mangkok award was Aries Mercado, who hails from the province of Pampanga. His entry was a story on the different varieties of lulak or lugaw (rice porridge) in the province.

The three major island groups of the country were represented in the contest by awarding one winner each of the Pinilakang Palayok award from Luzon, Visayas, and Mindanao.

With a grand winner from each of the major islands in the country, the Pinilakang Palayok were given the distinction of being the best entries from Luzon, Visayas, and Mindanao.

Luzon winner Bea Mandapat comes from La Trinidad, Benguet, and wrote about Etag, or salted and preserved pork, that her family traditionally made. She also talked about the memories the food invoked from both her and her father.

“Perhaps to conjure a memory of crisp nights in a yard behind a steel drum house, or the sound of dinnertime laughter around a wooden table where new friends became old ones. Or maybe even the lasting image of piercing blue-gray eyes telling you to finish your food,” said her entry. 

Visayas winner from Bohol, Procopio “Cooper” Resabal Jr. shared his ancestors’ story of how their entire village managed to escape conflict and bloodshed by holding a feast and serving the soldiers Halang-halang manok tinunuan, a spicy and milky chicken dish. The dish has always been the centerpiece of any gathering or events in his hometown. He talks about the role of the dish in supporting and sustaining their village.

“Indeed, in war and peace, and even in times of disaster, the Halang-halang manok tinunuan continues to add spice to life and help the clan and the folks rise again from historical and natural challenges in my father’s village,” says his entry.

Finally, Mindanao winner from Zamboanga John Serag writes about their local street food satti, explaining that the satti is not just a local concept, but came as a result of different cultures and practices influencing its creation, from foreign to local influences.

“Kung satti ang nakahain, tiyak na magdadala ito ng kakaibang sarap satti’ng paggising,” (If satti is served, it will surely bring a different kind of enjoyment when waking up), read his entry.

The contest continues to prove throughout the years that sharing one’s culture and history, especially their food traditions, will always find a way to tell its story. Through the contest, Filipinos here and abroad are given an opportunity to tell their culinary stories and traditions to a bigger audience, to tell their kwentong pagkain to everyone else. — JLG

ICTSI unit to invest $18 million in Ecuador terminal

LISTED International Container Terminal Service, Inc. (ICTSI) announced on Wednesday its subsidiary in Ecuador had signed a new contract with the Latin American state to further develop its largest terminal there.

Contecon Guayaquil S.A., ICTSI’s subsidiary in Ecuador, is investing $18 million “to boost the port’s capacity” to accommodate larger vessels, the listed company said in an e-mailed statement.

José Antonio Contreras, the general manager of ICTSI’s Contecon Guayaquil, was quoted as saying: “This is a decisive complement to the joint commitment we have made to achieve great objectives in pursuit of the development of this sector.”

Mr. Contreras signed the contract with Gabriel Martínez, Ecuador’s minister of transportation and public works, according to ICTSI.

The company said its Ecuador unit had started servicing larger vessels called neopanamax last year.

“[It is the] first port in the country capable of handling this large class of containerships following the dredging of the 95-kilometer access channel leading to the Port of Guayaquil,” it said.

The ICTSI Ecuador also plans to “increase the total investment amount to $30 million as part of its commitment to enable and promote Ecuador’s foreign trade,” the company added.

In 2007, ICTSI was awarded a 20-year operating concession for container and multipurpose terminals in Guayaquil, Ecuador.

“Last December, the Autoridad Portuaria de Guayaquil extended the concession period for another 20 years, allowing the company to operate until 2047,” ICTSI said.

In the Philippines, ICTSI operates the Manila International Container Terminal, New Container Terminals 1 and 2 in Subic Bay and Cavite Gateway Terminal. It also operates terminals in several markets in Asia Pacific, Africa, Americas, Europe, and Middle East. — Arjay L. Balinbin

Sri Lankan cuisine is hot 

Make this Sri Lankan prawn curry at home

HOPPERS restaurant was a sensation when it opened in London’s Soho in 2015.

Diners were unfamiliar with Sri Lankan cuisine, and long queues formed. You might wait two hours to enjoy inexpensive dishes, whose spicing was subtly different from the north Indian restaurants for which the city is well known. Five years on and there are now three Hoppers outlets, where you can book tables in advance. The long lines are gone but the popularity and quality remain.

Hoppers’ director, Karan Gokani, didn’t train as a professional chef. He’s a former lawyer and worked for Linklaters before entering the restaurant business. But Mr. Karan is accomplished in the kitchen. Chef Andrew Wong, who holds a Michelin star at A. Wong, has eaten at his home and describes him as “an amazing cook, a super-talented chef.” Mr. Karan grew up in Mumbai in a Gujarati family eating mainly vegetarian dishes, but some of the best food was cooked by a Tamil great uncle. Mr. Karan came to love South Indian and Sri Lankan cuisine. (He proposed to Sunaina in Sri Lanka and they married in Kerala.)

Hoppers is owned by JKS Restaurants, of which Mr. Karan’s wife Sunaina Sethi was one of the three founders, with her brothers Karam and Jyotin. Karam is among the UK’s most influential chefs, known for restaurants such as Gymkhana.

Here, Mr. Karan has supplied a recipe for home-style Sri Lankan prawn curry, or isso kari. While much of the ingredients can be sourced pretty easily, readers may have difficulty finding Sri Lankan roasted curry powder as it is “vastly different from the garam masalas or the typical Madras curry powders you find on supermarket shelves,” Mr. Karan said. If there’s none in your local store, try to go online to find it. He recommends using prawns with heads and shells on, which you can ask a fishmonger to clean and prep for you, but headless fresh prawns from a supermarket are OK, but you really need fish stock for depth of flavor. Cooked prawns are an absolute no-no as they will go rubbery without absorbing the spices, Mr. Karan said.

I enjoyed the dish, which was hotter than I’d anticipated. (It was only later that I noticed the Kings curry powder I used is 32% dried red chilies.) If you don’t want prawns, this recipe also works with mackerel, sardines, or fillets of bream or bass. The recipe is supposed to serve three to four people. I just ate it all myself.

INGREDIENTS:
600 grams of (21 ounces) raw prawns with skin and head on; or about 350g if without shells

1/4 teaspoon fenugreek seeds

2 garlic cloves, minced

1 tsp ginger, minced

1 onion, finely chopped

2 very ripe medium tomatoes, diced

250 milliliters (8.5 fluid ounces) coconut milk

100 ml water or fish stock

10-12 curry leaves, ideally fresh

1 cinnamon stick

2 long green chilies, slit (remove seeds if you prefer less spicy, or leave out completely if you prefer milder still)

1.5 tablespoons roasted Sri Lankan curry powder

1/2 tsp turmeric

1 tsp chili flakes

1/4 tsp salt

2 tbsp coconut oil

To garnish:

Finely chopped coriander

Lime, cut into 4

PREPARATION:
Marinate prawns in a pinch of salt and turmeric for an hour.

Heat the oil in a wok or saucepan over medium heat. Add the fenugreek seeds and stir until they get a shade or two darker in color, but be careful not to burn them or they will go bitter.

Add the cinnamon stick, onion, garlic, and ginger and sweat for about 5 minutes over medium heat till the onions go translucent and soft and the garlic doesn’t smell raw anymore. The onions don’t need to be browned as some recipes call for. If they begin to catch/stick to the pan at any point, add a splash of water or stock and keep cooking.

Add the tomatoes and cook for 3 minutes until soft and pulpy.

Add the curry leaves and remaining spices and cook for a further 3 minutes adding a splash of stock if they stick or burn.

Add the coconut milk and fish stock and salt and simmer for about 10 minutes. Don’t allow the curry to boil as the milk could split. If you’d like the curry thicker, simmer it for a little longer until you are satisfied with the consistency.

Add the chilies and prawns and continue to simmer for 4-6 minutes until the prawns turn pink and are fully cooked through. If you use peeled raw prawns they won’t need any more than a couple of minutes, depending on their size. Don’t overcook or they will go rubbery and hard.

Check seasoning, garnish with coriander and serve with steamed rice or string hoppers and a wedge of lime to squeeze over. — Bloomberg

Term deposits fetch mixed rates as gov’t favors local borrowings

BSP
YIELDS on the central bank’s term deposits ended mixed as the government said its borrowing program will continue to have a bias for the local market. — BW FILE PHOTO

YIELDS ON term deposits offered by the Bangko Sentral ng Pilipinas (BSP) were mixed on Wednesday as the country’s Finance chief said the government is looking to borrow more from the domestic market next year.

Bids for the BSP’s term deposit facility (TDF) amounted to P574.19 billion on Wednesday, higher than the P470 billion on the auction block. However, this was lower than the P677.985 billion in tenders last week for the P480 billion on offer, which included one-month deposits.

Broken down, demand for the seven-day papers totaled P254.485 billion, going beyond the P220-billion offering as well as the P233.945 billion in tenders logged on Oct. 7.

The one-week term deposits fetched rates ranging from 1.8% to 1.9%, a wider margin compared with the 1.825% to 1.86% recorded a week ago. This caused the average rate for the tenor to settle at 1.8466%, increasing by 0.35 basis point (bp) from the 1.8431% seen the prior auction.

Meanwhile, bids for the 14-day deposits amounted to P319.705 billion, higher than the P250 billion auctioned off by the central bank but lower than the P336.33 billion in tenders logged a week ago for the P220 billion up for grabs.

Lenders asked for yields ranging from 1.78% to 1.87%, a wider margin compared with the 1.8215% to 1.8598% band in the previous auction. With this, the average rate for the two-week papers stood at 1.8426%, dropping by 0.66 bp from the 1.8492% fetched a week ago.

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 TDF auction results reflect sustained high level of liquidity in the financial system,” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement.

“Moving forward, the BSP will continue to review and gradually recalibrate its monetary operations, guided by its assessment of market developments and liquidity conditions,” Mr. Dakila added.

Rates for the term deposits ended mixed on signals from the government’s top economic manager on the country’s preference for local borrowings, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message yesterday.

“Auction yields were mixed after the Department of Finance signalled preference for commercial borrowings and possibly more borrowings from the BSP by the National Government for 2021,” Mr. Ricafort said.

Finance Secretary Carlos G. Dominguez III said in a Bloomberg interview that the government might look to tap the central bank again next year “if the  economy doesn’t perform well.” Another option is to go back to the commercial debt market, Mr. Dominguez added.

Earlier this month, the National Government received P540 billion in fresh provisional advances to help plug the budget deficit amid the crisis. In total, the BSP has already lend out P840 billion to the National Government, only P10 billion short of the P850-billion limit set by the Republic Act 11494 or the Bayanihan to Recover as One Act.

Meanwhile, the BTr said on Monday it will no longer push through with its panda and samurai bond offerings originally targeted for this year, but is still keen to auction off a second batch of Premyo bonds. — L.W.T. Noble

Huawei launches Matebook 14

HUAWEI Technologies Co., Ltd. has introduced the new Matebook 14, the flagship ultraportable laptop of the brand, in the country, with a price tag of P54,999.

The Huawei Matebook 14 is a 14-inch, 1.49 kilogram laptop packing Huawei’s 2K FullView Display, 7nm AMD Ryzen 4000 H-Series mobile processors, and 16 GB RAM. The notebook uses a 3:2 aspect ratio and a screen-to-body ratio of 90% and bezels measuring as thin as 4.9 mm.

Underneath, the Matebook 14 includes AMD Radeon Graphics and which can be pushed up to 40W for more demanding tasks such as bulk image editing and coding. The notebook can have up to 16GB DDR4 RAM and up to 512GB high-performance PCIe SSD while the dual Shark fin fans ensure that the device does not overheat.

Its 56Wh batteries can support up to 10 hours of “continuous local 1080p video playback,” according to a press release while its USB ports are always on by default so users can charge other peripherals even when the laptop is turned off.

The MateBook14 also supports Huawei Share that offers a virtual version of your phone on the laptop where users can seamlessly control the smartphone through the PC, transfer files between each other, among others.

Other features of the notebook include a fingerprint power button, dual 2W speakers, and a backlit keyboard.

The Huawei Matebook 14 is now available at P54,999 through online and offline Huawei stores. Those who will purchase the laptop until Oct. 24 will get freebies including the Huawei Classic Backpack and Huawei FreeBuds 3i, worth P11,998. — Zsarlene B. Chua

Globe says upgraded cell sites up 26.4% in Sept.

GLOBE TELECOM, Inc. said it had upgraded 7,780 cell sites to 4G/LTE last month, 26.4% higher than the cell sites upgraded last year.

“As of September this year, Globe has exceeded its performance of cell site upgrades with 7,780 or a 26.4%  increase compared to the number of cell sites upgraded last year.  The cell sites are now 4G LTE ready to give customers faster connectivity and better mobile experience,” Globe said in an e-mailed statement.

Globe said it has put up 593 new towers since January.

“In terms of bringing connectivity to challenged areas, the company has installed more cell sites in parts of Davao Oriental, Zamboanga Sibugay, Zamboanga del Norte, Bukidnon, South Cotabato, Maguindanao, Davao Oriental, Isabela. Ilocos Sur, Catanduanes, Marinduque, Southern Leyte, Capiz, Oriental Mindoro, Occidental Mindoro, Metro Manila, and Rizal with no or weak signal,” the listed mobile network operator said.

“This effectively expands the coverage of Globe to more locations nationwide,” it added.

Joel R. Agustin, Globe senior vice president for program delivery, network technical group, said: “We are committed to fulfilling our network upgrades and expansion program to improve the connectivity in the country and bring better data experience to our customers. We have regarded the various community lockdowns, not as concerns but challenges to deliver more and make the best of the opportunities given to us.”

Telcos are hoping to improve connectivity in remote areas soon in response to the “new normal” caused by the pandemic.

Telcos have said the goal is achievable with the stimulus legislation that reduces the requirements for permits needed to put up and operate cellular towers.

President Rodrigo R. Duterte recently signed Republic Act No. 11494 or the Bayanihan to Recover As One Act (Bayanihan II), an economic stimulus program that grants the government the power to simplify the permit process for building cell towers. — Arjay L. Balinbin

Dining In/Out (10/15/20)

Leading kitchen brands on Zalora

LEADING home brands like Tefal Cookware, Cuisinart, Conair, and Oneida are now available on Zalora. Tefal Cookware, the world’s first non-stick cookware, introduces Tefal Ingenio, a versatile cookware that features a 100% safe, removable handle with a smart, ergonomic design. Its stackable design is perfect for condo living and is easy to clean. Get discounts of up to 30% off on select Ingenio cookware sets until Oct. 26 on Zalora. Other Tefal cookware have discounts of up to 40%, and there are discount vouchers up to 45% off on select items until Oct. 26. Meanwhile, Cuisinart has been producing cutting-edge kitchen appliances for decades including the ultra-powerful Cuisinart Hurricane Pro Blender that features a commercial-grade three peak horsepower and variable speed control of up to 24,000 RPM. The Pro blender is offered with discounts of up to 35% until Oct. 31. Also, the Beka Energy Range that consists of a casserole, fish pan, frying pan, grill pan and wok that are suitable for use with all heat sources including induction are up to 40% off until Oct. 26. Oneida, best known for its flatware, is now on offer with discounts up to 30% on select items until Oct. 31. The Conair Multi-Function Garment Steamer is also available with discounts of up to 35% until Oct. 31.

Seaweed chips venture supports displaced Tawi-Tawi farmers, housewives and Badjao children

AT THE ONSET of the COVID-19 (coronavirus disease 2019) pandemic lockdown, Manila-based sisters Alyssa Sahali Tan, 21, and Dayang Iman Sahali, 23, immediately rushed home to the municipality of Panglima Sugala in Tawi-Tawi, with the intention to assist their local communities. Together, they launched Mangan by Iman, a social enterprise which aimed to change perceptions of the region. Juana’s Delight Seaweed Chips, named after their maternal grandmother, is their first product. Sourced from farmers at Barangay Tongbangkaw, the harvest is then processed by a team of mothers/housewives. Once done, the final product is brought to the Zamboanga City headquarters for marketing and distribution. Mangan by Iman lives up to its mission to place community development first before profit as a generous amount of the sales of Juana’s Delight is allotted to provide monetary assistance and school supplies for the indigenous children, especially the Badjao students in Panglima Sugala Sailing Boat School. Juana’s Delight accepts nationwide orders through the official Facebook and Instagram channels of Mangan by Iman. For inquiries, e-mail inquiries.byiman@gmail.com.

Pancake House rewards card accesses new promos

PANCAKE House makes its Rewards Cards more accessible with its special October promos: get a free House Special Set A upon activation, a 10% discount with every P600 worth of purchases, and free birthday pancakes on your birthday month. For October, a free Rewards Card awaits with every Pancake House purchase worth P500 (dine-in, takeout, Curbside pick-up, or delivery placed on the Pancake House website). Other Max’s Group brands have crossover promos. Krispy Kreme OG card holders can present their OG Card at any Pancake House store to get a free rewards card with any purchase until Oct. 31. From Oct. 15 to Nov. 15, presenting receipts worth P1,500 from Dencio’s or P800 from Teriyaki Boy or Sizzlin’ Steak in any Pancake House store makes one eligible for a free rewards card for any in-store purchase. During selected periods — Oct. 15-18 and Oct. 29-Nov. 01 — the signature House Special Set A (which contains a Taco, Spaghetti with Meat Sauce, garlic bread, 1pc Classic Pan Chicken and juice) will be available for P249.  Likewise, card holders may also enjoy Spaghetti with Meat Sauce for a discounted price of P279. For all remaining Mondays of October, Pancake House Rewards card holders get a free box of six Original Glazed Doughnuts for every dozen Original Glazed Doughnuts purchased. All Rewards Card exclusive promos and other updates are available in Pancake House’s Viber Community (https://bit.ly/PancakeHouseCommunity).

McDonald’s Shakes are not going away

MCDONALD’S Philippines has announced that the McDo Shakes — originally a limited offer — are here to stay as it is now a permanent offering alongside other McDonald’s favorites. McDonald’s creamy soft-serve ice cream is combined with sweet chocolate or strawberry syrup to make a McDo Shakes available for P69 for a regular sized shake and P89 for a medium sized shake. Upgrade a meal’s beverage with a shake for 45. The exclusive Strawberry Shake promo is now available on the McDonald’s App. Download the app on the App Store or Google Play Store and to find out more about the deals. McDo Shakes are now available in all McDonald’s stores nationwide via Dine In, Take Out, Drive Thru, Pick-up, and McDelivery.

Popeyes US Spicy Chicken Sandwich now available via GrabFood

POPEYES Louisiana Kitchen brings a hot and bold new flavor to GrabFood with the exclusive launch of the new U.S. Spicy Chicken Sandwich this October 14 at 11 a.m. Priced at P149, be the first to sink your teeth into this spicy juicy chicken sandwich before its exclusive GrabFood launch on October 17, followed by the official in-store launch happening on October 18. Get a spicy kick from the U.S. Spicy Chicken Sandwich’s perfectly cooked spicy boneless chicken with pickled jalapeños, bacon strips, and spicy roasted garlic mayo on a toasted brioche bun. Download the Grab app and get it exclusively on GrabFood starting October 14. Visit the Grab app and Grab social media channels for more details.

Del Monte Philippines delivers higher operating profit of P1.4B on sales of P7.4B in the first quarter

Del Monte Philippines, Inc. (DMPI) generated sales of P7.4 billion in the first quarter ending July 2020 as reported in the company’s SEC filing. Close to two-thirds of DMPI’s sales are in the Philippines and the balance in the international market.

Sales in the Philippines grew by a commendable 18% to P4.5 billion, versus P3.8 billion in the same period in 2019. The higher revenue demonstrates Del Monte’s brand strength and solid fundamentals amidst the pandemic. This robust performance offset lower international sales of P2.4 billion. As a result, total DMPI sales were in line with last year, a testament to the company’s resilience. In the month of July, international sales’ decline decelerated, better than the first two months, showing encouraging signs of restoring its path to growth.

DMPI’s operating income in the first quarter surged 27% to P1.4 billion with higher sales and improved sales mix in the Philippines, lower costs, better margins and controlled operating expenses. The company maintained its net income at P0.9 billion, comparable to last year, holding its ground amidst the pandemic.

The company improved sales across all categories in the Philippines, culinary, beverages and fruits, led by Spaghetti Sauce, Quick ‘n Easy Meal Mixes and Pineapple Juice. During the pandemic, consumers turned to the trusted Del Monte brand and cooked more meals at home with the company’s healthy culinary products, supported by Del Monte Kitchenomics’ meal preparation. Consumers also strengthened their immunity with100% Pineapple Juice rich in vitamin C.

The company’s strong performance in the Philippines was driven by retail channels which rose 32%. This offset the declining foodservice channel which shifted its focus to e-commerce and community delivery services, partially recouping declines caused by restaurant closures during the lockdown.

DMPI has been in operation in the Philippines for 94 years and is the market leader in canned pineapple and mixed fruit, canned and Tetra ready-to-drink juices, tomato sauce and spaghetti sauce categories, under its iconic Del Monte brand. The company is one of the largest food and beverage companies in the Philippines. DMPI operates an integrated 26,000-hectare pineapple plantation in Bukidnon, one of the largest in the world.

Majority of DMPI’s international sales are generated in its S&W branded business in Asia and the Middle East. Sales were down in the first quarter as higher sales of shelf-stable packaged products were offset by lower sales of fresh pineapples in China. Fresh pineapples sold through the foodservice channel – restaurants, hotels and airlines – were impacted. With fresh sales in the month of July recovering with a lower rate of decline, the company expects its fresh business to expand in the remainder of the year and improve its margins with cost management and operational efficiencies.

DMPI’s growth momentum led by the Philippine market in the first quarter of its financial year attests to its strong fundamentals as a food company supported by the strength of its brand and trusted products, offering health and wellness to consumers. Del Monte Philippines is well-positioned to grow with its nutritious, long shelf-life products which enable consumers to prepare more meals at home and nourish themselves.

 Disclaimer: This article relates only to the financial results of Del Monte Philippines, Inc. and does not reflect the financial position of Del Monte Pacific Ltd.

ING Bank to support five PHL startups under partnership with UNICEF

ING Bank N.V. will support five local financial technology or fintech startups with equity-free investments and technical and business mentorship for a year under a program with the United Nations Children’s Fund (UNICEF).

ING said in a statement on Wednesday that the assistance is part of its “Fintech for Impact” initiative with UNICEF launched in the Philippines last year, which aims to upgrade the skills of the youth to help in alleviating poverty through digital tools and solutions from fintech startups.

“Financial services have been expanding quickly. Digital financial platforms allow for wider financial services, while providing social protection,” ING Philippines Country Manager Hans B. Sicat was quoted as saying. “This is why we have partnered with UNICEF to help develop fintech solutions by providing an equity-free investment, and mentoring early-stage open source startups in the Philippines.”

UNICEF estimates there are nine million Filipinos living below the poverty line. In 2019, the Philippine government considered a household of five members below the poverty threshold if it earned less than P10,481 monthly.

“They not only suffer from poor health and nutrition but also miss out on opportunities later in life such as education, training, work, and entrepreneurial opportunities. The COVID-19 pandemic has exacerbated these existing challenges for the most vulnerable,” UNICEF Philippines Representative Oyunsaikhan Dendevnorov said.

Among the five new beneficiaries is Agrabah which links farmers and fisherfolks to buyers. Meanwhile, BeamAndGo helps overseas Filipino workers manage their remittances to boost the total income of their families.

Another startup is Educ4All which offers financial literacy courses and educational loans.

On the other hand, Reach52 provides microinsurance and health products to rural communities.

Last is Saphron which also offers the underprivileged sector low-cost insurance products and investment opportunities through its artificial intelligence technology.

Global research firm Startup Genome said the local fintech industry can grow transactions by 24% at the end of the year. It said fintech firms currently comprise 15% of the Philippine startup sector. — KKTJ

China’s quiet experiment let millions view long-banned websites

IN A QUIET EXPERIMENT of just two weeks, China provided millions of people access to long-forbidden foreign websites like YouTube and Instagram. The trial appears to signal the Communist government is moving toward giving the country’s citizens greater access to the global internet — while still attempting to control who sees what.

The Tuber browser-app, backed by government-linked 360 Security Technology Inc., appeared without fanfare late September and offered for the first time in years a way to view long-banned websites from Facebook Inc. to Google and the New York Times, albeit sanitized versions. Chinese users rejoiced in a newfound ability to directly peruse long-blocked content from a mobile browser without an illegal virtual private network or VPN.

The browser, carried on app stores run by Huawei Technologies Co. among others, suggests Beijing is testing ways to let its 904 million internet users into once-prohibited zones. While Tuber bore the hallmarks of state-style censorship and got pulled without explanation Saturday, it’s Beijing’s most significant experiment in years with greater internet freedoms.

State-sanctioned apps like Tuber offer a possible compromise — a controlled environment in which activity can be tracked and content screened, while allowing academics, corporations and citizens to exchange information. It addresses a complaint among corporations local and foreign that need to access everything from financial data to critical software tools from abroad.

“This latest development with Tuber is interesting because it could be seen as more openness,” said Fergus Ryan, a researcher at the Australian Strategic Policy Institute. “But the way that it would actually work would mean that people who use it would be highly surveilled and the information that they are able to access via this platform is filtered by the censorship apparatus.”

Call it Censorship 2.0. Beijing is increasingly confident of support at home after successfully quashing COVID-19. That — and the urgent need to increase the quality of its scientific and technological research — could explain why it’s growing more comfortable with the idea of giving broader access to the internet for at least some of its citizens.

Yet it also realizes it faces growing hostility overseas. Beijing, seeking to better police its citizens, still requires companies from Tencent Holdings Ltd. to TikTok-owner ByteDance Ltd. to censor and scrub content critical of the government or its policies. It tried for years with mixed success to abolish the hundreds of VPNs commonly employed to bypass the Great Firewall. Endorsing a state-sanctioned window to the internet could curtail their usefulness.

That could have implications for the likes of Facebook and Microsoft Corp. to Alphabet Inc. and Apple Inc., who now either comply with censorship to reach China’s users or remain on the sidelines. Google explored — but shelved under internal pressure — a project to create a filtered version of its app for the country. Facebook flirted with the idea of a Chinese service, but ultimately torpedoed that too.

Tuber — downloaded five million times from Huawei’s app store since at least late September — attracted such an initial frenzy in part because of the pedigree of its largest backer. Its developer is controlled by billionaire and tech mogul Zhou Hongyi, who delisted his security company Qihoo 360 Technology Co. from New York in 2016 and aligned himself with national interests.

It’s unlikely that Qihoo developed and distributed the app without Beijing’s blessing. It has reportedly worked on projects for the Chinese military and advises Beijing on sensitive cybersecurity issues. The US Department of Commerce in May sanctioned two of Zhou’s companies among 24 entities it said posed national security concerns.

It’s unclear whether any government agency ordered Tuber’s removal. A public relations employee at 360 Security declined to comment. The Cyberspace Administration of China, which regulates the internet, hasn’t responded to calls and e-mails from Bloomberg News since Saturday.

Tuber appeared to censor some content, including on YouTube. A search of President Xi Jinping’s name in Chinese yielded only seven video clips uploaded by three accounts claiming to be television stations in Shanghai, Tianjin and Macau. Searching for Xi’s name in English yielded no results at all.

It required mobile number registration, giving developers the ability to track activity because all smartphone numbers in the country are linked to unique Chinese identification. And, like many commercial apps, it asked for permission to access users’ contacts.

“China has to be really cautious to carefully balance opening a little bit more” with maintaining domestic social order, said Yik Chan Chin, who researches media and communications policy at the Xi’an Jiaotong-Liverpool University in Suzhou. “It’s very important to release the information flow and let the Chinese people have more interaction with the outside world and also to understand the world better.”

Loosening controls over China’s internet could play a vital role in advancing domestic innovations, said Wang Huiyao, president of the Beijing-based think-tank Center for China and Globalization. Its leaders will eventually open up cyberspace — to an extent, he said. Tuber, including its official website, remained blocked as of Monday.

“The fact that news about this particular app spread so quickly in China and generated so much excitement was testament to the pent-up appetite for access to the wider global internet in China,” Ryan said. — Bloomberg

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