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PAL, AirAsia PHL still studying move to Sangley

THE Department of Transportation (DoTr) gathered airline operators Wednesday to sign a pledge of commitment supporting the government’s initiatives to decongest the Ninoy Aquino International Airport (NAIA), particularly the development of Danilo Atienza Air Base in Sangley as an alternative gateway.

While Cebu Pacific said it is ready to fly its cargo freighters from Sangley once it opens, Philippine Airlines (PAL) and AirAsia Philippines said it may take time for them to use the runway at the former US naval facility.

“There are a lot of things that we need to study… Before…we moved our turboprops to Clark and Cebu. So at this point in time, I’m not sure if we still have some turboprops. What we would do is we will do some studies,” PAL Executive Vice-President and Officer-In-Charge Vivienne K. Tan said at the signing ceremony in Pasay City.

AirAsia Philippines President and Chief Executive Officer Dexter M. Comendador said the carrier’s aircraft are unable to fly out of Sangley because of the runway’s size limitations.

“We operate only Airbus A320s, so at the moment, we are not able to utilize Sangley. But in order to (help decongest NAIA)… we have bases outside Manila, particularly Cebu, Kalibo and Clark… We’re looking at Panglao, Puerto Princesa and Davao. Until Sangley is able to accommodate the jets, then we will consider moving our base to Sangley,” he said.

The DoTr has been developing the Sangley airport since May last year to improve its facilities to handle general aviation flights, or non-commercial flights that use lighter aircraft.

Transportation Secretary Arthur P. Tugade said the 2,300-meter runway is already finished, and works on the drainage, passenger terminal and hangar are ongoing.

The target is to have the Sangley airport operational for general aviation flights and turboprops within the year. But Mr. Tugade is not closing the possibility of using the gateway for bigger aircraft in the future.

“’Yung turboprop, sa umpisa ’yan. Titignan din natin na kung saan baka pwedeng gamitin later on at pwede nating tignan ang Airbus. Pahabain natin, kung merong pwede gawin sa runway para mag-Airbus [Operation for turboprops is just the beginning. We will also see if later on we may use Airbus. We could extend, or see what can be done on the runway to accommodate an Airbus],” Mr. Tugade said.

Cebu Pacific President and Chief Executive Officer Lance Y. Gokongwei noted once Sangley is built, the carrier “will be having our cargo turboprop flights there.”

Cebu Pacific is expecting to receive two of its ATR 72-500 passenger planes that were converted into freighter planes in August.

Aside from the three carriers, PAL Express and Cebgo also signed the pledge of commitment, together with the Civil Aeronautics Board (CAB), Civil Aviation Authority of the Philippines (CAAP) and Manila International Airport Authority (MIAA). — Denise A. Valdez

Romulo Café keeps up to date

VIRGINA LLAMAS was a homemaker who prepared impeccable signature dishes. Her husband, Carlos P. Romulo, was appointed as the Philippines’ permanent delegate to the United Nations with the rank of Ambassador the day after Manuel Roxas was sworn as the first president of the Philippine Republic. In 1946, the family settled in Washington D.C. — their home for the next 14 years. It was at that time that Virgina introduced Filipino cuisine to American guests and foreign diplomats. Her recipes served as inspiration for Romulo Café’s home-cooked dishes.

Even as it honors tradition, Romulo Café wants to keep things interesting and updated so it will be introducing seven new dishes to the menu beginning the first week of July.

According to Sandie Romulo-Squillantini, restaurant owner and granddaughter of Virginia and the Ambassador, she and her husband get their food ideas from meals they have outside the restaurant and then give their suggestions to the executive chef.

“I would say 90% of our menu is composed of my lola’s recipes but we’re injecting new ones in order to keep up with the times,” Ms. Romulo-Squillantini was quoted as saying in a press release.

“I like something that’s simple but done right,” A1 Rebueno, Romulo Café’s executive chef, told BusinessWorld during a media lunch on June 4, about how he came up with new dishes.

“Fortunately, [A1] understands our concept. So it’s not hard to get him to do dishes we all agree on,” Ms. Romulo-Squillantini told BusinessWorld. “We really want to be true to our concept, which is home-cooked meals.”

“I keep the flavor Filipino but how I present it is different. Or I substitute some of the ingredients — but at the very core, it’s still Filipino. We want something modern, something new, but we still want it very relatable to the Filipinos. So I try as much as possible that it’s still traditional in terms of the flavor but a bit refreshing to the eyes.”

After whetting our appetites with some Chicharon bulaklak (deep-fried ruffled fat) partnered with pinakurat, a local spiced vinegar — new on the menu — we went on to the main event.

The main courses —to be added to the menu next month — followed, namely Sizzling sinigang na bulalo (sour-soup style bone marrow) steak in which the fattiness of the beef was cut by acidity from the sinigang’s tamarind; Adobong pula confit, based on the chef’s grandmother’s recipe which is a Batangueño-style adobo (meat stewed in vinegar) with prepared with tomatoes; Cochinillo de Cebu (Cebu-style roast suckling pig) paired with spicy vinegar; Grilled boneless bangus (milkfish) served with a relish of green mangoes and Romulo Café’s signature soy-based dipping sauce; and Ginataang langka (jackfruit in coconut milk).

The meal ended with Pan de sal (salt bread) and leche flan (crème caramel) pudding. The dessert made it to Inquirer Lifestyle’s Best Desserts Book 5 this year even though it was not on the menu yet.

The introduction of new dishes is also their way of attracting younger diners.

“We want to make our dishes a little more modern but still keeping the traditional taste,” Ms. Romulo-Squillantini said. Romulo Café has three branches in Metro Manila — Sct. Dr. Lazcano cor. Scout Tuazon, Tomas Morato, QC; Jupiter St. Bel-Air, Makati; and at the Azumi Hotel in Alabang. For details visit www.romulocafe.com. — Michelle Anne P. Soliman

Oppo to bring more high-end products to the Philippines

CHINESE mobile brand Oppo plans to bring more premium products to the Philippines on the back of the country’s strong economic growth.

OPPO Philippines Vice President of Channel Sales Zen Han said the company sees the potential “for the increasing of the purchasing power” as Philippine market remains “aggressive.”

“I believe in the future the price point will be…higher, so we will bring more high-end product(s) here in the Philippines to meet the needs of our customer(s),” said Mr. Han.

The company officially launched last week its flagship phones from the OPPO Reno series: OPPO Reno and OPPO Reno 10x Zoom. Prices of the phones range from P26,990 to P45,990.

OPPO Philippines also remained unfazed as trade tensions between United States and China continue to escalate. The conflict between Washington and Beijing resulted in the blacklisting of Huawei Technologies Co., a Chinese brand like Oppo.

“Actually, Oppo is a private company that we operate by ourselves. We don’t join any political problems,” Mr. Han said.

OPPO Philippines is also planning on doing business with Mislatel, the country’s third telecom player, he said. Oppo is currently cooperating with Smart Communications Inc. and Globe Telecom, Inc.

“Once they start, for sure we will have some coverage there,” Mr. Han added.

The new OPPO Reno series focuses on the photography side, with the standard Reno having a dual 48-megapixel (MP) and 5MP rear cameras and a pop-up 16MP front camera.

Meanwhile, the Reno 10x Zoom has three rear cameras: a 48MP main camera, a 13MP telephoto lens and 8MP wide angle lens. It also has 10x hybrid zoom and 60x digital zoom, as well as a pop-up 16MP front cameral.

Both phones feature Ultra Night Mode 2.0, Color Mapping, 4K video and Dolby Atmos speakers. The standard Reno runs on the Snapdragon 710 chipset while the Reno 10x Zoom runs on Snapdragon 855.

The Reno was already launched in Oppo stores last June 21 while the Reno 10x Zoom will be available starting July 1. The series will also be available through Globe and Smart next month. — Katrina T. Mina

Davao chamber endorses CLC’s proposal to upgrade airport

By Denise A. Valdez, Reporter

CHELSEA Logistics and Infrastructure Holdings Corp. (CLC) has gained the support of the Davao City Chamber of Commerce and Industry, Inc. to pursue its proposed P49-billion modernization of the Davao International Airport.

In a statement Wednesday, the Dennis A. Uy-led company said the Davao City Chamber endorsed its unsolicited proposal for the airport. In October last year, the Department of Transportation (DoTr) awarded original proponent status to Chelsea.

CLC said the Davao City Chamber “appealed” to the DoTr, the Civil Aviation Authority of the Philippines, the National Economic and Development Authority (NEDA) and the Department of Finance, among other agencies, to “vigorously pursue and expedite the ongoing process of reviews and approvals” for the project.

“With the pace of the approval process, we are positive to receive the green light from NEDA soon so we can move forward with development of the primary gateway to Mindanao and the third largest airport in the country,” CLC President and Chief Executive Officer Chryss Alfonsus V. Damuy said in the statement.

But in a text message to BusinessWorld, Transportation Undersecretary for Planning Ruben S. Reinoso, Jr. said the ball is now with Chelsea, as the government is only waiting for a revised concession agreement (CA) to be submitted before the DoTr turns over the proposal to NEDA for evaluation.

“They need to resubmit CA to adopt Clark CA before we endorse to NEDA,” he said, referring to the concession terms for the Clark International Airport.

Asked when the company aims to submit its revised CA for the Davao International Airport, Mr. Damuy was not able to reply as of press time.

Once the proposal is elevated to NEDA for evaluation, it will go through the Investment Coordination Committee, then to the NEDA Board, which is chaired by President Rodrigo R. Duterte.

The project will then be subjected to a Swiss challenge wherein third parties can submit competing offers, while the original proponent will be given the right to match them.

The company earlier said it targets to get approval from NEDA by July, to hold the Swiss challenge by October and to receive the notice of award before the year ends.

Wines of France

WHILE French wine is already a category well within itself, an understanding of the regions from which the various types are produced can give the drinker a deeper insight into the wine. Within every bottle, after all, is not just fermented grape juice, but the history of the land and its people.

LOIRE VALLEY
Castles, castles, castles. The kings of the house of Valois longed for the rich gardens near the Loire river and built rich chateaux here, in the French Renaissance style. As a retreat from their duties at court, they also served as homes to France’s most important courtesans, such as Diane de Poitiers. From here come wines made of chenin blanc, sauvignon blanc, muscadet, and cabernet and franc. Sparkling wine is also produced here (cremant), making it the second-largest producer of sparkling wine in France.

BORDEAUX
There can be no discussion of French wines without the Bordeaux Region, located in southwest France. It is here that Emperor Napoleon III ordered the classification of Bordeaux Wines for the Exposition Universelle de Paris in 1855, giving us the classifications of Premiers Crus, and the like (the grands-crus of Burgundy will be inspired by the classification). Just 20 years later, the age-old vines of Bordeaux were damaged by blight, and native vines had to be grafted upon American rootstock. The largest wine growing area in France, it boasts of blends of Cabernet Sauvignon, Cabernet Franc, Merlot, Petit Verdot, and Malbec.

BURGUNDY
A region as rich in history as it is in wine (wine produced here gave us the name of a color), Burgundy was once an independent region that could rival the court of France, ruled by the Dukes of Burgundy. After a series of traumatic wars, it was annexed by France in the 15th century. Burgundy has its own wine classifications, inspired by the Classification of 1855. This gave rise to the term grands-crus and premier crus. Pinot noir and Gamay dominate the red wine market, while Chardonnay dominates the white wine market. Some of the world’s most expensive brands are to be found here.

PROVENCE
Located in Southeastern France, the land of Provence has been cultivated for wine as far back as the Roman occupation. Rosé wines are dominant here, with the scents of herbs and aromatics such as lavender and rosemary (also grown widely in the region) present within the bottles. The primary grape here is mourvedre.

RHONE
The Rhone wine region, running along the banks of the Rhone river, is famous for wines with the Cote du Rhone AOC (a certification granted by the government to give naming rights for products only from a specific region), made with grapes from syrah for the reds, and usually marsanne and roussanne for the whites. Another AOC from this region is the earthy Chateauneuf-du-Pape.

ALSACE
Its history within the Austrian-dominated Holy Roman Empire gave Alsace a flavor uniquely French and German. The land’s story is one of frequent struggle between France and Germany, being annexed by the Germans from the French in the Franco-Prussian War, and then back to the French in the First World War, and then occupied by the Germans in the next World War. German-style wines such as Rieslings and Geurtzraminers can be found here, with those varieties dominating the scene. — JLG

DICT to tighten rules vs use of social media for kids’ school work

By Denise A. Valdez
Reporter

THE Department of Information and Communications Technology (DICT) is moving to strengthen its stance on prohibiting the use of social media in disseminating school work to students, as it kick-started public consultations on a draft policy Monday.

The agency called stakeholders for a consultation at the DICT office in Quezon City on Monday, where it discussed the draft department order that seeks to improve child protection policies in the Philippines.

The draft policy said, “Academic institutions shall cease the use of social media in the dissemination of school home works, projects and other school mandated requirements. The academic institution must prescribe the use of an official online platform developed specifically for the purpose of information dissemination among its students.”

It also sought mobile operators, internet service providers, content providers, online retailers, application developers and social media sites to work together in coming up with a system and assigning a point of contact to improve the implementation of existing policies such as Republic Act No. 9775 or the Anti-Child Pornography Act of 2009.

Stakeholders from various government agencies, non-government organizations, telecommunications firms and the academe participated in the consultation.

Genalyn B. Macalinao, information technology officer at the DICT Cybersecurity Bureau who presided the meeting, noted that the only new provision in the proposed policy is the involvement of the academe in ensuring child online protection.

“Most of the provisions are just a reiteration…of existing policies on child online protection. Meron lang isang bagong (There’s just one new) provision which is involving the academe,” she said.

Ms. Macalinao noted the DICT is not trying to stop students from using social media, but rather to reduce their exposure to it by prohibiting the use of the platform for the dissemination of school work.

“We thought of drafting a circular that will sort of (reduce) the exposure ng mga kabataan sa [of the youth to] social media, hindi sa [not to] technology. DICT will never be anti-technology. We advocate for a digital economy… However, we also see the threats that are accompanied by the advancement of digital economy,” she said.

“It’s not meant to stop the use of social media. Our children will always be on social media. Day and night they will be there. Why add more to that exposure by mandating it?,” she added.

But after a stakeholder noted how children sometimes highlight the helpfulness of social media for school-related activities, the DICT said it will consider conducting a consultation with students on the policy as well.

“(Ms. Macalinao) will convene, and we will invite two to three from each school, so that we can also hear their side,” DICT Assistant Secretary for Cybersecurity Allan S. Cabanlong, who briefly dropped by the event, said.

He also noted how the DICT does not want to limit children’s use of technology, but rather reinforce the responsible use of technology.

“We would not limit. Even the child…hindi namin nili-limit ‘yung mga bata na gumamit ng social media (We are not limiting children’s use of social media), but with the guidance of the parents,” Mr. Cabanlong said, noting how the draft policy only covers the dissemination of school work and not the use of social media for other opportunities such as research.

After the meeting on Monday, the DICT is scheduled to hold two more consultations with stakeholders in the Visayas and Mindanao regions. Ms. Macalinao said the DICT is targeting to release the department order before the year ends.

Alliance Select upbeat on prospects this year

ALLIANCE Select Foods International, Inc. is upbeat it can continue delivering higher earnings moving forward, banking on the strength of its management team.

In a statement issued Wednesday, the listed seafood company said its shareholders have elected the same board of directors for 2019. This will include Raymond K.H. See, Antonio C. Pacis, Gabriel A. Dee, Marie Grace T. Vera Cruz, Joseph Peter Y. Roxas, Dobbin A. Tan, and Erwin M. Elechicon.

“2018 continued the upward trajectory of the Company’s financials, and it exceeded set targets. With our record performance, we keep our focus on delivering sustainable cash flows and long-term growth for the business,” Mr. See, Alliance Select chief executive officer, said in a statement.

The company is also ramping up its sustainability efforts by launching a scholarship program which will be extended to local residents who want to take up a degree in BS Marine Biology or BS Fisheries from the Mindanao State University.

Alliance Select booked a net loss attributable to the parent of $7,158 in the first quarter of 2019, against an attributable profit of $1.22 million in the same period a year ago. This came amid a 17% decline in gross revenues to $19.6 million during the same period.

Mr. See earlier said the company is introducing new products such as pouched tuna variants and frozen tuna loins for export to boost sales. The company is likewise implementing strategic initiatives and optimization measures to sustain growth.

Incorporated in 2003, Alliance Select exports its canned tuna products to several markets in Europe, North America, Asia, Africa, South America, and the Middle East. Its byproducts and scraps from tuna processing operations are also sold to the domestic feeds market.

Shares in Alliance Select gained 2.67% or two centavos to close at 77 centavos each at the stock exchange on Wednesday. — Arra B. Francia

La vie française

WHEN YOU eat too much, you’re called a glutton. When you eat too much French food, however, you’re a gourmand.

For July 8-14 (with the last day of the promotion ending in France’s national holiday, Bastille Day), Sofitel Philippine Plaza Manila is celebrating its French roots and all things French.

At Spiral, French regionality will be expressed with La Route des Vins (The Wine Route), special menus dedicated to specific French wine regions available at Spiral’s French Stove. One region will be highlighted for each day of the week, so choose wisely: Monday shows off the Lire Valley with potées arthoise (pork filet mignon with brie sauce), and gâteaunantais (pound cake with a kick of rum and lemon). Tuesday will show off the Bordeaux region with matelote d’anguilles au Bordeaux (fresh eel stew in wine sauce), duck confit, and cannelés de Bordeaux (French pastry flavored with rum and vanilla). Wednesday will feature Provence, with salade niçoise, shrimp flambé with Pernod, and roasted peach with thyme and lemon for dessert. Rhone and Bourgogne are the stars for Thursday, with escargot bourguignon, beef bourguignon, and pets-de-nonne (fried choux puff) for dessert. The week ends with a feast from Alsace on Friday, with choucroute garnie (sauerkraut), baeckeoffe (baker’s oven), and flammenkeuche (tarte flambée). The culinary series culminates on Saturday and on Sunday with a medley of all the featured culinary regions. Lunch at Spiral for that week will be priced at P2,750 nett, while dinner will be priced at P3,200 nett.

Meanwhile, a five-course dinner paired with champagne from winemaker Nicolas Feuillatte will be held on July 10, at P4,000 nett per seat. The dinner will be accompanied by a silent auction of art from some of Manila’s finest collections. A private wine and cheese class will also be held at L’Epicerie at P1,500 nett on July 14.

Afternoon tea will be available at Le Bar from 3-5 p.m., and an artist will be there to sketch your portraits, just like in the streets of Paris. The tea costs P1,100 nett with a glass of sparkling wine, and P900 nett without.

French-inspired cocktails will also be available throughout the week: there’s Blenheim (champagne spiced with peppercorn syrup), All Grapes (Ciroc vodka with fresh white grapes), French Kiss (vodka and raspberry liqueur), and Bastille (gin, Cointreau, and pineapple juice).

LIVING THE FRENCH WAY
The launch of French Week on Tuesday also served to unveil Sofitel’s global campaign, “Live the French Way.”

“The goal of ‘Live the French Way’ is to reinforce Sofitel’s position in the luxury segment and leverage its inherent strengths, while also differentiating the brand from its competitors and injecting a sense of modernity into the brand. We think guests will be delighted to experience authentic French touches through an immersive and luxurious journey into Sofitel’s world, wherever they may travel,” said Steven Taylor, Chief Marketing Officer for the Accor group, under which Sofitel belongs.

The new campaign includes a short film by Charlotte Wales, shot in France and China, with music by French pop star Clara Luciani.

While some of the experiences included within the campaign are slowly being rolled out across the world, it is yet to reach Manila.

One of these experiences is Les Dîners Extraordinaires, culinary experiences prepared by chef Yannick Alléno. Guests will not discover the exact dinner location until they arrive, providing a “spontaneous, joyful and elegant experience.”

What does this mean for the Sofitel in the Philippines? “Some of the most notable changes that you may expect, not just in Sofitel Manila, but across the Sofitels around the world, is it’s going to be livelier,” said David Pimentel, Sofitel Philippine Plaza Manila’s Director of Marketing and Communications. Tangible changes may include new uniforms by designer Léa Peckre, as well as a new scent and new music in the lobby. “Rather than sticking to our sophisticated, elegant, and luxurious feel, we’re now shifting to a more vibrant, fun, and playful type of environment here in the hotel,” said Mr. Pimentel.

“We still stick to our French heritage and DNA, being the ambassador[s] of French art de vivre… but we injected a twist of modernity and playfulness.

“It’s more of keeping with the times,” he said. — Joseph L. Garcia

PH3 headphones launched in select PMC stores

By Zsarlene B. Chua
Reporter

FILIPINO-DESIGNED noise-cancelling headphones PH3 is now available in select Power Mac Centers (PMC), promising a “sleek and lightweight pair of headphones that mute unwanted outside sound…[and] delivers high audio quality,” according to a press release.

The headphones, which cost P7,480, is designed and made by local Original Equipment Manufacturer (OEM) H-Audio Technologies.

“I’ve always been a sound engineer and it has always been my passion so I came out with headphones and speakers,” Joey Alvarez, PMC director for product management and marketing, told BusinessWorld during the launch on June 19 at Ayala Malls the 30th in Pasig City.

“Our main business is OEM and ODM (Original Design Manufacturing) but this is a special project — an itch I need to scratch,” he said, adding that he worked on the product for a year.

The headphones is said to “mask out background noise of up to 15 to 20 dB and between 50-500 Hz,” it is also said to deliver “Hi-Fi stereo surround sound audio system with a clean-cut bass, perfect for gaming, watching movies, or listening to music in multiple genres,” according to the release.

It can be paired with mobile devices with Bluetooth connectivity and has a 20-meter range and 20-hour maximum battery life.

The design features a white exterior with details representing the Philippine flag colors alongside the sun and the three stars present on the flag. It has memory foam earmuffs and  a stainless steel headband wrapped in leather.

Mr. Alvarez said more than half of the proceeds from the sale of the headphones will go to YesPinoy Foundation and Emmanuel “Manny” Pacquiao and Jinkee Pacquiao’s Emmanuel and Jinkee Heart Foundation.

Some of the proceeds will also be allocated towards H-Audio’s Soundhealing program which aims to reach “the neglected, underprivileged youth,” said the release.

“I wasn’t always that good kid and this is my way of paying back. One of the things I’m keen on is giving back… I always liked helping kids. Even if it’s not [the PH3 headphones], whenever we develop products for Huawei or Lenovo, [proceeds] go to charity,” Mr. Alvarez said.

H-Audio’s PH3 ANC Headphones are available in select The Loop by Power Mac Center branches including Ayala Malls the 30th, Uptown Mall BGC, SM City Calamba, Venice Grand Canal Mall and UP Town Center.

Pepsi PHL banks on recovery of sales volume

PEPSI-COLA Products Philippines, Inc. (PCPPI) hopes to book better volumes this year as it recovers from the implementation of higher taxes on sugar-sweetened beverages (SSB) in 2018, while also accelerating spending to support this growth.

PCPPI Senior Vice-President for Operations Allan A. Frias II said the company is on track in achieving its internal goals for this year, while declining to disclose actual figures.

“This year is better than last year. We’re already in the recovery phase…We have set a certain goal for this year. We are on track. Hopefully we can beat that, to recover and increase our sales than last year,” Mr. Frias told reporters during the launch of its sustainability report in Taguig on Wednesday.

Beverage manufacturers generally posted a decline in volumes last year as the newly enacted Tax Reform for Acceleration and Inclusion law imposed higher taxes on SSBs. Drinks containing caloric or non-caloric sweeteners were slapped with an excise tax of P6 per liter, while those containing high-fructose corn syrup will now carry an excise tax of P12 per liter.

With this, the company recorded a net loss attributable to the parent of P199.54 million in 2018, against an attributable profit of P541.33 million in the previous year. Costs of goods sold jumped 21% to P27.88 billion, offsetting the seven percent increase in gross sales to P38.44 billion.

PCPPI’s brands include Pepsi, Mountain Dew, 7 Up, Mirinda, Gatorade, and Lipton. Sales from beverages comprise 98% of the company’s total revenues, while the remaining two percent comes from the food segment.

Mr. Frias added they will be increasing their capital expenditures this year compared to 2018’s P2-billion spending, as the firm will be investing more to meet the higher volumes.

“We have much better (capex) than last year. Because of the lower volume last year we needed to also trim down our expenses, whether it’s day-to-day expenses or investments because we are uncertain of the impact of the TRAIN law,” Mr. Frias explained.

The company also unveiled on Wednesday its first sustainability report that focuses on five performance measures, namely water use, electricity use, fuel consumption, solid waste management, and community building.

By 2020, PCPPI hopes to reduce water usage by 10%; improve electricity use by five percent; improve fuel consumption by five percent; improve recycling by 85%; and conduct social responsibility initiatives through management systems and community volunteerism projects.

In 2018 alone, the company said it saved P108 million on power cost due to internal and supplier energy initiatives. It also saw P23 million in savings from packaging innovations.

Shares in PCPPI jumped 4.08% or six centavos to close at P1.53 apiece at the stock exchange on Wednesday. — Arra B. Francia

Vaya offers new drink and storage containers

CONTINUING with its push of coming up with innovative products for people on the go, Vaya has introduced its latest products in the country — the Drynk and Preserve.

The Vaya Drynk and Vaya Preserve are in equal parts stylish, durable and travel-friendly.

Drynk is the brand’s insulated and sustainable drink container. Using VacuTherm Insulation, it keeps one’s beverage hot for 12 hours, or cold for 18 hours.

The container comes in two sizes — 350 ml and 600 ml — and has two lids for either sipping or gulping.

The Vaya Drink has a slim stainless steel body that easily fits in a bag or car holder. It is easy to hold and clean, and has an anti-slip coaster base.

Preserve, meanwhile, is meant for one-pot meals or ingredient storage. This vacuum-insulated stackable container keeps its contents fresh and ready to go for up to six hours.

It comes in two sizes — 300 ml and 500 ml — and has a leak-proof lid with integrated gaskets. It is made with BPA-free materials.

The Drynk and Preserve join Vaya’s signature Tyffyn lunchboxes in its roster of products available in the country.

Apart from the Philippines, Vaya is actively marketing and selling its products in 15 other countries, including Australia, Canada, France, Germany, Hong Kong, India, Singapore, Thailand, Taiwan, the United Kingdom, and the United States.

The Vaya Drink and Preserve are available online at vayalife.com. — MA Murillo

Bids for BSP’s term deposits drop

DEMAND for the Bangko Sentral ng Pilipinas’ (BSP) term deposits declined on Wednesday ahead of the implementation of the second round of cuts to banks’ reserve requirements.

The central bank received P31.407 billion in tenders for its term deposit facility (TDF) yesterday, above the P20 billion on offer but lower than the P40.787 billion worth of bids seen a week ago.

Broken down, the seven-day papers attracted P14.41 billion in tenders, which led to a full award of the P10 billion placed on the auction block. This is however below the P20.259 billion in bids received a week ago.

Banks sought yields ranging between 4.58% and 4.65% for the one-week term deposits, narrower than the 4.5-4.7% margin seen a week ago. This caused the average yield for the papers to decline to 4.624% from the previous week’s 4.6278%.

Meanwhile, demand for the 14-day term deposits totalled P16.997 billion, well above the P10 billion on offer. However, this declined from the previous week’s P20.585 billion.

Accepted yields settled within 4.65-4.75%, also narrowing from the previous week’s 4.6-4.8% range. This caused the average rate of the two-week papers to decline to 4.7002% from last week’s 4.7107%.

The BSP did not offer one-month term deposits again this week.

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

The BSP’s Monetary Board, at its meeting last week, kept rates unchanged on expectations of steady inflation and economic growth, and as it monitors the impact of recent monetary adjustments.

The central bank left the interest rate on the BSP’s overnight reverse repurchase facility untouched at 4.5%. The interest rates on the overnight lending and deposit facilities were likewise held steady at five percent and four percent, respectively.

At its meeting last May 9, the MB cut key rates by 25 basis points. The BSP also reduced the reserve requirement ratios (RRR) of lenders by a percentage point effective May 31 to 17% for universal and commercial banks, 7% for thrift banks, and 4% for rural and cooperative banks.

The reserve ratios of big banks and thrift lenders will be reduced further to settle at 16% and 6%, respectively, via 50-basis-point cuts on June 28 and July 29.

BSP Deputy Governor Diwa G. Guinigundo said last week that these RRR reductions are expected to unleash a total of P200 billion into the financial system once the phased implementation is completed. — RJNI

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