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New Normal? New Vikings

AS Vikings Luxury Buffet reopens this week, we look back on the times we’ve made utter pigs of ourselves and tried to form sushi and salad pyramids on our plates a few inches high. I cite this specific memory as we enter what everybody calls “The New Normal.” As per government regulations, while restaurants may operate on a limited basis during the general community quarantine, buffets are still very much closed to maintain social distancing. While Vikings may have been reopened, the experience won’t be quite the same: instead of getting up and getting food from various stations, one will just order-all-you-can from a menu.

A video released by Vikings showed the new measures they’ve put in place to ensure their adherence to government regulations (which include “no mask, no entry” rules, rubbing alcohol for one’s hands at the entrance, and temperature checks for everyone entering), but also making sure in their own way to protect both staff and customers. The video showed temperature checks, increased sanitation of work and dining areas, increased hygiene measures, social distancing in the queues, health declaration forms to be filled out by the customers via mobile, tableware covered in plastic, automated faucets in the bathrooms, and cashless payment options.

Charles Lee, marketing director of the Vikings Group, looked back on what the group experienced during the early days of the pandemic. The group is behind not only several branches of Vikings, but also Vikings Niu, Four Seasons Hotpot, and Tong Yang. They also have other ventures in a la carte dining, namely La Vita, Monga, and Putien, a franchise whose parent has a star in Singapore’s Michelin Guide.

“We were definitely affected by the COVID pandemic, but that also didn’t stop us from trying to work around it. During the initial phase of ECQ, we mobilized our people to cook bento boxes in order to donate to different institutions that are in the front lines. We then later on developed and tested out doing our own delivery services by using our current manpower (with motorbikes) to do the delivery of our ala carte brands such as Putien, Monga, and La Vita. Once we got to familiarize ourselves with the operations of it, we slowly introduced our buffet food trays to the public; we wanted our customers to experience feasting again safely in the comfort of their homes,” he said in an e-mail to BusinessWorld.

Responding to how the changes in how Vikings operates will change the experience, he said, “It’s going to change big time during the new normal period, but we are working around it. We are introducing an order-all-you-can system; we wanted our customers to experience unlimited feasting from a wide array of choice but in a safe manner. It might be different from how we [used to] do things and what our customers are accustomed to, but I do believe our loyal customers will appreciate the small innovations that we did during this new normal.”

Change doesn’t come cheap, and we asked about how the extra costs may affect the company. “At this point, our company isn’t looking so much into profit anymore during the pandemic,” Mr. Lee said. “Our goal is to be able to survive and as well as being able to support our employees and satisfying our customers. That’s the goal for now.”

Opening a string of a la carte restaurants a few years ago may have been a stroke of luck now that buffets are banned. Mr. Lee said, “Any brands we opened thus far are still important to us. We do believe that our current a la carte brands have a lot of potential in the future. We will still be expanding them in areas that we think will have demand.”

Around the world, buffets in cruise ships, hotels, and restaurants are already reexamining their purpose. Still, buffets are important to the concept of a Filipino feast geared towards celebration. Talking about changes in consumer patterns, Mr. Lee said, “I think we’re going to see people trying to save more money and a lot of restaurants maintaining the food delivery services, as well [as] frozen items so that customers can cook in their own homes. We are actually also anticipating this particular consumer behavior. That’s why we are enhancing the product line of delivery services by developing ready-to-cook, ready-to-eat and ready-to-heat meals.”

“Our brand is known for feasts or celebrations, and I think right now we are doing that by providing food trays for milestone occasions, and as well as opening our stores to our customers who want to take a break from quarantine,” he said. “In a sense, our store can also be seen as a safe space to gather and socialize (safely) again.

“I think being able to survive the pandemic together as a society is a milestone on its own, worthy of being celebrated.” — Joseph L. Garcia

SEC renews warning on Bitcoin Revolution

THE Securities and Exchange Commission (SEC) is warning the public against investment offers by a group named Bitcoin Revolution after finding it continues to operate without authority.

In a new advisory on its website, the regulator again told the public not to invest or to stop investing in Bitcoin Revolution, which it said now runs its business through the domain the-bitcoinrevolution.com.

The SEC first issued a warning against the group in March. Bitcoin Revolution offers an opportunity for investors to earn up to $1,000 a day from a minimum investment of $250 through a unique automated trading system.

But the SEC said Bitcoin Revolution does not have a registration with the commission and is operating an unregulated business likened to cryptocurrency scams.

“The public must be mindful that cryptocurrencies are very volatile and the process of digital asset trading is highly speculative and involves a higher degree of risk and that the operations of such unregulated entities engaged in digital asset trading are completely unaccountable,” the SEC said.

“[T]he public must observe and exercise conscious effort before dealing with such schemes,” it added.

Bitcoin Revolution, on its website, said it was formed by a “team of dedicated experts” that met at a finance conference. The SEC said its operators are unknown, but it claims to be endorsed by personalities such as Senator Emmanuel D. Pacquiao, former senator and businessman Manuel B. Villar, Jr. and television host Boy Abunda.

It also said the group had claimed to be promoted by Finance Secretary Carlos G. Dominguez III, which he denied.

“[T]he commission assures the public that it continuously monitors and oversees such entities and their activities in a way that it sees as proper in order to prevent the proliferation of scams and/or any other unauthorized or illegal schemes in the country,” it said.

“Bitcoin Revolution remains unregistered with the commission and is still not authorized to solicit, accept or take investments/placements from the public nor to issue investment contracts and other forms of securities,” it added.

In doing so, the group violates the Securities Regulation Code and may be penalized with a maximum fine of P5 million, 21 years of imprisonment, or both.

Bitcoin Revolution was sought for comment but was not able to respond as of press time. — Denise A. Valdez

Huawei sees opportunities in banks digitizing amid pandemic

AS THE coronavirus pandemic continues to trigger digital transformation in the financial industry, Huawei Technologies Co., Ltd. sees opportunities for its data infrastructure to support banks.

“A strong and powerful real-time connectivity is of the essence when the banking sector enters the digital world, and 5G, IoT (Internet of Things), and a flexible network are key technologies,” Huawei said in a statement e-mailed to reporters on June 10.

Huawei conducted its Global FSI (Financial Services Industry) Summit 2020 last week where it highlighted how the financial sector can thrive in a mobile future.

Huawei said mobile capabilities such as cloud, Artificial Intelligence, and 5G are essential to banks trying to digitize their services.

It also noted that the coronavirus pandemic has advanced digital operations in the financial sector.

“Based on cloud computing, big data, artificial intelligence, 5G, and other ICT technologies, innovative FinTech will embrace new opportunities and lead the upgrade of financial services,” said Peng Zhongyang, director of the board and president of the enterprise business group of Huawei.

Huawei stressed mobile capability will be the “core” of the future of the banking sector.

Jason Cao, president of global financial services business unit of Huawei said: “It not only is applicable to the interface that connects with client, but also to the internal operations and collaborations with partners.”

Joy Huang, Huawei’s chief strategy Officer, said some banks are able to sustain robust growth because of digital technologies.

“These growing companies have one thing in common, that is their good online services capabilities based on cloud, so that they can be very agile in innovation,” Huawei noted.

The company said it has served over 1,600 financial institutions worldwide, including 45 of the world’s top 100 banks.

It said it has also worked with 20 large banks, insurers, and securities companies around the world.

Fitch Ratings has said that banks in the ASEAN region are likely to hurry along their digital transformations due to the pandemic and the resulting social distancing measures.

It said major banks in the Philippines, Malaysia and Singapore have seen surging online banking activity since the onset of the pandemics.

Smaller banks, Fitch Ratings noted, are in danger in the shifting competitive dynamics, specifically those with below-par capabilities. — Arjay L. Balinbin

TDF yields dip as demand soars

YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) dipped anew amid higher bids as liquidity improved.

Bids for the term deposits offered by the BSP on Wednesday amounted to P360.02 billion, going beyond the P150 billion auctioned off and also higher than the P353.789 billion in tenders seen last week for the P180 billion up for grabs.

The seven-day papers fetched bids totaling P268.44 billion, more than double the P120 billion on offer as well as the P284.139 billion in tenders last week for the P120 billion on the auction block.

Rates for the one-week papers ranged from 2.25% to 2.2508%, a tad narrower than the 2.25% to 2.2515% range logged on June 10. This caused the average rate for the seven-day papers to settle at 2.2505%, down by 0.02 basis point (bp) from the 2.2507% recorded last week.

Meanwhile, tenders for the 14-day papers hit P91.58 billion, surpassing the P30 billion offered by the central bank as well as the P70.65 billion worth of bids logged the previous week.

Banks sought yields from 2.25% to 2.252% for the two-week term deposits, a slightly slimmer band than the 2.25% to 2.254% logged last week. With this, the average rate for the 14-day papers settled at 2.2512%, dipping by 0.08 bp from the 2.252% logged on June 10.

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

Term deposit auctions were suspended in March to provide liquidity during the lockdown. In mid-April, the BSP started offering the seven-day term deposits again, while the auction for 14-day papers resumed last week. Meanwhile, the one-month tenors have not been offered since March.

“Market appetite for the BSP’s deposit facilities remain very strong amid ample financial system liquidity,” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement.

BSP Governor Benjamin E. Diokno earlier said they have observed “significant” increase in liquidity in recent months.

M3, the broadest measure of money supply, rose 16.2% to P13.6 trillion in April, accelerating from the 13.3% pace in March, BSP data showed. This is its fastest pace since the 16.4% logged in September 2014.

Mr. Diokno said investors need not worry as “there is no threat that excess liquidity will translate into higher inflation”.

Inflation in May eased to 2.1% from 2.2% in April and 3.2% a year earlier, on the back of a decline in food and transport prices during the lockdown, data from the Philippine Statistics Authority showed.

Before the pandemic, TDF yields were slightly above the overnight reverse repurchase rate which currently stands at 2.75%, said Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort.

“Thus, markets may have priced in possible cut in local policy rates, amid relatively higher peso liquidity in the financial system,” he said in a text message.

The BSP has slashed policy rates by 125 basis points this year, reducing the overnight reverse repurchase, lending, and deposit rates to record lows of 2.75%, 3.25%, and 2.25%, respectively, in a bid to cushion the economic impact of the virus.

Earlier, Mr. Diokno said they are “happy” with current rates but assured the central bank has ample space to do more when the worst comes.

The Monetary Board is set to have its next policy-setting meeting on June 25. — L.W.T. Noble

Robinsons shops for you in the ‘new normal’

METRO MANILA is currently in a looser form of lockdown where people are allowed to go out to buy essentials, to work, and live life in the “new normal,” but understandably, many still prefer to stay at home and have as little contact with other people as possible because of the COVID-19 (coronavirus disease 2019) pandemic.

And in response to the “new normal,” Robinsons Malls has launched three new services: RPersonal Shopper, RDelivery, and pick-up stations for people still wary of leaving their homes or going to malls themselves.

The personal shopper service allows customers to book a personal shopper via on-demand service platform, MyKuya, and have them purchase “daily essentials, run a few errands, or even order food from restaurants operating in the mall,” according to a release.

Robinsons Malls has a dedicated icon on the MyKuya app and the service can be used to buy items from Daiso, the supermarket, or other stores and restaurants that are open in their malls.

The personal shoppers (a.k.a. “Kuya” or “Ate”) can either advance payments for items not exceeding P1,000 and settle once delivery is made, or the customer can send shopping money via GCash. The payment for shoppers’ service is made through the MyKuya app via the debit or credit card registered on the app. The rates for the Kuya or Ate’s services are based on the time spent doing the errands.

The personal shopping service is available from 10 a.m. to 5 p.m., every day, and is available in Robinsons Galleria, Robinsons Place Manila, and Robinsons Forum.

Robinsons Malls also has a delivery service where customers can choose from a list of participating stores listed on its Facebook page or through the Robinsons Malls Viber community and call the chosen store to place an order.

For restaurants, customers may opt to use the RDelivery service as orders made through it are prioritized. The service has a fixed delivery fee of P125 for areas within a five kilometer radius from the mall and is done in partnership with delivery service, Mober.

Payment options include bank account transfer, GCash, Paymaya, or cash on delivery. Note that transactions are capped at P3,000. The delivery service is available every day from 10 a.m. to 5 p.m. for online payments, and 10 a.m. to 4 p.m. for cash on delivery.

“With the RDelivery and RPersonal Shopper programs, it is not just the customer who stands to benefit from the added safety, security, and convenience. Robinsons Malls is keen to provide extra service to their tenants as well, especially establishments without a dedicated delivery fleet, giving them the potential to reach a wider audience and boost their revenue,” the company said in the release.

RDelivery is currently only available in Robinsons Magnolia, and participating food merchants include Botejyu, Express Sincerity, Mary Grace, GNC, and Contis, to name a few.

More Robinsons Malls will join both the RPersonal Shopper and RDelivery services in the coming weeks.

People who have vehicles but don’t want to spend too much time outside can use the malls’ pick-up stations at Robinsons Galleria, Robinsons Place Manila, Robinsons Magnolia, and Robinsons Forum.

Customers can place their orders directly with the restaurants and pay using various payment options. Once the order is placed, the customer will be directed to a specific pickup location (each mall has several) and the specific time for pickup.

Pickup stations are also being set up in more malls: Robinsons Metro East, Robinsons Place Cainta, Robinsons Place Antipolo, and Robinsons Town Mall, to name a few. — ZBC

Upskilling needed as pandemic changes operating environment

UPSKILLING will be necessary for bankers in transitioning to the “new normal” as digitalization and online transactions gain traction, an official from UnionBank of the Philippines, Inc. said.

In an online press briefing on Wednesday, UnionBank Executive Vice-President and Chief Human Resource Officer Michelle E. Rubio said bankers will have to adjust amid the new working landscape due to the pandemic.

Ms. Rubio said 70% of their 3,500 employees are working from home as restrictions remain, while the rest are doing skeletal and frontline work to service their branches.

“Definitely, we’ve invested in technology upgrading because you need the infra[structure] to get to this stage and these investments have actually produced good results for us,” she said.

Ms. Rubio also noted the bank’s relatively young workforce with a median age of “about 36 to 37 [years old], making them more comfortable with remote work.

Despite the work-from-home situation, Ms. Rubio said they were able to develop new offerings to help their clients access financial services during the lockdown period.

“People wanted to send money to the provinces, right? So the UnionBank online app had an iteration,” she said, noting users can now send money through remittance firms including Palawan Pawnshop and Express Padala, LBC Express Holdings, Inc. and Cebuana Lhuillier, among others.

Ms. Rubio said the lender will continue its thrust to upskill bankers as the country moves to a “new normal.”

“It has become very useful because when you are knowledgeable about many things, when you participate in a squat or a collaborative work, you understand, you have the perspective, and because of that you can contribute and you become more productive,” she said.

The Aboitiz-led lender’s net income jumped by 22% year on year to P2.641 billion in the first quarter.

Revenues also rose by 37% to P9.5 billion as net interest income climbed by P6.8 billion.

UnionBank’s shares closed unchanged at P55 apiece on Wednesday. — L.W.T. Noble

Vivant Energy taps Malaysian firm for two solar projects

THE energy unit of Cebu-based Vivant Corp. has awarded two power contracts to a Malaysian solar developer to install solar photovoltaic (PV) systems in Iloilo City and Bulacan.

In a statement, Vivant Energy Corp. said it partnered with renewables specialty Solarvest in March for building local energy projects which are a first for the Bursa Malaysia-listed company.

Solarvest will undertake the engineering, procurement, construction and commissioning works for the 816-kilowatt peak (kWp) solar PV systems at 10 buildings of the University of San Agustin in Iloilo City.

It will also develop a 378 kWp system for Bulihan Industrial Park in Bulacan.

Vivant Energy did not disclose the cost of both installations.

The two projects are currently under construction and are expected to be finished by the last quarter of the year.

“This marks our first expansion beyond Malaysia,” Solarvest Group Chief Executive Officer Davis Chong Chun Shiong was quoted as saying.

“We’re glad to have Solarvest as our partner in providing solutions that power the success of our customers,” Vivant Energy Chief Operating Officer Emil Andre M. Garcia said.

Vivant Energy manages its parent’s investments in energy distribution and generation, retail electricity supply, and energy-related engineering solutions in the country.

It is also a major player in the National Power Corp.’s small power utilities group which distributes electricity in off-grid areas. — A. J. Ang

5G networks in some Asian cities still patchy

FIFTH-GENERATION (5G) networking hype has been in full force since Qualcomm Inc. declared “5G is here, and it’s time to celebrate” in February of last year. The reality, however, has required patience from consumers due to the time needed to roll out the new networks and the dearth of applications to put additional speed to compelling use.

A year after South Korea launched the world’s first full commercial 5G network and months after China opened the world’s biggest, Bloomberg News reporters tested the leading carriers in both countries to see how far 5G has gotten. Tests in Hong Kong and Tokyo showed similar results — gaps in coverage that could leave most early adopters waiting for networks to reach full speed.

Smartphone makers have swept in with a flood of 5G devices this year, with Samsung Electronics Co., Huawei Technologies Co. and Xiaomi Corp. all pushing the new technology without asking for much higher prices or design compromises. Millions of 5G phones have already been sold, and for the billions of people not yet on the bandwagon, the new wireless standard will soon be the default option anyway.

Carriers aren’t moving quite as fast. They’re investing billions of dollars to set up and expand their 5G networks, but the technical design of this new standard demands high network density to provide the advertised stratospheric speeds. Once they have enough masts in place, they aim to recoup the initial costs by offering more bandwidth-hungry add-ons, such as Nvidia’s GeForce Now game-streaming service, which SoftBank Corp. launched in Japan on June 10.

Where it’s available, even without hitting its max theoretical speeds, 5G is an impressive upgrade for most consumer applications. For example, at a gigabit per second (1 Gbps), a user could download a 9-hour audiobook in less than 1 second, according to Fastmetrics, a US-based internet service provider. Even at 1/10 of that speed, 100 megabits per second, a 45-minute TV show takes only 16 seconds, Fastmetrics estimates.

Carriers in North America, Europe and Australia have also set up 5G, with so far underwhelming results for consumers. In March tests conducted by RootMetrics in the US, the choice appeared to be between fast speed with negligible availability — Verizon Wireless, Inc. recorded a max speed of 846 Mbps with 3.1% availability in Chicago — or wider availability without much of a speed bump — T-Mobile US, Inc. covered 57% of Washington but at a less impressive 148 Mbps.

While 5G uptake has been incremental, companies that make parts for the phones are betting on a wave of upgrades to drive smartphone demand and help spur economies from Taiwan to South Korea.

To test download speeds and coverage, we sent four reporters out into Seoul, Beijing, Tokyo and Hong Kong with 5G phones and speed-measuring apps.

KT, the No. 2 South Korean carrier, has improved 5G service since the commercial debut in April 2019, though it still lacks the high-frequency airwaves necessary to reach top download speeds in the range of 20 Gbps. SK Telecom Co., the country’s largest carrier, achieves a download speed of 1.5G bps inside its headquarters, which drops to 1 Gbps in the same building’s lobby.

KT’s average 5G data speed ranges between 800 Mbps to 1 Gbps, the company said in an e-mail. “It is hard to simply compare data speeds in South Korea, which has nationwide services, with other countries that only have test services or have services in a few cities,” the company said.

In Beijing, tests using a Huawei P40 Pro phone showed 5G service was consistent enough to play high-definition (1080p) video while riding in a car. There was no 5G signal inside the subway and the shopping mall in Guomao, where luxury brands from Tiffany to Vacheron Constantin are sold. Most of the Zhongnanhai district, home of the central government, has no 5G coverage, according to a map provided by China Mobile.

A China Mobile representative in Beijing e-mailed a video showing download speed exceeding 1.1 Gbps at Beijing Daxing International Airport. The representative had no further comment.

Connection and speed were consistent in most outdoor areas of Hong Kong’s Central District. Services dropped to 4G in many indoor spots and in residential areas.

Tests using a Huawei P40 Pro showed streaming of high-resolution 4K video was smooth outdoors even in a moving vehicle. The fastest download speed was recorded in the carrier’s flagship store in the city’s central business district.

The carrier expects its 5G network to “penetrate deeply” in Hong Kong, Alex Cheng, China Mobile principal engineer, said in an e-mail.

As of the end of May, 15 locations in Tokyo offered 5G on Docomo’s network. There’s also a smattering of coverage in about a dozen other prefectures plus Osaka and Kyoto.

At two locations in the city, the 5G signal was strong inside the Docomo shop but became unstable a short distance away from it, using a Samsung Galaxy S20 phone and Netflix’s speed test app. Both of Tokyo’s main airports, two Olympics facilities and Tokyo Sky Tree are among the covered spots. Two more waves of 5G network expansion are planned by the end of July and end of October, the carrier said.

“The initial rollout is going as planned,” Docomo said in an e-mail. — Bloomberg

Cook a feast for Daddy


OF course you can buy your father a present for Father’s Day, but you can do one better by making him a three-course meal from scratch (or mostly from scratch). San Miguel Foods Culinary Center’s Home Foodie released a Father’s Day Menu Plan for Sunday (Father’s Day is on June 21) so you can start planning your own Father’s Day Menu. The company gave three menus with dishes meant to complement each other, but you can always mix and match depending on your family’s tastes. If you’re feeling a bit more affectionate, maybe you can make all nine dishes.

Menu 1 features Shrimp Scampi, Grilled Rib-eye steaks with Black Peppercorn Gravy, and Bread Pudding in a Pan; Menu 2 features Squash Cream Soup, Twice-cooked Shanghai Stuffed Chicken, and Banoffee Trifle; Menu 3 features Quick Pancit Miki, Inasal-style Pork Barbeque, and Maja blanca.

Following are the recipes from Menu 1. All the recipes can be found on San Miguel Foods Culinary Center’s Home Foodie (https://homefoodie.com.ph/)

SHRIMP SCAMPI (FROM MENU 1)

Ingredients:

1/2 cup grated Magnolia Quickmelt Cheese

1/3 cup Magnolia Gold Butter, unsalted

1/2 kg shrimps, shelled and deveined

1/2 tsp iodized fine salt

1/4 tsp pepper

3 tsp minced garlic

1 tsp lemon juice

1 tsp chopped parsley

Procedure:

  1. Season shrimps with salt and pepper. Set aside.
  2. In a saucepan, melt butter and sauté garlic. Add lemon juice and mix well. Remove from heat and set aside.
  3. Arrange shrimps on a baking tray. Drizzle butter mixture over shrimps then top with cheese and parsley. Broil in the oven set at around 400°F until shrimps turn pink and cheese melts.
  4. Remove from heat and transfer to a serving platter garnished with lemon wedges and a sprig of parsley. Serve hot.
  5. Serves four.

GRILLED RIB-EYE STEAKS WITH BLACK PEPPERCORN GRAVY (FROM MENU 1)

Ingredients:

4 pc Monterey Rib-eye steaks

1/2 cup Magnolia Gold Butter, salted

1/4 cup Magnolia All-purpose Flour

1 tsp iodized fine salt

1/2 tsp pepper

peppercorn gravy

1/2 cup beef stock

2 tbsp whole peppercorns, freshly crushed

1/2 tbsp liquid seasoning

Procedure:

  1. Prepare gravy by melting butter in a saucepan over medium heat. Whisk in flour until a paste is formed. Gradually add in stock, while continuously whisking, until mixture is free from lumps. Add peppercorns and liquid seasoning. Mix well and bring to a boil then let simmer for about three to four minutes. Set aside.
  2. Season steaks with salt and pepper on both sides.
  3. Heat grill pan over high heat and brush a little oil onto the pan. When the grill is smoking hot, lower heat to medium and arrange steaks.
  4. Cook steaks on each side depending on desired doneness, about two minutes for medium-rare, three minutes for medium and four minutes for well-done. To achieve perfect grill marks on steaks, grill steaks on the 10 o’clock position. After two minutes, turn steak to the two o’clock position.
  5. Place steaks on a platter and pour gravy just before serving or serve on the side.
  6. Serves four.

BREAD PUDDING IN A PAN (FROM MENU 1)

Ingredients:

1 (250ml) pack Magnolia Full Cream Milk

3 pc Magnolia Brown Eggs

1-1/4 cup sugar

1/2 cup water

8 pc day old bread, cut into cubes

1/4 tsp cinnamon powder

Procedure:

  1. In a skillet over low heat, combine one cup of sugar and water. Cook until amber in color then remove from heat, and spread caramel all over the pan. Set aside.
  2. In a bowl, combine remaining sugar, milk and eggs then beat until well combined. Add bread and let soak for five minutes.
  3. Transfer into an eight-inch pan and sprinkle with cinnamon and remaining sugar. Cook over low heat for five to 10 minutes or until fully cooked.
  4. Serves eight. It tastes great a la mode with some Magnolia Ice Cream.

BSP eases pawnshops’ borrowing limit

THE BANGKO SENTRAL ng Pilipinas (BSP) has relaxed the borrowing limit of pawnshops to help the industry provide financial services to unbanked Filipinos amid the coronavirus pandemic.

Memorandum No. M-2020-50 signed by BSP Deputy Governor Chuchi G. Fonacier on June 15 said the regulatory relief will increase pawnshops’ allowed percentage of total borrowings to pledge loans to 70% from the current 50%.

The relief measure will be in place until Dec. 31, 2021.

“This will help them manage their liquidity. With the grace period granted to those that availed loans from financial institutions including pawnshops, it somehow affects the liquidity condition of some pawnshops,” Ms. Fonacier said in a text message.

The Bayanihan to Heal as One Act’s implementing rules and regulations directed banks and quasi-banks, including pawnshops, to provide a 30-day grace period for loan payments of clients at the onset of the enhanced community quarantine.

Although this has been extended in the previous months, the grace period has been lifted as most of the country moved towards general community quarantine.

In the memorandum, Ms. Fonacier said the relief is also meant to assist pawnshops “as they continue to deliver financial services during this extraordinary situation.”

The relief measure will also help Filipinos who avail of pawnshop services for their financial needs amid the crisis, said UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion.

“At a time when there are many cash-strapped people because of the COVID-19 (coronavirus disease 2019) pandemic, it is an opportunity to continue pre-COVID financial plans that may have been derailed by the virus spread,” Mr. Asuncion said in an e-mail.

2017 World Bank data showed only 34.6% of adult Filipinos have a formal bank account. The rest of the unbanked population continues to rely heavily on nonbank institutions like pawnshops for financial services and liquidity. — L.W.T. Noble

Crunch time for China’s robot start-ups as coronavirus brings challenge and opportunity

SHENZHEN, China — With glowing blue eyes and trusting feline features, a new robot cat by Chinese start-up Elephant Robotics seems happily oblivious to the worries of Chief Executive Officer Joey Song as he shows it off at the company’s lab in Shenzhen.

Elephant Robotics’ main business is the automation of factory assembly lines but revenue has plunged by a third this year due to the coronavirus, leading the company to cut staff by a fifth.

“It’s tough,” said Mr. Song. “Before, we had more than 30 people.”

Due to the downturn, the firm is putting more energy into the robot cat project funded on Kickstarter in December. Readying its first large batch of 1,000 cats for sale, it hopes that as more consumers work from home, interest in pet robots will grow.

“If the industrial robots can’t sell right now, we just focus on other robots to lower the risks,” Mr. Song said.

Interest in robots has surged worldwide as the pandemic forces hospitals, manufacturing and services companies as well as governments to look afresh and with new urgency at ways to minimise human contact.

But in China, months ahead of many countries in reopening its economy and the world’s biggest market for industrial robots, new business seems largely limited to robots for warehouses and disinfecting. Most clients are now too spooked by the uncertain business climate to invest in expensive factory gear, industry executives say.

“Automation should be a way to fight virus consequences but on the other side if you want to invest, you need to know the market forecasts,” said Vincent Bury, managing director at equipment maker CNIM China. “Nobody has a crystal ball now.”

China’s industrial robot sales tumbled by a fifth in the first quarter from a year earlier, according to Shanghai-based consultancy Stieler Enterprise. It predicts second-quarter sales will likely decline 15%.

While the pain is being felt widely, major players in China such as Switzerland’s ABB, Japan’s Yaskawa Electric Corp. and Germany’s Kuka AG are expected to weather the storm.

But for domestic robotic startups that have hitched their prospects to a broad shift within Chinese manufacturing to more automated factory lines, the rest of this year could be make or break. Access to fresh funding is tight as venture capitalists wait to see which firms will survive the immediate downturn.

“We’d love to wait for another one or two months (before investing) to see how they’ve recovered, whether it’s going to get back to normal,” said the vice-president of an investment firm with several interests in China’s robotics industry.

He declined to be identified to protect business relationships.

FINGERS CROSSED
For start-ups that either specialize in or have managed to pivot to cleaning or warehouse-related robots, prospects have become brighter after more than a month of lockdown disrupted China’s supply chains and made fulfilling orders tricky.

“We’re struggling, luckily struggling,” said Lawrence Han, chief technology officer at Triooo, a maker of industrial cleaning robots backed by Taiwan’s Foxconn and based in the high-tech hub of Shenzhen. “I think our product was delayed by almost three months.”

Triooo is working to clear a backlog of orders and hopes to eventually sell in Western markets where its robots, used in places like hospitals and airports, are more cost effective due to higher labor costs there.

Beijing-based Geek+, a maker of robots that transport and stack goods in warehouses, opened its San Diego office in February just as supply chains in China ground to a halt. After three months of uncertainty, it suddenly saw demand soar as the spread of the virus spurred consumers to shift most of their shopping online, said Mark Messina, chief operating officer of Geek+ Americas.

At Youibot, which specializes in robots for power stations and furnaces, the outbreak prompted the company to develop a robot that can patrol public spaces, scanning body temperatures and emitting a virus-killing ultraviolet light when people are not around.

The Shenzhen-based start-up has found buyers in Italy, Singapore and Turkey, while the American Institute of Minimally Invasive Surgery is also trialing a batch.

“This product’s biggest value to us is that it gives us experience deploying robots overseas and provides us with different ways for our business to develop,” said Youibot CEO Cody Zhang. — Reuters

Century Pacific ties up with Unilab unit for virus response

FOOD COMPANY Century Pacific Food, Inc. (CNPF) has partnered with a subsidiary of United Laboratories, Inc. (Unilab) on a coronavirus disease 2019 (COVID-19) infection control program that ensures the safety and health of its employees.

In a disclosure to the stock exchange on Wednesday, CNPF said that it had collaborated with RelianceUnited on a program that focuses on the long-term adoption of occupational safety and health measures, which includes future measures to limit the impact of the virus.

RelianceUnited’s corporate clinic services provider, ActiveOne, will be in charge of the said health program.

“Managing the risk of COVID-19 is more than just about testing. It is about delivering a comprehensive infection control program that triages symptomatic employees and monitors them at home, and assures those who go in that their work environment is kept safe.” RelianceUnited President David San Pedro said.

The program consists of three components that address critical requirements of CNPF’s workforce and business operations to push through despite the pandemic.

The first component is the availability of a telemedicine hotline service for CNPF employees. Services under the said program component include telephone-based medical consultation and triaging, diagnostic testing, and daily monitoring of employee condition for any progression or regression.

The second component is the application of a COVID-19 facilities and process risk assessment for CNPF’s headquarters, select manufacturing facilities, and common operational activities. This aims to ensure that risks of COVID-19 exposure and infection are tracked down and immediately addressed.

Guidelines on social distancing, hygiene, and disinfection will also be implemented to CNPF’s facilities, and the company’s employees will also be trained on the correct use of personal protective equipment (PPEs) and proper personal care to reduce the risk of infection.

The last component is the availability of individual testing, medical assessment, treatment for employees, and the provision of a personal health protection plan for high-risk employees.

“As we continue to work to make essential food products available for our consumers, we stand behind our employees ensuring that we are able to provide the best available health and safety program for them especially during these challenging times,” CNPF Chief Operating Officer and Executive Vice President Gregory Francis H. Banzon said. — Revin Mikhael D. Ochave

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