Facebook Instagram Linkedin X Youtube
Home Blog Page 9376

7-Eleven offers P711-M loan to franchisees

THE listed licensor of 7-Eleven convenience stores, Philippine Seven Corp. (PSC), has allocated P711 million as loan to its franchisees to prevent the closure of stores due to mounting losses from the coronavirus disease 2019 (COVID-19) pandemic.

In a statement late Tuesday, the listed firm said it had started disbursing funds on June 20 as part of a pandemic support program to 7-Eleven franchisees.

The loans are offered interest-free and franchisees may borrow as needed and pay when able.

“We recognized immediately that the country’s (and the world’s) battle with COVID-19 would be long and painful, so the first thing we did was request our bankers for an increase in our credit lines. Thankfully, they responded quickly and generously, and our next focus became how to deploy this access to capital strategically during the pandemic,” PSC President and CEO Jose Victor P. Paterno said in the statement.

“[W]e are in the same boat as our franchisees with regard to profitability challenges—just because you can borrow doesn’t mean you’ll make money, just that you’ll survive for longer until you do,” he added.

Through the loan program, PSC believes franchisees would not be out of pocket on a monthly basis. They may pay back when their situation improves, but if they decide to discontinue the franchise, all outstanding balances to PSC “will be forgiven.”

Earnings of PSC in the first quarter fell 7% to P103.82 million due to temporary store closures from the pandemic-related lockdown. Because of the crisis, it said 22% of its 2,916 stores were closed as of end April, and 11% were closed as of end May.

Aside from providing loans, Mr. Paterno said PSC is also calling on landlords to help franchisees in surviving the pandemic by “(sharing) the pain” in rent payments.

“We have a very long list of unprofitable stores right now, and we expect the situation to continue until December at the very least. If and when that happens, expect that space to be vacant for a very long time,” he said.

He added PSC was planning to open 400 new stores this year but such plan was suspended indefinitely because of the pandemic.

“Most of our 1,000+ franchisees have to pay rent, and we are doing our part to ensure they survive. We are now asking our landlords to do theirs,” Mr. Paterno said.

PSC shares at the stock exchange shed 10 centavos or 0.08% to P128.90 each on Wednesday. — Denise A. Valdez

PSE net earnings down 71% as shareholders turn to cash

THE Philippine Stock Exchange, Inc. (PSE) booked a 71% drop in its first quarter bottomline to P50.62 million as investors opted out of the market due to the coronavirus disease 2019 (COVID-19) pandemic.

In a statement Wednesday, the operator of the local bourse said its revenues during the three-month period dipped 0.4% to P294.72 million because of the ongoing crisis.

The huge toll on its net income came from the 184.3% plunge in other income, which it traced to lower fair value of investments and lower interest income.

“The COVID-19 pandemic definitely affected our revenues for the quarter. Investors opted to be liquid and hold on to cash, hence, the slowdown in trading activity,” PSE President and CEO Ramon S. Monzon said in the statement. “Issuers also opted to put on hold fund raising plans.”

He noted the PSE may continue struggling in the coming months as investors remain cautious over the COVID-19 pandemic and corporate earnings for the second quarter.

“Meeting our original target for capital raising will be quite a challenge as most companies would probably be reducing their capital expenditures and defer their expansion plans for the rest of the year,” Mr. Monzon said.

“The only silver lining would be if banks become more strict and selective in their lending policy and listed companies who need funds have no choice but to raise the same from the equities market,” he added.

Mr. Monzon told reporters in December the PSE was setting a capital raising target of P150 billion for 2020, up more than 50% from the P95.22 billion capital it raised in 2019.

In the first half of 2020, the PSE said it raised a total capital of P20.83 billion, coming from one initial public offering (IPO), one follow-on offering, one stock rights offering and two private placements.

Among the PSE’s initiatives to spur market activity is amending its listing rules, relaxing requirements to open the stock market to more corporations for fundraising. It said it was also exploring new digital services that would cater to new behaviors that are being born during the pandemic.

In a separate statement, the PSE said it hopes to see two to three more capital raising activities at the stock market this year. So far, there were only MerryMart Consumer Corp.’s initial public offering and Altus Property Ventures, Inc.’s listing by way of introduction.

“Hopefully, these two new listings will help prop up trading activity even as we await the listing of the first REIT (real estate investment trust) IPO,” Mr. Monzon said.

The bourse operator also said the PSE index slumped 20.6% in the first half of 2020 as an effect of the pandemic. But compared to the first quarter, the PSEi rose 16.7% as of end June and improved 34.3% from its lowest for the year of 4,623.42.

“While the index may have recovered from oversold levels it has not been able to climb back to its pre-COVID-19 levels indicating that investors are still quite wary about the full impact of the virus on the economy and are concerned that the number of cases continue to increase despite the various community quarantine regimes we went through,” Mr. Monzon said.

Daily average value turnover fell 15.9% to P6.59 for the six months. Foreign investors stood as net sellers with net outflows reaching P68.44 billion, a turnaround from last year’s net foreign buying of P21.26 billion.

“Even if there are attractive bargains in emerging markets, foreign institutional funds prefer to sit it out. Fortunately, local investors readily took over the buying momentum and kept our market resilient. In April and June, we noted that locals were responsible for 53.0 percent and 58.9 percent of value turnover,” Mr. Monzon said. — Denise A. Valdez

Sia’s listed companies post mixed results in first quarter

TWO listed companies led by businessman Edgar “Injap” J. Sia II posted mixed results in the first quarter, but both were insulated from the negative impact of the coronavirus disease 2019 (COVID-19) pandemic.

MerryMart Consumer Corp. recorded a 51% income growth due to the surge in demand for basic needs, while DoubleDragon Properties Corp. saw a 42% earnings drop after a one-off fair value gain in 2019.

In a statement to the exchange, MerryMart said its attributable net income rose to P8.35 million from P5.55 million last year. Consolidated revenues grew 40% to P794.91 million, accounting for seven operational branches during the three-month period.

The company opened four new stores in the first quarter: MerryMart Grocery in Calamba, MerryMart Store in Ayala Malls Manila Bay, MerryMart Grocery in Mayombo and MerryMart Grocery in Sorsogon.

It said it remains bullish for the rest of the year with a plan to open 18 more branches in strategic areas across the country. It is also targeting to launch an in-house online delivery platform by the third quarter to make over 3,000 MerryMart products available for delivery.

“[The pandemic] has made the MerryMart team realize the benefit of being light and nimble… Being a new player in the industry, it will not have to face the major issue of reconfiguring a big complex structure… [because it] has the flexibility to mold its expansion masterplan according to the new normal,” Mr. Sia said.

Shares in MerryMart at the stock exchange shed 14 centavos or 4% to P3.36 each on Wednesday.

On the other hand, DoubleDragon posted an attributable net income of P536.69 million in the first quarter, down from P919.41 million in the same period last year.

But it said the decline was due to one-off fair value gains last year from the completion of DoubleDragon Center East. Core net income, which excludes unrealized fair value gains, jumped 133% to P427.94 million with the sustained growth across its business segments.

Recurring revenues rose 21% to P927.91 million after a 24% increase in rent income to P774.97 million, a 16% improvement in real estate sales to P208.14 million and a 7% uptick in hotel revenues to P152.94 million.

This growth pushed recurring revenues to account for 48.46% of DoubleDragon’s consolidated revenues during the period, up from last year’s 28.93%, and moved it closer to its target of sourcing 90% of its topline from recurring revenues.

Consolidated revenues for the period fell 28% to P1.91 billion due to unrealized gains.

“DoubleDragon’s strong asset base, even without [fair value] gains, is already yielding a substantial amount of core revenues which are primarily recurring in nature,” DoubleDragon Chief Investment Officer Hannah Yulo-Luccini said in the statement.

She said this business format makes DoubleDragon poised to withstand economic challenges emerging from the COVID-19 pandemic, as it doesn’t rely on real estate sales, which she said are “more sensitive to economic downturns.”

DoubleDragon also maintains a plan to raise capital through a real estate investment trust offering in the fourth quarter, which Ms. Yulo said would “catapult the company’s consolidated equity to exceed the P50 billion ($1 billion) mark.”

The company is targeting to raise its leasable portfolio to 1.2 million square meters by 2022 across provincial retail leasing, office leasing, industrial leasing and hotels.

Shares in DoubleDragon at the stock exchange dipped four centavos or 0.23% to P17.08 each on Wednesday. — Denise A. Valdez

Locked-down stores pull down SSI’s income by 36%

SSI Group, Inc. saw its net income in the first quarter dwindled by 36% year-on-year as its physical stores were ordered shut during the nationwide quarantine imposed against the threat of the global pandemic.

Despite a “strong footing” in January and February, with sales rising by 12%, the listed specialty retailer said it booked a lower net income of P110 million in the first three months of the year, while sales were also down 13% year-on-year.

This was a result of the quarantine measures that led to the temporary closure of the company’s brick-and-mortar stores and the halt in fulfilling online orders starting mid-March.

In the midst of “extraordinary” operating conditions, SSI Group President Anthony T. Huang believes that its brand portfolio, store network, and customer base will be proven “resilient” throughout the rest of 2020.

The company reopened its network of specialty stores on June 1, ensuring health and safety protocols are in place. It also returned to fulfilling online orders in mid-May.

Last month, SSI added the online site of Marks and Spencer Philippines on its range of e-commerce sites. It plans to further expand its online segment with more site launches for the rest of the year.

SSI has also launched its concierge service The Specialist, which helps customers shop from home, then arranging payments and deliveries for them.

Mr. Huang said the company is “encouraged” with the “steady” growth of SSI brand’s sales, as well as with its e-commerce revenues which have “more than doubled.”

“We look forward to the gradual recovery of our operations as the country begins to reopen and build on the gains made so far in the struggle against the COVID (coronavirus disease 2019) health crisis,” he said.

SSI is the Philippine retailer of international brands such as Gucci, Prada, Kate Spade, Zara, Marks & Spencer, Gap, Lacoste, Banana Republic, Muji, Lush, TWG, SaladStop, and Shake Shack.

On Wednesday, shares in SSI were unchanged at P1.13 each. — Adam J. Ang

Global Ferronickel loss expands by 16% to nearly P158M

GLOBAL FERRONICKEL Holdings, Inc. posted a 16.1% increase in net loss attributable to the equity holders to P157.54 million in the first quarter after a double-digit fall in revenues.

In a disclosure to the stock exchange on Wednesday, the holding firm with interest in mineral resource exploration reported a 38.4% fall in revenues to P39 million, versus P63.34 million it posted a year ago.

The miner and nickel ore exporter said it was only able to complete one shipment of low-grade ore, compared to one shipment of medium-grade ore in the same period last year.

In addition, it said the mining season of its Surigao del Norte-based Cagdianao mine is from March until October each year, adding that the company’s lower revenues were due to the lower product type and lower prices.

“The mining season explains the quarter-to-quarter volatility in the operating results with more revenues being earned and more expenses being incurred during the second and third quarters compared to the first and fourth quarters of each year,” the company said in the disclosure.

“Despite the challenges brought about by the coronavirus disease 2019 (COVID-19) pandemic, we continue to build on the success of last year and remain optimistic that we can meet our adjusted shipment target of 5 million wet metric tonnes (WMT) for 2020,”Global Ferronickel President Dante R. Bravo was quoted as saying.

For the long term, the company said it had designed a strategy to maximize the profitability of its existing base of operations while driving growth via continued exploration and development of its Cagdianao mine.

Other parts of the company’s strategy include the expansion of its customer base, ongoing monitoring of value-added opportunities particularly in downstream processing, and opportunistic acquisition of other suitable properties and businesses.

On Wednesday, Global Ferronickel shares rose 3.49% or P0.03 to close at P0.89 per share. — Revin Mikhael D. Ochave

Arla pushes organic credentials in new powdered milk product

Powdered milk was an especially important commodity during times of war and famine. Removing most of the water content of the milk enabled it to be transported more easily, but more importantly, give it a longer shelf life. Now, during a pandemic, Scandinavian organic dairy giant Arla is filling in a gap in the shelf-stable organic category with its own powdered milk.

“Kids get the same nutrients from fresh milk, but get it in more convenient packs with a longer shelf life,” said Raymund Lao, Head of Marketing for Arla Foods in the Philippines. “More importantly you are able to stock up more with powder and (this) minimizes your shopping trips, and minimizes your getting out of your home during a pandemic.”

Of course, there are already more familiar brands of powdered milk out there, but Mr. Lao lays out his cards. “Arla Organic Powdered Milk Drink retains all the nutrients of fresh cows milk including all the milk proteins which are not retained in other powdered milk drink brands,” he said in an e-mail to BusinessWorld. Furthermore, with the fact that the brand is organic, he adds, “Having organic-certified products means that the processes are within the EU guidelines of using no artificial ingredients, no chemicals, no GMOs in the farming and milk production process.”

A press release says that Arla Organic Powdered Milk has 50% more protein than other powdered milk drink brands. “Arla Organic also has the essential nutrients naturally found in milk such as Vitamin A, B2, B12, phosphorus and potassium.”

Arla Foods is structured as a cooperative, with thousands of farmers spread out across Europe. In 2000, two dairy giants in Denmark and Sweden joined forces and formed Arla as it is today. EU guidelines on production as well as sustainability measures are also in place to ensure that the final product isn’t only healthy for the body, but also for the planet. The release says, “Arla’s carbon emissions are just about only 50% of the global average per liter of milk.” According to its website, some of Arla’s sustainability measures include using recyclable or biodegradable packaging, recycled plastic equipment in their factories, and the use of some renewable energy in some of the farms.

The sustainable factor also comes into play with their cows: Jens Christian Nielsen, Arla Foods Senior General Manager in the Philippines says, “Arla Organic is 100% European Organic certified and produced only from cows that have been raised according to stringent European organic farming methods. This means that the cows can roam on lush green fields, fed with organic grass and feeds that are free from chemical fertilizers and our farmer-owners do not use growth hormones/artificial methods to increase milk production.’

The cooperative structure also helps in creating a superior product. Mr. Lao says: “As a cooperative, Arla is owned by farmers so our milk is produced by the owner/farmers. We have control over the entire value and food safety chain from farm to table and we make sure our cows have nutritious feed, fresh water, clean housing, soft bedding and expert care through our Arlagården program.” The Arlagården program is a sort of database about the farms, herds, and even individual milk-producing cows. “Arlagården Plus ensures transparency — all the way from cow to consumer,” Arla’s website says.

Arla Organic Powdered Milk Drink is available at key retailers including All Day, Landmark, Metro Gaisano, Puregold, Robinson’s, Rustan’s, Shopwise, Savemore, SM Supermarket, Shopwise, and SM Hypermart (among others) with a starting price of P50 per one liter pack. The milk product is also readily available online at Lazada, Shopee, Metromart and Cloudmart.ph. — Joseph L. Garcia

A taste of democracy: South Korea’s 16-year fight for a green onion breakfast cereal

SEOUL — It is being hailed as a major win for democracy in South Korea. After 16 years in exile, a president this week triumphantly returned to claim his rightful place — on the front of a box of green onion-flavored cereal.

The limited edition of the Chex cereal sold out within two days when it hit online stores, following years of almost ceaseless campaigning by enthusiasts.

The long road to the cereal aisle began in 2004 when Kellogg’s Korea launched a light-hearted marketing campaign for Chex, a five-grain cereal, asking South Koreans to vote on a new flavor.

A TV commercial offered two cartoon candidates in the presidential election for the Chex Choco Empire — chocolate-flavored Cheki and green onion-flavored Chaka.

The PR stunt was meant to end in an easy victory for sweet Cheki. But the people did not agree.

Votes for Chaka surged past those for Cheki, catching Kellogg’s unawares. Citing multiple votes by individuals, the company halted online voting, threw out duplicate votes and declared Cheki the winner.

Chaka fans cried foul, and decried Cheki’s subsequent 16-year rule as that of an illegitimate tyrant. Chaka remained in the public consciousness via regular hashtags like #PrayForChex, and memes depicting the onion character as a freedom fighter.

“We never expected consumers would be interested in this product for over 16 years,” Kim Hee-yeon, a spokeswoman for Kellogg’s Korea, told Reuters. “Every time we launched new cereals or had promotional events, online communities would repeatedly ask for the flavor.”

Chaka’s success was so momentous that on the day it was announced earlier this month it surged past North Korea’s bombing of an inter-Korean liaison office to become the top trending topic on South Korean social media.

“The cheating forces of Cheki were ousted and Mr. Chaka’s 16-year struggle has finally come to an end,” one fan wrote on Twitter.

A TV advertisement apologized for the delay and featured a small child whose dreams of onion cereal were crushed. Promotional materials included a faux political poster with an image of Chaka over former US President Barack Obama’s campaign slogan “yes we can.”

Limited edition cereals are usually on sale for about three months, but that could be extended if sales are strong, Kim said. The company had been working on developing the cereal for 15 years, but had struggled to find the right onion flavor, she added. When it called for 50 “early tasters” it received more than 14,200 applications.

Traditional Korean breakfasts are often savoury and even spicy, and many people seemed to envision the onion flavor as a potential bar snack with beer, rather than in a bowl with milk.

“I had adult-like taste in food since I was young, so I love local food with garlic, green onion or kimchi,” said food blogger Lee Soo-jeong, 24, who voted for Chaka as a child and was an early taster.

Her verdict on the long-awaited cereal?

“The green onion flavor is too mild.” — Reuters

Profits of Global-Estate Resorts decline by 48%

TOWNSHIP developer Global-Estate Resorts, Inc. (GERI) reported a 48% decline in earnings for the first quarter due to the eruption of Taal Volcano and the coronavirus outbreak.

In a regulatory filing Wednesday, the listed subsidiary of Megaworld Corp. said its attributable net income in the three months to March fell to P247.96 million from P477.47 million last year.

Its consolidated revenues decreased 18% to P1.53 billion as real estate sales were slower during the period.

In a statement, it said sales from condominium units and residential and commercial lots stood at P1 billion, down 16% from last year’s record performance.

Revenues from hotel operations also dropped 13% to P149 million, attributed to the temporary closure of hotels in Batangas and Boracay.

The declines in these two segments failed to offset the 13% increase in leasing revenues, which stood at P186 million at the end of the period.

What helped temper the slowdown in GERI’s bottomline was the 12% easing of its expenses to P1.2 billion.

“Our operations particularly in Southern Luzon were significantly affected by the eruption of Taal Volcano during the start of the year, then came the coronavirus pandemic,” GERI President Monica T. Solomon said in the statement.

“But we strongly believe that we are in a good position to recover fast from this crisis given the geographic spread of our property portfolio across the country, and our strategic recovery plans that are already in place,” she added.

GERI currently has eight integrated developments in its portfolio accounting for 3,300 hectares of land. Its shares at the stock exchange slid four centavos or 4.60% to 83 centavos each on Wednesday. — Denise A. Valdez

Apple cancels some arcade games in strategy shift to keep subscribers

APPLE, INC. has shifted the strategy of its Apple Arcade gaming service, canceling contracts for some games in development while seeking other titles that it believes will better retain subscribers.

The Cupertino, California-based technology giant scrapped development contracts with multiple game studios earlier this year and informed them of the new approach, according to people familiar with the matter.

On calls in mid-April, an Apple Arcade creative producer told some developers that their upcoming games didn’t have the level of “engagement” Apple is seeking, the people said. Apple is increasingly interested in titles that will keep users hooked, so subscribers stay beyond the free trial of the service, according to the people. They asked not to be identified discussing private conversations.

Apple Arcade, which launched in September with a one-month free trial, charges $4.99 a month for unlimited access to a wide variety of games, including with some that support hardware controllers. Unlike many mobile games, Arcade titles eschew intrusive ads and don’t push players to pay extra to win or make progress. The approach won praise from video game critics.

Apple releases new games on Arcade every month, but none of the 120 titles has become a huge hit. Developers say the recent strategy change suggests subscriber growth has been weaker than expected so far. The company hasn’t said how Apple Arcade is performing, but it recently started offering a second free trial month, indicating that some users likely aren’t remaining subscribers for very long.

“Apple Arcade has redefined what a gaming service can be, putting unlimited play at the fingertips of subscribers and their families across all their Apple devices,” Apple said in a statement. “We are proud to have launched the first-ever mobile game subscription service that now features more than 120 games, many of which are award-winning and widely celebrated for their artistry and gameplay. The vision has always been to grow and evolve the Apple Arcade catalog, and we can’t wait for our users to try the games developers are working on now.”

Apple added that it has always planned to make changes to its Arcade games lineup based on subscriber feedback.

The company has earmarked tens of million dollars to support the creation of games for the Arcade service and has spent $1 million to $5 million on several titles so far, according to the people familiar with Apple’s efforts. Apple pays outside studios to build games, bundles them into the service and sells subscriptions via the iPhone, iPad, Mac and Apple TV. For these large investments to pay off, the company needs gamers hooked on Arcade titles.

On the calls with developers in April, the Apple Arcade representative cited a specific example of the type of game the company wants: Grindstone, an engaging puzzle-action game by Capybara Games that has many levels.

Some developers who had contracts canceled by Apple were suddenly faced with financial woes, compounded by the pandemic, according to the people briefed on what happened. While Apple ended contracts, it still paid studios based on the development milestones they already hit. The company also told developers that it would work with them on future titles that meet the new requirements.

This need to better retain subscribers is the latest challenge for Apple’s services division, which the company is relying on to generate revenue beyond popular hardware such as the iPhone. The App Store has been under fire from developers and regulators. The Apple Card, launched in August, is still only available in the US Apple News+ lost its business head at the end of last year and the New York Times on Monday stopped providing content to the free tier of the digital news service after skipping the paid offering. Apple TV+ is still in its infancy, but has had no smash hits yet. The first free trials expire in November.

The gaming subscription service could eventually flourish, and the company’s new approach may help. At its developer conference last week, Apple announced an upgrade to Arcade, adding multi-user support for the Apple TV box and a feature that lets users pick up game progress on another device.

Apple’s services division is still one of the company’s fastest growing segments. It generated a record $13 billion in revenue in the fiscal second quarter, accounting for about 23% of total sales. The segment is mostly fueled by the App Store and the share Apple takes from subscriptions and in-app purchases. — Bloomberg

TDF yields drop on BSP’s policy easing

YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) dropped on Wednesday as the central bank resumed offering the longest 28-day tenor and following the rate cut last week.

Total bids for the term deposits auctioned off by the BSP on Wednesday amounted to P441.631 billion, more than double the P210 billion on offer. This was also higher than the P418.775 billion in tenders seen last week for a P170-billion offer that only included the seven- and 14-day deposits.

The one-week papers recorded total tenders of P232.3 billion, higher than the P120 billion on the auction block but lower than the P278.475 billion logged the previous week.

Lenders sought yields ranging from 1.75% to 1.79% for the seven-day deposits, sharply lower than the 2.25% to 2.2505% band logged on June 24. With this, the average rate for the one-week papers stood at 1.7573%, down by 49.31 basis points (bps) from the 2.2504% recorded last week.

Meanwhile, the 14-day papers fetched total bids of P149.68 billion, going beyond the P70 billion up for grabs as well as the P140.3 billion in bids seen last week for the P50 billion on offer.

Banks asked for rates between 1.75% and 1.78% for the two-week deposits, also lower than the 2.25% to 2.251% range logged last week. This caused the average rate for the 14-day papers to drop by 49.86 bps to 1.7522% from the 2.2508% in the previous auction.

For 28-day term deposits, bids totaled P232.3 billion, surpassing the P120 billion auctioned off by the BSP as well as the P79.813 billion in tenders seen against a P50-billion program on March 11, which was when the papers were last offered.

Yields on the one-month papers ranged from 1.75% to 1.79%, plunging from the 3.675% to 3.78% band recorded in the March 11 auction. The average rate for the 28-day deposits stood at 1.7562%, sinking by 198.74 bps from the 3.7436% quoted previously.

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

“[The] auction results also reflect market preference for longer-tenor TDF amid ample liquidity in the financial system. The BSP will continue to assess current market developments and liquidity conditions in deciding on the volume of its TDF operations,” BSP Deputy Governor Francisco G. Dakila, Jr said in a statement.

“Strong market appetite as well as the 50-bp policy rate cut by the BSP effective 26 June 2020 led to further declines in TDF rates,” he added.

The Monetary Board cut benchmark rates by 50 bps last week. Rates now stand at record lows of 2.25%, 2.75 and 1.75% for the BSP’s overnight reverse repurchase, lending and deposit facilities, respectively.

The central bank has slashed rates by 175 bps so far this year as it looks to cushion the economic impact of the coronavirus disease 2019.

BSP Governor Benjamin E. Diokno earlier said they are maintaining an accommodative stance to ensure ample credit and liquidity amid the crisis.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the BSP’s decision to start offering the one-month papers after nearly four months is a sign of better liquidity in the financial system.

“This reflects the large/excess peso liquidity in the financial system that may have prompted the resumption of the 28-day TDF tenor to better manage the increased amount of liquidity sloshing around the economy,” he said.

BSP data showed domestic liquidity or M3, the broadest measure of money supply in an economy, rose by 16.2% to P13.6 trillion in April, faster than the 13.3% pace seen in March. — LWTN

Keep calm and bake on

Staying at home for the past months has brought out the inner baker in many people. Even before the pandemic, baking served as a therapeutic way of managing fears and anxieties. And it isn’t just about enjoying something warm and delicious. Baking involves all the senses and requires one’s full attention, forcing the baker to focus on the recipe and mute their inner dialogues. It gives people a semblance of control.

That is why The Maya Kitchen encourages pandemic bakers to continue their new baking hobby even as the country gradually emerges from quarantine. Baking is not only meditative, it also unleashes creativity as bakers experiment with substitutes, and troubleshoot baking problems. It teaches patience while waiting for the dough to rise or the cake to bake. Baking can also offer a chance to bond with loved ones — cooking together or sharing the spoils.

In support of this, The Maya Kitchen offers these easy-to-follow recipes.

PANDESAL

INGREDIENTS

  • 2 teaspoons yeast
  • 1 ½ cups warm water
  • 2 tablespoons sugar
  • 1 teaspoon salt
  • 2 tablespoons shortening
  • 4 ½ – 5 cups sifted MAYA All-Purpose Flour
  • breadcrumbs, as needed

INSTRUCTIONS

Dissolve yeast in ¼ cup of water.

In a bowl, combine the remaining water, sugar, salt and shortening.

Add 4 cups of the flour and the yeast mixture. Mix well then transfer to a floured surface and knead until smooth and elastic. Use the remaining flour for dusting the table and your hands if the dough gets sticky.

Place dough on a greased bowl, cover and let it rise until double in bulk.

Preheat the oven to 350°F/177°C.

Place the risen dough on a floured surface. Flatten with your hands to form a rectangle of about 16 x 3 inches. Starting at one end, roll up the dough with the right hand while sealing with the left hand to form a cylindrical strip of dough. Roll the dough in bread crumbs. Let it rest for 15 to 20 minutes.

Cut dough into pieces about 1 ½-inch thick. Place in a baking sheet cut side up. Let the dough pieces rise until light, for approximately 1 hour.

Bake in the preheated oven for 15 minutes or until golden brown.

Yield: 2-3 dozens

COFFEE HOTCAKES

INGREDIENTS

  • 1 pack MAYA Fluffy n’ Tasty Original Hotcake mix, 200 grams
  • 1 egg
  • 2 tablespoons oil
  • ½ cup brewed coffee cooled (or dissolve 1-2 tablespoons instant coffee powder in ½ cup water)
  • unsalted butter
  • maple syrup as needed

INSTRUCTIONS

Mix all ingredients in a bowl until slightly lumpy (do not over mix).

Pour ¼ cup hotcake batter mix onto pre-heated, lightly greased pan or flat skillet. (As much as possible, try to make your pancake round)

Cook until bubbly then turn to cook the other side.

Serve with butter and syrup.

Yield: 5 to 6 hotcakes

CARAMEL CHOCO FUDGE BROWNIES

INGREDIENTS

  • 1 pack MAYA Chocolate Fudge Brownies prepared according to package directions
  • Caramel layer:
  • ½ cup butter
  • 1 cup light brown sugar
  • ¾ cup sweetened condensed milk
  • ½ cup light corn syrup
  • 1 pinch salt
  • 1 teaspoon vanilla extract
  • Chocolate ganache:
  • ½ cup heavy cream
  • ½ cup dark chocolate chopped
  • Assorted nuts chocolate chips, for topping

INSTRUCTIONS

Bake brownies according to package directions. Set aside.

In a nonstick pan, heat up caramel ingredients until thick (Softball stage 200-220°C). Pour this over the prepared brownie.

In a microwavable bowl, heat up cream for about 30 seconds. Add in chocolate. Microwave in 20 second bursts until chocolate is melted and ganache is smooth. Spread top caramel layer. Top with desired nuts, chocolate chips and other toppings.

Set aside to set. Cut into bars. Serve.

Yield: 16 bars

SEC adjusts submission schedule of annual reports

THE Securities and Exchange Commission (SEC) has adjusted the schedule for submission of annual reports following the three-day closure of its main office last week.

In a notice on its website, the regulator said it started accepting annual financial statements and general information sheets sent via courier Wednesday, against the original June 29 schedule.

The SEC main office in Pasay City was closed from June 26-30 for disinfection activities after employees tested positive for the coronavirus disease 2019 (COVID-19) through rapid antibody tests. They eventually tested negative in the confirmatory test, and the SEC office resumed operations yesterday.

Submission of reports will follow a schedule based on the last digit of a corporation’s SEC registration or license number. Those whose registration numbers end with 1 or 2 must submit within July 1–10; with 3 or 4 within July 13–17; with 5 or 6 within July 20–24; with 7 or 8 within July 27–30; and with 9 or 0 within Aug. 3–7.

The SEC also allowed corporations that held their annual stockholders’ meetings during the lockdown period until Aug. 31 to submit their general information sheets without penalties.

Hard copies of reports are required to be sent through courier to avoid the spread of COVID-19 among SEC personnel. The date of receipt of the submission will be indicated in the acknowledgment receipt that the SEC will send to companies through email.

Companies that want a return copy of their submissions must include a prepaid return envelope with stamp in their submissions. They may also avail of the queuing and round-trip services offered by delivery providers.

While hard copies must be sent through courier, the SEC will continue to allow submission of reports through e-mail.

Companies whose headquarters are outside Metro Manila may send their reports to the SEC extension offices in their respective regions. — Denise A. Valdez

1...9,3759,3769,377...14,244Page 9,376 of 14,244
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube